Why Every Business Needs to Develop its Talent Management Strategy

If you’re ready to start hiring employees, it's time to develop a talent management strategy that will help attract and retain top talent.

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A business’ best asset is great employees. Great employees are talented and loyal and provide exceptional customer service. These qualities can lead directly to increased productivity and revenue. But building a team of great employees doesn’t happen overnight or by accident. If you’re ready to start hiring your first employees, you may be wondering how does a business hire and retain the best team members? To start, the HR team should develop a talent management strategy that outlines how the company will meet its commitment to recruit, hire, retain and develop the best employees available in Hawaii’s job market.

Why Every Business Needs to Develop its Talent Management Strategy

There are several reasons that a business should develop its talent management strategy.

1. Attract the best talent

Simply having a talent management strategy shows a commitment to recruiting the best team possible and this will help to attract the best talent. Prospective employees will choose a business that invests in their employees’ potential and professional development over a company that does not.

2. Increase employee retention

High turnover is extremely expensive both in terms of the cost to replace, onboard and train a new employee but also in the temporary loss of productivity. Ideally, your best employees stay on the job for as long as possible. According to LinkedIn’s 2019 Workforce Learning Report, 94 percent of employees reported that they would stay at a company longer if it invested in helping them learn. Businesses that invest in a talent strategy that develops their employees benefit from increased employee retention.

3. Increase the feeling of being part of a team

Everybody wants to feel included and supported, especially in their workplace. When businesses invest in talent management, they are giving managers and other long-time employees the opportunity to be part of the recruitment and development process for new-hires. After an employee is hired, senior team members can mentor and nurture newer hires to their full potential. This type of environment can lead to a positive team atmosphere where newer employees feel supported and managers feel a sense of pride and investment in their team.

Who should manage the talent management system?

Businesses that invest in an effective talent management strategy understand that every member of the team plays some role in carrying out the processes involved in talent management. There are many tasks involved in an effective talent recruiting system, including:

  • recruitment planning,
  • developing job descriptions,
  • application review and screening,
  • interviews,
  • credential and background checks,
  • onboarding,
  • training,
  • goal setting,
  • coaching,
  • performance reviews,
  • employee development,
  • and promotions, lateral moves or transfers.

HR will handle some of these tasks while managers will handle others. HR should be hands on through the onboarding process and will continue involvement in the performance management system and any promotions or other job moves but most of the day in and day out work that comes with developing and coaching an employee to their full potential falls on managers.

Company-wide communication about each employee’s strengths and potential is a good way to identify the right talent when new needs arise. Larger organizations may use Human Resources Information Systems (HRIS) to help track the career paths of their workforce.

Partnering with Makai HR

Not excited about employer laws? That’s okay; we’ve got you covered through HR outsourcing! When you partner with Makai HR you can get on with the business you are trying to grow while we take care of your employee needs from payroll to taxes, health insurance/benefits and worker’s compensation. You also gain peace of mind that you are compliant with all of Hawaii’s employer laws (if you’ve ever looked you know that the list is very long). When choosing a PEO to partner with, there are many things to consider including cost, services and technology solutions.

With the cost of doing business in Hawaii at record highs, we know how important it is to keep labor costs in line with revenue. Our plans are priced competitively and include value-added services like time-in/time-out systems. Our three tiers of PEO service plans are tailored to the size of your business and specific needs. We offer a 100% paperless solution which means that your employees can manage their needs through a computer, tablet or phone. We can truly improve your employees work benefits while freeing you up to run your business.

What are you waiting for? Companies that partner with a PEO benefit from 7-9% faster growth, 10-14% lower employee turnover; and they are 50% less likely to go out of business. Contact us today to get started!

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