How to optimise your talent management strategy?

An organisation’s talent management strategy is crucial. The best processes will ensure staff are empowered and supported, bringing great benefits to the workplace, from improved employee performance to stronger employee retention and better alignment with long-term business goals.

It is observed that 75% of employee turnover is due to preventable reasons, highlighting the need for organisations to take proactive control of their workforce planning, development strategies, and employee experience to minimise avoidable attrition.

It’s important to invest in your employees

Human Resources professionals within any organisation are largely responsible for talent management and should ensure the strategy is efficient and effective. This includes taking a proactive approach to workforce planning, identifying critical roles, and addressing future skills gaps before they arise.

According to the LinkedIn Workplace Learning Report, 93% of organisations are concerned about employee retention.

A practical approach reduces turnover and increases the chances of high-potential individuals staying and progressing internally. As a result, there will be significant cost savings in replacing staff, as it is an expensive process, estimated at around £30,000 per individual when you consider time spent, new equipment needed, and training required.

Bearing this in mind, it’s a no-brainer for companies to put effort and funding into their talent management processes, including learning and development, mentoring, and robust development strategies. Some key areas to focus on are outlined below…

Streamlined onboarding training programmes

Too many organisations don’t emphasise the onboarding processes for new starters. If they don’t settle in quickly and aren’t comfortable, they are much more likely to look for a new job. Recruits with less than one year at a company are often responsible for inflated turnover rates.

According to the Morgan McKinley Global Workplace Survey Report, 40.76% of job seekers walk away from a job opportunity due to an unprofessional approach from the interviewer or hiring manager

Well-thought-out onboarding processes, especially those tied into broader employee experience and performance management practices, are essential. Exposing new team members to company culture and integrating them with others during their first few days is vital. Missing this critical role in someone’s journey can make a new recruit feel isolated and create a negative perception of the organisation.

Empower employees to develop themselves

The majority of professionals, especially those in early career stages, relish the opportunity to improve their prospects. Development strategies also benefit senior-level individuals by preventing stagnation and keeping them engaged in their roles.

Allowing employees to build their capabilities helps address skills gaps while increasing engagement. Organisations should prioritise internal mobility when filling roles, leveraging their existing talent pools. Promoting from within and supporting long-term career pathways are powerful tools for employee retention.

How to promote self-development in the workplace

• Provide innovative learning experiences – engaging learning and development methods are more attractive to employees
• Take an interest in every individual’s development – when employees feel supported, they’re more likely to deliver stronger employee performance
• Promote a culture of learning – if continual development is the norm, uptake will be higher
• Encourage mentoring among employees – a mentor can help unlock potential and accelerate progression, especially for high-potential talent

Employees are your most important asset

It’s no secret that employees are directly responsible for an organisation’s success. A strong employee experience, one that values individual growth, invests in performance management, and empowers line managers to support their teams, will contribute significantly to organisational outcomes.

By keeping your workforce engaged and enabling them to thrive in their roles, your business is more likely to build a loyal team, close existing skills gaps, and ensure sustainable success over the long term.