Kelly Barcelos gives TJ seven common talent management mistakes to avoid.
Reading time: 3 minutes.
If we look at the most popular companies around the world, those who have found the right way to get the best talent, top the list. Berkshire Hathaway has been in Forbes list as most admired organisations year after year.
They have a keen eye for buying organisations at a lower price and then running them efficiently. These companies have also avoided the seven deadly sins of talent management (which you should also stay away from):
- Arduous hiring process. The ideology behind the hiring and interviewing process is solely to identify potential prospects for a position, to ensure that they have the skillset and track record that you are looking for. Due to the limited supply of ‘A’ players in the market, the length of the hiring process is a considerate factor. Make it a point to keep the hiring process down to three weeks or fewer to ensure you don’t lose the best talent. You can check out effective recruitment strategies here.
- Poor accountability in the hiring process. The disparity in talent hiring often leads to attenuated sales, delays in product introduction, and the cost-cutting measures to save an organisation from further difficulties in attaining profitability and being competitive. Therefore, it becomes a considerate factor that hiring should be done by a professional which has the required skillset to hire top talent.
- Limiting talent to cross barriers. Leadership and training are critical for ‘A’ players as they know their worth. Companies like Forbes have extensive training and development plans for every employee so that they not only focus on what they can do to improve their performance but also help them to retain them for their future career goals within that organisation.
- Taking less risk to develop new strategies. There is a possibility that you could develop a new strategy to study talent development and it fails at the initial phase. It is not a contest to see who can make it first or not. It’s about how you hire quality talent and retain them.
- Stopping interviewing when seats are filled. Most organisations stop all talent acquisition once all positions are occupied. It is not a good idea as the unemployment rates continue to drop and a shortage of good talent will only get worse. The solution is never to stop interviewing. An acquisition may take place, project funding could change or whatever the situation may be, it causes an ‘A’ player to consider another employment opportunity. So, you must be open to interviewing them whether a position is currently available or not.
- Sticking to old talent processes. Today is the era of information technology and this has created an environment where unbelievable amounts of data and information can be retrieved at one click. You should implement technology and take advantage of this opportunity to evaluate and refine performance based on trends and insight that we can have on fingertips which is possible only because of business intelligence. It allows you to make targeted strategies.
- Not having a talent review process. Getting ‘A’ players is a tough job and requires a thorough study in the market. Poor performance and lack of employee department accountability can degrade the talent management process and drive ‘A’ players away from organisations.
The most successful and admired companies invest a lot of time avoiding the deadly sins of talent management. They make it a priority to interview, hire, and retain the very best talent within their organisation. They value an ‘A’ player and put tremendous effort to build, train, measure, and motivate the best talent.
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