A recent study from Harvard Business discusses how a company’s own board of directors, seen as the business lighthouses guiding the organizations to business success, demonstrates how these business leaders view the success of their company’s own talent management strategies.
In short, these companies are awarded a big fat F by those brilliant business minds that are guiding the organizations. Something has to change because the current model isn’t working. Without an effective talent management strategy recruiters are sourcing and spending time on candidates that won’t make it past the qualification stage of your process. This is a waste of crucial resources that your company can spend on building a better company culture or newer HR technologies.
A talent management strategy isn’t just HR or the recruiting team’s responsibility. It’s an entire company initiative focused on the entire employee life cycle from engaging to sourcing to recruiting to hiring to onboarding to developing to promotion to exiting and every point in between. Without focusing on the overall employee life cycle companies will be doomed from the start. The process in today’s recruiting world goes far beyond the simplicities of hiring and firing employees, but it extends outward towards the entire cycle from pre-screening to retirement.
According to these leaders, the areas of opportunity include diversity, firing, and rewarding talent-assessing talent which actions commonly associated with management and business leaders not just hiring and recruiting. Without overall strategies your company can never take a holistic approach to talent management and will be doomed from the beginning. How do you fix these problems? Here are just a few suggestions on how to start turning your entire strategy around:
Build a talent pipeline. Building a talent pipeline is one of the most effective ways to start recruiting from a pre-selected group of already qualified candidates. Start working with applicable candidates in building a secure pipeline.
Invest in a community. Talent Networks like Talent Circles allow recruiters to be a part of the conversation instead of applicants filling like a data set in company’s CRM. Building a community allows each candidate to feel special and will more likely want to stay as a candidate whether they’re actively or passively seeking employment.
Hire based on skill not only work experience. When candidates apply for your company and have a skill set that is what you want, don’t look past them if they don’t have necessary experience. Take it as a way to mold the candidate into an employee you want them to be instead of retaining bad practices from previous employers.