Attracting & retaining talent is one of the top three priorities of business leaders all around the world, as per the surveys conducted by the Hackett Group along with the Economist Intelligence Unit. Furthermore, insufficient leadership talent is the highest challenge faced by organizations.
So, what do organizations should do to overcome such problems & succeed?
It is believed by many experts in the Human Resources field that organizations can successfully attract as well as retain talent by following some of the best practices of Human Capital Management. In this article, I am going to talk about some of the faults that are preventing companies from hiring the best talent in the industry & also some of the few effective Human Capital Management practices that can help them attract their target talent.
Issues that are not letting companies attain the best talent
1. Disintegrated Human Resources Practices
The primary functions of the HR – Appointing, performance management, learning management along with compensation & rewards are mostly compartmentalized. As a result of which the decisions makers are not able to see the overall picture. So, the crucial decisions made in the organization are lack efficacy as it gets tough to identify correlation across these HR procedures.
2. Less focus is paid on the identification & grooming of the next line of managers & leaders
As a matter of fact, several organizations just do not pay attention to identifying the next line of managers & leaders & grooming them for taking up critical responsibilities in the company. And this usually happens due to a shortage of tools & time.
3. HR policies not fulfilling the needs of every stratum of employees
A lot of times, the HR professionals focus on creating HR policies by considering particular employee groups, however, what they do not realize is that several smaller groups have different kinds of needs and those policies are not exactly suitable for them. Let us take an example of an automobile company where most of the HR policies are constructed while keeping the manufacturing floor in mind, however, the same policies do not match the needs of a smaller but equally important employee group of engineers.
To overcome these problems & achieve Talent Management Excellence, you can follow the able practices mention below.
Best Practices to Attract & Retain talent
1.Integration of Human Capital Management Procedures & systems
By integrating the procedures & systems of Human Capital Management, The HR professionals can benefit from automatic data transfer as well as collaboration. This gives them the time to evaluate main performance metrics as well as recognize corrective actions.
2. Well-designed procedures for the identification & development of the future leaders & managers
HR professionals should be paying more focus on constructing well-structured procedures for determining the future leaders of the company by evaluating their current role’s performance, checking whether they have the skills required for future roles & lastly analyzing their overall ability to succeed in the organization. Moreover, the Human Resources practitioners are also supposed to organize training & development programs for the grooming of these identified future leaders.
3.Development of HR policies & strategies for groups with distinct needs
Like I mentioned above, every organization has various smaller groups with needs different from the ones possessed by larger groups. So, there is a requirement for a separate set of HR policies & strategies to keep the smaller groups satisfied.
If organization follow these best practices, they can easily attain & retain the best talent and have a positive impact on their business outcomes.