Talent Management / Human Capital Management Best Practices for 2011

Talent Management / Human Capital Management Best Practices for 2011

Written by Heather Sandell, FosterThomas Staffing Manager

Talent ManagementIs your organization a place where people want to work, stay engaged and talk about with fondness on Facebook?  Are you already following some best practices for your talent management?

What is the best way that your organization can get a great start in 2011?  Make sure you follow a set of best practices for talent management!  If you are unsure of where to start, ask yourself the following:

  • Is your company dedicated to hiring, retaining and developing the best talent?
  • Is your company dedicated to building its identity as a results-oriented, employer of choice in your field?

At FosterThomas these are important practices for us.  As part of my daily readings, research and general edification, I came across a great white paper from Taleo on talent management best practices.  I felt that the content was well worth a mention and share with our FosterThomas readers.

Taleo recommends the following best practices and we concur (we’ve shortened the 10 for space, but have kept the main focus of each point).  As part of our overarching HR management consulting, we can help customize human capital management in your organization to fit the following:

1.      Move Recruiting Online

Begin with a robust careers web site for a central source of candidate information that can be used by hiring managers and the HR team. Smart screening automates ranking and skills assessments to select the most qualified candidates and reduce time to hire.

2.      Source Smarter

Smart sourcing enables you to post opportunities to your career sites then expand your search to social networks and hundreds of free and paid job boards. Automate the posting process to source the most qualified candidates faster.

3.      Extend Your Reach with Social Recruiting

Reach candidates who may not even realize they’re looking. Post open positions to major social media sites like Facebook™, Twitter™, LinkedIn™, and more so your organization gets in front of millions of high-quality passive job seekers with the right skills, experience, and certifications.

4.      Get Employees Up to Speed Faster

Create an effective onboarding process. Nearly 15% of new employees consider quitting after the first day because of a poor initial experience.  Ensure that those employees are engaged and feel valued as soon as they begin employment with your company.

5.      Align Goals and Objectives Across Your Organization

Make sure that everyone is working on the right goals.  Encourage ongoing communication on individual goals and how they align with organizational objectives—this not only engages employees but ensures that everyone is on the same page as priorities shift.

6.      Transform Performance Reviews

When performance reviews are automated and integrated with individual and organizational goals, the process is transformed and everyone benefits. All information is securely contained online with appropriate access by role.

7.     Implement Ongoing Learning

With ongoing learning, individuals not only build their desired career paths but your company also benefits when education is aligned with organizational goals. You can identify skills gaps necessary to reach those goals and ensure compliance for specific positions or certifications needed.

8.     Gain Insight into Your Workforce

More than 70% of business costs are spent on your employees. You need concrete data like head count, turn over, cost per hire, revenue per full-time employee (FTE) to make intelligent decisions that support organizational growth

9.     Create a Pay-for-Performance Culture

Using performance metrics, you can develop a pay-for-performance culture that rewards employees for meeting key objectives and reduces turn over.  Use tools to assign compensation cycles that fit your budget and meet your guidelines for merit and bonus allocation.

10.   Build a Leadership Pipeline

A succession plan is the key to building a leadership pipeline. Build a talent pool from internal and external sources. Then implement a retention strategy for your top performers and offer actionable career development paths.

Did any of the above resonate with you and your organization?  Do you have any other best practices to add to this list?  How are you going to retain top performers in 2011?  We’d like to hear how you have utilized any of the above points, or others not mentioned here, in your organization and how you plan to improve upon them in the future.

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About the Author

FosterThomas is a leading professional services company that provides solutions in the areas of Human Resources Consulting and Outsourcing, HR Staffing, Outsourced Recruiting, Employee Benefits Brokerage, Payroll Implementation and Services, HR for Government Contractors, Business Insurance, HR Compliance and Risk Management. We help organizations by providing solutions designed with a focus on cost containment strategies and increasing HR efficiency. FosterThomas HR Consulting was established in 1993 with offices in Annapolis, Maryland (Corporate), McLean, Virginia and Raleigh, North Carolina. Today, FosterThomas occupies a unique position as a full service provider of HR services.

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