Employee Turnover And Retention Briefings Abstract: 73
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Talent Management Helps Drive Business Growth [Conference Board] Tuesday 04/19/05 2:55 AM
Hiring and developing top talent is a priority for many companies according to a new report from the Conference Board.
The report is based on 22 talent management providers and the feedback from 19 conference board member companies.
According to the report, the following are some of the keys to effectively manage your organization's top talent:
- Identify critical jobs within your organization and put processes in place to target potential gaps.
- Identify potential successors.
- Track ratio of employees in key positions who are promoted from within versus those hired from outside.
- Develop and communicate specific behaviors expected of leaders in the organization to all levels of employees.
- Evaluate employees annually on both performance and potential.
- Inform employees of possible career paths that will benefit them and the organization.
- Use talent management to embed workforce diversity in the company.
- Have at least 15% of employee satisfaction ratings tied to year-end goals and financial rewards.
- Identify quantifiable opportunities for improvement.
- Establish a cross-functional group to measure talent management effectiveness.
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