5 Ways to Improve Your Talent Strategy in 2014
Posted February 14, 2014
If your company is like most, you’re still dealing with reduced costs, restructured spending, and fewer people to do more work. It may be time to conduct a strategic hiring audit, to assess how efficiently you’ve hired in the past and how you can improve in 2014.
In order to be truly strategic, you must look forward and figure out how you’ll produce measurable impacts on business goals and provide a competitive advantage for your firm. Then, instead of going it alone, identify those people in your company who can help you truly make a difference.
Here are five strategies with high potential business impacts you can apply to talent management this year:
1. Make an Impact.
Work with the CFO’s office to identify, measure, and then strengthen the talent areas that have a direct link and a measurable impact on corporate goals. You’ll want to focus on improved hiring, retention, faster learning, and more precise internal movement into product, sales, and revenue-generating positions and teams.
2. Improve Productivity.
Work with the leader of the productivity function to identify the factors that increase productivity. Then create a dedicated talent program that has a laser focus on increasing those factors.
3. Encourage Innovation.
Work with talent managers to identify the barriers to innovation, then minimize them. Research has found that innovation may have up to a five times larger impact on corporate revenue than continuous improvement.
4. Watch Your Language.
Traditional HR metrics often have a minimal impact because they are reported using HR terminology like “annual turnover rate” or “quality of hire”. But the language of business is money. So work with the CFO’s office to ensure that your results are “converted” to their dollar impact on revenue. For example, “the 12 percent turnover reduced our revenue by $2.3 million.”
5. Prioritize.
If you have limited resources, work together as a team to prioritize and focus your limited resources on the jobs, employees, and business units that will have the highest impact. You’ll also have to prioritize your programs, tools, and budget to ensure that the most and the best resources are allocated to these higher impact areas.
One of the fastest and easiest ways to improve your talent strategy is to contact the professionals at Team Ambassador. Give us a call and let us show you how we can turn your talent strategy into a lean, mean hiring machine this year!