The term “talent management” identifies the attempts of an entrepreneur to attract, appoint and motivate workers to get a long-term relationship with the firm.
Though talent management is considered mainly an HR management job, commitment and the involvement of the CEO and top management are equally important.
Individuals at the top of hierarchy should address the needs of workers through corporate policies that are adaptive, investing in their future by fair performance-based promotions, and caring for their families by providing insurance covers as well as other advantages.
Let’s discuss some useful hints for the CEO to ensure successful talent management.
1. Aid employees recognize their function:
The CEO’s job is important when it involves retaining and enriching employees. The CEO can set the tone early by helping them realize their part in the organization and working on the development of employees with regards to knowledge and skills.
He ensures there is effective system channelizing employee ability efficiently and for recognizing and appreciating the great work.
2. Involve yourself in talent development:
Business leaders should develop one comprehensive strategy to hire talented individuals and nurture them to ensure their long-term associations together with the firm.
They should also participate in the development of talent. Talent development program should integrate theory and practice that includes training and mentoring action.
The strategy for talent management must be developed and driven from the top. CEOs and others on the top should supervise these strategies instead of delegating it to Human Resource departments. Because it is their duty to supervise the whole mechanism otherwise there is a chance that it would be overlooked by the HR function.
HR department, in turn, should be held responsible for the successful execution of the strategies.
3. Recognize and reward the talent potential:
You must encourage internal talent for bigger role and function as opposed to searching outside for the exact same.
There must be a system to routinely scan talents, knowledge and the skills of workers, and identifying persons with leadership potential and powerful performance.
Performance evaluations, formal procedures and tactical review of key talent should occur at least annually for identifying top talent. Following the review, candidates must be supplied with written responses with their scores in various categories.
The review system must be transparent to be able to avoid any conflict involving the employees.
The manner of communication holds key when you reward your potential candidates. When you recognize and reward the deserving employees in front of other employees with other prizes along with incentives, perks, promotions, it forms a healthy atmosphere for nourishing and cultivating talent.
It lays the foundation of a professional and helpful culture for employees who want to enhance their skills and abilities.
4. Consult with a CEO peer group:
It is possible to become a member of a CEO group or CEO association to acquire more insight into talent management techniques.
Corporate executive coaching is a great stage where you can seek guidance ranging from a beginning a brand new company to exit planning.