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Steps to Successful Talent Pipeline Management

By admin
In April 29, 2016
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If you are in quest for funding, your plan for filing your talent pipeline is a key factor. Sophisticated acquirers and venture capitalists consider this issue as they assess sustainability to your business and assign a value to it. Here are five steps for filling your talent pipeline. Your ability to build talent pipeline is directly related to the capability to integrate five steps into the way you do business versus an event driven approach.

Planning

Like any broad reaching initiative, two success factors are alignment with business needs and senior management involved. Once you are confident that you can incorporate these two factors consider items like company growth goals, geographic dispersion of operations, strength of employer brand, understanding obstacles to develop talent and plan your approach.

You can start by analysing future needs of the business in order to ensure that your talent pipeline does not lag behind future needs. Companies commonly design plans and develop talent for today’s reality compared to possibilities of tomorrow. Identify number of positions that are considered crucial to achieving business aims. It helps get hands around scope of talent management initiative. The key to planning is to identify leadership competencies which help drive the growth of the company.

Attracting

This step mainly focuses on creating employer brand that helps potential candidates self-select you as a target employer. Your employer brand describes the kind of employer experience you offer. Like your internal corporate values, the brand should not be for everyone. It should attract those who relate to it and encourage others to look elsewhere.  Reaching out to prospective employees to expand your potential talent pool is another feature of attraction.

Assessing

There are various customized, simple steps to assess instruments that supplement management’s judgement with quantitative data with regard to leader’s values and performance.  Quantitative details help validate nomination to higher potential pool. The four key areas for talent assessment are

  • Organizational understanding
  • Job challenges
  • Competencies
  • Executive details

Developing

Always design your development options in order to target specific levels and competencies. Companies who are good at developing leaders use the following approaches

  • Executive coaching
  • Internal training
  • Job rotations
  • External training
  • Global assignment

Rewarding

Reward strategies warrant for a dedicated post. Companies who excel at developing leaders ensure noteworthy compensation differential between peers and top performers. Tell your top performers who they are, give them proper exposure to top management and thank them for their contribution. Non cash type of recognition serves as a powerful retention tool.

Conclusion

Never compromise on your standards while you are identifying future leader for the company to hire a frontline employee for the matter. Conduct periodic reviews of the talent in order to ensure that your plans are on track. CULTIVA services help you review and design individualized development plans for high potentials and growth initiatives.

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