Given today's labor market, there's a lot of discussion surrounding the need for a talent management strategy. It's totally justified and absolutely necessary.
Before going any further, let's take a moment to define talent management. According to the Society for Human Resource Management (SHRM), talent management is the "implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs."
A study by SHRM shows that 85 percent of human resources executives believe that competing for talent if their single greatest challenge.
But just because you've created a strategy, don't think the work is over. Strategies need to change as businesses change. So a key discussion to have is how you'll regularly audit your talent management process and strategy to make sure they remain aligned and effective.
Here are 5 steps you can use to audit your talent management strategy:
1. Evaluate the organization's talent metrics
When you develop the initial talent strategy, there needs to be some conversation about how to measure success. Otherwise, how will you know when the strategy works and how well it is working?
Look at the numbers. What do your organization's current HR metrics tell you about the ways it's acquiring, training and keeping talent? Are you following talent management best practices? This is the place to start.
2. Review your organizational goals
Since today's business landscape moves so quickly, there's a possibility that the goals your organization set 6- or 12- months ago need to be revised. When you revise these, you need to revise your talent management strategy along with them.
Before setting new organizational goals, look at the current talent metrics. Audit your talent management process to confirm alignment between your existing strategy, talent metrics and organizational goals. The last thing an organization wants to do is repeatedly use poor logic.
3. Consider doing a SWOT analysis
As part of the process of updating organizational goals, it might be necessary, or at least advisable, to conduct a SWOT analysis. SWOT is an acronym for Strengths, Weaknesses, Opportunities and Threats. Organizations can use this exercise to take their business pulse and determine if any internal or external factors demand immediate attention.
4. Identify and address gaps
A SWOT analysis can expose gaps between where an organization currently is and where it wants to be. You can turn these gaps into goals and action plans.
Realistically, most if not all organizational goals involve people, whether it's the people who make the product, deliver the service, sell the product, or keep things running smoothly behind the scenes. This is why your talent management best practices and strategy should support the business.
5. Review and revise HR goals and talent management strategy
Once your organizational goals has been updated, human resources should revise and adjust their goals and strategy to align with the organization's.
Creating a talent management strategy isn't a one-time event
Strategies are fluid, designed to be updated as the needs of the business change. Designing a process to audit your talent management strategy will help your organization stay on top of their game and achieve their business goals.
How often you audit your strategy depends on your business. Highly competitive industries might choose to review their strategies more often. And while some pieces of auditing your strategy are specific to human resources, this process should not be done in a silo. Talent management is everyone's business, so get the entire organization involved.