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How to Develop Talent Management Strategies

Source | | Emily Pribanic

A talent management strategy is the best way to retain the best talent for your organization.

When it comes to ensuring an organization acquires and retains the best talent, a successful talent management strategy plan must be put in place.

Creating a talent management strategy is the backbone of any good HR department plan to ensure their goals and priorities for the year are connected to their organization’s objectives. Without a talent management plan, talent management activities are not giving the organization the tools it needs to succeed.

How to Develop a Talent Management Strategy

The first step in a successful talent management strategy plan is to identify the organizational goals and priorities. This is where HR managers should list their goals that answer the questions of what the organization’s high-level priorities are, and what any upcoming changes or new initiatives the organization is facing may be.

The next step is to identify any drivers and challenges the organization is facing. These include any challenges or drivers that could impact your ability to achieve the goals outlined in the first step and should include internal and external challenges. These challenges can include a highly competitive market, new regulations or legislation and even drops in employee satisfaction. Just like in step one, these should be listed out.

Step three is to conduct a gap analysis. This is where HR managers will compare where their organization is currently and where they want it to be. Any gaps that need to be addressed for this to be achieved, and risks of not addressing these issues, should be listed here.

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