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The term "talent management" refers to the endeavors of an entrepreneur to attract, appoint and motivate employees for a long term association with the company. Though talent management is considered mainly an HR management job, the involvement and commitment of the CEO and top management are equally important. The people at the top of hierarchy should address the needs of employees through flexible corporate policies, investing in their future by fair performance based promotions, and caring for their families by providing insurance covers and other benefits. Let’s discuss some useful tips for the CEO to ensure effective talent management. 1. Help employees recognize their role: The CEO’s role is significant when it comes to enriching and retaining employees. The CEO can set the tone early by working on the development of employees in terms of skills and knowledge and helping them realize their role in the organization. He ensures there is a proper system channelizing employee skills effectively and for recognizing and appreciating the good work. 2. Involve yourself in talent development: Business leaders should develop one comprehensive strategy to hire great talents and nurture them to ensure their long term associations with the company. They should also participate actively in the development of talent. Talent development programs should integrate both theory and practice that includes coaching and mentoring activity. The strategy for talent management needs to be developed and driven from the top. CEOs and others at the top should supervise these strategies rather than delegating it to Human Resource departments. HR department, in turn, should be made responsible for the successful implementation of the strategies. 3. Recognize and reward the talent potential: You should promote internal talent for bigger role and responsibility rather than looking outside for the same. There should be a system to regularly scan the skills, knowledge and talents of employees, and identifying persons with strong performance and leadership potential. Formal processes, performance evaluations and strategic review of key talent should occur at least annually for identifying top talent. After the review, candidates should be provided with written feedback with their scores in respective categories. The review system should be transparent in order to avoid any conflict between the employees. The mode of communication holds key when you award your candidates. When you recognize and reward the deserving employees with incentives, perks, promotions and other awards in front of other employees, it forms a healthy atmosphere for cultivating and nourishing talent. 4. Embed continuous development: Every employee who comes on board expects growth in position. Make sure the deserving candidates get their due. It doesn’t mean you promote every employee who serves the company but don’t ignore the hard work and performance. It may lead to dissatisfaction and increased attrition. Bringing continuous developments in talent leads to enhanced workforce productivity, quality along with other improvements. Entrepreneurs should realize that growth of the company depends on the regular improvement in competency and skills of its employees. It is always beneficial for the company to bring continuous improvements in the skills of its staff. Regular trainings and workshops for the employees would be of great help. 5. Consult a CEO peer group: You can become a member of a CEO group or CEO association to gain more insight into talent management techniques. Corporate executive coaching is a great platform where you can seek guidance ranging from a starting a new business to exit planning.
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CEO Club, CEO Association, CEO Peer groups, Exit Planning, Corporate Executive Coaching,
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