Talent Relationship Management is about starting with business goals in mind. Determining the right talent, at the right time and cost, and in the right quantity to deliver on business objectives. TRM involves a strategic approach to performance management, succession planning and employee engagement, identifying and mobilizing the talent pipeline.
So how does TRM drive employee engagement? TRM is an important element of the employee brand promise and should be leveraged as a retention, development and engagement tool. Recognizing that today’s workforce is far more mobile and transient than ever before, requires a succession plan that is adaptable and flexible to business needs, addresses employee career development goals, and sets the business up for success by leveraging a diverse talent pool.
What do you need to consider in communicating a succession plan strategy? Consider that some employees will not want to be part of the plan and may self-select out. Alternatively, there will be others who want to be included and were not identified as ‘high potential’ employees. You also need to be prepared for situations where an employee’s performance declines and they should no longer be considered part of the plan. It’s important to have thought through these scenarios and be prepared with an appropriate strategy or response.
If your performance management system is effective, and performance feedback is given on a regular basis, there really should be no surprises! Companies who focus on providing regular and meaningful feedback to employees see 3.6 times the level of engagement, which translates into higher retention rates, a vital component of successful succession planning.
Criteria used to choose individuals for any leadership program should also be transparent.
As a company’s transparency regarding its talent management program increases, employee engagement grows accordingly.
Having identified the talent pool, where are the opportunities to prepare them for future roles? Consider Lateral moves to gain necessary skills for more senior roles by exposing employees to new tasks and responsibilities. Leadership roles such as team leader or line manager build the kind of leadership skills an employee may need to succeed in future management roles or executive positions. Special project assignments can build specific skill sets, as well as encourage self-direction and independent thought. They also can help fill identified skill gaps in an otherwise well-qualified candidate. Internal and external training opportunities do more than train employees to deliver better work. They also encourage retention with two out of three employees say training plays an important role in their decision to stay with their employer.