The issue with many companies today is that their organizations put tremendous effort and cost into attracting employees to their company, but spend little time on retaining and developing talent. A talent management system must be worked into the business strategy and implemented in daily processes throughout the company as a whole.
It cannot be left solely to the human resources department to attract and retain employees, but rather must be practiced at all levels of the organization. The business strategy must include responsibilities for line managers to develop the skills of their immediate subordinates. Departments and sectors within the organisation should be openly sharing information with other departments in order for employees to gain knowledge of the overall organisational objectives.
Key Benefits:
- Low staff turnover.
- Reduced recruitment costs.
- Stable training costs.
- Retention of knowledge.
- Retention of experienced personnel.
- Stability.
- Strong and flexible team players (cross functional).
- Consistent succession planning.