Finding and retaining top talent is no easy feat. In addition to recruiting fees, it can cost anywhere from $481 to $1,420 to train an employee, with smaller businesses spending more per employee than large ones. It can take six months just to break even on hiring expenses as your new hire acclimates to their job and improves their skill set.
Having an efficient talent management process can lower costs and shorten time to hire by streamlining talent acquisition and reducing employee turnover at your organization. Here’s how to optimize your talent management process with automation and achieve positive results for your HR team and employer brand.
Talent management is your approach to recruiting, hiring, and retaining employees in a way that aligns with your long-term business goals and company values. It’s a subset of human resources management (HRM) and is typically performed by your HR team.
Talent management begins with attracting and sourcing candidates and extends all the way to the employee exit process. HR departments can use HR software to streamline talent management and increase retention throughout the employee lifecycle.
An effective talent management process can save you time and money when it comes to finding the right talent, but it has other benefits too. Here are just a few of them:
Having clear systems in place reduces the administrative tasks associated with posting job ads, onboarding new hires, administering employee benefits, and more. By using HR automation software like Pulpstream to standardize and automate HR processes, you can free up your HR team members to focus on other organizational goals.
An effective talent management process gives you a competitive advantage by making your company a more desirable place to work. Attract and retain the best talent with a robust employee training program and career development opportunities.
From promotions to corrective action, effective talent management uses data to support smart decision-making. Track employee performance metrics with Pulpstream, and use HR data analytics to assist with workforce planning and employee development.
The talent management process spans the entire employee lifecycle, from onboarding to offboarding, but varies for every organization. Here are five key components of the talent management model you can use to inform your talent strategy:
The planning stage involves determining when and how to bring new employees into your organization. Before you launch a hiring initiative, consider how many new roles will be opening up and what skill sets or core competencies you’re looking for.
By planning ahead, you can anticipate upcoming vacancies and avoid disruptions to your operations. You may also want to consider your employer brand, and where to discover potential employees who are a match for your company culture.
The recruitment process involves writing job descriptions, posting job ads, and doing direct outreach to identify prospective candidates. HR departments are increasingly using AI recruiting tools to sort resumes, match candidates with job openings, and conduct video interviews and online skill assessments.
Other recruitment strategies to widen your talent pool include setting up a referral program and re-engaging unsuccessful applicants.
The next stage of the talent management process is onboarding, in which new team members get inducted into your organization. It typically includes a tour of the work environment, an orientation, and a training program. You’ll also need to collect and store onboarding documents such as tax forms and direct deposit details.
With employee onboarding automation, you can generate documents automatically based on pre-existing templates, and deliver training modules to reduce the time it takes for new employees to pick up the right skills.
Talent development refers to the process of upskilling or re-skilling existing employees in order to address skill gaps and provide them with professional growth opportunities. Employee development differs from performance management in that it’s focused on mentoring employees so that they can advance down a particular career path.
You can use Pulpstream to create a professional development program, standardize performance reviews, and administer fair and effective evaluations.
Employee retention is all about reducing turnover so you don’t have to keep hiring new employees. Retention strategies range from expanding employee benefits to boosting employee engagement with team-building activities and company retreats.
You can also conduct exit interviews to find out why employees are leaving and what you could be doing to provide a better employee experience.
A talent management system helps you make the most of human capital by ensuring that the right employees are in the right role for their skill set. It allows you to promote high-performing employees and provide support to underperforming team members. Follow these three best practices to refine your talent management process:
Digitization improves the employee experience by making it easier for employees to fill out forms, update their information online, and access HR services. By digitizing paper documents and providing a self-service portal, you can reduce the amount of time it takes to resolve common employee relations issues.
Plus, automation streamlines other aspects of the talent management process, from posting job ads to scheduling interviews with prospective candidates. You can even automate the exit process to streamline employee departures.
High-performance management is a type of performance management that focuses on professional development rather than employee performance metrics. Instead of using traditional performance reviews to measure efficiency and productivity, employees are given more autonomy to learn new skills and advance their career goals.
By incorporating this into the talent management process, you can bring personal and organizational goals into alignment, increasing employee retention. Employees are more likely to stick around if they see a clear career path at your organization.
Finally, don’t overlook the importance of HR analytics, especially workforce analytics. HR analytics can tell you what happened (descriptive), what went wrong (diagnostic), what’s likely to happen (predictive), or what you should do (prescriptive).
For example, you can use Pulpstream’s HR analytics tools to analyze trends related to absenteeism, overtime, or workers’ compensation claims. You can also use it to inform your staffing levels and succession planning by predicting which employees are most likely to leave your company so you can plan ahead to fill their roles.
The talent management process is your system for attracting new employees to your organization, welcoming them to the team, and retaining them as employees. A clear and effective talent management process helps you save money by reducing hiring costs, and improves employee engagement and professional development.
HR teams can use automation to streamline key components of the process, and HR data analytics to inform their talent management strategy.
Pulpstream supports talent management with our cloud-based automation platform. Use it to engage with applicants, track employee performance metrics, and resolve employee relations issues with a convenient self-service portal.
Our no-code interface makes it easy to start your digital transformation, even if you don’t know how to code. Simply integrate our platform with your applicant tracking system (ATS), human resources information system (HRIS), or other HR tools.
Request a demo today to see how quickly it can have an impact!