How to Increase Profit by 400% with FIT Talent Management
Proper talent management can bring your company four times the current profits. Research shows that companies that achieve lower turnover rates due to correct talent management practices can increase their profit numbers by 400%.
When it comes to talent management the first questions to ask are, what are the aspirations of the organization and what are the goals that enable us to measure progress? When we talk about specific and measurable goals, we mean talent management metrics. These metrics enable us to keep track of what we’re doing and how well we’re doing it. Unwanted turnover is a good example of this. If we can’t retain our star employees, we will most likely not achieve our aspiration. Interested in learning more about FIT and talent acquisition? Download this free infographic!
So, what do we want to focus on?
There are multiple areas in talent management that you can focus on. First, you can become a desirable employer. Being a top employer or being nominated as a “Great place to Work” requires substantial investment. This can be effective especially when you want to attract people from all kinds of backgrounds. However, if you have a very specific employee profile your time is better spent on developing a comprehensive tech sourcing strategy.
Now that you have set your goals and understood your aspirations, the next questions are which talent management practices should you focus on? And what are the common talent management best practices to apply? Here’s a brief overview:
Employer branding: Having a strong brand attracts even the best candidates.
Employer reputation: Reputation is related to employee branding. However, reputation is more affected by external media the company has less control over.
Candidate experience: The experience of the candidate influences the employer brand.
Selection: Spotting and selecting the best is a critical part of talent management.
Referrals: Talent knows talent. Referral programs are effective as they help to pick up candidates that onboard quicker and perform better.
Onboarding: Getting people up to speed as quickly as possible helps to make them more productive and increases employee retention.
Inboarding: When people are promoted internally, they also need support to achieve maximum productivity. This is called inboarding.
Succession planning: You want to be able to fill crucial top positions whenever they become vacant. Having a talent pipeline that ensures succession planning is a key element in this.
Learning and development: This is not only a common talent management practice, it’s also a Human Resource best practice. Educating employees helps increase performance and retention! Check out eCubed Training to see a comprehensive solution to employee learning and development.
Understanding these processes
After all, once you’ve recruited the best people, you want to make sure they remain the frontrunners in the field, right? Performance management: An essential part of managing talent is tracking and improving their performance. HR analytics: As we’ve said before, by leveraging data you can ensure that you’re hitting the right KPIs that have an impact on business outcomes.
FIT’s (Fit-in-Test) Talent Acquisition and Talent Management Solutions are specially designed to work with your team. Using our proven Learning Management System (LMS) for onboarding and new hire training, test customization that curates curricula to your organization’s essential talent question strategy, and FIT’s robust talent acquisition engine, FIT easily integrates into your organization. In conjunction with our robust data reporting tools, FIT can create, launch, and manage an unparalleled hiring solution for your team.
FIT combines all our performance hiring tools to provide you with a best-in-class workflow to fit your retention strategy. Contact us now for a free consultation today!
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