Talent-focused companies have one thing in common – a focused commitment to the people that drive their business. Today we face constant changes, with new strategies implemented to ensure businesses remain competitive in a rapidly evolving world, but many organisations are struggling to keep up. A talent-focused organisation places the employee experience at the core, ensuring the needs of employees are the essence of a business. The executive team must be aligned with the values, business strategy and all communication, and delivers a talent strategy to support all of these needs.
Compared to poor working environments where people leave in masses, talent-focused businesses have had success regarding employee satisfaction, business profits and stakeholder returns. Focusing on hiring and retaining employees who are a good fit for the position but also for the entire business is vital. Adopting a talent-focused approach will enable companies to succeed more in the future.
Supporting and empowering people may seem expensive initially, but the long-term return on investment is significant. According to a study by IBM, Talent-centric organisations generate over 30% more revenue than traditional businesses over five years. Ignoring a talent-centric approach can also be costly, watching employees start and leave an organisation. Replacing people is expensive, and growing a business is challenging when faced with regular replacements.
Businesses that handled the period of the great resignation best often had a strong culture of valuing their employees. Talent-centric companies attract and retain top talent by being transparent with potential candidates on what the business stands for, their values, challenges and how leaders can create solutions. Businesses ask individuals what they are looking for and need in an organisation to ensure they remain working there for long periods.
One common factor influencing candidate retention is providing a learning and development experience and ensuring the business shows commitment towards employee training and development. The level of training needed or requested will depend on the individual, but transparency remains a critical element of the business. Delivering a culture of feedback where everyone can speak to their manager or a team without any negative implications is vital. This working style must begin with the CEO and filter through the entire business.
An enhanced hiring process
Hiring is another area where talent-focused businesses have the competitive edge in leading hiring and how they deliver job descriptions.
Position descriptions should inform a candidate about who and what a company is. It’s an opportunity to describe why someone would want to join and work for a business.
A detailed job description should answer specific questions about who they will be working with, their expectations and requirement, the culture, career opportunities and the next steps. These descriptions are critical in delivering talent-centric businesses because they can define any uncertainties that lead to the wrong hire and a higher turnover.
As with any relationship, maintaining talent-centricity requires constant effort. Regular checks between leaders and employees can support further progress. Shifting towards a talent-focused approach requires the leadership team to understand the vision and goals of their business. It’s critical that everyone is on the same page and that leaders recognise any challenges, such as retention rates and what can improve this. Adopting a talent-focused approach may require adapting and restructuring core strategies and being open to doing things differently. Ultimately it is about valuing the human experience and how this can enable a business to succeed.