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The key challenges in talent management, and solutions: Part 2/2

The key challenges in talent management, and solutions: Part 2/2

Like anything worth spending your time on, talent management also comes with its share of challenges. We have seen some of them in the first part of this two-part series. Now, let’s look at the rest of the challenges, and how you could tackle them.

1.Lack of strong leadership

Strong leadership in the organization is extremely important for effective talent management. This is especially true in the case of retaining talent.

To retain skilled talent, two things are of utmost importance: a clement work environment and those who could guide them through difficult work processes. Both these things are impossible without strong leadership. Managers and others in a leadership position should ensure that the work environment is as stress-free and conducive to work as possible. If employees encounter any stumbling blocks during work, the leaders should be able to step in and help solve the issues for them, or provide them with extra-resources to solve the problem.

Solution

More often than not, a weak leadership is caused by the leaders in the organization following the old-school ideology of ‘Watch the subordinates work.’ The leaders’ roles usually get reduced to entrusting tasks to the subordinates and demanding them to finish the work on time. As this is an attitudinal problem, providing leadership training could help. Instead of indoctrinating, these sessions could simply discuss about modern management principles like agility and how they are more practical in the modern workplace than outmoded management models.

2.High turnover

High employee turnover is an issue that many organizations face in terms of talent management. Not only does this result in loss of skilled talent, it also takes significant amounts of time to refill the position with suitable talent.

One common reason why talent leaves a company is because they don’t get ample opportunities to grow as professionals. To this end, talent management processes should include steps to help enhance the talent’s skills and make them feel valued. Without such steps in place, a high employee turnover is almost inevitable. Another reason for high turnover is a lack of adequate growth in salary.

High turnover is particularly challenging if high-level employees leave the company. It’s often harder to replace a high-level talent than a talent in the lower rungs of the hierarchy.

Solution

Before we discuss the solutions to the problem, let’s first see how you can figure out if the turnover is high to begin with. A simple way to do this is to compare the current turnover with that of the same period during the past few years, adjusting for the total employee strength and processes in the respective time periods. If the current turnover is substantially higher than the medium, it’s a sign that things are awry. 

Let’s look at the possible solutions now:

  • Institute salary revisions, if required: As mentioned before, a lack of adequate financial growth is a common reason for a high turnover. If salary revisions are a long time coming, there is no better time for it than now.
  • Frequently hold activities that engage the employees outside of work: Such activities would foster employee bonding. A sense of belonging is a crucial reason why employees remain with a company.
  • Appreciate talent when they do a good job: The appreciation could be in the form of financial perks, or other rewards. This helps the talent feel valued.
  • Provide talent with opportunities to take decisions and to lead: Even if a talent is an executive-level employee, give them opportunities to guide their own work. Micro-managing work by leaders is a deterrent for employees to stay on in a company.
  • Use a technology platform to engage with talent: Being open to talent’s questions and feedback is important to keep them happy. TalentNet helps talent reach out to you with their messages instantly. You could also communicate back to them with your responses in a timely fashion. You could personalize your messages with images and more. Also, you can send alerts to talent, tipping them towards a new file or article that they could access, to help improve their skills.

To learn more on how TalentNet helps you source and manage talent, please book a product demo.