Talent Management Strategies
Every company is different. Their goals, approaches, focus, means, values, culture are all diverse. When it comes to hiring people, an organization has to devise its own strategy based on what it’s trying to achieve in the product market and the means it’s willing to take. The following are some of the common talent strategies that companies embrace.
#1 Hiring only the best talent
This strategy is advantageous because you have the best talent in town, which means you're at power even with the best competitors in the market, you are prepared for risks, and you will undoubtedly see upward performance curves in the organization.
The downsides, however, maybe with offering competitive packages and retaining these employees as they are highly in demand and have a lot of offers coming their way. The hiring process itself could be long and strenuous because you would want to choose from a wide pool of candidates and ensure that you are rolling out offers only to the best. An accumulation of top talent without a culture that promotes trust and diversity could result in unhealthy competition and lead to underperformance.
#2 Hire promising candidates and develop them
When you are running on a budget but have great leaders and mentors in your organization, you can consider this strategy. Here you can hire two or three specialists in place of one top performer. Also when you hire specialists and invest in their development through training, mentorship programs, they tend to grow loyalty towards the organizations and favor your retention rates.
However, if your specialists end up not handling the role, you will have to again invest in a top performer (at an additional cost).
#3 Employee referral programs
Employee referral programs are great for growing companies that are still chiseling their employer brand. The strategy is low cost and your employees take care of vouching for you to bring in their best network connections. Employees who come in through referrals are faster to hire, perform better and stick with the company for longer. They already have people they know within the organization which means they quickly settle in and start performing.
On the other hand, the challenge with this strategy is that you might attract a homogeneous network of people who work alike which could hinder your diversity and innovation goals.
#4 Hiring through hackathons
Companies that are serious about their hiring go above and beyond to experiment and identify channels that work best for them. Events like hackathons are a great place to meet some of the best engineering minds and network with them. The strategy also opens up opportunities to watch your people in action. In the end, you’ll not just be settling for their coding skills but you’ll know who can do well in a team, solve problems, keep the momentum going or perform under pressure.
However, the downside to this strategy is that it might take a long time to convert. You cannot slap them with a job offer at an event. It’s gonna take some time to strike conversations, learn more about them, their interests before you invite them to pursue an opportunity with you.
#5 Using advanced technology and tools
No matter how big a company is or it’s TA team is, using the right tools and technology can fast forward growth for just anyone. Technology plays a huge role in attracting the right talent, hand-holding them through the process, ensuring a great experience and landing them into their roles. There is an ocean of tools out there. With some thought and research, you'll be able to put together the right recruiting tool kit for yourself - Job aggregators, candidate management tools, talent acquisition software, video interview tools, pre-assessment tests, recruiting CRMs, onboarding tools, performance management tools and so on.
Downside - wrong choice of tools and technology leads to loss of time and resources and create needless friction in the business processes and business relationships.