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The 2024 Talent Management Review

With over three months of 2024 already behind us, it’s the perfect time to assess your organisation's talent management strategies. Conducting a comprehensive review allows you to identify opportunities for improvement, foster employee engagement, and drive success through your people. Here are the key aspects to consider as you review and optimise your talent management practices for 2024.

Mapping Internal Skills

Do you know exactly what skills your organisation needs, what skills your employees possess, and where the gaps lie? Identifying these gaps is essential for effective talent management. By mapping internal skills against present and future organisational needs, you can pinpoint areas for development, plan for succession, and identify your talent acquisition needs.

Benchmarking Salary and Total Reward

Salary discrepancies among employees can breed discontent and lead to increased attrition rates. A recent study by the Harvard Business Review revealed the correlation between higher pay for new hires and increased resignation rates among top performers. This research underscores the importance of benchmarking salary and total rewards for both vacant roles and existing employees.

Analysing the market helps ensure that your compensation packages remain competitive and helps retain top talent. Start by identifying high-priority roles, usually those with high attrition or high business impact, and conduct a deep dive into your competitor’s offer. Our bespoke benchmarking service is tailored to your organisation’s needs, providing invaluable insights into base salary, benefits, and rewards. 

Strengthen Your Employer Brand

Your employer brand is more than just a tagline; it's the essence of your organisation's identity. Clearly defining and effectively communicating your core values and driving purpose is essential to attracting and retaining top talent. A LinkedIn survey found that  52% of candidates wouldn’t accept a job offer if they didn’t know or didn’t agree with a company’s mission, values or purpose. Another study found that 59% of respondents would not work for an organisation that does not share their values, with 55% reporting that even a pay increase would not change their minds. Download our guide to the Employee Value Proposition for help defining your offer. 

Foster Fairness and Diversity in Hiring

Ensuring fairness in your hiring processes and encouraging a diverse range of candidates is crucial to finding the best talent. Evaluate every step of your hiring journey, from job postings to candidate selection, to ensure fairness and inclusivity. Are you reaching out to a diverse range of candidates? Are your job descriptions free from biased language? Consider using blind CVs (removing names, gender and sometimes even the names of schools and universities) to help remove unconscious bias from the screening process.  

Ask for feedback

Your employees are your best source of insight. An anonymous survey can reveal issues your employees may feel uncomfortable discussing in person and help you identify areas for improvement in your organisation. This feedback can also highlight positive areas which you can promote to attract new talent. Our guide to excelling in Employee Experience offers further guidance.

Not sure where to start when it comes to your EVP?

Read our full guide on the Employee Value Proposition. Simply fill in the form to get your copy.