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Talent Planning in 2024

Top Tips for Success

 

Your people are your greatest asset. Having a skilled and engaged workforce is how you accomplish team and company goals and dominate in business. But with major skill shortages, building an all-star team is more difficult than ever. You need a strategic plan to attract and retain top performers. 

Let’s delve into the secrets of creating a talent strategy that not only attracts but retains your VIPs.

 

What is Talent Planning?

In the quest for success, understanding talent planning is your first victory. It’s not just about hiring; it’s a roadmap to consistently recruit, develop, and keep a successful team. Think of it as assembling a dream team where you find the right people, train them for success, and make them want to stay. Research even shows that companies with a robust talent management plan are 6 times more likely to overcome performance hiccups.

 

The Importance of Talent Planning

In a world where organizations struggle to land top performers, having a talent plan is your secret weapon. By mapping out a long-range talent plan, you detect gaps in your team faster, giving you a competitive edge in the war for talent.

With the right strategy, you can:

  • Overcome skill shortages: Skill shortages are increasing in every industry, with more than 77% of businesses struggling to find the candidates they need. An effective talent plan can help you find ways to source talent and help attract crucial candidates.
  • Navigate economic uncertainty: Companies of all sizes struggle with economic issues in today’s uncertain landscape. An effective talent plan can help to ensure skill shortages and turnover don’t damage your chances of success. 
  • Improve company culture: A good talent plan looks at more than just attracting candidates. It also helps you to retain and engage existing employees. This leads to better company culture, improved productivity, and reduced turnover

 

Building Your Comprehensive Talent Plan

Creating a comprehensive talent plan is a multi-step process. Though the approach can be complex, it’s essential to your company’s success. Over 60% of executives say talent planning is one of their top priorities.

Here’s how you can get started:

Step 1: Strategic Workforce Planning

The first step to talent planning is understanding what your business needs to succeed. Start by taking a closer look at your company’s strategic goals and future vision. What do you want to accomplish in the years ahead, and which skills will you need to source to achieve your goals?

Speaking to the managers of different business departments and asking them about their potential skill gaps can help you define which critical candidates to hire or develop. Succession planning can also be helpful here, ensuring you source talent to fill any gaps that occur when people move around or leave the team.

From here, you can create a hiring plan, breaking down the number of new hires you’ll need to fill current and future skills gaps and the support you’ll need to achieve your goals.

Step 2: Talent Acquisition

Next, you’ll need to attract and hire the right talent for your team. Don’t just focus on interacting with “active candidates” by listing job descriptions on recruitment sites. Remember, 70% of the global workforce comprises “passive” candidates.

Working with a recruitment agency will help you find and attract people who are open to new positions in exchange for better benefits and opportunities.

Step 3: Employee Development

An effective talent plan looks beyond attracting new candidates to your hiring pipeline. It also ensures you can make the most of the employees you already have. This is particularly crucial today, where around 46% of leaders say the skills gap is increasing in their organization.

Ongoing digital transformation is promoting a need for rapid and consistent employee development. Ensure you have the right resources to educate and empower your team members, giving them the new skills and abilities to thrive. You can do this by:

  • Speaking to your team and ask them where they could benefit from additional training
  • Asking and what kind of support they want
  • Experiment with mentorship solutions
  • Comprehensive training programs
  • Career advancement opportunities.

 

Step 4: Enhance Your Employee Value Proposition (EVP)

To attract and retain talent in today’s landscape, you need something that sets you apart from other employers. Your “Employee Value Proposition” is crucial to capturing candidates’ attention and increasing engagement among existing employees.

Think carefully about the core elements of your EVP.

  • Are you offering development and training initiatives to help prepare employees for advancement?
  • Are your benefits packages robust, providing everything from flexible work to wellness initiatives?
  • How do your compensation packages compare with those offered by other businesses in your industry?

 You can discover more opportunities to improve your EVP by reviewing feedback from your current employees and testimonials on job sites like Glassdoor.

Step 5: Working with Recruiting Partners

Perhaps the best way to improve your chances of a successful talent plan is to work with recruitment agencies with experience in your industry. These companies can use their expertise and experience in recruitment to give you an edge over the competition.

The right recruitment partner will help you to access a broader talent pool, thanks to their relationships with leaders in the industry. They can also help you streamline your hiring process, improve the candidate experience, and choose the right talent for your team.

An effective recruitment partner can even help position your EVP more effectively to the talented professionals you want to recruit.

Conclusion

In a world where a reactive approach is outdated, your business needs a comprehensive talent strategy to thrive. Don’t just play the recruitment game; master it. Unlock success with a talent plan that proactively addresses skill shortages and propels your business towards growth in the uncertain landscape of 2024.

Call The Black Diamond Agency today, at 919-813-2454, to partner on your journey to crafting a talent plan that ensures your organization not only survives but thrives in 2024. Your success story begins with the right team – let’s build it together

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Written by

Lileah Akiode

919-813-2454

lileah@theblackdiamondagency.com
Lileah Akiode is the Managing Director of The Black Diamond Agency, a recruitment firm dedicated to connecting talented people with rewarding career opportunities. With a strong background in Talent Acquisition across different corporate retailers, Lileah brings a wealth of experience to ensure a seamless and positive candidate experience. In addition to corporate retail, Lileah also experience supporting the Financial Services and IT industries.

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