Hiring the right employees is the first step to creating and maintaining a successful business. The people who work for a company drive results and create its culture.
Effective organizational talent management is not only key to the success of a business but also gives companies a competitive advantage over their rivals who don’t prioritize hiring and keeping quality employees. The online Master of Business Administration (MBA) — General program at Youngstown State University (YSU) equips students with important business skills and best practices to effectively manage organizational talent.
Students in the MBA program learn to make decisions that drive results for businesses. In particular, the Managing Organizational Talent course focuses on putting the pieces together to run a company optimally. The seven-week course gives students an overview of organizational behavior literature, applications and information from research to solve potential issues. The program also takes a real-world approach to applying theories to various business contexts and situations.
The Elements of Managing Successful Employees
Several key elements add up to successful organizational talent management for businesses across industries. When employers acknowledge these responsibilities, the result almost always leads to success:
- Workforce planning: Defining the skills to achieve the objectives of the business is first and foremost.
- Recruitment: Starting with representing the brand effectively, talent acquisition also includes reaching the right prospects and prescreening and interviewing them.
- Onboarding: Introducing new employees to the workplace culture gives them a connection and level of comfort with their new team. It is also key to retention.
- Training and development: Providing guidance, tools and a strong support system to further employees’ careers, such as tuition reimbursement programs, is also essential.
- Performance management: Periodic reviews help employees build on their skills and can reduce turnover, keeping the company objectives on track.
- Compensation and benefits: Besides offering fair compensation to employees, companies should be mindful of other perks and benefits to provide workers so they can thrive in their roles.
- Succession planning: Preparing employees for the next phase of their careers, like advancement, resignation or retirement, helps with transition and limits disruptions to business.
Additional Benefits to Emphasizing Talent
The benefits of applying these elements often lead to the desired financial results of a company. Another reason businesses that emphasize effective organizational talent are successful is that it builds and strengthens the culture in several ways, such as:
- In-demand talent recruiting: By making the brand a major component of talent strategy, businesses organically attract the most talented professionals.
- Minimize disruptions: With proper talent pipelines, companies have an easier time filling open positions to keep operations running smoothly.
- Productivity improvement: By using strength-based coaching, businesses help employees add to their skill sets and reach their full potential.
- Cost reduction: By keeping valuable team members engaged in their careers, companies keep costs in check because they don’t have to hire and train new employees regularly.
- Innovation: Talent teams are more likely to develop new methods to solve problems and take advantage of technological advancements.
The best way for a company to build and retain the strongest team members is to have a talent management strategy. When well-designed, a talent management strategy facilitates human resources and management to organize recruiting and keep top performers to meet specific goals with a competitive salary. The first step is to understand employees’ aspirations and align them with the business’s overall strategy.
Communication is always crucial to maintaining a solid talent management strategy. Companies can achieve this by keeping in touch early and frequently with candidates, encouraging job candidates who are not hired and making the application process easy.
The knowledge of effective organizational talent management from the online MBA — General program at YSU is an asset to any company.
Learn more about YSU’s online MBA – General program.