10 Mistakes to Avoid When Planning Your Talent Strategy
- November 7, 2024
In today’s hiring landscape, it’s vital to have a well-developed strategy for talent acquisition and retention. While the Great Resignation appears to be fading, uncertainty about the economy’s future means that a proper talent strategy should also aim to mitigate any downturns. The right talent can often be the difference between success and failure in a competitive market.
In this eBook, we discuss the top mistakes to avoid when planning your talent strategy.
Mistakes to Avoid When Planning Your Talent Strategy
1. Focusing Only on Hard Skills
Hiring managers often overlook soft skills, especially when looking to fill technical roles. It is key, however, for all members of a team to possess or develop skills like teamwork, creativity, and communication. The ability to effectively keep a team updated on progress and work with others bolsters productivity in any role. As such, interviews should have some measure of evaluating soft skills, and organizations should consider strategies that accommodate extra training if needed.
2. Lack of Diversity
DEI in the workplace is immensely important. In fact, more diverse management teams have even been shown to increase revenue by nearly 20%. This can be attributed to allowing employees to feel comfortable at work which enables better productivity and retention. Additionally, diverse backgrounds bring new perspectives to business challenges that might otherwise be overlooked.
3. Ignoring Internal Development
Talent strategies are not just about hiring and retaining. The best strategies also include workforce development, which might include upskilling, or the process of adding new skillsets to existing employees. The benefits of training employees internally are plentiful. After all, when the company demonstrates a desire to invest in their employees, they’ll likely see benefits for retention and productivity.
4. Overcomplicating the Hiring Process
Overly lengthy or complex hiring processes can frustrate top talent. In the worst cases, talent may simply choose not to continue should a process be too long or tedious. The best talent strategies properly balance a rigorous process with one that is streamlined and efficient. If a proper evaluation can be made in two interviews as opposed to five, then it would be best to get ahead of your competitors by making offers more quickly.
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Contributions from Jake Park-Walters