Objectives of talent management are multifold. That's the reason why talent management has gained a great amount of importance with the growing millennial workforce in organisations. Company culture also plays an important role in helping attract and retain top tier talent. We have discussed talent management in our previous blogs. However, in this blog, we will look at some of the best practices of talent management in organization.
Objectives of Talent Management
Just to give you a quick recap, talent management refers to the anticipation of required human capital for an organisation and meeting those needs by advance planning. But, this is only a definition of the concept. The actual process of talent management in organization is quite painstaking and requires a lot of critical thinking on the organisation’s part.
There are various parameters to consider while putting together a talent management strategy. Nothing less than the brand image is at stake if these strategies do not work in your organisation’s favour.
How does it help organisations?
Many great companies cultures have evolved by efficient implementation of talent management strategies. They focus on the objectives of talent management. It starts with how you hire, who you hire and follows through to how you nurture and retain the employees you have hired. Attracting the top talent to your organisation is often dependent on how you treat your employees. 89% of employees say they are likely to endorse the company as a good place to work when they support employee well-being initiatives.
Take Google, for example, they can be credited with the reinventing of ‘recruiting culture’. We say reinventing because, Cisco, in the late 90s arguably had the world’s first recruiting culture. Google has transformed into the world’s first corporate ‘recruiting machine’. How exactly did we reach this conclusion?
Google has changed the recruiting game forever with its strategic disruptive recruiting approach. It has accomplished this through its branding, PR and recruiting efforts. Its disruptive approach towards both work and recruiting are so different and compelling that it inspired many leaders to emulate their approach. They had to, with much of the top talent at the risk of bouncing towards greener pastures.
The need for recruiting and its importance percolates throughout the organisation, right from the key leaders to the entry-level employees and not just the HR or recruiting bodies of the organisation. This has enabled Google not only to fund it’s recruiting drive to be in a league all by itself but also being able to change the way employees work in order to attract and retain the very best.
The “20% time” mind-shift
While it's not unheard of that companies have changed their pay or benefits to attract better talent, no one had ever changed every professional job in the organisation until Google went ahead and did it. The work itself became the primary attraction and retention tool at Google. Every professional job in the enterprise has been literally crafted so that employees are:
- Exposed to interesting work
- Learning continuously
- Feeling their value addition
- Constantly challenged to do more
“20% time” transforms the work itself into a critical force to attract and retain top talent. It also acts as the driver for continued innovation and motivation at Google. So, what is 20% time all about?
While there is no particular definition provided by the tech giant, for professional jobs it means that an employee devotes time equivalent to one-day-a-week on their own project which the company funds and supports. Apart from making a very compelling argument for current employees, it also acts as a great attraction tool for top talent without even having to shout it from digital rooftops. In fact, this strategy is so effective that it keeps the retention rates at ‘almost nil’. But, having said that, it contributes volumes to drive innovation and creativity throughout the organisation.
Strategies for talent management in organizations are helpful for SMEs, startups and organisations of all strengths. We covered a lot of interesting stuff about how Google is practically a ‘recruiting machine’ and how it drives its employees to be continually innovative and achieves almost zero retention rate.
Google has taught us a lot about talent management in organizations. No doubt, its talent management strategies are the reasons behind its huge success. For many young millennial professionals, landing a job at Google is perhaps a dream come true. After all, they have some great talent management tools that drive their company culture.
Here are a few more aspects that make up an amazing company culture.
Talent Management Strategies for startups
The 1000 millionaires
As you might have already heard, Google employees might be making one of the best pay packages in the industry. However, another great tool Google uses to drive it’s retention rates is by the phenomenal income from employee stock options.
When they went public in 2004, Google reportedly created 1000 millionaire employees. By now, we are sure their worth is far more, the rate at which the company has grown over the years is exceptional. Today Google is worth somewhere around $279B, surely you can imagine the power of offering stock options to employees here.
However, it also brings to attention the negative drive such wealth implicates. Companies receive many applications from talented people motivated by the money aspect. And it becomes hard to differentiate among the ones that are genuinely interested in the work and those motivated by the pay package.
We firmly believe that the work still remains the major attractor for top talent at Google.
Benefits that take away your breath
Many companies now offer you benefits that are on par with industry standards. But at Google, the level of convenience and privileges for employees is just breath-taking. Before we list out some of their best perks, there are two things we want to make absolutely clear.
First, these benefits are not only for employees as a beacon to attract top talent, but they are also designed to encourage collaboration, break down barriers between functions, and to stimulate individual creativity and innovation.
Beware of the ‘wrong people’
Secondly, these benefits occasionally attract the ‘wrong people’, that is, smart people who are motivated by the benefits and not what it implies. In such cases, it becomes hard to not think about employee intentions creating screening challenges.
In addition, some people also argue that so many benefits might add to distraction in the less-focused workers.However, just by providing amazing benefits you cannot guarantee great that the top talents swarm at your organisation. You need to have a strong employment brand and design jobs that challenge the employees on a continuous basis and offers growth.
A list of some benefits that every employee will appreciate
- Flexible hours for almost every professional employee
- Casual dress every day, well beyond business casual
- Employees can bring their dogs to work every day
- On-site physician and dental care
- Three weeks’ vacation during the first year
- Valet parking for employees and also car wash and detailing
- Maternity and parental leave
- A ‘no-tracking of sick days’ policy
- Free recreation and food everywhere and also a gym to work off all the snacks
- On-site dry cleaning and a coin-free laundry
The benefits help engage all employees in a better way. They also set up a positive work environment that drives them to perform better. The culture promotes collaboration and performance.
Concluding strategies for talent management in organizations.
While we learned how implementing some practices can become great tools for managing talent, but not all these tools are universal. One has to choose effective tools to shape their company culture and enforce a talent management strategy unique for their culture.