Talent management for a small business in Singapore is especially critical these days. If you are a small business owner, you know that the employee/employer relationship is changing fast. Old methods of attracting and retaining talent aren’t going to work anymore. The perks a job had to offer years ago will likely not be satisfactory to most candidates today. Individuals want to feel that they are excelling in their roles and require a plan for growth from the start. That is where talent management comes into play. It’s a strategy that every existing business needs to have in place before fulfilling the essential roles required.
What exactly is talent management?
It’s essentially the ever-changing strategic practice of seeking and hiring suitable candidates for a business and training and nurturing them, so they will stay with the company long-term. It’s investing in your most important asset and ensuring they remain happy in the workplace.
The process in detail
Talent management begins by evaluating which roles need to be filled, creating a realistic job description, and getting that job listing in front of some eager candidates. Selecting the perfect candidate for the job is essential. But having a plan in place to make sure they grow and develop in the workplace is critical to retaining that talent long-term.
After the onboarding process, the real work of talent retention and management begins.
- The candidate should immediately receive the necessary training for their role.
Their responsibilities should be presented to them in an organized manner for them to perform optimally. It’s a good idea to assign an employee to the new hire to get them accustomed to the work culture. This will help them feel comfortable immediately and make them feel like they fit in at your small business.
- Once your employee is fully trained and integrated with the team, make sure that you conduct regular evaluations of your employees.
These evaluations will cover several points, including:
- Employee job satisfaction
- Ability and willingness to take on additional responsibilities
- Necessity for extra training or continuing education
Employees evaluations
Your small business needs to hold regular evaluations of their employees to ensure they are satisfied with their duties because keeping them happy is essential. You may find that some of your workers are willing and able to take on more responsibilities, and that’s great. Handing over more tasks to your existing employees could help prepare them for a promotion.
Most businesses would agree that their employees are their greatest asset. Happy employees are employees that bring extra value to your customers and your business. They also stay around, meaning that you spend less on recruiting, hiring, and training in the long term.
Let’s take a look at a few critical practices that you can plan to implement as part of your talent management strategy today.
Five best practices for talent management
1. Utilize technology
A small business can hardly thrive in today’s work environment without technology. In this day and age, gaps in your workforce are going to be filled with online tools. Not only will you advertise for your open position through online recruiting sites, prospective employees will also check out your website to see what your website says about you as a company and as an employer. An easy-to-navigate website is therefore essential in not only bringing in clients but also allowing eligible employees to research your company values before applying to the position.
Posting your job description on the world’s top online job sites will be much more efficient than using word of mouth or newspaper ads. Using social media to build an online presence will also be helpful. You should also be prepared to train your new hires by having appropriate learning software in place.
2. Communicate with employees
It is essential in a small business to keep an open line of communication with your employees and new hires, from regular evaluations to exit interviews. Figure out their goals so you can ensure their happiness in their role. Regularly check in with employees to see how they manage their workloads. You may find that an employee could handle more work and is eager to learn, which could potentially save you from seeking another employee. If you find that the individual isn’t happy where they are at, it could be time to move them into a different position or relieve their workload.
Sometimes, however, a little acknowledgement goes a long ways towards improving employee morale and satisfaction, without any further action. Be sure to listen carefully to what your employees tell you. Building that relationship of trust that you will listen to, and act upon, your employees’ concerns, is an essential part of talent retention.”
Hyatt is a great example of a company that maintains an open flow of communication with its employees, which leads to 18% of its employees staying for more than 10 years. They maintain a robust training program and are so good to their employees that most of their new hires come from referrals from current employees.
3. Reward and recognise
Recognition can go a long way in a small business. Create an upbeat office environment by praising your employees, daily checking in with them, and giving promotions where needed. It’s worth it to invest in making your employees happy because happy employees are long-term employees. Buy everyone lunch every once in a while, or have an office celebration for a national holiday. If you can offer retirement plans or insurance options, this could reassure your employees that you are investing in them for life.
For example, the investment firm Charles Schwab lives by the principle that their employees should be treated as well as their clients. Toward this end, every employee is eligible for free financial planning and education services, as well as an employee discount on any investments they may make with Charles Schwab.
4. Plan for succession
A good talent management practice already involves a plan for when an employee retires or goes on maternity or medical leave. It would be wise to cross-train a few employees in a small business environment. If something were to happen, you would always be able to cover all your essential business functions. Just be careful not to overload your existing employees.
5. Ensure employees are using their strengths
If an employee isn’t performing as well as you’d like, consider having an evaluation to ensure they wouldn’t be better suited elsewhere. Sometimes it’s best to hire for attitude and a willingness to learn and spend time training on the job. If the individual has a good attitude about work but seems lagging, maybe you could implement their good mood in a different department or area of your business.
Dealing with employees isn’t always easy. Human beings have their own opinions, beliefs, personal struggles, and priorities. Moreover, the talent criteria that are right for another business aren’t necessarily going to be the right ones for you. Find the sweet spot where your business’ core values align with those of your employees, build a relationship based on trust, and reward good performance.
Once you can do all those things, you will be well on your way to building a winning team. One where the work feels rewarding to everyone; you, your customers, and your employees.