Part 2 of 3 by Career Karma
Every startup needs talent management strategies in order to experience as a team. Talent management is not an easy job. From selecting and acquiring top talents into the company, to the retention and proper management of these talents, certain strategies must be put in place to ensure success.
Although acquiring top talents for your startup might seem easy. Managing and retaining these talents is not as easy as it looks. The question of how startups can better manage their talents arises. In this article, we fill you in on strategy tips that startups can employ in order to attract, select, hire, manage and retain talent in their company.
What Is Talent Management?
Talent management can be defined as the process of attracting diverse talent to your company. This process involves the use of human resource (HR) systems and operations. Examples of these include workforce planning, engagement of employees, onboarding, retention, performance management, and recruiting.
Talent Management Strategies For Startups
Most startups focus less on talent management and more on company growth. However, company growth and talent management are not mutually exclusive. Investing in such a team can help your startup grow and will lead to increased company growth.
In this section, we fill you in on some talent management strategies that startups can implement in order to ensure the right team is in place and ensure overall success and growth.
Set High Hiring Standards
As a startup, it can be tempting to lower standards to get employees on board. However, don’t give in to the temptation because you wish to grow the team. Set high hiring standards and ensure that only the best talents are hired.
Create An Excellent Onboarding Process
An onboarding process is the integration of a new employee into the company and its culture. It’s the transformation of a promising employee into a top-talented and performing employee.
Most employees never forget their first days of working for a new company. Those first weeks make a lot of impressions that last.
Create an onboarding process that eases employees into the company that makes them feel welcomed and feel like they’re part of a community.
Create An Excellent Company Culture and Value
Company values can be defined as the standards that guide the activities of a company. Company culture can be defined as the behavior, attitude, and outlook of a company and its employees. Good company culture is the total sum of the values. All of which create a good experience for your employees.
Create an excellent company culture that values inclusivity and diversity. This is a huge step in talent management because this separates good managerial practices from bad ones.
Focus and Build Employee Engagement
Employment engagement is an HR term and can be defined as the level of connection, enthusiasm, and dedication that an employee feels towards their job. Talent management should equally focus on recruiting and retaining top talents. The retention of great talents in your organization can help build rapport and positive employee engagement.
Measuring and building employee engagement is a lot easier with the development and innovation of project management software. This means you can find out what makes your employees happy or what doesn’t and where to improve.
Create An Environment Of Constant Learning and Growth
Employees always seek out ways to improve their skills, grow in their careers, and learn more in order to experience advancement. Creating an environment of learning and growth is one key strategy in acquiring and retaining talents in your startup.
Create and Maintain Good Leadership
Employees seek out job satisfaction a lot more than good pay. Most employees leave companies due to poor leadership and bad managers.
Create and maintain good leadership around the workspace. As a startup company, invest in the people in leadership positions by training them on the proper ways of management. This is important if you want to build a team that you can be proud of and is loyal to your company.
Offer Good Work Compensation
An important aspect of talent management is good work compensation. Employees want to work in a workspace where they’re compensated rightly for the work they do. As a startup, it might be difficult to offer high salaries to employees but this doesn’t mean that you should offer less than they deserve and not consider raises as the team grows.
Also, you can offer employee perks and benefits which would be appealing to employees and future employees. Ensure these perks are in line with your company culture and employees.
Should I Employ Talent Management Strategies As A Startup?
Yes, you should employ talent management strategies as a startup and this is due to numerous reasons. First, the team of a company is important and is the ultimate voice and face of the company. If your company experiences excessive employee turnover, that’s bad for the company
Moreover, employing the right talent management strategies is important if you wish to build and maintain a team of talented employees. In conclusion, if an employee feels properly cared for, works in a positive environment, and is compensated rightly, not only will you experience employee retention as a startup, but growth and acquisition of more talents.
Career Karma is the easiest way to find a job training program online. They help over 1 million workers navigate their careers every month through advice and coaching.
Part 3 How to Retain Tech Talent in your Startup and Reduce Employee Turnover of this series will follow next Wednesday.