Julie Nicholds discusses the steps you can take to identify, manage and retain the talent in your business.
Your staff are your key resource and having the best team around you is critical. To achieve this, you need to actively manage the career of employees who have the future potential to deliver the business strategy - 'talent management'.
Here are some steps you can take to identify, manage and retain the talent in your business:
1) Identify the key skills your business needs
This means reviewing your business strategy and determining which key skills are needed to successfully deliver it.
2) Identify skills gaps through your performance management process
Talk to your staff about current performance as well as future performance, what the skills gaps are and what the business needs.
3) Nurture and challenge your talent
Mentoring or seconding individuals can help to increase their exposure within the firm. Give stretching assignments to take them outside of their comfort zone.
4) Encourage networking
Supporting your rising legal stars to develop a network is often seen as a prerequisite for promotion. Ensuring a focus on developing internal networks can help you retain staff by cultivating strong internal links.
5) Choose the candidates carefully
It can be all too easy to choose the wrong individuals for talent management or to miss those who have potential. There is no doubt that the best leaders for the future are unlikely to be the best leaders of today.
6) Checks and balances
Psychometric testing is a useful way to balance and supplement subjective feedback from managers. It can also be used as the basis for stronger development managing with individuals.
Read the full version of this article from Risk and Compliance Advisory Service.