As reported at May Annual membership meeting of the Employers Association of New Jersey, the Association’s Talent Management Survey found that while 60% of member-employers expected to face a talent shortage that will impact business, over 74% of employers did not have a formal talent management strategy or plan in place to resolve this deficiency.
Attracting, developing and retaining top talent takes time, effort and money – all three of which are difficult to come by when the HR team is lean and required to wear many hats each day.
It requires moving beyond reactive hiring to planned hiring, understanding not only current but future needs and aligning with business objectives.
In response to members’ pressing needs, the Association has launched a Talent Management Resource page containing research, member profiles, advice and tools.
According to John Sarno, the Association’s president “most employers hire reactively, seeking to fill a job. As such, most employers will report that their hiring is not planned or strategic. The biggest obstacles to planned hiring are lack of time and limited resources.”
According to the Society of Human Resources Management, “talent management” is the implementation of integrated strategies or systems designed to improve processes for 1) recruiting 2) developing and 3) retaining people with required skills and aptitudes to meet current and future organizational needs.
To be effective, a Talent Management strategy must be aligned with business objectives, says Sarno.
And even smaller employers can benefit from a planned approach that is aligned with business objectives both in the present and future.