Why is talent management at startups important?3 years ago Shalini B
Who is the right person for your startup? Is this hired employee going to walk along with your goals and missions? Is he going to add value to your firm? How well will the new hire get along with the existing team?
These questions are obvious to arise in your mind as an entrepreneur’s while hiring people for your firm. This is because, you will also be speculative about how the entrance of the new person will affect the progress of your idea. This is why it is important for startups to hire talent rather than just people looking for jobs.
Talent management refers to the skills of attracting highly skilled workers, of integrating new workers, and developing and retaining current workers to meet current and future business objectives. Talent can be found in an employee in various forms which could be in the form of their educational qualifications and skills, previous experience, known strengths or additional training they have undertaken. It could also be their abilities, potentials and motive, qualities or personality.
Hiring the talent is one thing, but retaining them is altogether another task for you as the pioneer of your startup. You obviously do not want to hire a person, train them and then find them to resign out of the blue. But today, why is the emphasis shifting from hiring the best to retaining the best? Here is why the paradigm shift is happening –
- It is a proven fact that a firm that effectively manages its talent, is better off than its competitors. A company that has super talented employees tends to produce better products or services when compared to its competitors that have employees with average talent.
- Proper talent management will help improve employee morale. Through good compensations and positioning of employees, the major asset of your firm – the super talents will feel appreciated and eventually will be more willing to make long-term commitments with regards to your firm.
- Allow your employees to spread the goodwill of your firm by keeping them happy. Having a strong talent management culture favorably impacts how workers rate their pride in their organizations and willingness to recommend them as places to work.
- With strong talent management in place, it is more likely that the employees will have a sense of job security, will be satisfied with the on-the-job trainings, and will know that their performance will be evaluated fairly and these experiences bring in a sense of personal accomplishments.
- Through a proper ascertainment of people skills and strengths, the decisions made by you as the owner of the firm will tend to gain a strategic agenda. The skill or competency mapping will also allow you to take stock of skill inventories lying with the organization.
The shift from better hiring to better retention is happening, and is happening for the better. Today, with proper assessment of the skills of the employees, it is easier for entrepreneurs to gauge their strengths and know how to move ahead with their plans.
So, your firm is all set to take a step ahead and hire people. But, remember hiring is not the end of the task. Retaining the talent of your firm is more important. Hire well, and retain better for best results.
Ignoring HR can leave the startup unprepared for a lot of problems. And often effects the success rate too! Sign up for our workshop on “Talent Management & Retention for Startups” by GR Reddy, founder of Husys Consulting. It is an invite only event. Sign up here.