Succeed As Your Own Boss

ENDING SMALL BUSINESS FAILURE

  • Home
  • About
  • Book Melinda
  • Consulting
  • SBL Store
  • SmallBizLady University
  • Free Tools
  • Podcast
  • #Smallbizchat
    • Be a #SmallBizChat Guest
  • Blog
  • Contact
    • We’re Hiring!
You are here: Home / Grow Your Business / Does Your Business Need a Talent Management System?

Does Your Business Need a Talent Management System?

November 27, 2017 By Melinda Emerson Leave a Comment

Feel free to share...Share on facebook
Facebook
Share on twitter
Twitter
Share on google
Google
Share on linkedin
Linkedin
Share on pinterest
Pinterest
Share on reddit
Reddit
Share on email
Email
Share on print
Print

As the saying goes, the team (or business) is only as strong as its weakest link. But as a business owner, do you have any idea which employees are weaker (or stronger) than others? Or why that’s the case? Or how you can improve the way they do their jobs?

If you’re unsure about the answers to these questions, then your business probably doesn’t have an adequate talent management system. According to a study by the Association for Talent and Development, “High-performing organizations tend to integrate talent management components more than low performing organizations.”

So what are the components of a successful talent management program?

  1. Organizational goal and priority identification.Before you begin managing your talent, you have to figure out where you want your business to go and what they need to do to help your business get there.
  2. Create of job descriptions.Imagine the ideal employee in your company and/or in a specific role, and then list the skills, traits, qualities, abilities, and experience that you want that employee to possess. Be exhaustive with your list, but also think about tasks that will make this person feel like an integral member of the team.
  3. Develop a hiring process. How will you collect resumes? How will you screen applications by phone/email interviews, Will you do panel interviews so that many people in the company can meet the candidate? Not only do you want to hire qualified employees, but you also want them to fit into your company’s culture so that they can more easily become an integral part of the team.
  4. Establish an onboarding process. Training for new employees is critical to their long-term success.These practices should educate new hires about the company’s mission, values, and vision as well as adequately prepare them for their specific positions. The more time you spend training new hires the higher the likelihood they’ll be successful and know your expectations.
  5. Utilize outcome-based performance standards.These benchmarks must be accomplishment-centered, realistically attainable, easily measurable, and perfectly aligned with the organization’s goals and principles. They must also be communicated so that everyone knows how they’ll be evaluated.
  6. Provide proper mentoring and coaching. Are you mentoring your employees? Employees will perform better if they know they are on the right track and when they receive useful feedback from their managers. Positive feedback is just as important as corrective feedback too.
  7. Design effective compensation structures. It’s vital to pay employees what they’re worth (and more, if you want to retain them in the future), but it’s also important to provide numerous avenues for non-monetary recognition as well. You must take the time to understand their love languages such as visibility, business travel, time off, or bonus checks. You must know what works best for each employee.
  8. Implementation of staff meetings and annual reviews.You need to give everyone an opportunity to know what the other team members are doing and if additional resources are needed.  Also it’s important to do one on one review at least annually. Use these discussions to discuss past performance, but also assess each person’s interests and desires for career advancement within the company.
  9. Support career development opportunities. Inform your staff about the relevant career development, and cross-training opportunities within the company, and identify and encourage individuals who have the potential for advancement.
  10. Utilize exit interviews.When someone leaves the company, it’s essential to figure out why and then to identify and address any internal shortcomings that have been revealed during these interviews. People don’t leave jobs, they leave people. If you have a potential bad manager, you must address it quickly.

As a small business it’s tough to manage all these area of human resource management, you should see if you can hire an HR consultant or utilize the HR services offered though your payroll service provider. While some companies may have more resources to allocate toward these areas than others, it still doesn’t diminish the importance of proficient talent management within an organization.

Strong talent doesn’t just grow on trees. It must be nurtured, encouraged, and valued on an ongoing basis if it is to have a positive impact on the company. So make sure your business prioritizes talent management – or else your talented employees will find an organization that does.

For more small business advice, including insights about talent management, follow me on Twitter.

Feel free to share...Share on facebook
Facebook
Share on twitter
Twitter
Share on google
Google
Share on linkedin
Linkedin
Share on pinterest
Pinterest
Share on reddit
Reddit
Share on email
Email
Share on print
Print

Filed Under: Grow Your Business, Your Small Business Tagged With: build a team, talent management

Fix Your Business Now!

Order SmallBizLady's new book Fix Your Business, 90-Day plan to Get Back Your Life and Reduce Chaos in Your Business. It includes the 12 Ps of Running a Successful Business and readers will finish the book with a new strategic plan to take their business to the next level.

About Melinda Emerson

Melinda F. Emerson, “SmallBizLady” is America’s #1 Small Business Expert. She is an internationally renowned keynote speaker on small business development, social selling, and online marketing strategy. As CEO of Quintessence Group, her Philadelphia-based marketing consulting firm serves Fortune 500 brands that target the small business market. Clients include Amazon, Adobe, Verizon, VISA, Google, FedEx, Chase, American Express, The Hartford, and Pitney Bowes. She also has an online school, www.smallbizladyuniversity.com, that teaches people online marketing and how to start and grow a successful small business and publishes a blog SucceedAsYourOwnBoss.com. Her advice is widely read, reaching more than 3 million entrepreneurs each week online. She hosts The Smallbizchat Podcast and is the bestselling author of Become Your Own Boss in 12 Months, Revised and Expanded, and Fix Your Business, a 90 Day Plan to Get Back Your Life and Reduce Chaos in Your Business.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Let’s Connect

  • facebook
  • instagram
  • tiktok
  • pinterest
  • linkedin
  • twitter
  • youtube
  • feedburner

Sign up for the SmallBizLady BUZZ Newsletter and be the first to receive updates and details about upcoming events:

We’re proud to be part of the Mediaplanet Empowering Small Business campaign! The COVID-19 pandemic brought hardship and ruin on the nation’s small businesses, but there’s now reason for hope. Learn about the resources, support, and tools available to help your small business bounce back and grow stronger than ever by picking up a copy of the campaign in USA Today and reading it online here.

Get a FREE Chapter of SmallBizLady’s Book,
"Become Your Own Boss in 12 Months, Revised and Expanded"!

Become Your Own Boss

Most Popular Posts

>Seven Ways to be More Profitable in Your Small Business
> 7 Ways to Attract Customers to Your Small Business
> 6 Tips for Managing Small Business Finances
> How to Run a Successful Multilevel Marketing Business
> 10 Ways to Grow Your Small Business With Instagram
> How to Sell on Facebook
> How to Get Over the Fear of Starting a New Business

Featured Videos

Bloomberg News Interview
How to Support Small Businesses During the Holidays

National Speakers Association
Winter Conference

Fox 29 Philadelphia
'Small Biz Lady' gives best advice for starting a new business in the New Year

Fox Business
Starting a Business

MSNBC
The importance of job mentoring for women

#SmallBizChat Live
National Small Business Week: Q&A

Good Day Philadelphia
Expert Shares Tips on How to Become Your Own Boss

Testimonials

Become Your Own Boss is a must read if you’re thinking of launching a business of your own.
Jean Chatzky, Bestselling Author of Money 911 and Financial Editor of NBC’s Today Show
Great step-by-step advice for anyone looking to start their own business.
Andrew C. Taylor, Chairman, Enterprise Rent-A-Car
Melinda Emerson has written a remarkable book. It is essential reading for anyone seeking to make the transition from working girl to successfully working it, as an entrepreneur.
Cynthia McClain-Hill, Past President, National Association of Women Business Owners
The perfect companion for those planning to go out on their own. Melinda delivers firsthand practical advice on how to be the successful entrepreneur. Read it if you want to get it right the first time.
Kenneth L. Shropshire, Professor at the Wharton School of Business, University of Pennsylvania
If you are looking for a versatile speaker who can talk about how to grow small businesses or get started with social media, look no further.
Heather Van Sickle Executive Director, National Association for Community College Entrepreneurship (NACCE)
Her wit and depth of subject knowledge were entertaining and empowering. Melinda is definitely on our short list of seasoned entrepreneurs and business leaders we look to invite back in the near future.
Tennille M. Robinson Senior content & Event producer for Inc. magazine
Melinda Emerson, “SmallBizLady,” is an engaging and witty speaker and a great addition to any conference. Her terrific presentation and compelling delivery give people the information they need and want to become their own bosses and grow success… Read more
Laurie Dalton White Conference Director, Pennsylvania Conference for Women
Melinda Emerson has been a fantastic small business and social media resource for the Pitney Bowes team. Not only is she personable and easy to work with, but she also has an innate understanding of the small business audience. My marketing programs … Read more
Justin Amendola, Former VP, Global SMB Digital Strategy, Pitney Bowes

Latest #SmallBizChat

The SmallBizChat Podcast: How to License and Sell Your Content with Mitch Axelrod

In this episode, Melinda Emerson welcomes Mitch Axelrod to discuss the intricacies of intellectual property (IP) licensing for small businesses. Mitch shares his personal journey in the licensing field, offering insights into identifying and protecting IP effectively. They explore common pitfalls in licensing negotiations and provide practical tips to navigate these challenges. Mitch Axelrod is […]

Fix Your Business Q&A Video

Recent Posts

  • The SmallBizChat Podcast: How to License and Sell Your Content with Mitch Axelrod
  • What KPIs Should You Track In Your Small Business?
  • The SmallBizChat Podcast: If I Had to Do It All Over Again with Melinda Emerson
  • How to Develop a Business Launch Timeline, Part II
  • The SmallBizChat Podcast: Hit It and Quit It with LaTanya White, Dov Gordon, and Anisha Robinson Keeys

#SmallBizChat

  • SmallBizChat Archive
  • @SmallBizLady

Business Advice

  • How to Start

SmallBizLady Store

Products

Free Chapter

Get In Touch

  • FAQ
  • Be a #SmallBizChat Guest
  • Contact Us
Copyright © 2025
Quintessence Entertainment, Inc
PO Box 280
Drexel Hill, PA 19026
(610) 352-0680
Privacy Policy · Refund Policy

Let’s Connect

  • facebook
  • instagram
  • tiktok
  • pinterest
  • linkedin
  • twitter
  • youtube
  • feedburner