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.

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