As companies expand, become more interconnected, and develop ambitious long-term models, their talent management strategies must also expand, connect and develop.
Siloed talent management approaches, those which isolate the demands of talent management into individual departments, result in miscommunication, unsuccessful hires, and the neglect of top talent already in your company. Integrated talent management works to solve these problems.
Integrated talent management definition: Integrated talent management relies on technology, a holistic and interconnected thread of communication, and the alignment of talent management strategies to corporate ones with the goal of effectively maximizing the use of talent resources.
As the market for top talent becomes more competitive, it’s imperative that companies develop a strong integrated talent management strategy in order to adequately meet the demands of an interconnected corporate world.
The benefits of integrated talent management extend far beyond improved HR outcomes. Surveys from a 2009 study show that a sample set of companies’ revenues per-employer grew about 25% after applying an integrated talent management model. Companies can expect stronger leader development, stronger KPIs, and lower turnover rates among high performers.
Here are some other benefits of integrated talent strategies:
Keeping your corporate long-term strategy in-line with talent management is essential to develop existing talent into leaders, efficiently fill roles, and meet corporate benchmarks. An integrated management strategy will streamline communication processes, employee profiles/KPIs, and department needs as they assessed by administrative and executive teams.
For example, managers who need to fill vacancies can access profiles of available talent more readily, giving them all the information they’ll need to decide whether to outsource hires or fill the role from internal talent.
One way to ensure everyone is on the same page is by applying a relevant competency model. Since data sharing and technological applications are likely a big part of your integrated management strategy, it’s important that all parties share a common language and consistent terminology.
As companies expand, so too will their need for department leaders, managers, and new roles. Being able to easily and confidently access talent across the entire company will eliminate unnecessary hires and allow administrators to develop resourceful business strategies that correspond with available existing talent in their organization.
The advent of the integrated talent management process has a lot to do with today’s technological hiring capabilities. The use of highly comprehensive databases, like a CRM, allows for mass data sharing throughout your company. You can update files, review vacancies, communicate effectively, and store information at a level that corresponds with the scale of your business model and the requirements of individual teams.
A top-to-bottom view of talent information allows management to identify hiring patterns and needs, making it easier to assess hiring decisions and their effect on individual units of the company. Technological support from an all-encompassing database will help simplify the data sharing process for all levels of management and provide the infrastructure required for an optimally performing integrated talent management strategy.
A comprehensive integrated talent management strategy isn’t without its challenges.
Most companies will have to rely on meetings, workshops, and regular emails/messaging to keep up with any updates or changes in your use of technology, and the adoption of your integrated talent strategy needs to roll out without a hitch. The competence of the technology is only as strong as a company’s ability to appropriately utilize it, so ensure that all users and stakeholders are trained on how to most effectively use the technology supporting your integrated talent strategy.
An integrated talent management system relies on different teams and departments within your company to work together in unison, necessitating constant communication and integrated efforts across the company. Keeping all hiring stakeholders on the same page, from executives to managers, is key to maximizing the benefits of your integrated talent strategy and ensuring that talent within your company is utilized to its full potential.
If you can meet the challenges of an integrated talent strategy by developing a systematic approach to talent management, you will minimize wasteful hires, produce more leaders, and ensure that hiring decisions and strategies are in-line with your company’s short and long term strategies.
Loxo provides all the tools a company needs to source, connect, and engage talent all in one place. A simple and comprehensive ATS+CRM platform, Loxo makes it easy to apply integrated management solutions and streamline many of the above-mentioned challenges.
Expand your business, connect your company, and integrate technology in a simple and easy-to-manage system with Loxo’s all in-one-recruitment software. Try the demo here.