5 Things to consider before creating your 2017 Talent Strategy

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To reach your business goals in 2017, your ‘Talent Strategy’ must be a top priority and you must understand what you have and moreover, what additions are required to meet your business goals.

There are many questions to consider, ensuring you create a strong ‘Talent Strategy.’

Based on our experience of building ‘Talent’ strategies with our clients over the last 8 years, we put together a list of things you must consider.

5 things to consider when creating your talent strategy:

1. What do you already have in terms of Talent?

Does your current team have the capability to deliver the growth you want? Have they displayed an upward curve in terms of performance and can they take on additional responsibility? If you are to grow, do certain departments require an additional line of management? Will new technologies be required in 2017 and do you have enough resources to deliver with this technology?

Red Executive Data: Businesses over 100 people, who promote from within, lower attrition rates within the business by up to 300%

2. What levels of attrition can you expect in the business and in what areas?

Consider this scenario: a proportion of people will leave your business. If you want to replace them like for like, from an external source, it could cost you more, unless you are you able to promote from within. Are you able to do so?

Red Executive Data: If you get your staff involved in your ‘Talent Strategy’ and provide them with a clear career path you will lower attrition rates by up to 400%.

3. What skills will you require in 2017?

What skills are you going to require in 2017 and how accessible are they on the open market? What is your engagement strategy and will this work in trying to identify the finest talent for your business?

Red Executive Data: Organizations that value the use of new technologies and encourage current staff to engage in new solutions reduce attrition in their tech teams by up to 800%.

 4. What talent pipeline do you have from your efforts in 2016?

 You recruited in 2016. So, what pipeline did you create? How will it help with your 2017 talent goals? Did you engage properly with ALL candidates and paint a positive picture of your business as a potential employer, even with candidates you had no intention of hiring?

Red Executive Data: If you began to consider your 2017 ‘Talent Strategy’ starting from June 2016, you would have been more likely to have the required candidates for Q1, 2017 by 75%

5. What is the state of your ‘Employer Brand’?

Does your ‘Employer Brand’ help you achieve your goals when hiring? Do former candidates, successful or not, talk positively about your business as a potential employer? Have you allocated a marketing budget for your ‘Talent Acquisition’ team, in order to help build your brand? What return do you expect from that investment?

Red Executive Data: Organizations that place their ‘Employer Brand’ as one of the key aspects of their success are 200% more likely to hire the standard of staff they want for their business.

As you can see, the creation of this strategy and considering these key aspects will not only help you hire, it will help you retain the best people in your workforce.

These are just 5 of the things to consider for your 2017 Talent Strategy. There are many more elements that must be included.

Let us help you start 2017 on the right path toward reaching your goals.

For more insight and a confidential audit, please get in touch.

Check out: 5 reasons your Talent Strategy needs to be a priority

Read about: 5 ways a positive recruitment process helps your business 

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This article was written by Martin Collins, Founder & Managing Director at Red Executive

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