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Four Steps to Talent Management Success

Employers are painfully aware of the challenge to acquire the top talent needed to thrive in today’s business climate. How are you retaining your talent? Even top performing companies need a talent strategy to keep employees engaged throughout their careers. As part of a unique infographic, Paycom provided the four necessary steps to create a talent management strategy for your business.

Step 1: Recruitment – Dr. John Sullivan’s “we find you” approach

Step 2: Retention – Linking performance and compensation can increase retention by up to 27 percent.

  • The cost of losing an average employee is 1.5x their burdened salary
  • The cost of losing a top performer is 3x more than losing an average performer (information provided by fokalfusion.com/losing-top-employees)

Step 3: Get Growing – Provide development goals with training opportunities.

Step 4: Implement a fair and consistent compensation plan where performance directly impacts reward.

Follow these four steps if you want to attract the best and brightest talent pool and hold on to them!