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HR Leadership: Proving The Value Of The Talent Function

Source | TalentCulture

Success for a business of any size hinges on its people and their ability to make things happen. Top talent is expensive — and wasted if it doesn’t move your business forward.

Human resources leaders need to understand how the talent function can impact an entire organization and why human capital is a company’s most valuable asset. But if they can’t prove that significance to the rest of the leadership team, they’ll struggle to get the support they need.

A well-rounded recruitment program isn’t a bonus; it’s a crucial part of meeting goals. Here’s a look at how HR leadership can prove the value of strategic recruitment and some of the tactics that can give your plan a bigger impact.

Prove the value of HR-driven talent recruitment.

Before HR can start discussing the importance of good recruitment practices, it needs to show the value of having HR strategically involved in talent recruitment — not just getting candidates through the door but guiding teams across the organization to the resources they need. Talent accounts for an average of 70 percent of a business’s total operating costs. More than that, employee turnover can cost a company from thousands to hundreds of thousands of dollars.

Despite these costs — or maybe because of them — many C-suite executives don’t see the connection between recruiting practices and turning a profit. Illustrating this can help show the value of good recruiting, bridging the gap between what HR does and what executives need to see to make decisions that can improve the HR department’s ability to hire and keep qualified talent.

Here are a few ways to prove your case:

Use data to predict the future.

Businesses today must embrace change or risk falling behind competitors. A proactive recruitment program can improve a company’s ability to recognize potential obstacles and identify the appropriate candidates. Predictive analytics use big data to help identify internal strengths, weaknesses, and opportunities so management can make strategic talent-based decisions.

Build a case for support that starts after the onboarding process.

Once you find the right talent, you want to hold onto them — and that takes more than a smart recruitment process. Ongoing training, mentorship, and education doesn’t just help with retention; it can directly support money-making activities such as marketing, production, and sales.

Highlight the value of a positive corporate culture.

Attracting and losing talent comes at a cost — not just financial, but also the impact on productivity and morale. An engaged, supported, and motivated workforce improves employee satisfaction and results. HR can only do so much to create the thriving and productive corporate culture current, and potential employees are looking for; it has to be consistent across the organization.

Show how HR can match talent with critical business programs.

When it comes to talent, the C-suite’s final consideration is its effect on profitability and revenue. If HR can’t directly answer that question — with supporting information — it will be harder to get buy-in for initiatives. You need to be able to match business initiatives with the right people to show the impact strategic talent management can have.

Read On…

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