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    08 November 2023

    The 5 Rs OF TALENT MANAGEMENT.

    Our product is steel. Our strength is people.

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    Do you remember this statement? It was in 2007 that ArcelorMittal Dofasco, a giant in the steel industry, began using this motto. They wanted to highlight their commitment to steel... and their employees. 

    Let it be said: the company does not exist without its employees. The staggering number of organizations that, since the pandemic, had to close their doors due to lack of staff, clearly demonstrates this. Several entrepreneurs saw this situation not only as a serious setback but also as an important wake-up call: 

    To thrive in an increasingly competitive environment, businesses must invest in the well-being of their employees. 

    Today, talent management, or workforce management, represents one of the most important aspects of the human resources role. This approach goes well beyond simple administrative management of personnel. Because it aims to optimize the contribution of each employee throughout their professional journey in the company. 

    Talent management is a comprehensive process that begins with identifying individuals best suited to the organization's needs. It involves seeking and finding qualified gems aligned with the company's culture. 

    Once these talents have been recruited, it will be a matter of training them and strengthening their skills. These employees must feel that someone is interested in their career. Investing in their training suggests that they will be able to grow in their roles and eventually take on even more senior positions in the company. 

    Next comes retention. The company must create a favorable work environment, that encourages employees to remain within the organization. Often, this involves offering attractive working conditions that allow for a balance between personal and professional life. 

    Mobilization aims to give employees the motivation they need to commit and contribute to the company’s objectives. It is therefore crucial to put in place measures to make them feel connected to the mission and vision of the organization. 

    Finally, the reward. This involves recognizing and remunerating employees based on their performance and their contribution to the organization. Financial incentives, social benefits, and promotions play a significant role here. 

    These 5 key elements of workforce planning are taught in all institutions training human resources managers. But everywhere, you will also find an almost universal definition of the HR department’s role regarding the workforce: 

    Human resources management is about ensuring that the company has the right employee, in the right place and at the right time. 

    Over time, some have added two elements: the right role and the right cost. 

    In this article, we will delve more into these 5 keys. 

    Right talent 

    As you know, the objective of this first phase is to attract and recruit the candidate(s) with the skills required for a specific position. In other words, it involves drawing up the profile of the ideal person to fill the available position. 

    By reading the candidate’s resume, you will learn about his technical skills. By meeting him, you will learn more about his human qualities. Because, just as the ideal candidate must have the professional qualifications to complete the tasks related to the position, he must also have the human qualities to work in harmony with the teams already in place and to adapt to the company’s culture and values. 

    It is therefore essential to define and update your job descriptions. These will not only allow you to better recruit your employees but also to better evaluate their performance. 

    Right role 

    It is essential to regularly assess the skills, strengths, weaknesses, and potential of your employees. The roles they occupy must bring the greatest possible added value to the organization. 

    This is why we should not neglect opportunities to develop employees’ skills. Offer workshops, training, and mentoring. Identify steps that can help your employees advance in their careers. 

    By maintaining open communication with your employees, you will be able to identify those who are adept at taking on new challenges and ready to take on leadership roles. 

    Also, while it is important to think that the employee is evolving in his role, we must not forget that the role itself can also evolve. The job description should not be frozen in time. It is sometimes more productive to remove, add, modify, or transfer certain responsibilities. The precision of the role is as important as the evaluation of the employee occupying it. 

    Right time 

    Of course, you will have understood that this is about synchronizing the arrival and departure of employees with the needs of the company. 

    Workflow analysis is essential. Identifying times when additional manpower is needed and times when a downsizing can be considered, makes it possible to develop forward workforce planning which will not only take into account current needs but also future needs. 

    Could you give examples of needs? We first talk about seasonal variations, special projects, and cycles of growth or recession. This is what some call the number of required arms. 

    To meet these initial needs, there are several strategies. One of them is proactive recruitment: creating a pool of potential talents who can be contacted in case of urgent need. Another strategy? Consider flexible employment contracts: Temporary employees or freelancers are sometimes options to consider. A third one? Internal redeployment: the transfer of employees to other departments. 

    Finally, an important reminder. A need too often neglected: succession planning. Your older employees will eventually retire. It is important to plan for knowledge transfer. 

    Right place 

    The right place refers to assigning employees to the right teams and departments.  

    Just as individuals have strengths and weaknesses, departments and different locations within the company also have their strengths and weaknesses. 

    Therefore, from a productivity optimization perspective, human resources must also place talents where they can best contribute to the overall success of the organization. The needs analysis will therefore take into account the places, areas, or teams that most need reinforcement. 

    Once again, it will be more than useful to know the skills of employees, as well as their preferences and aspirations. Placing the right talent in the right place makes the employee feel that he is important to the entire organization. This is how he gets involved and gives the best of himself. 

    Right cost. 

    Effective talent management also involves managing labor costs. This includes compensation, benefits, administrative costs, and employee-related expenses. 

    It is therefore important to maintain a balance between investment in talent and cost control to ensure the profitability of the company. 

    How to do it? Here are some points to consider: 

    • Remember: salary is not the primary reason for an employee to leave 
    • Establish a budget dedicated to your payroll. 
    • Before hiring, consider internal redeployment of non-essential or underutilized positions. 
    • Optimize your benefits. 
    • Consider outsourcing/automating certain functions. This can be a viable option for specific fields like accounting, project management, etc. 

    In summary. 

    This approach to talent management is a strategic and structured method for defining, achieving, and tracking organizational goals. In addition to aligning and measuring progress toward desired achievements, it promotes communication, accountability, and motivation within work teams. 

    Over time, we have only encountered one negative comment about this method. It came from the German psychologist, Armin Trost, an expert in human resources management and organizational development. 

    Mr. Trost argues, among other things, that this approach may pose the danger of only focusing on the company’s needs rather than those of the employees. You can read this article HERE. It is also interesting to read the comments that follow the text. 

    One last thing. Very important! 

    MX Solution can greatly facilitate the management of your workforce. 

    Coordinating payroll, scheduling, and human resources elements, can save you significant time, costs, and effort in overall workforce management. 

    This integrated approach allows for streamlining processes, improving the accuracy of compensation calculations, reducing human errors, and promoting compliance with current regulations. 

    It also provides increased visibility into employee-related data, facilitating strategic decision-making in human resource management decisions, such as workforce planning and skills development. 

    Additionally, this coordination can strengthen communication within the organization and contribute to a more positive employee experience, which, in turn, can improve staff retention and overall productivity. 

    By combining these elements within an integrated management system, companies can optimize their workforce management by ensuring efficient workforce utilization, accurate compensation, regulatory compliance, and continuous employee development. 

    Let's repeat: MX Solution can greatly facilitate the management of your workforce. Promise! 

    MX Solution. Request a DEMO. Today! 

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