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3 tips for effective talent planning

An interesting guide about how effective talent planning can improve capability building and cost efficiency for your business.

What is talent planning?

Talent planning is a comprehensive strategy that structures how a company plans for hiring, retaining, and developing their current and future employees. With the fast-paced environment of today’s workplaces, employers must have a firm grasp on not only the employees they need right now but what talent they’ll need in the future to achieve their ultimate goal. That’s where talent planning comes into play. Instead of only focusing on hiring the right people for current job openings, talent planning helps organizations predict what skills they’ll need in the future to help their company keep momentum and out maneuver their competitors.

Why talent planning matters

People are your most valuable assets—especially when your organization and the whole economy is going through a rough time. The way to get through it is to focus on the talent you have, and the talent you can hire to make your business successful. A McKinsey survey found companies with structures in place to manage talent were more capable of attracting and retaining top talent as well as improving their overall success. However, the unspoken advantage of talent planning is giving companies an edge to build a competitive workforce for their future. By planning for gaps in skillsets, companies can hire and retain the right employees ahead of time and keep them one step ahead of their competitors.

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