HDA

Composer Irving Berlin once said: "Talent is only the starting point." He was talking about music, but his quote could not be more apt when it comes to business – and to creating a talent strategy to build the skills of a great workforce with real employee engagement.

Whether business conditions are thriving or difficult, the companies that prosper are those with a great talent strategy, supported by the vital interlinked strategies of effective talent management, employee engagement and executive coaching.

Talent Strategy

A team fortunate enough to be the subject of a good talent strategy with superior talent management and quality executive coaching will feel engaged and motivated.

But every business looks to its bottom line - isn't spending money on an executive coaching and talent management initiative or employee engagement programme just cutting into that? Specialist HR solutions provider HDA Associates says absolutely not – money spent on a talent strategy with the emphasis on effective talent management, employee engagement and executive coaching is crucial for effectively future-proofing the organisation

The reasons for developing a talent strategy are plain. A company that enjoys a high level of employee engagement, with effective executive coaching and comprehensive talent management programmes in place, will benefit in many areas – motivation and high staff retention being just two. Few people leave a firm where they feel valued, and where the career development prospects are appealing – employee engagement at its best.

Employee Engagement

Studies have also shown that where employee engagement measures are strong, staff are less likely to take sick leave and unproductive time off – a major drain on any company's ability to deliver, and therefore a direct hit on business reputation and profitability.

A company that is well-known for having a well considered and comprehensive talent strategy will gain a reputation throughout its field as a good place to build a career, and in turn this will drive the further attraction and recruitment of talented people who can, through the right talent management, employee engagement and executive coaching programmes, contribute directly to the success of the business.

Once talented people are recruited, it's fundamental to business success to apply talent management principles to develop their skills and leadership qualities; with well directed leadership training and executive coaching an important component any forward-thinking talent strategy.

Executive Coaching

All companies go through challenging times, and it's here that an effective talent management strategy will prove its value. In times of large-scale organisational change or transition, the stability and prosperity of the business can be safeguarded by a keen focus on the individual's personal interests and needs. Any change can be stressful, but a talent strategy that maintains conscious focus on improving employee engagement levels can ensure that the most talented individuals are motivated, encouraged to perform and retained. Executive coaching is even more important at times like these, as it develops leadership like no other leadership development intervention can, and the specific skills and behaviours needed to handle change with confidence and with a strong focus on maintaining positive traction from changes implemented.

Once the transition period is over and it's business as usual, the benefits of a joined-up talent management strategy will continue to pay off. Team members who have led and limited any negative implications of the transition thanks to executive coaching will feel even more motivated and committed, and the reputation of the company's joined-up talent strategy will enhance the employer brand. New employees also benefit from executive coaching and talent management focus – it's important to build employee engagement quickly for new employees so they can perform to their full ability as soon as possible, and they should always be considered in any comprehensive talent management plan and talent strategy.

Quite simply, building a talent strategy on strong foundations of joined-up talent management, executive coaching and employee engagement builds a workforce that succeeds – whether global conditions are advantageous or a challenge.