Traditional reward systems take into account particularly employees' longevity and external experience. Talented workers who have developed their potential while working for you thus usually earn less than their value in the labour market. Look for ways to enhance the remuneration of these people.
If you hire talent from outside, hire the very best. Even a well-functioning organisation will benefit when other excellent people come on board. Encourage healthy competition between workers which will motivate them to perform better. Do not tolerate mediocrity and certainly not underperformance.
Deal with talents on a personal level. Build personal relationships and manage their careers based on individual needs and possibilities. But beware of crossing the fine line between the personal approach and favouritism at the expense of others.
Talent management requires careful planning and a lot of meetings. However, if you spend more time talking about talent than implementing your plans, it is time to change.
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Article source CareerBuilder - the largest online job site in the U.S