Your organization probably manages its cash flow very carefully. After all, if you run out of cash you are in real trouble. But how about running out of talent? Does your organization manage its talent as carefully as its cash reserves? For most organizations the answer is “NO!” In these tough economic times attracting and retaining talented employees can be your key to competitive advantage.

Organizational talent is the sum total of your employee’s knowledge, skills, motivations, abilities, and competencies. So, what can you do to get better at talent management? Here are six steps to build an effective talent management system:

1. Develop a list of your organization’s core competencies and identify the assessment tools for measuring them
2. Identify the competencies that drive success in individual jobs
3. Develop training and development solutions that support your organizations’ core competencies
4. Assess each employee’s core competencies and potential for future development
5. Assess new hire candidates against the core competencies so you hire the most talented people
6. Prepare and implement employee development action plans

Employee development action planning is a key retention strategy. Research shows that talented employees who see that the organization is interested in their development will stick around longer.

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