Developing an effective talent management strategy in the travel industry
Learning at Work week takes place next week between the 15th and the 21st of May - to bring awareness to this event, we're discussing the various ways that talent development can impact your travel industry business. This week we’re looking at the importance of implementing a talent management strategy and outlining a holistic approach that could help you build an industry-leading team.
At Ambitions Travel Recruitment, we have partnered with Online Travel Training to offer a fantastic array of affordable, soft-skill courses designed for new employees, experienced staff and managers alike. An excellent tool to support your talent management strategy, you can find our extensive collection of courses here. Read on to learn how to implement a rock-solid talent management strategy, from attracting talent to retaining and developing your employees.
What is a talent management strategy?
A talent management strategy is a comprehensive approach to recruiting and managing employees that focuses on the entire employee lifecycle. The main goal of a talent management strategy is to ensure that your travel business has the right employees with the right skills in the right positions.
We’ve previously discussed the challenges facing recruitment within the travel industry. A candidate-driven market, poor salary offerings and inflexible and outdated working models are just a few barriers preventing travel businesses from attracting top talent. These issues can be addressed by looking at the bigger picture and implementing an effective talent management strategy that works for your business.
Implementing a successful talent management strategy
Attracting top talent
The first stage of talent management is attracting talent in the first place. We’ve previously discussed employer branding and its importance in bringing the right people to your business. And whilst a good reputation within the industry is key, a competitive remuneration package is arguably more valuable. High-quality candidates are not going to be tempted by low-salaries. Make sure that you continually benchmark your offering to remain competitive.
Onboarding
Effective onboarding is key. A study by Brandon Hall Group found that a positive onboarding experience can improve employee retention by 82% and productivity by over 70%. This illustrates how important engaging and retaining employees from day one is. A strong onboarding process should provide new recruits with all the information, training and resources needed to become as an effective team member.
Continual development
Employees should be provided with continual opportunities for growth and skill development. This can include in-house training, workshops, conferences and access to external learning resources such as the courses offered by Ambitions Travel Recruitment. According to Linkedin’s 2022 Workplace Learning Report, 94% of employees claim they would remain with a company if it invested in workplace training. Offering development opportunities is clearly key to an invested, engaged workforce.
Performance management
Performance management doesn’t need to be a dreaded or intimidating process. Employees who enjoy their work and looking for ways to advance and improve performance will embrace these sessions and can often feel disengaged when they are missed. Similarly, employees who find their role challenging often appreciate any support offered but can become jaded if left to their own devices. A survey conducted by OfficeVibe found that companies that implement regular feedback have a 14.9% lower turnover rate.
Engagement, recognition and rewards
Employee engagement and retention are vital for maintaining a productive and motivated workforce. Maintaining open lines of communication, recognising employee achievements and rewarding employees for their hard work and dedication are all crucial elements in fostering a positive work environment and keeping employees interested in the company.
Succession planning
The important process of succession planning is often overlooked, with the Association for Talent Development reporting that less than 35% of businesses have a succession plan in place. Identifying high-potential employees and preparing them for future leadership roles is an effective way to future plan your business’ success. This can include providing opportunities for additional responsibilities, mentorship, leadership training and exposure to various aspects of the business. And, of course, discussing suitable roles with employees when they arise.
Future planning for success
Implementing an effective talent management strategy requires a long-sighted approach to all aspects of recruitment and development. As the travel industry opens up and recruiting front-line staff, in particular, becomes a top priority, it can be easy to push the bigger picture to one side.
However, time invested in effective recruitment and nurturing employees can pay off dividends in the long term. A well-executed talent management strategy can achieve increased employee satisfaction and engagement, reduced turnover, increased productivity and ultimately, better organisational performance.
Effectively onboarding, engaging and developing employees needn’t significantly strain resources. By leveraging the affordable and flexible courses offered by Ambitions Travel Recruitment, you will have plenty of time to focus on other aspects of your talent management strategy, such as performance reviews and succession planning.
