An organization‘s talent is its biggest competitive advantage in today‘s dynamic marketplace. However, research shows only 38% of companies have a comprehensive talent management strategy in place.[1] This presents a massive missed opportunity. With the right talent practices, organizations can drive higher performance, engagement, and business results.
As an HR technology expert, I partner closely with HR leaders on building data-driven talent strategies. In this comprehensive guide, I‘ll share the top 9 emerging best practices for managing talent in 2024, along with real-world examples, statistics, and implementation tips. Let‘s dive in.
Why Talent Management Matters More Than Ever
Before we look at the key trends, it‘s important to recognize why talent management warrants a renewed focus today. Here are three driving factors:
1. The Workforce Is Changing
Modern employees have new expectations around flexibility, development, and company values. Millennials now make up the majority of workers, and Gen Z is entering the workforce in force. These generations seek:
- Flexible and hybrid work options
- Learning and upskilling opportunities
- Work aligned with purpose and values
Deloitte found that 54% of Millennials and Gen Z say working for a company that shares their values is important.[2] Failing to adapt will hamper hiring and retention.
2. Skills Requirements Are Evolving
According to McKinsey, 50% of employees will need reskilling over the next 5 years as technology advances.[3] Technical skills have a half-life of just 2.5 to 5 years today. This requires more strategic workforce planning and talent mobility.
3. Engagement Levels Are Dropping
Gallup reports employee engagement has fallen from 68% in 2020 to 62% in 2024 globally (see Figure 1). This disengagement epidemic makes retention and productivity big challenges.
Figure 1. Employee engagement has fallen 6 percentage points since 2020. [Source: Gallup]
With these workforce dynamics, talent management can no longer be an afterthought. Leading companies are taking steps to evolve their practices.
9 Cutting-Edge Talent Management Best Practices for 2024
Through my advisory work and research, I‘ve identified 9 areas where leading companies are innovating around talent management.
1. Continuous Performance Management
Annual performance reviews are outdated. 78% of companies now see them as ineffective.[4] Instead, regular continuous performance management is becoming best practice.
This involves:
- Ongoing feedback – Managers provide real-time coaching outside of formal reviews
- Regular check-ins – Light-weight discussions on progress every 2-4 weeks
- Project-based goals – Aligning objectives to business initiatives
- Data-driven insights – Analytics to identify high vs. low performers
- Development planning – Identify skills gaps and strengths to build
For example, Adobe moved from annual reviews to regular check-ins and saw manager satisfaction improve by over 50%.[5]
The key is moving from retrospective evaluations to forward-focused development.
2. People Analytics for Workforce Planning
Traditional workforce planning uses simple spreadsheet forecasts. But HR now has access to vast datasets on employees and advanced analytics tools to leverage them.
Major applications of people analytics include:
- Skills gap analysis – Identify current and future skills needs based on business goals
- Talent mobility – Pinpoint opportunities to redeploy people internally
- Predictive modeling – Forecast key HR metrics like turnover
- Succession planning – Use data to identify high-potentials
- Diversity analytics – Model how changes in hiring and promotion impact representation
For example, LinkedIn uses analytics to model the supply and demand for critical roles 2-3 years out. This enables more proactive development and hiring.
3. Data-Driven Recruiting
Recruiting teams have more talent data at their fingertips than ever before. AI and analytics enable smarter sourcing and hiring.
Key techniques include:
- Candidate sentiment analysis – Survey candidates or analyze feedback online to improve recruiting.
- Predictive modeling – Identify common attributes of your top performers to source similar candidates.
- Talent network analysis – Map relationships between candidates to uncover "hidden gems".
- Algorithmic assessments – Use AI and data to evaluate candidates more objectively.
- Process mining – Analyze your hiring funnel to reduce bottlenecks.
For instance, P&G uses AI to analyze candidate emotions and communication during interviews. This provides insights to enhance their recruiting approach.
4. Hyper-Personalized Learning
Employees expect relevant, self-directed training aligned to their goals. Personalized learning is critical for upskilling today‘s workforce.
Strategies include:
- Microlearning – Short on-demand modules focused on specific skills.
- Adaptive learning – Tailor content based on individual strengths and needs.
- Peer-to-peer learning – Facilitate coworker mentoring and knowledge sharing.
- Gamification – Make learning fun through points, badges, and competition.
- Recommendation engines – Suggest training content using AI algorithms.
For example, Unilever created a digital platform called Degreed which recommends microlearning content to employees based on their roles and performance data.
This personalized approach leads to more relevant, engaging development.
5. People-Centered Design
HR leaders are adopting design thinking principles to build better employee experiences. This involves:
- Journey mapping – Visualize how employees interact with HR systems and processes end-to-end.
- Empathy interviews – Ask open-ended questions to uncover pain points and needs.
- Co-creation – Brainstorm solutions together with employees.
- Rapid prototyping – Quickly build mockups to gather feedback.
- Iteration – Continuously refine solutions based on user testing.
For instance, Airbnb used journey mapping workshops to redesign their performance management process. This resulted in a 4x increase in the number of meaningful feedback conversations.[6]
6. Hybrid and Flexible Work Models
Employees now expect flexibility in when and where they work. Hybrid work models are becoming the norm.
Best practices include:
- Flexibility in location – Enable remote, hybrid, and in-office options.
- Core collaboration hours – Set consistent times for team meetings and alignment.
- Shared digital spaces – Use tools like Slack, Miro, and Teams to engage distributed teams.
- Equity in advancement – Provide hybrid staff equal training, visibility, and career growth.
- asynchronous communication – Rely on clear documentation, updates, and chat.
For example, SAP allows employees to work from home 2-3 days a week. They saw 13% higher engagement scores among hybrid employees.[7]
The future of work will be flexible. Companies need policies and cultures built for hybrid models.
7. Holistic Wellbeing
Now more than ever, employees expect companies to care about their whole wellbeing – including mental, emotional, physical, and financial health.
Trends include:
- Mental health support – Resources like employee assistance programs, meditation apps, counseling.
- Physical health – Gym discounts, activity challenges, ergonomic equipment.
- Financial literacy – Access to advisors, financial planning tools.
- Energy management – Encouraging vacations, mindfulness breaks, and bandwidth-focused meetings.
For instance, Nike launched an app called Nike Unite to offer employees guided meditations, physical fitness challenges, and expert health advice.
Wellbeing drives massive business impact. Research shows companies who support employee wellness have 2x revenue growth.[8]
8. Crowdsourced Innovation
Forward-thinking companies are tapping into collective intelligence to drive innovation. Crowdsourcing ideas internally unlocks creativity.
Approaches include:
- Innovation challenges – Call on employees to submit ideas on a business problem.
- Design sprints – Rapidly collaborate and prototype new solutions.
- Prediction markets – Let employees vote on potential product and strategy ideas.
- AI idea assistants – Bots suggest related ideas to spark creativity.
- Innovation forums – Online discussions to collect bottom-up ideas at scale.
For example, Pfizer has an internal prediction market where employees buy "shares" in new drug development ideas to collectively predict their viability.
9. Agile Goal Management
In dynamic times, rigid annual goal setting fails. Leading companies are adopting agile goal management approaches.
This involves:
- Company alignment – Cascade top-level OKRs across the organization.
- Short sprints – Set goals in 6-12 week cycles to enable faster adaptation.
- Team empowerment – Enable teams to develop priorities independently within guardrails
- Continuous tracking – Use pulse surveys and 1-on-1s to frequently measure progress.
- Data-driven decisions – Evolve goals based on insights and changes in the business context.
For example, Twitter sets company OKRs each quarter and empowers teams to develop unique supporting objectives. Regular retros help teams adapt goals as needed.
The bottom line – goal-setting must become dynamic and data-driven.
Keys to Successful Implementation
Evolving talent management practices requires both a people-centric and data-driven mindset. Based on my experience, here are 5 keys to drive successful implementation:
1. Take an iterative approach – Don‘t overhaul everything at once. Run small pilots, gather feedback, and build on successes.
2. Communicate the "why" – Engage managers on the benefits of new practices through training and conversations.
3. Involve employees – Co-create solutions with staff to drive adoption. Leverage design thinking.
4. Make data actionable – Put insights directly into the flow of work through dashboards and tools.
5. Connect to business priorities – Show how new talent practices help achieve company goals.
The Future of Talent Management
The way we attract, develop and engage talent is being reimagined. Companies must take an agile, human-centered approach or risk losing out on competitive talent. The good news – evolved talent practices pay off. Research shows that human-centric companies have 2x the innovation revenue and 4x the talent retention.[9]
Now is the time to experiment with new techniques and tap into data and human ingenuity like never before. By becoming talent trailblazers, HR leaders will help their companies succeed today and build the workforce needed for the future.
To discuss how you can evolve your talent management strategy, connect with me here. I would be happy to offer tailored guidance for your organization.
[1] “2022 State of Talent Optimization Report” (PDF). HubSpot. [2] "2022 Deloitte Gen Z and Millennial Survey" [3] McKinsey, "Retraining and reskilling workers in the age of automation" [4] Perceptyx, "The End of Annual Performance Reviews" [5] Forrester, "Move From Annual Performance Reviews To Regular Check-ins" [6] Airbnb Design Studio [7] “Putting Wellbeing First To Advance Hybrid Work" (PDF), SAP [8] Rath, Tom. "Wellbeing: The Five Essential Elements." Gallup [9] Bersin, Josh. "Lead. Disrupt. Win." Deloitte Insights.