Objectives of talent management are multifold. That's the reason why talent management has gained a great amount of importance with the growing millennial workforce in organisations. Company culture also plays an important role in helping attract and retain top tier talent. We have discussed talent management in our previous blogs. However, in this blog, we will look at some of the best talent management practices that are helping build great organisations.
Objectives of Talent Management
Just to give you a quick recap, talent management refers to the anticipation of required human capital for an organisation and meeting those needs by advance planning. But, this is only a definition of the concept. The actual process of talent management is quite painstaking and requires a lot of critical thinking on the organisation’s part.
There are various parameters to consider while putting together a talent management strategy. Nothing less than the brand image is at stake if these strategies do not work in your organisation’s favour.
How does it help organisations?
Many great companies cultures have evolved by efficient implementation of talent management strategies. They focus on the objectives of talent management. It starts with how you hire, who you hire and follows through to how you nurture and retain the employees you have hired. Attracting the top talent to your organisation is often dependent on how you treat your employees. 89% of employees say they are likely to endorse the company as a good place to work when they support employee well-being initiatives.
Take Google, for example, they can be credited with the reinventing of ‘recruiting culture’. We say reinventing because, Cisco, in the late 90s arguably had the world’s first recruiting culture. Google has transformed into the world’s first corporate ‘recruiting machine’. How exactly did we reach this conclusion?
Google has changed the recruiting game forever with its strategic disruptive recruiting approach. It has accomplished this through its branding, PR and recruiting efforts. Its disruptive approach towards both work and recruiting are so different and compelling that it inspired many leaders to emulate their approach. They had to, with much of the top talent at the risk of bouncing towards greener pastures.
The need for recruiting and its importance percolates throughout the organisation, right from the key leaders to the entry-level employees and not just the HR or recruiting bodies of the organisation. This has enabled Google not only to fund it’s recruiting drive to be in a league all by itself but also being able to change the way employees work in order to attract and retain the very best.
The “20% time” mind-shift
While it's not unheard of that companies have changed their pay or benefits to attract better talent, no one had ever changed every professional job in the organisation until Google went ahead and did it. The work itself became the primary attraction and retention tool at Google. Every professional job in the enterprise has been literally crafted so that employees are:
- Exposed to interesting work
- Learning continuously
- Feeling their value addition
- Constantly challenged to do more
“20% time” transforms the work itself into a critical force to attract and retain top talent. It also acts as the driver for continued innovation and motivation at Google. So, what is 20% time all about?
While there is no particular definition provided by the tech giant, for professional jobs it means that an employee devotes time equivalent to one-day-a-week on their own project which the company funds and supports. Apart from making a very compelling argument for current employees, it also acts as a great attraction tool for top talent without even having to shout it from digital rooftops. In fact, this strategy is so effective that it keeps the retention rates at ‘almost nil’. But, having said that, it contributes volumes to drive innovation and creativity throughout the organisation.
We have barely scratched the surface of how a good talent management strategy helps organisations achieve great productivity. In the next blog, we will look at some more great strategies that have helped vault companies towards being the frontiers in their field.
So, this is just the beginning. There are more insights on which organisation can start implementing some of these strategies. The first level to understand the objectives of talent management begins with understanding your employees. peopleHum is a HR platform that comes completely decked with HR tools to help you. It is to hire, engage and nurture your employees right to drive better business results.