Talent management is just another one of those exasperating Human Resources terms, right? Wrong. Talent management is an organization's dedication to recruit, hire, retain, and develop the most skilled and proficient employees available in the employment division.
Talent management comprises all of the work processes and engagement activities that are related to retaining and developing a superior workforce. This is the business strategy that organizations hope will enable them to retain their topmost talented and skilled employees. Just like employee involvement and employee recognition, it is stated as the business strategy that will ensure the attraction of top talent in competition with other employers.
When you build a brand that communicates that you are dedicated to a talent management strategy that will ensure that he or she will have the opportunity to develop professionally, you attract the best talent. Studies have shown consistently that the opportunity to continue to grow and develop their professional and personal skills is a major motivator for why employees take and stay at a job.
Difference: Depending on Stated Talent Strategy
What appears to differentiate talent management focused organizations from organizations that use terminologies such as workforce management or performance management is their focus on the manager's role, as opposed to reliance on Human Resources, for the life cycle of an employee within a company.
Talent management does give managers a significant part and responsibility in the recruitment process and in the ongoing development and retention of the best employees. In some organizations, only the top potential employees are included in this system. In other companies, every employee is included in the entire process.
In most companies, the talent management system is accessible via electronics; whereas, in others, informal communication among managers and HR staff is the go-to approach.
What Processes Are Part of the Talent Management System?
You can include the following systems when you approach talent development as the overall business strategy to recruit and retain talented and notable employees.
- Recruitment related meetings
- Employee recognition
- Job post writing as well as recruiting
- location placement for the profile
- Application review
- Phone or online screening interview scheduling
- In-house interviews that may involve multiple meetings with many of your current employees
- Credential review and background check
- Making the job offer to the probable candidates
- Employee Voice
- Employee onboarding process
- New employees introductions
- Goals setting and feedbacks
- Coaching and relationship building by the team leader
- Feedback systems including performance management or an appraisal process
- Promotions, lateral moves, as well as transfers
- Employment termination by choice of the employee or caused by the employer
The majority of these system functions are in the hands of the employee's manager.
HR can take the lead for some of the activities you see on this list, especially in the recruiting and selecting of new employees, and also in the case of employment termination. HR is also deeply involved in the performance management system, and so forth leading the development of the systems. But, the managers are the means to carry them out for the overall recognition of the employee's work and ongoing retention of the employee.
How to incorporate Talent Management Fully Into Your Organization
Talent management one of the key business strategies and hence it must be fully integrated within the employee lifecycle in your organization. Attracting and retaining skilled employees in a talent management system is the responsibility of every member of the organization, but especially of the managers who have reporting staff (talent).
An effective strategy also involves the efficient sharing of information about talented employees and their potential career paths across the organization. This enables various departments of the organization to identify available talent when opportunities are made or arise.
An organization that does this kind of effective progression planning makes sure that the best talent is trained and ready to acquire the next position in their career path. Progression planning benefits the employees just as much as it benefits the organization.
In larger organizations, talent management requires a Human Resources Information System (HRIS) that tracks the career paths of employees and manages available opportunities for talented employees.
Invest in people to grow your business and out more about the work systems that talent management encompasses and the best practices in talent management. Your effective approach to talent management will ensure that you attract and retain the employees you need for your business’ success.
Talent management plays the most important role in the business strategy since it manages one of the important assets of the organization— people.
That is why companies should make the effort to efficiently manage the employees to help them develop their skills and capabilities in order to retain them.
Why should companies invest in talent management?
- To Attract the right talent: Having strategic talent management will not only give organizations the opportunity to attract the most talented and skilled employees available but will also create an employer brand that could contribute to the improvement of the organizations’ business performance and results.
- For Employee motivation: Having a well-planned talent management system helps organizations keep their employees motivated which creates more reasons for them to stay in the company and do their tasks. As a matter of fact, 91 percent of employees shared that they required more than just money to feel engaged and motivated, as revealed by Chandler and Macleod’s survey.
- For Continuous coverage of critical roles: Talent management provides companies with tasks that require critical skills to plan and address the important and highly specialized roles in the workforce to its employees. This leads the company to have a continuous flow of employees to fill critical roles to help companies run their operations smoothly and avoid extra workload for others, which could lead to exhaustion.
- To Increase employee performance: The use of talent management will make it easier for companies to recognize which employees will be best suited for the job that can lead to less performance management issues and grievances. It will also guarantee that the top talent within the company is retained.
- To Better Engage employees: Talent management equips companies to make systematic decisions about the development of staff, which guarantees the employees’ skills as well as development. Furthermore, employees tend to feel more engaged when there is a fair procedure for the development, which in turn helps in increasing the retention rates that help companies in meeting their operational requirements.
- To Retain top talent: Well-structured on-boarding practices and better employee engagement create higher levels of retention which saves the company on its recruitment and performance management cost in the long run.
- To Improve business performance: Talent management helps employees feel not only engaged, skilled, and motivated but also allows them to work in the direction of the company’s business goals, which eventually, increases client satisfaction and business performance.
- For Higher client satisfaction: A planned and systematic approach to talent management means that there are organizational integration and a consistent approach to management. When systems are more integrated, client satisfaction rates tend to go high, since they are dealing with fewer people and their needs are met in a better way and more rapidly.
Investing in talent management will surely be a great help for the company, now the question is, how should the companies implement it? peopleHum will be glad to help companies with their needs regarding talent management and other futuristic, AI-enabled Human Capital Management features.