What is Talent Management?
Talent management is defined as the systematic, strategic organization of talent in order to get the best talent onboard. It also helps them reach their maximum potential while achieving organizational goals.
This involves identifying talent needs and vacant positions, recruiting and onboarding suitable candidates, growing them in the system and developing required skills, training them for future-focused expertise, engaging, motivating, and retaining them for long-term business goals.
This definition reveals the overall nature of talent management. It encompasses all aspects of human resource talent management and ensures that an organization achieves its goals. This is the process of getting the best people onboard to help the business. Strategy drives execution and is essentially the link between HR and talent management.
Talent management encompasses a number of sub-processes and elements that must work together to ensure an organization’s success. It is crucial to analyze the talent needs for the future and identify the best talent pools. Then, get them in and optimize their skills and help them grow. They all support one another and the entire structure would collapse if any sub-process was not in sync.
What is A Talent Management Process?
Talent management is often cyclical and not a linear progression of events. However, it could be considered. It starts with acknowledging the need for talent and then leads to filling that gap, as well as growing and optimizing the skills and knowledge of all employees.
The following image shows the key elements of talent management.
Let’s look at these steps to effectively managing talent.
- Planning: As with any process that has a defined outcome, planning is the first stage in talent management. This involves identifying the areas where there are gaps, formulating job descriptions to guide sourcing and selecting the right roles and creating a workforce plan.
- Attracting: Talent management plan will help you decide whether to hire talent from within or outside the company. The process will involve recruiting a healthy stream of applicants. Job portals, referrals, and social networks are all good options. To ensure that the process is as efficient and smooth as possible, it is important to identify the talent pools that will need to be tapped. The quality of the applications will depend on the employer brand the organization has created.
- Selecting: It involves a series of tests and checks to determine the perfect match for the job, the ideal person-organization combination. Written tests, group discussions, psychometric testing, and interviews are all used to get a complete picture of the candidate. Today, recruiters have the ability to scan through thousands of CVs using software and AI-enabled tools. This allows them to narrow down the best options and find the perfect match.
- Developing: Many organizations nowadays believe in the concept of training and hiring for attitude. This is because, while it would be desirable to have certain skills-sets, you should hire the person and not the CV. Employee loyalty is enhanced by the ability to develop employees and train them to be successful in the business. The onboarding process helps employees settle into their new job. After that, there are ample opportunities for skill, aptitude, and proficiency enhancement. Finally, the company offers many opportunities for growth through mentoring, counseling, and job-rotation programs.
- Retaining: Talent retention is essential for any organization to succeed. Organizations strive to retain the best talent by offering advancements and increments, encouraging participation in special projects and decision making, and training for advanced roles.
- Transitioning: Talent management is about a company’s collective transformation and evolution through the development of its employees. It involves making employees feel like they are part of something bigger. Although it might seem like they are unrelated career paths, providing retirement benefits, conducting exit interviews, and effective succession planning all facilitate the shared journey.
Talent Management Model
There have been many models for talent management over the years. Some have been perfected by organizations who feel they have the right model. Talent management is a dynamic field that must adapt to the changing trends in talent, digital disruptions and employee expectations.
This diagram shows the integrated talent management model, which is the most current.
These are the primary components of the model:
- Acquire – Employer branding, recruitment, onboarding
- Assess – Assessments, succession planning, and talent analytics
- Develop – Workforce planning and culture at work, engagement, retention, and culture
- Deploy – Goal alignment, career path planning, learning, development, and performance management
The structure of the components is cyclical, and continues in a continuous loop. It takes into account the internal climate and external environment within the organization.
How can an organization ensure this model is used to its full potential? Below is a list of the important aspects to keep in mind.
Keep in mind that talent management is dynamic and cannot be rewritten. It must be flexible enough to meet the changing needs of the company, the changing pace of industry changes and evolving talent expectations.
What is A Talent Management Strategy?
Talent management is more than a list of requirements. It is a strategy that requires careful implementation, frequent checks, and continuous improvement. A talent management framework structures your plan to meet human capital and business needs within the organization. These are the six main talent management strategies that form the foundation of the people functions.
1. Detailed job descriptions
The sourcers and the candidate will be better able to understand the job-role if they have a detailed job description. Generic job descriptions can confuse everyone involved in talent acquisition and result in a flood of applications that are irrelevant. The following information must be included in the job description:
- Location and job title
- Overall duties
- Required skills
- Reporting lines
- Equipment and tools used
- Salary and Benefits
These will allow candidates to make an informed decision about whether or not they want to apply. sourcers can obtain CVs that better fit their needs.
2. Person-organization fit
A person that doesn’t feel at home in the culture of the organization won’t be the most productive or happy employee. It can be difficult to describe the culture through words but it is easy to see if a candidate would be a good fit. Employees need to feel at ease in their workplace if they share the same values and personal beliefs.
This will enable them to put the greatest effort, time, and energy into adjustment. Hiring the right person/organization match (or PE fit) is a great way to increase employee engagement, satisfaction, and performance.
It is essential to foster a culture of mentoring, coaching (or even reverse mentoring), and collaboration in order to improve talent management. Constructive feedback is an excellent tool for helping employees grow and develop their skills. Talent management means preparing employees to face the future. This means being able and willing to depend on each other, as well as being prepared for any change.
4. Recognize and reward right
Recognition and rewards are an integral part of any strategy to motivate, engage and manage employees. This goes beyond the bonus and financial rewards. Research has shown that employees will prefer R&R programs that offer meaningful rewards. This gives companies a great opportunity to show their employees they value them as people and an integral part of the company.
5. Opportunities for continuous improvement
It is important to consider the future of talent management in the company. All employees must be able to use the tools available to them to reach their full potential. Organizations should have the ability to continually develop their staff to ensure that they are constantly improving. This allows employees to continuously improve their skills and keeps them current.
Talent management is the art and science of planning each employee’s career path. We all can work more effectively when we know where we are heading and what our career path is. This does not mean promising promotions. It means creating a career plan with employees. It is important that they feel at ease with the plan. You should give them the resources and tools to make it happen. Give them all the tools and resources they need to make it a reality.