What is Talent Management?
Talent management can be described as the process of bringing the best talent to the organization. It also helps them achieve their full potential while achieving organizational goals. High-performing or productive employees are an important part of talent management.
This involves the identification of talent gaps and filling vacant positions, recruiting and onboarding suitable candidates, developing skills and training them for future-focused expertise, engaging, motivating, and retaining them in order to reach long-term business goals.
Talent management comprises a number of sub-processes and elements that must work together to ensure the organization's success.
They all support one another and the entire organisational structure would collapse if any sub-process was not in sync. Companies can gain a competitive edge and outperform their competitors by implementing a comprehensive system of talent management practices.
It is important to note that talent Management is more than a collection of HR processes that work together.
How is talent management evolve in 2022?
In this crisis, there is a shift in the fundamental nature , use of technology and the needs and expectations at work. This is changing the way work is done, the engagement of employees, and the overall operation of organizations.
Companies are changing the way they manage performance. Instead of focusing on the past performance reviews and employee rankings, they started focusing on how employees can make a difference in the future.
In this remote workplace, employees began to see more possibilities than were limited by their geographic location as the months went on and both workers and companies adjusted. Many companies have followed their lead.
Talent management will need to adapt to the needs of changing workplace scenarios, as well as attract more talent from different parts of the globe.
You may like : How to build a remote team that works together?
What is the importance of talent management?
Research shows that strategic talent management programs are more effective than those that don't.
They generate 2x more revenue than those who don't have talent management programs :
- Lower turnover of employees by 40%
- increases Engagement of employees up to 38%
In the past, employees' expenses were considered a cost to the company. Companies must invest in their employees' wellbeing and development and be able to leverage their employees' skills for growth and innovation in order to keep up with the fast pace of change.
What talent management practices should be your focus?
According to the 12th ManpowerGroup Talent Shortage research, almost three quarters (72.8%) of employers are having a difficult time finding skilled candidates and 45% of employers are concerned about finding employees with the necessary talents.
This shows the need for the right talent management strategy in place.
These are five questions to ask yourself before you start thinking about your talent management strategy.
- What is your vision for your organization?
- What type of talent is required to achieve the company's vision and goals?
- How can you align your talent management processes with the core values of your organization?
- How to create a program framework that supports your talent management
- What are the best KPIs for evaluating the talent management model?
Let's now get to the core of talent management model
There are 4 steps to it...
- To attract the best talent, maintain a great employer brand and reputation
- Identifying and choosing the best people
- Excellent onboarding experience
- A talent pipeline is essential for succession planning
- Data analytics for talent analytics that leverages data to ensure you are hitting the right KPIs to impact business outcomes.
- Planning for the workforce to support leadership, career development and training
- Encourage great culture at work
- Employee engagement and retention practices to retain the best talent and keep them motivated
- Alignment to organisational goals and vision
- To foster learning and development, invest in your employees
- Performance management is used to monitor and improve employees' performance.
Talent Management tips you should never ignore
Talent management is more than a checklist of things that must be done. It requires careful implementation, frequent checks, and continuous improvement.
These are the five main talent management tips you should never ignore, no matter which talent management model you choose to follow.
1. Detailed job descriptions
The employer and the candidate will all be better able to understand the job-role if they have a detailed job description. Generic job descriptions can confuse everyone in talent acquisition and result in a flood of irrelevant applications 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 help candidates make informed decisions about whether or not to apply. Employers also receive CVs that are more relevant to the job.
2. Person-organization fit
A person who doesn't fit in with the organization culture will not be a productive or happy employee. Although it can be hard to describe the culture in words, it is evident in actions. Employees must feel at home in the company if they have to share both their personal and organizational values. This will allow them to put in the most effort, time and energy into adjustment. The chances of employee morale satisfaction and performance are greatly improved by hiring the right person-organization fit.
To make talent management more efficient, it is important to create a culture that encourages coaching, mentoring, and even reverse mentoring. Help employees develop and grow their skills and expertise and give constructive feedback. Management of talent means preparing employees for the future. This includes being able to depend on one another and be prepared for any changes and adversities.
4. Recognize and reward right
Rewards and recognition are an integral part of the strategy for motivating, engaging and managing employees. This extends beyond the financial reward and bonus package. Research shows that employees are more likely to want R&R programs that reward them with the most meaningful rewards. This is an excellent opportunity for companies to show employees that they value them as individuals and integral parts of their organization.
5. Continuous improvement opportunities
Employees must be equipped with the necessary tools to realize their potential. The organization must give development opportunities in order to improve their skills and keep them updated. Talent management is about strategically planning career paths that are appropriate for each employee. Knowing where you are going and what your next step is in your career will help us all work better. This doesn't mean just promising promotions, but creating a career plan together with employees. Give them all the tools and resources to make it a reality. Employees will be more likely to stay with you if they have a plan to follow. They'll know what to expect and how to work towards it.
The future of a business can be changed by the best talent. You need to have a well-planned talent management strategy. It's not easy to create a talent strategy. But it can be extremely rewarding if done well. This will result in a highly-performing and engaged workforce.Over the years, talent management practices have evolved to meet people-specific trends just like other areas of work. They have also changed rapidly over the past few years. In today's environment of hyper-change, strategic talent management is essential.