What is Talent Management?

In the current day and age, the market has become very competitive for human capital. This is why Talent Management has garnered a lot of attention among Human Resources professionals lately.
So what is Talent Management, and how can you use it to enhance your organization’s growth?

What is Talent Management?

Talent management deploys the full scope of Human Resources processes to achieve sustainable growth and organizational aspirations by attracting, engaging, developing, and retaining high-performance employees.
Suppose an organization that offers a needed commodity but doesn’t follow talent management tactics. It would find itself lacking in the human capital department. This would mean it would fail to retain its employees. The high turnover would lose time and resources on hiring and training new people.
If the hiring process is not thorough, perhaps the new hires wouldn’t even be up to the task which would lead to worse results. This would be wasting organizational potential and making the organization’s growth slow and unsustainable.

Benefits of Talent Management

Talent Management creates a work environment that supports and focuses on the most important resource; human capital. This means there are a lot of benefits since by enabling people, the organization thrives. Some of these benefits are:
  • Attracting and recruiting high performing employees
  • Improving employee engagement
  • Increasing retention scores
  • Encouraging innovation and continuous learning
  • Always fulfilling important operations by having a clear succession plan

Stages of the Talent Management Process

While Talent management uses all HR processes, it’s common to categorize them into four main stages: attract, engage, develop, and retain. For an efficient talent management process, you should aim to have these stages happening as a repeated cycle rather than a linear one.

Attract

The first stage, to acquire talent by attracting and recruiting the right candidates, would determine the effect of the following stages. In this stage, you should be using these processes:
Planning: You should first identify organizational goals, current gaps, and vacant positions. Consider these to determine the required skills and capabilities to fulfill the missing roles best. This may include:
  • Preparing a detailed job description that specifies the skills required and the duties that they’re expected to perform. While this may lead to fewer applicants, it’s a definitive way to improve the quality of the applicants.
  • Deciding on whether the position should be filled internally or externally.
Recruiting: When sourcing for the position, you should think about the appropriate platforms that would attract qualified candidates whose values are aligned with the organization’s values.
For example, some of the effective ways to reach suitable candidates could be through employee referrals or headhunters.
Since other competitive companies will also be looking for talent, it’s essential to stand out. Employer branding is one way, and while it may be costly, it definitely pays off in the long run. You may also consider offering benefits and reward programs that match or exceed others.
Selecting: This should follow a series of tests and interviews to assess the candidates. For example, which of the applicants would be the highest performing keeping in mind your organization’s work environment and aspirations?
This is why you need to consider the values and attitudes of the candidates. If they’re in line with the organization, this will ease the process of onboarding the selected candidate.

Engage

Employee engagement is one of the sure ways to foster loyalty through the organization. If a person feels heard and seen, it’ll strengthen their sense of belonging. Making them feel like a part of a whole would make them a lot less likely to leave. These processes include:
Onboarding: If you integrate, acclimatize, and have employees become comfortable with the system, workflow, and work culture quickly, it will improve their retention rates.
A lack of onboarding procedures contributes heavily to why new hires would leave. This is why the introduction and the personalized orientations are important. Having them become a part of the organization would give them a sense of ownership and encourage them to collaborate proactively.
Performance management: You need to evaluate and measure the performance of the employees through reviews and meetings with team leaders.
Instead of focusing on past mistakes, your talent management approach should be to use these reviews and meetings. Figure out how to build on each employee’s strengths and increase their contributions to the organization.

Develop

Now that we’ve chosen the best employees and have fully engaged them in the organization, the next step is to develop them further. If your employees are continuously improving, then so will your organization. You can do that through the following processes:
Optimizing capabilities: Employees should be offered opportunities to improve and better themselves through:
  • Organizational-specific training.
  • Space to innovate and experiment.
  • Provision of tools and guidance for employees interested in bettering themselves.
Mentors and coaches: You should provide mentors and coaches when introducing a new job or duty. This would help with employee productivity as it would reduce mistakes and decrease the time required to perform the job well.
This should create open communication channels. The employees would use them to express their concerns, needs, and questions and also receive constructive feedback.

Retain

Try to retain high-performance employees to achieve and maintain the organization’s growth. You can use these ideas to improve retention scores:
Career Management: The organization should provide a clear career path for employees and set specific milestones and objectives. This would increase their motivation to stay and perform better to achieve these objectives.
To improve on that, consider mapping the career path with the high-performing employees to discuss their desired career goals and how they could reach them within the organization.
Rewards and recognition: Offering promotions and bonuses, and in some cases, rewards tailored to fit the person.
Succession Plans: Providing transparent plans for situations when someone would retire or resign as to not leave a role unfilled.

Conclusion

What is talent management all about? It provides strategic plans that cover the entire career path of its employees, starting from the recruiting phase till retirement. It focuses on finding and keeping top talent while constantly evolving to enable them further and improve the quality of their work.
It empowers organizations through their talented workforce to sustainably grow, face challenges, and achieve organizational excellence, which makes talent management a complete game-changer.