According to a report by Mercer, 54% of employees say they work for more than just the money. This, among many other statistics, represents the significant transformation in the outlook that people have toward work and life. Organizations are being required to work hard on talent management as shifting priorities create new challenges for talent management.
So, are you an HR professional looking to hone your skills in talent management? This article shows you what it constitutes, and how conscious efforts in that direction can transform your organization in the long run.
What is Talent Management?
Talent management is the strategic process of hiring the right talent and helping them achieve their true potential while keeping the organization’s objectives in mind. It is a fairly long process that involves several steps:
- Identifying the talent requirements of the organization
- Sourcing and onboarding suitable candidates
- Nurturing them within the organizational system
- Developing and honing the necessary skills
- Training them for the future to achieve long-term organizational goals
Talent Management Examples
Every organization, whether big or small, has to undertake some or the other form of talent management on a daily basis. For example, imagine a business-to-consumer (B2C) edtech company has decided to adopt a business-to-business (B2B) model. The current employees may not always be able to shift gears and work toward achieving the new set of goals. The business will, therefore, approach the HR department to help them source the right talent. And simply posting jobs on employment portals cannot really get you the desired results. It involves a carefully planned talent management process. The following are some important processes:
- Talent strategy
- Talent sourcing
- Employer branding
- Onboarding process
- Career planning and development
- Employee relations
- Goal setting and performance management
Why is Talent Management Important?
Right talent management helps achieve the true potential of employees and the organization. Here are some key advantages of implementing it properly:
1. Helps the Company Stay Competitive and Drive Innovation
The right talent that stays for a longer duration helps organizations achieve success in the long term. The organization doesn’t have to worry about stability, and that can be a significant competitive advantage in this age of higher employee churn. Employees who are satisfied with their career are also keen on learning and innovating, thus benefiting the organization.
2. Helps Build Productive Teams
Effective management helps employees feel valued. In turn, they become more productive and collaborate better, resulting in better outcomes for the organization.
3. Helps Establish Strong Employer Branding
Well-implemented talent management helps spread the word about an organization. Everyone wants to work in companies that have good employee and talent management policies in place. Building a brand takes time. The right talent management practices can help you expedite the process and sustain the reputation.
The Talent Management Process
Talent management is a continuous process that involves the following key steps:
- Specifying the Skill Sets Required: You must identify the gaps and understand the kind of talent you need to achieve organizational goals. It’s also a good idea to consider nurturing your existing talent by getting them upskilled
- Attracting the Right Candidates: Create targeted job posts on top job sites and plan interviews to select suitable candidates
- Ensuring a Smooth Onboarding: Conduct orientation sessions for new employees so they can settle faster in their new work environment. Assign buddies to support them in the initial few days
- Organizing Learning Activities: Organize learning activities and encourage skill development of the current employees. Promote continuous learning by means of courses and develop a strong learning management system
- Conducting Regular Performance Appraisals: Tracking the performance of employees on a regular basis allows you to see their capabilities and gauge if they are ready for additional responsibilities. You can reward them for their hard work and promote them instead of hiring from outside
Talent Management Models
While there is no standard talent model, every model must have some basic component to ensure talent management success:
Before implementing any talent management model, it is essential to carefully plan it out by considering both internal and external factors. This involves the following three key tasks:
- Understanding the organizational talent goals
- Identifying key evaluation metrics
- Developing a hiring plan
Attracting the right talent requires more than just competitive pay packages. It includes the following three components:
- Developing an employee value proposition (EVP)
- Creating a marketing plan
- Talent acquisition
It involves the following processes:
- Onboarding processes
- Performance appraisals
- Learning and development
- Developing career paths
Talent retention is a result of multiple factors. Prominent among these are:
- Company culture
- Remuneration strategy
Smooth transition processes are an essential part of valuing talent and nurturing them. It involves:
- Retirement and succession planning
- Internal movement
- Knowledge management
- Exit processes
Talent Management Strategies
In order to build an effective strategy, you must include the following key components in it:
- Defining Goals: Every company has its own goals—exploring new markets, increasing revenue, increasing profits, etc. You must identify what type of talent can help achieve the set goals
- Measuring What Matters: Identify metrics that will help you measure and analyze if your strategy is working or needs improvement
- Collaboration: A strategy is mostly dependent on HR, but collaboration with other employees is also required. For example, collaborating with C-suite employees is required for succession planning
- Communication Regarding Roles and Responsibilities: Ensure that all the employees have a clear understanding of their responsibilities and company goals. You can also discuss their career goals and check if the company is providing the right opportunities for them to grow and excel in their careers
Learning, the Emeritus Way
As more and more employees choose to exercise their privilege of choice, organizations that work together with all stakeholders and implement the right talent management strategy can create a win-win situation for all. If you’re an HR professional and looking to upskill in talent management, check out these exclusive online courses offered by Emeritus.
By Priya S.
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