Talent Management

Talent Management is a unified strategy designed to help organizations make the best possible use of their capital now and in the future, to use their human capital to help meet the organization’s vision and to ensure the maximum return from their talent by creating an attractive organizational culture that encourages happiness and commitment.  

Talent management is the key to business success.  It’s a strong statement that is beyond contestation.

Why?  Numerous studies show companies offering top talent a chance to grow and develop professionally translates to high success in recruitment and retention.  Talent management itself is a commitment from an organization to recruit, hire, retain, and develop employees.

Talent Management Strategy

Talent management as a strategy is not wholly owned by the HR department.  In fact, it requires HR professionals to work with managers/supervisors within the company’s ranks to put the strategy into action.

That’s a bit different when contrasted with a human capital management or performance management strategy.  Under those strategies, there is more reliance on HR than the managers.

Talent management as a strategy, on the other hand, gives managers significant roles and responsibilities in the recruitment process and in the development and retention of employees.

Talent Management Process / Stages

The various stages of Talent Management are as follows −

• Identifying the goals − This is the cardinal stage and pivotal to the success of the entire talent management process. The first step is to identify what the organization aims to achieve and what characteristic qualifications and skills the recruits should possess to realize the goals.
• Attracting the talent − The main aim of talent management process is to hire the best talent for an organization. Organizations at this stage make effort to attract the best talented people from the job market.
• Sourcing the talent − In this stage, the talent management personnel looks for appropriate sources in the job market or industries where the targeted people can be hired or recruited.
• Recruitment − This is the first stage of hiring the best talented people for the organization. Skilled and qualified people are invited to join the organization.

• Selection − This is the stage where the objective of talent management becomes a reality. It is when truly talented people are recruited or hired in various roles.
• Training and development − At this stage, the selected recruits are provided with necessary training to make them productive and efficient to work towards the goals of the organization.
• Retention − The notable objective of talent management is not only hiring talent but also ensuring their retention in the organization. Factors upon which the retention rate depends are attractive pay package, job specification, safety and security of the employees, personal development of an employee, recognition and culture of the organization, and the fit between the job and talent.
• Assessment − Periodical assessment of employees’ skills, abilities, improvements and competencies enable the organization to know if they are fit for continuation and promotion.
• Performance appraisal − It is a measurement of the actual performance of the employees in the job. It enables the organization to ascertain if the person can be loaded with extra responsibilities.
• Promotion − It refers to job enrichment. It keeps the energy level high of the employees and they are inspired to continue to work for the organization.
• Career planning − If an employee is found befitting to handle work pressure and extra responsibilities well, the management needs to plan his/her career so that he or she feels elevated and rewarded. Such recognition and rewards inspire the employees to remain with the organization for a long time.
• Succession planning − This deals with the replacement of people within the organization. Employees who have given their best to the organization and have been serving for long deserve to hold higher positions.
• Exit stage − This is the final stage of talent management process that ends in the retirement of the employees and they are no more a part of the organization.

Many of these processes are the responsibilities of the employee’s manager.   There are opportunities where HR can and should take the lead.  Examples include recruiting, employee hiring, and termination.  Even with HR in the driver’s seat, managers have a significant role to play.

Those, of course, aren’t the only examples.

HR would have healthy involvement in any type of performance management or career pathing.  Managers are, in this instance, the ones responsible for carrying out the procedures and reporting outcomes back to HR

Talent Management Effectiveness

It is the responsibility of all HR professionals and managers involved with a company’s talent management strategy to integrate it into the company’s collective consciousness and apply it appropriately. 

In addition to this ‘buy-in’, an effective strategy involves the sharing of information about employees and their potential career paths across the organization.  This allows various departments to pull on the talent pool when looking at potential job openings.  This is commonly referred to as succession planning.

Talent Management equals Business Strategy

Now that the basics of talent management have been explained, how can HR make sure it is the business strategy?

1. Know the organizational goals - This information helps in understanding what’s important to the company and how it fits into the overall strategy.
2. Goals informs human assets - Simply, what quality and skillset do current and new employees need to support a successful talent management strategy?
3. Avoiding future problems - This allows HR to address potential issues that could derail a talent management strategy.
4. Job descriptions - Job descriptions go along way to recruiting top talent. These will attract high potential talent that aligns with the company’s culture and can also add to it.
5. Importance of culture - Make sure hires fit the company culture and will help sustain it.
6. Employee investment and internal hires - Hiring on the basis of a talent management strategy can be tricky. Some of the best candidates may be internal candidates.  Remember, employees are a long-term investment.
7. Measure success - Talent management strategies require close and careful monitoring. Some times, more often than not, tweaks are required.

Conclusion

Move the company forward.  That’s the mission of every talent management strategy when it also serves as the next big business strategy.  HR and managers place a premium on talent who add to the business and who support and reinforce the company.  That, in turn, becomes a vital part of what a business stands for.

And there is plenty of success to be found.  Google, for instance.  The company allows employees to spend 20% of their working time on personal projects or experiments.   It’s not just attracted better candidates, but completely transformed the company as well as what it means to be at work.

Lets see  a small video on Talent Management to prove the content discussed above.

Reference List

• ·         Michaels , Ed., Handfield, Jones. and Axelrod, Beth. (2001). The War for Talent. USA: Mc Kinsey & Company, Inc.

·       Berger, A., and Berger, Dorothy. (2011). The Talent     
     Management Handbook. 2nd ed. USA: McGraw-Hill  
     Companies, Inc Publications, pp.145-151.