Wonders of Talent Management
Talent management might sound simple, although it actually consists of a variety of processes that are essential for utilizing the full potential of your employees and the workplace. As defined, talent management is made up of all the HR processes of attracting, developing, and retaining skilled and high performing employees. The main purpose or function of talent management is to increase performance by motivating and engaging employees to build a competitive advantage over competitors. Skilled employees are one of the most valuable things for companies and, as such, proportional effort is put into attraction, development and retention of talent.
In its nature, talent management is about many different parts coming together as a whole to wield its benefits; depending on the place in the employment process talent management greatly differs. Thus, when creating a strategy you need to first focus on overall objectives and different focuses as an outline. The first thing to be considered are the aspirations and goals of the organization: what do you want to achieve through the process and how can you measure progress? One such example of this is the goal for greater retention of talent, which could be measured using various talent management metrics to track progress. The next step is to decide on specific focuses to improve upon or build towards to become a desirable employer and draw talent that can be used to increase performance. Depending on the career, desired employee, required investment, and other factors, this will vary between companies and industries. Alongside that, you also need to consider your competition for talent among competitors; why should skilled employees go to you as opposed to other companies? Getting that competitive edge in the talent market is one of the key traits of a successful talent management plan and paves the way for increased performance and potential of the company. Finally, you need to make sure that this process is tracked, reevaluated, and improved upon throughout the future in order to keep the strategy up to date as goals, needs, and trends change within the company and the talent market as a whole.
The amount of options for practices to implement into talent management run far and wide, with different choices based on your goals and strategy. Some examples of common practices are employer branding and employer reputation. Both focus on the attraction and “look” of the company to become more favorable; strong employer branding attracts better candidates and better employer reputation improves how the company is viewed by media and the public. Another set of practices are selection and referrals to seek out and acquire new talent quickly and efficiently before competitors; instead of waiting for them to come to you, it allows for quicker acquisition of the best the industry offers. Then later on in the employment process, there are things like onboarding to get new employees started as efficiently as possible, performance management to improve performance as time goes on, and employee retention to ensure that the talent is not lost.
Overall, not having an effective talent management plan puts a company at a severe disadvantage when it comes to increasing performance and gaining a competitive edge in acquiring talented employees. The impact that the talent of a company’s employees plays on its success makes this undoubtedly one of the most important functions of human resources in a company. Say for instance that a company neglected to use any talent management processes and just hoped that talent would come to them. That company would face huge difficulties in the future when all the skilled employees in their industry end up being hired by a competitor who actually took the time to develop a talent management plan and attract a more talented group of employees. Without skilled employees, there's only so far a business can go before it's held back by lackluster performance.
Van Vulpen, Erik. “What Is Talent Management? Fundamentals and Best Practices.” AIHR Digital, 26 May 2021, www.digitalhrtech.com/what-is-talent-management/.