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.
So, talent management is a useful term when it describes an organization's commitment to hire, manage, develop, and retain talented employees. It comprises all of the work processes and systems that are related to retaining and developing a superior workforce. Talent management is a business strategy that will ensure the attraction of top talent for an organization in competition with other employers.
To implement the strategic talent management process in an organization, it is the role of Human Resource (HR). HR plays an advisory and support role in the company. They manage the company such that leaders run the company.
When you tell a prospective employee that you are dedicated to a talent management strategy that will ensure that he or she will have the opportunity to develop professionally, you attract the best talent.
According to a research done by Deloitte, there is 40% lower employee turnover and 38% higher employee engagement in companies which implemented strategic talent management process.
What Processes Are Part of a Talent Management System?
When an organization use business strategy to recruit and retain talented employees, the following processes can include when you approach talent management.
- Recruitment planning meeting
- Job description development
- Job post writing and recruiting location placement for the posting
- Application materials review
- Phone or online screening interview
- In-house interviews that can involve multiple meetings with many of your current employees
- Credential review and background checking
- Making the job offer to the selected person
- Agreeing on the amount of the offer
- Employee starting day and onboarding process
- New employee welcome information and introductions
- On-the-job training
- Goal setting and feedback
- Coaching and relationship building by the manager
- Formal feedback systems such as performance management or an appraisal process
- Ongoing employee development
- Promotions, lateral moves, transfers
- Employment termination by choice of the employee or cause by the employer
As stated, the majority of these processes are squarely in the hands of the employee's manager. HR can provide support, training, and backup but the day-to-day interactions, which ensure the new employee's success come from the manager. Developing and coaching the employee come from his or her active, daily interaction with the manager.
But, managers are the means to carry them out for the overall recognition of the employee's work and ongoing retention of the employee. Should take the responsibility seriously.
The talent management process is very complex and therefore very difficult to handle. The sole purpose of the whole process is to place the right person at the right place at the right time. The main issue of concern is to establish a right fit between the job and the individual.
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.
in my opinion, to recruit and mainly to retain the recruited talented employees, the best way to do it is,
ReplyDeleteGoal setting and feedback
Formal feedback systems such as performance management or an appraisal process
Ongoing employee development
Career planning and pathing
Promotions
Giving them proper satisfactory salaries
This way, the employees will have a purpose, challenge in the job role and also be satisfied with what they get in return. Then the organization will be able to retain the talent in the organization.
Thank you for the comment James. yeah I agree with you. As you have mentioned to retain the talent within the organization, the steps you have mentioned are correct. So it is the role of HR to perform it and have a strategic to follow it up.
DeleteTalent management strategies are important because it will define the competitive edge over the competitors, job satisfaction and motivation of all employees of the organization.
ReplyDeleteThus successful implementation of talent management strategies will ensure a win-win for both employer and employee.
As you have have mentioned, its a win-win for both parties, employer and employee. Its mainly for the job satisfaction and motivation of all employees.
DeleteIndividuals have different skills to offer and the difficult part is identifying which of those that fit in within a company. Talent management is concerned with coordinating and managing the different talents people have to offer within an organization. effective HR procedures in talent management will be able to identify these individuals and appoint them appropriately. however talent management is important for an organization as globalization and competition have increased the need to retain good performers in their field of operation.
ReplyDeleteYeah, the difficult part is to identify the all individuals different skills which will fit for the company. s you have mentioned, talent management is concerned with coordinating and managing the different talents of employees for the betterment of the organization goal.
DeleteInsert intext ciatations
ReplyDeleteThank you. I have added reference list.
DeleteInteresting topic Supun!!
ReplyDeleteTalent management in simple is attracting and retaining the highly skilled human resource. This in turn is an important strategy for the business to increase their profitability. The following diagram is of the elements of talent management which I came across in Micheal Armstrong’s book on Human Resource Management Practice.
https://4.bp.blogspot.com/-ZoyMjrj5cqs/WjQOv4AiYLI/AAAAAAAAAPU/i6SyuQQuYHQsPXJmaopsYxYpyEvXTYSggCLcBGAs/s1600/Talent%2BManagement.png
Organizations should be mindful to address the following, when applying talent management processes.
1) Creating a great place of work
2) Attraction Strategies
3) Retention Strategies
4) Career Management
(Atmstrong, 2006, 389-408)
If applied correctly, talent management practices would provide employees a GREAT experience.
Thank you for the comment, You have added more information for the topic, the 4 processes you have mentioned in a talent management process. With those processes, employees will have a great experience within the organization and that would lead the employee to stay within the organization and use his talents for the betterment of organization.
DeleteHi Supun! This is really an interesting article. You have covered up most of the important strategies that certainely will be useful for the effective process of talent management and I hope that every organization follow this types of practices in order to select the best individual to fit into the most appropriate position of an organization. It is the responsibility of the HR to select the best individual after a process of evaluations, so then he can recruit the employees with tasks based on their knowledge and capability. This gives job satisfaction for the employees and they too will be motivated and try to give their best every time they are assigned with new tasks. This will also help in retention of the workers and improves the productivity of the business.
ReplyDeleteThank you. yeah so this is one of the process of what HR delivers within an organization to achieve the organization objectives.
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ReplyDeleteTalent Management is crucial in any business, and its effective implementation can be notably supported by solutions like HCM Cloud. This platform provides valuable tools to streamline talent recruitment, development, and retention processes. By integrating innovative technology into talent management, it facilitates building strong teams and ensures the right people are in the right roles, thereby enhancing performance and employee satisfaction.
ReplyDelete