Talent management is crucial to all businesses at some level or the other. As its main purpose is to attain a superior workforce. For some organizations, it is about the management of a select group people with high potential while others recognize it as a way of managing all the employees of the company. Therefore, every enterprise has diverse requirements for its talent pipeline and different concerns in order to meet those requirements.
Talent management is meant to be aligned with the values, vision, mission, and goals of an organization to guide the employees in identifying where they exactly fit within the enterprise. An efficient talent management system helps the employees to understand and work towards the overall goals of the company. Also, it makes them feel as if they a part of something way bigger than their present job.
Activities and work procedures included in talent management are:
- To make clear job descriptions to know the abilities, skills & experience you need a candidate to possess.
- To Employ the most competent people out of the pool of candidates with the help of efficient talent acquisition models.
- Automating recruitment that can adequately be leveraged in the process of recruitment re-engineering.
- To implement proper on boarding and also ongoing training opportunities that are in accordance with the needs of the employees as well as the organization.
- To Provide the right mentoring and feedback to make the new employee feel valued.
- To pay attention to the interests of the employees for career development by conducting discussions for quarterly performance development planning.
- To use rewarding the talent as a part of the talent management strategy by designing potent compensation and recognition systems. After all, the main goal for people to work is for earning money.
- To provide on the job training opportunities for the employees. It is essential for employers to give their employees a chance for promotional and career development.
- To arrange for exit interviews in order to understand why a productive employee chooses to leave the organization. If the exit of the employee is due to any fault in the company’s system, it becomes essential to make the required improvements to retain talented employees.
A study has been made by the American Society for Training and Development in partnership with The Institute for Corporate Productivity to identify some useful practices that have a favorable impact on the success of talent management.
- Attaining support from senior management for talent management
- Regularizing talent review as well as feedback processes.
- Appoint a single person to carry out the internal functions of talent management.
- Promote an organizational culture that provides a decent amount support to talent management.
- Maintain consistently among all the activities regarding talent management
- Make talent management initiatives more visible.
The procedures and systems that have been mentioned above are highly beneficial for talent management strategy to provide the expected results in the organization. Talent management is the tool that helps magnify the possible use and development of the of the internal talent of a company by bringing the knowledge and skills of competent employees to the attention of senior management.