Talent Management in HRM

What is talent Management???

Talent management is an organization's commitment to recruit, hire, retain, and develop the most talented and superior employees available in the job market

The Seven Components of Talent Management……

·        Strategic Employee Planning. Developing your organizational goals and strategic plan is the first step. ...

·        Talent Acquisition and Retention. ...

·        Performance Management. ...

·        Learning and Motivating. ...

·        Compensation. ...

·        Career Development. ...

·        Succession Planning.

The Talent Management Process……

According to the  CIPD process of talent management has been defined as,

‘the systematic attraction, identification, development, engagement, retention and deployment  of those individuals who are of particular value to an organisation, either in view of their ‘high potential’ for the future or because they are fulfilling business/operation-critical roles.’

1. Identify Organization Goals and Understand the Requirement

What are your organizations high level priorities or goals?

What are the upcoming changes you need to initiate in the organization?

Develop the job descriptions and specifications for the role you want to acquire the talent for.

2. Sourcing and Attracting The Talent

 Employment branding is the concept that comes into play at this moment. Best thing to do for employment branding is to be honest.Searching for the people according to the requirement is the main activity in this step.

3. Recruiting and Selecting The Talent.

This is the stage where you actually conduct interview tests and recruit the top talent.

4. Employee Retention

If you have recruited the best employees, you need to make strategies to retain those employees. how do you retain them? Almost 51% of the employers have problem with employee retention. High salary hikes and incentives are not the only things  do to retain  employees.Organisations have to create opportunities for growth and give employees the room for creativity.

5. Promotion

Promote the people gradually to the new role. Nobody wants to work at the same designation for a long period of time.

6. Performance Appraisal

Measuring the performance of an employee is imperative to identify his or her true potential to identify whether the person can be entrusted with extra responsibilities or not.

7. Succession Planning

Succession planning is different from replacement planning. It is a conscious decision by an organization to nurture and develop the continuous development of employees. It is all about who will replace whom in the near future.

Why companies should invest in talent management ?

Attract top talent : Having a strategic talent management gives organizations the opportunity to attract the most talented and skilled employees available. It creates an employer brand that could attract potential talents, and in turn, contributes to the improvement of the organizations’ business performance and results.

Employee motivation. Having a strategic talent management helps organizations keep their employees motivated which creates more reasons for them to stay in the company and do their tasks. In fact, 91 percent of employees shared that they wanted more than just money to feel engaged and motivated, as revealed by Chandler and Macleod’s survey.

Continuous coverage of critical roles. Talent management equips companies with the tasks that require critical skills to plan and address the important and highly specialized roles in the workforce to its employees. This means that the company will have a continuous flow of employees to fill critical roles to help companies run their operations smoothly and avoid extra workload for others, which could lead to exhaustion.

Increase employee performance. The use of talent management will make it easier for the companies to identify which employees will be best suited for the job that can lead to less performance management issues and grievances. It will also guarantee that the top talent within the company stays longer.

Engaged employees Talent management allows companies to make systematic and consistent decisions about the development of staff, which guarantees the employees’ skills and development. Furthermore, employees will feel more engaged when there is a fair procedure for the development, which helps in increasing the retention rates that helps companies in meeting their operational requirements.

Retain top talent. Well-structured on-boarding practices create higher levels of retention which saves the company on its recruitment and performance management cost in the long run.

Improve business performance. Talent management helps employees feel engaged, skilled, and motivated, allowing them to work in the direction of the company’s business goals, which in turn, increases client satisfaction and business performance.

Customer satisfaction. A systematic approach to talent management means that there is an organizational integration and a consistent approach to management. When systems are more integrated, client satisfaction rates are usually higher, since they are dealing with fewer people and their needs are met more rapidly.

References:

http://www.bloomware.com/bloom-blog/2013/12/5/understand-the-components-of-talent-management

https://www.keka.com/talent-management-process/

https://www.humanresourcesonline.net/the-importance-of-talent-management-and-why-companies-should-invest-in-it/

https://hbr.org/2008/03/talent-management-for-the-twenty-first-century

Chartered Institute of Personnel and Development (2011) ‘Why organizations are interested in employee engagement’ Fact Sheet, CIPD, London