Over the years, the need for exceptional talent and retaining that talent has taken priority over finding another body to fill a role. Talent management is what employers, HR departments, and recruiters use to recruit and retain a highly effective workforce.
The talent management strategy businesses use developed in a way that is essential to the ever-evolving worker and workplace relationship. Using talent management is essential for employers to attract and bring in top talent with the skills, attitudes, and experience that match the company culture.
More businesses today are seeing the value of investing in a solid talent management strategy that helps build a happier workforce that stays longer, which produces a better and more successful business. When your business can successfully hire an efficient workforce that checks all the boxes, you want to be sure to retain them.
Talent management strategies help you to set up a successful groundwork to help find the right people and establish a path to help motivate and develop them for future growth. Let's get into the ins and outs of a successful talent management strategy.
What is Talent Management?
The technical definition of talent management is an organized, strategic process of getting the right talent hired, developing employees, and retaining them long-term. The talent management process optimizes the workforce within an organization to keep employees engaged and motivated to continue to advance within the business. Talent management focuses on three steps in the process.
Recruitment and Hiring - The recruitment process by the HR department or recruiters that go
deep into the skillset of all candidates to determine if they are a great fit for the role within the organization.
Development and Growth – The hired workforce is continually developed beyond the initial training. Whether it's through continuous learning or assigning projects designed to develop their skills or help them learn new skills to help them advance their career
Retention – For most high performers, compensation and rewards packages are not enough to retain their employment. They need motivation and encouragement that helps them remain engaged in their current roles with a positive outlook for the future.
Talent management is less about the management aspect and more able to develop the workforce. When a company invests in their employees and their experience, they are more likely to retain that employee and empower them to achieve their goals and reach their full potential.
Why is Talent Management Important?
There are many reasons why investing in talent management is essential in any business strategy. Research shows that businesses that invest in their people tend to do well overall compared to companies with a poor turnover rate and continually lose their great talent. Here are a few more reasons why talent management strategies are essential to successful hiring strategies:
Stronger Employer Branding – When you are strategic in your talent management, you create an employer brand that naturally attracts your ideal candidate. Your business will perform better and achieve better results.
Increased Productivity and Performance – Attracting great employees will lead to hiring a more productive workforce that is ideal in the optimization strategy.
Retain Top Talent – A solid onboarding process and a plan for continued development and growth is proven to retain your top talent reducing turnover and starting over, which can cost companies money and grief.
Motivates Employees – Inspiring the current workforce through development, learning, and encouragement creates an environment where employees are excited and eager to grow.
A successful organization where talent management is at the forefront of their hiring and development strategies creates a workforce that isn't there for just a paycheck. They are there because they have a management that motivates and encourages them by presenting them with growth opportunities. The most driven employees are the most results-driven that help guide the business to success.
Talent Management Strategies and Process
The talent management strategy can look a little different for each organization, but it follows the six main stages that are more a cycle than a general process. When it comes to developing top talent, it begins with identifying the need in a role and growing and optimizing the skills.
Planning – The planning phase begins with HR departments that work together to identify what they need in a role that is currently vacant within their organization. They create a job description based on the talent they'd like to see fill this role.
Recruitment – The next step involves actively recruiting and attracting qualified applicants who fit the role. This can be recruiting through job boards or encouraging current employees to make referrals to find a good candidate.
Selection – Choosing the right candidate is a delicate process involving many teams, including human resources, finance, recruiting, and the hiring team for which the role is being selected. A candidate will usually go through a few rounds of interviews to ensure they are a fit for the role and culture of the company.
Development – After a qualified candidate has been selected, the onboarding process begins with an overview of the benefits packages plus basic on-the-job training for their hired role. A successful talent management strategy will also include goal setting and a plan to review performance to help motivate and help new hires develop competencies that align with both the business goals and the employee's goals.
Retention – Retaining employees is less about the compensation and more about the engagement and encouragement, although compensation is still significant. Employees need to be regularly encouraged through performance reviews and development to boost morale.
Transitions – Employers' roles are to help employees understand that they are encouraged to grow and transition into different roles within the organization. Transitions are a way to transition high performers into new roles through internal promotions.
There are many talent management strategies with no set template that is perfect for a specific company. The most important aspect is to ensure that management and HR guide and encourage their workforce through motivation, performance reviews, and offering development tracks that help retain employees and improve employee satisfaction within the company. The most successful companies genuinely invest in their employee's career paths and help them reach their long-term goals and tap into their true potential.
Matthew G. Osman
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