In today’s business world, the most companies talk about Talent Management as a key source of sustainable competitive advantage e.g. GE, Apple, Google.
There are many actions that organisations can implement to put people front and centre as part of their overall people strategy, including:
- Creating an employer brand to attract the right talent;
- Motivating and engaging the company’s talent;
- Establishing a shared leadership approach;
- Creating a process that maps and plans successfully for the deployment of talent;
- Creating ways to capture information to develop robust evidence-based analysis of talent; and
- Agreeing on the structured roles that managers, executives and the CEO must play in maximising our talent.
Talent consists of those individuals who can make a difference to organisational performance either through their immediate contribution or, in the longer-term, by demonstrating the highest levels of potential.
Talent management is 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” (HiPo) for the future or because they are “high performing” (HiPer) in terms of fulfilling business / operation-critical roles.
A talent management cycle outlines the process undertaken from identifying talent to assessing, calibrating and reviewing talent management plans in your organisation.
Research frequently identifies consistent returns to shareholders is greater in businesses that investment in talent management compared to businesses that do not.
‘Talent management meetings” bring together managers (who are peers) to finalise ratings of all salaried employees within their groups.
During these meetings, employees’ individual results are comprehensively calibrated against their peer group, and evaluated on a pre-defined criteria that include:
- performance relative to objectives;
- job-scope delivery;
- demonstration of leadership competencies;
- living the company’s values; and
- personal development / potential.
Why conduct a talent management process:
- Take inventory of your talent pool
- Divide population into 3 groups, one of which identifies top talent (next generation of leaders)
- Allow managers to have open dialogue about employee performance across business lines
- Gain a better understanding of your people, their skills and where there are gaps
- Highlight individuals needing stretch assignments
- Identify potential nominees for future promotions
- Build a leadership pipeline or succession plan for the future
- Manage performance for those needing improvement
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Talent Management Services is an Important part of your Business Strategy
If we speak about talent management, it’s all about your company’s dedication to recruit, hire, maintain and improve talented employees in your company. It involves the process of attracting and retaining talent for your workforce, so it is just one of the effective business strategies you need to adopt to keep the best people, those who can contribute to the well-being of your company. Having dedicated talent management services will support employees in improving professionally and personally, and this is a motivator for them to stay longer and be more engaged in the job.
Company managers have an important role and responsibility during the recruitment, development and retention of talented individuals, but to support those managers, you must get talent management consultancy. In some companies, only the top employees are included, while some consider everyone in the process. There are detailed processes that are part of talent management system and are considered as part of a total strategy to hire and retain talented individuals. For instance, recruitment, planning, and meeting are the basics of recruiting new employees. Developing job descriptions for every role is also important so your employees are guided in their day-to-day tasks.
Managing talent also involves reviewing of application materials. Not only that, but your talent management strategy can inform your phone or online screening, in-house interviews involving several employees, credential review and background checking. If your hiring manager has selected someone, your HR can create the job offer to the selected individual.
If your candidate accepts your offer, you can agree the start date, and provide new employees with welcome information and introductions. As a new employee, it is important to read and see other opportunities within the organisation. Dealing with the on-the-job training can be supported by talent management companies. There are strategies like goal setting, feedback and coaching with the talent manager. These systems include performance management and appraisal processes. Other roles are career path development, planning, promotions, transfers and even employment termination either by the choice of employees or the employer.
Most of the work assignments come from the manager, and HR is there to support, train and back up the daily interactions that cause success. When an employee develops themselves, it’s because of their everyday interaction with leaders, managers and colleagues. A talent management consulting firm like Businessary is involved in performance management and systems development. However, it is the manager’s role to carry it out, so they will be recognised by their employees and take the overall accountability for recognition and retention. Usually, talent management is a company strategy, so you must integrate it within all employee-related processes.