Talent Management
Talent
management is a strategy that organizations hope will enable them to retain
their topmost talented employees within the organization which is a key
element of success and sustainability of the business. This refers to the skill
of identifying, attracting, developing and retaining the individuals desired
for making an organization successful either through immediate contribution or
their potential to do so in the future.
Considering
the complex and dynamic environment in which businesses nowadays operate,
utilization of the best talent management skills is extremely important for
competing in the global economy as well as capitalizing on new opportunities.
This is because
talent management essentially involves developing individuals and organizations
according to the challenges faced by the changing environment.
Why
is talent management important?
The connection between talented employees and organizational
performance has always been the heart of any human resource related decisions.
However, the following factors have contributed to the growing importance and
demand of talent management skills:
Development of a skilled workforce.
Every organization needs a skilled workforce. So, many industries are becoming more and more competitive, and big changes are occurring on a daily basis. Having access to staff who are well-trained, able to adapt and knowledgeable in their roles ensures you can maintain high levels of performance, no matter what the current challenges of your industry may be. In the face of the problems such as population getting older and lack of skilled workers, talent management has become a necessity for every organization. Leaders with talent management skills are able to create and maintain a supportive as well as people-oriented organizational culture where employees learn and develop along with the development of the organization.
Value creation.
Employees’ talent is rapidly becoming one of the
chief sources of value creation. In a research conducted by Brooking s
Institution in 1982, it was discovered that only 38% of an
average company’s value was attributed to intangible assets such as
intellectual property, brand and most importantly, people. The remaining credit
was all given to tangible assets. However, by 2013, a back flip was seen with
80% of the value being attributed to intangible assets, making talent
management more significant than ever.
Changing
employees’ expectations.
With employees becoming increasingly dedicated to
their professions and demanding more challenging and meaningful work, capturing
both the ‘hearts’ as well as ‘minds’ of the workforce has become extremely
difficult without leaders having exceptional talent management skills.
How to improve your talent management skills
Business leaders who implement the best talent
management processes are more prepared than their competitors to compete in the
global economy and capitalize quickly on new opportunities. True success is
only available when companies do more than adapt to long-term trends; they must
be able to anticipate and jump on new opportunities before the rest of the
market.
Bearing in mind the importance of talent management
for almost every organization, following are the ways in which you can attempt
to improve them:
·
Begin by identifying the people and
positions in an organization that are critical to its success.
· Undertake a thorough analysis of the current
situation to pinpoint any mismatch of task with talent
and then ensure that right people are attracted to organization for the right
job.
·
Employee development. It may, sometimes, be extremely difficult to
find new workers who are fully skilled according to the organization’s
requirement. In such cases, it is better to invest in and develop your own
people who seem to have the potential. Processes must be designed in a way
that they help support as well as nurture the performance of employees e.g.
through incorporation of honest feedback or progress tracking mechanism etc.
· Retention. Most
important of all, after hiring new skilled workers or developing the existing
ones, is your ability to retain them. This tends to be the major test of one’s
talent management skills. Implementation of an appropriate support and reward
system for employees can help to a great extent.
Talent management is a business strategy and you
must fully integrate it within all of the employee related processes of the
organization. Attracting and retaining talented employees in a talent
management system is the job of every member of the organization, but
especially managers who have reporting staff (talent).
An organization that does this kind
of effective talent management makes sure that the best talent is trained
and ready to assume the next position in their career path which benefits the
employees and as well as to the organization. Through your talent
management skills, you can successfully create a sustainable
and well-performing organization that achieves all its strategic goals and
objectives.
References
SAP Success
Factors (nd), Talent Management Strategy to Create a Higher Performing
Workforce. [online]. Available at: https://www.successfactors.com/resources/knowledge-hub/educational-articles/strategic-talent-management-training.html [Accessed on
08 June 2020].
Heathfield,
S., The Balance Carriers, (2019). Why Talent Management Is an Important
Business Strategy to Develop. [Online]. (Last update 11 January 2019). Available
at: https://www.thebalancecareers.com/what-is-talent-management-really-1919221 [Accessed on
08 June 2020].
Ortiz, F.,
(2017, November 07), Blue Collar People. Why having a Skilled Workforce is
Essential. [Online]. Available at: https://www.ukessays.com/referencing/harvard/ [Accessed on
08 June 2020).
Hi Mahesh,
ReplyDeleteBefore engaging in Talent management we need to evaluate the talent management, please describe how we assess the challenge management
01. Find well-connected employees
DeleteWell-connected employees become great leaders. Employees who are hubs of activity are often tapped for leadership roles. They communicate across the organization and spend more time collaborating internally than others. These employees are more likely to show the qualities of a leader.
02. Character
This is one of those difficult to define qualities — you know it when you see it. But organizations excelling in talent management have found ways to objectively quantify character. By systematically breaking down character, you can identify future leaders in an impartial manner. For example, this metric could include how the employee reflects the company’s values. Employees who are invariably responsible and show respect to their colleagues would get points as well.
03. Commitment
Which employees are putting in extra effort? Who jumps at every opportunity for professional development? Who puts in the extra time to get every detail right? These are the kind of employees you should consider when assessing leadership potential. It’s no secret that the best employees are likely to become the best leaders.
04. Leadership needs to be visible
Employees need an example to follow. If your leadership communicates regularly with them about strategy and objectives, they’ll be more likely to view leadership positively. This extends down through the organization. Managers who meet regularly with employees are three times more likely to have engaged employees, according to Harvard Business Review.
05. Career planning
If you’re considering an employee for leadership development, sit down with them and discuss what their future at the company might look like. Managers should be empowered to make decisions about which employees should move up in the organization. What better way to recognize an employee’s dedication than by putting them on a career fast track?
How do you practice talent management in your organization?
ReplyDeleteTalent management, when handled strategically, flows from the organization's mission, vision, values, and goals. This enables every employee to see where they fit within the organization. This, in turn, enables employees to participate in the overall direction of the company. From a strategic perspective, an effective talent management system helps crucial employees feel as if they are part of something bigger than their current job.
DeleteTalent management includes the following activities and work processes:
• Develop clear job descriptions, so you know the skills, abilities, and experience needed from a new employee.
• Select appropriate employees who have superior potential and fit your organization's culture, with an appropriate selection process.
• Negotiate requirements and accomplishment-based performance standards, outcomes, and measures within a performance development planning system.
• Provide effective employee onboarding and ongoing training and development opportunities that reflect both the employee's and the organization's needs.
• Provide on-going coaching, mentoring, and feedback, so the employee feels valued and important.
• Conduct quarterly performance development planning discussions that focus on the employee's interests for career development.
• Design effective compensation and recognition systems that reward people for their contributions. Even if all of the rest of your employment processes are employee-oriented, people still work for money. Employers of choice aim to pay above market for talented employees.
• Provide promotional and career development opportunities for employees within a system that includes career paths, succession planning, and on-the-job training opportunities.
• Hold exit interviews to understand why a valued employee decided to leave the organization. If the reasons provide information about company systems that you can improve, make the changes that will better retain talented employees.
Dear Mahesh, Do you think that there is any link between talent management and employee engagement?
ReplyDeleteYes Amila,Talent management includes everything an organization does to recruit, retain, develop, reward, and encourage its employees to become best workers they can be. Employee engagement explores how willing an employee is to invest time, skills, ideas, creativity, energy, and knowledge into their organization.
DeleteHow we can use talent management to employee development ?
ReplyDeleteAn important strategy to make talent management more effective involves creating a culture of coaching, mentoring (even reverse mentoring) and collaboration. Constructive feedback goes a long way when it comes to helping employees evolve and develop their skills and expertise.
DeleteWhat does talent management involve?
ReplyDeleteTalent management is a constant process that involves attracting and retaining high-quality employees, developing their skills, and continuously motivating them to improve their performance. The primary purpose of talent management is to create a motivated workforce who will stay with your company in the long run.
DeleteHow is talent management measured?
ReplyDelete1. High-potential talent (HiPo) - HiPo talent are employees who have the
Deletepotential, ability and aspiration to be successful leaders within an
organization. .
2. Candidate reactions.
3. Employee engagement and retention.
4. External hiring versus internal.
5. High-performer turnover rate.
Lack of skilled talent for key positions was consistently cited by employers in all regions as the top concern for organizations. Other than that Poor hiring strategies, Inexperience with technology, Ineffective leadership are some of the leading talent management issues in the business world
ReplyDeleteHi Mahesh, I think a Talent manager is a long-term process that combines several human resource management activities. That is, recruitment, selection, training, and promotion of individuals to suit the position. Do you agree with me.
ReplyDeleteYes Eranga, agree with you.Talent management is the systematic process of identifying the vacant position, hiring the suitable person, developing the skills and expertise of the person to match the position and retaining him to achieve long-term business objectives. Talent management is most important for a business to get the maximum return to the investment on the human capital.
Delete