1.[Talent Management and HRM]: Overview of Talent Management
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Effective talent management helps organizations win the war for talent and should be a top priority for HR professionals. How can they give candidates the best experience? How can they attract and retain the best people?
Talent management is a strategic and organized approach to attracting, developing, and retaining top talent. A successful talent management strategy aligns employee engagement and growth with organizational results.
Talent management is how employers recruit and develop a workforce that is as productive as possible and likely to stay with their organization long-term. When implemented strategically, this process can help improve the business’s overall performance and ensure that it remains competitive.
Talent Management is a term in common currency today, yet it did not appear until the late 1990s, when McKinsey & Company first referred to it in their report 'The War for Talent' (Michaels, Handfield-Jones, & Beth, 2001).
They had carried out research in 77 large US,
‘Companies are about to be engaged in a war for senior executive talent that will remain a defining characteristic of their competitive landscape for decades to come. Yet most are ill prepared, and even the best are vulnerable’ (Chambers et al, 1998, p. 46).
This is where Talent Management was born.
What is Talent Management?
Talent management is the process of meeting employee's needs at every stage of their life cycle with the company. Not just at recruitment but through retention and their eventual exit from the organization. A successful talent strategy includes:
Recruitment
Compensation (pay, perks & benefits)
Onboarding
Connection and community
Employee engagement
Training and development
Company culture
Purpose
Succession planning and exit processes
And while talent management can be slotted into the overarching role of
human resources (in some companies, those roles may even be one and the same),
it’s also a separate entity that extends beyond the HR department.
And while talent management can be
slotted into the overarching role of human resources (in some companies, those
roles may even be one and the same), it’s also a separate entity that extends
beyond the HR department.
“HR focuses a lot on the procedures
and policies and paperwork or recruitment — that first step of talent
management,” explains Seth Willis, senior culture coach with Great Place To
Work. “But it’s really about how are we getting the right people in, and
then having them grow at the organization.”
Employee growth can come in many
ways, including how we might typically think (Professional development
and promotions) and by fostering a sense of pride, purpose and Well-being among employees
. Talent management is
holistic and forward-thinking.
Why is Talent Management Important?
Businesses
that take the time to develop their employees and keep them engaged tend to be
innovative and profitable. Conversely, those that are unable to source or
retain talent generally have poor customer satisfaction and limited growth
potential.
What are some Key Components of Talent Management?
Building the kind of talent strategy that drives an organization forward generally requires employers to,
Align talent goals with larger business objectives, Fulfill employee expectations and deliver on hiring promises, Rely on data to make better workforce decisions.
What does Talent Management Include?
Workforce planning - Most talent strategies begin with defining the skill-sets that will be required to achieve the business's objectives.
Recruitment - Acquiring talent consists of representing the employer brand effectively, determining where the right candidates can be reached, pre-screening applicants and interviewing promising prospects.
Training and development - Employee's responsibility to seek learning opportunities, many workers today expect their employers to provide the tools, guidance and support they need to further their career.
Onboarding - A structured onbording program that introduces employee to the workplace culture and helps them feel connected to and comfortable with their team and organization is essential to retention.
Performance management - Team leaders help to employees build their strengths,increasing engagement and turnover and making it possible for employers to meet key business objectives.
Compensation and benefits - Fair compensation is important, but employers who want to attract and retain talent should take a holistic view of the perks and benefits they offer beyond a paycheck.
Succession planing - Preparing for the next step in the employee journey, where it is career advancement, retirement or resignation can help people transition to new roles quickly and limit disruption.
Benefits of Talent Management
There are benefits here from talent management,
Recruit in-demand talent - Businesses become employers of choice and attract talent organically by making their brand a central component of their talent strategy.
Minimize disruption - Unexpected departures cause gaps in coverage, but with a talent pipeline, it's possible to fill open positions quickly and keep operations running smoothy.
Improve productivity - Continuous strengths-based coaching helps employees develop skills and reach their full potential, thereby increasing effectively.
Reduce costs - Retaining valued team members and keeping them engaged is usually more cost effective than sourcing and training new hires.
Innovate - Talent teams are more likely to develop new methods of problem solving and make the most of advancements in technology.
Conclusion:
Talent management means investing an organization's most important resources called people. Talent management is how employers recruit and develop a workforce that
is as productive as possible and likely to stay with their organization
long term. When implemented strategically, this process can help improve
the overall performance of the business and ensure that it remains
competitive.The purpose of talent management is to identify, recruit and hold on to people who drive the success of your organization. It’s a top priority, strategic process for forward-looking People
Companies who understand that their company performance depends on their
workforce. Talent Management is very important main topic in business industry, we can discuss here as article blogs. In this first blog I explained about overview of Talent management.
References:
Elsevier.
(2010) Talent Management and HRM in Multinational companies in Beijing:
Definitions, differences and drivers. Journal of World Business, 45(2),
pp.179-189.
Claire Hastwell. (2023) What is Talent Management. Great Place To Work [Online]. Available at https://www.greatplacetowork.com/resources/blog/talent-management-definition-strategy-processes-models. Accessed on 3 March,2023.
ADP Cookie Privacy Statement. (2018) What is talent management?, ADP [Online]. Available at https://www.adp.com/resources/articles-and-insights/articles/w/what-is-talent-management.aspx. Accessed on 26th April 2022.
Recruitment
Compensation (pay, perks & benefits)
Onboarding
Connection and community
Employee engagement
Training and development
Company culture
Purpose
Succession planning and exit processes
And while talent management can be slotted into the overarching role of human resources (in some companies, those roles may even be one and the same), it’s also a separate entity that extends beyond the HR department.
And while talent management can be slotted into the overarching role of human resources (in some companies, those roles may even be one and the same), it’s also a separate entity that extends beyond the HR department.
“HR focuses a lot on the procedures and policies and paperwork or recruitment — that first step of talent management,” explains Seth Willis, senior culture coach with Great Place To Work. “But it’s really about how are we getting the right people in, and then having them grow at the organization.”
Employee growth can come in many ways, including how we might typically think (Professional development and promotions) and by fostering a sense of pride, purpose and Well-being among employees . Talent management is holistic and forward-thinking.
Why is Talent Management Important?
Businesses that take the time to develop their employees and keep them engaged tend to be innovative and profitable. Conversely, those that are unable to source or retain talent generally have poor customer satisfaction and limited growth potential.
What are some Key Components of Talent Management?
Building the kind of talent strategy that drives an organization forward generally requires employers to,
Align talent goals with larger business objectives, Fulfill employee expectations and deliver on hiring promises, Rely on data to make better workforce decisions.
What does Talent Management Include?
Workforce planning - Most talent strategies begin with defining the skill-sets that will be required to achieve the business's objectives.
Recruitment - Acquiring talent consists of representing the employer brand effectively, determining where the right candidates can be reached, pre-screening applicants and interviewing promising prospects.
Training and development - Employee's responsibility to seek learning opportunities, many workers today expect their employers to provide the tools, guidance and support they need to further their career.
Onboarding - A structured onbording program that introduces employee to the workplace culture and helps them feel connected to and comfortable with their team and organization is essential to retention.
Performance management - Team leaders help to employees build their strengths,increasing engagement and turnover and making it possible for employers to meet key business objectives.
Compensation and benefits - Fair compensation is important, but employers who want to attract and retain talent should take a holistic view of the perks and benefits they offer beyond a paycheck.
Succession planing - Preparing for the next step in the employee journey, where it is career advancement, retirement or resignation can help people transition to new roles quickly and limit disruption.
Benefits of Talent Management
There are benefits here from talent management,
Recruit in-demand talent - Businesses become employers of choice and attract talent organically by making their brand a central component of their talent strategy.
Minimize disruption - Unexpected departures cause gaps in coverage, but with a talent pipeline, it's possible to fill open positions quickly and keep operations running smoothy.
Improve productivity - Continuous strengths-based coaching helps employees develop skills and reach their full potential, thereby increasing effectively.
Reduce costs - Retaining valued team members and keeping them engaged is usually more cost effective than sourcing and training new hires.
Innovate - Talent teams are more likely to develop new methods of problem solving and make the most of advancements in technology.
Conclusion:
Talent management means investing an organization's most important resources called people. Talent management is how employers recruit and develop a workforce that
is as productive as possible and likely to stay with their organization
long term. When implemented strategically, this process can help improve
the overall performance of the business and ensure that it remains
competitive.The purpose of talent management is to identify, recruit and hold on to people who drive the success of your organization. It’s a top priority, strategic process for forward-looking People
Companies who understand that their company performance depends on their
workforce. Talent Management is very important main topic in business industry, we can discuss here as article blogs. In this first blog I explained about overview of Talent management.
References:
Elsevier. (2010) Talent Management and HRM in Multinational companies in Beijing: Definitions, differences and drivers. Journal of World Business, 45(2), pp.179-189.
Claire Hastwell. (2023) What is Talent Management. Great Place To Work [Online]. Available at https://www.greatplacetowork.com/resources/blog/talent-management-definition-strategy-processes-models. Accessed on 3 March,2023.
ADP Cookie Privacy Statement. (2018) What is talent management?, ADP [Online]. Available at https://www.adp.com/resources/articles-and-insights/articles/w/what-is-talent-management.aspx. Accessed on 26th April 2022.
Talent management is not only recruiting employees but also training, supervising, guiding and retaining them. It seems like you haven't mentioned that what are the procedures companies take to implement the talent management and what consequences companies need to face when it fails to concentrate on talent management
ReplyDeleteThank you very much about your valuable comment Azeem. I agree with you implement talent management and fallers will explain in next blog. Because I'm doing this blog continue with this topic.
DeleteTalent management is process originating with the manpower planning, attracting and acquisition talents, selecting suitable talents, further developing, retaining them, and assessing and creating opportunities for their career advancements. It is much better if you could explain talent retention strategies as well.
ReplyDeleteThank you very much about your comment Chamara. I created my first blog with introduction and overview about Talent Management.Therefore, Talent Management process and Talent relation strategies will add my next topics.
DeleteA good overview of talent management was provided. When a company is successful in locating and keeping the right person, HR should inform them of the company's expectations in a paper, such as the Job Description, in addition to verbally. The employee will then understand what the organization genuinely requires of him or her. KPIs are the most precise and quantifiable approach for measuring employee performance.
ReplyDeleteThank you very much Piyumi about your valuable comment. yes you are right, my first blog about overview of Talent management. KPI stands for Key Performance Indicator, a quantifiable measure of performance over time for a specific objective. And Job description is important when hiring a write person for right position. you mentioned valuable points me to add my next blog articles.
DeleteAn excellent explanation of what talent management is and why it's vital to a company is provided in the article's final section, which also provides a concise summary of the subject. It would be preferable to briefly explain recruitment, compensation (pay, perks, and benefits), onboarding, connection and community, employee engagement, training and development, company culture, purpose, succession planning, and exit processes in the opening paragraphs rather than simply stating that talent management is a strategic approach to luring, nurturing, and keeping top talent. Overall, nonetheless, this article is useful for readers to learn more about talent management. Good fortune.
ReplyDeleteThank you very much Janaka about your valuable comment. Your comment is very useful and understandable one for me to add details for my next article. Briefly I'll explain details with examples in my next articles, I not added much details here because this is my first blog and otherwise people not read more sometimes. that's why I think I'll add details step by step.
DeleteAs mentioned in the beginning of the article, talent management is a strategic and organized approach to attracting, developing, and retaining the top talent. Here the "retaining" of the top talent the organization has heavily invested on developing, has been a huge challenge to most of the organizations across the world. What is your opinion on the strategies the organizations should follow to retain the top talent they have heavily invested on?
ReplyDeleteThank you very much Hansika about your comment. Of course. retaining of the top talent in an organization has heavily invested to developing. It is called Attracting and retaining the right talent. Every single organization competes to recruit the best talent for their organizations, Because talented employees make the difference. There are some benefits we can catch when we have right persons in right profession. such as Increase productivity, Improvement in employee's well-being,Lower absenteeism,Increase creativity,Boost employee's morale,Greater control of one's life. It's depends with company type such as small business, Company or an Organization. Anyway we have train them and pay them. to retaining top talent people. To retain top talent, company have invest. Interesting question again.
DeleteMeaning full article, In 2006, McKinsey conducted a study in this area and discovered that the challenges preventing talent management initiatives from generating business value are too human! Either the executives blame the top management for failing to align their business strategies with talent management strategies, or the executives hold business line managers accountable for not devoting enough time to the problem of people management.
ReplyDeleteThis comment has been removed by the author.
DeleteThank you very much Asanka about this details. I got idea about it. It will help me to create my articles well.
DeleteAgreed with your angle of explanation and got a different view for some of my practices as well. Keep it up. Would suggest considering the practical possibilities bit more so people could implement the theories more effectively.
ReplyDeleteThank you very much Chatura about your valuable comment. I motivated with your best comment. Talent management is very important topic to discuss. Performance and talent management is a key function of the modern HR department.These People Companies go out of their way to nurture and develop the talent that powers their growth and effectiveness. so sometimes talent management is very hard. Because we want to select right person for right position.
DeleteTalent development helps employees to career advancement in a way that they are aligned with the company's mission and vision. That includes identifying of individuals' talents and helping them develop the knowledge and skills they need to achieve the common organizational goals and fill the needs of the company.
ReplyDeleteThank you very much Kasun about your valuable idea. Career advancement is the process by which professionals across industries use their skill sets and determination to achieve new career goals and more challenging job opportunities. Some companies offer career advancement programs that allow existing employees to move up within the company. Career advancement is important, because, Prevent mediocrity and job dissatisfaction by leading you to take on additional roles and responsibilities within your existing company or with a new employer, Create an opportunity to pursue other career interests by encouraging you to continue pursuing your dreams and seek out new opportunities, Allow for increased salary expectations and livelihood due to continuously pushing yourself to be better and go after more responsibilities with a higher pay grade. And encourage continuous learning and professional development because you may need to get additional degrees or certifications to pursue a more senior position or role. of cource, Talent management can help to develop employee's career advancement well.
DeleteThis article gives a good introduction into talent management.
ReplyDeleteThank you very much about your comment Malindra.Talent management means investing an organization's most important resources called people. Talent management is how employers recruit and develop a workforce that is as productive as possible and likely to stay with their organization long term.
DeleteIn this first blog I explained about overview of Talent management.