6.[Talent Management and HRM]: Why Talent Management Matters?
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Talent management, the strategic work to hire and retain the right people, should play a role throughout an employee’s entire lifecycle with a company. From their recruitment to their exit interview, with it, companies can be intentional about whom they hire and how to keep those employees motivated. without it, they risk costly high turnover and building a company with the wrong employees who may only hold back growth.
We know Covid-19 risk outlook last two-three years, of progress could be lost through under investment in infrastructure adaptation, withdrawals from previous commitments and weaker climate activism. Therefore there is big doubt that the attraction, development, and retention of talent are nowadays one of the most critical challenges faced by companies worldwide with economic problem.
Anyway businesses, big or small, need to make sure that they are equipped for the future world of work, specifically considering industrial revolution and all the changes that are coming along with it. The why, how and what of organizations are changing, with an increased focus on technology, sustainability, and inclusion. To ensure that your business is ready, fit for purpose, and equipped with the right people to help you achieve your business objectives, a clear and informed talent management strategy is imperative.
CEO's who view their employees as overheads instead of assets typically try to increase profit by reducing these expenses. They hire fewer people and invest less in their employees overall. While this might bring costs down short-term, it will definitely also reduce the return on investment that they will get on their human capital in the long-run.
"If you don’t have the right talent, how are you going to stay in business and make a profit?"
Why Talent Management Matters? And Solutions
Talent management programs can be costly, requiring upfront costs for implementing a new software platform or hiring HR roles. For some, the return on investment may be hard to see. That’s why Bord said having patience is key.
One of the challenges is that it’s tempting not to invest in this because the costs are immediate and the gains are long-term.
1. It saves money -
Satisfied employees are less likely to leave, leading to lower turnover costs. Companies can also save when building compensation packages. Overpaying for top talent is a common practice, but it doesn’t necessarily yield a long-lasting employee. However, with a robust talent management strategy, employers can offer the market rate because people are eager to work for an employer that cultivates their talents and encourages growth.
2. It allows for strategic staffing -
Especially now, as businesses look to furlough employees or lay them off during the Covid-19 pandemic, they need to be strategic about their staffing decisions. Companies should avoid scenarios where managers cut workers only based on their immediate needs right now, potentially stymieing business plans for a future quarter or losing skills required for strategic pivots as the pandemic continues.
3. It is good for business -
Without talent management strategies in place to ensure employees are
motivated to do their best, workers can become apathetic. And their
apathy can extend to their work product, how they represent their
employer on the job, and how they treat customers. Once product quality,
customer service, and company reputation plummet, it can be difficult
to recover.
The Phases of Talent Management
1. Recruitment - Sell the position.
Talent management begins with finding the right people for right jobs, including creating job descriptions that capture the requirements of their respective roles, along with the company’s voice and culture, explained Darr. “We need to sell the company and sell the position,” he said.
Building on that, Wee recommended developing job descriptions by a committee that includes the person currently in the role, their manager, and HR. At the same time, employers should ask themselves what skills the employee will need to support the company’s growth plans, said Johns Brodo, CEO and co-founder of Dwellsy, a rental listing service. “Look for people who have not just done the thing you’re hiring for but (also) bring other expertise that might fill a need down the line,” Bordo advised.
From there, it’s about sourcing. Instead of relying on the glut of resumes from job search portals, Darr’s team reaches out to potential candidates on LinkedIn, for example, who might work at comparable companies and hold positions with job descriptions similar to those of the roles they’re looking to fill.
According to Wee, the interview is key, too. As part of the evaluation, she advised coming up with a shopping list of must-have qualities. For example, for an administrative job, this might include things like emotional intelligence and an understanding of the company's culture.
2. Retention - Support and Celebrate.
Once you’ve hired great candidates, this process doesn’t stop. The
work to retain and prepare employees for the next step in their careers,
a critical piece of talent management, takes effort and requires the
full support of leadership and a clear plan forward,
At the management level, supervisors should have a curiosity about their direct reports as individuals, and learn about what drives them and what their aspirations are, Wee said. Signs that they might want more responsibility include when they ask for tuition reimbursement for an academic program or regularly volunteer for extra work. When they start looking for ways to expand their knowledge or skills, find out what their goals are, she said.
Additionally, always publicity celebrate promotions, anniversaries, and jobs well done, Wee advised. When the workforce knows that good work and growth are valued, staff morale and loyalty can soar.
Companies must also ensure that managers have the emotional intelligence to not worry that they’ll lose their own competitive edge when an employee does well. In some cases, managers may hold back successful direct reports because they’re fearful that they may leave the team or company, or surpass them in skills and accomplishments. It’s another reason to promote and encourage career development and movement within a company.
3. Exit - Let go of the false disloyalty narrative.
Unfortunately, it may be the norm that as soon as an employee gives notice, their manager and the company stop caring about them and simply move on. Perhaps you have experienced this if you have ever felt invisible in the weeks you wrap up your work after resigning. But talent management plays a role here, too. Let go of the faulty idea that a departing employee is betraying the company.
"Conversely, when an exit and gracefully managed, that employee may be more inclined to return when a new role opens up", Bordo said.
Wee recommended having a neutral party conduct exit interviews in a private space outside of the usual office setting, where the employee may be more comfortable to talk freely. Ensure the interview remains confidential, she said, so employees aren’t fearful that they’ll ruin their chances for a future return if they raise concerns. Simply celebrating an employee’s new job elsewhere can also go a long way toward establishing goodwill and boosting the potential for that employee to eventually return with new skills and knowledge. Company can recommended keeping a database of people who have left a company and staying in touch.
“Once they depart, you have a natural pipeline of people who might be interested in coming back,” Bordo pointed out.
Additional reading points.
Emotional Intelligence.
Image credit:The Neurosorgical Atlas(https://www.neurosurgicalatlas.com/volumes/non-technical-skills-in-neurosurgery/emotional-intelligence)
Emotional Intelligence (EI) is the valid point when hiring people to company. to hire right person for right position.
Emotional intelligence (EI) is the ability to perceive, interpret, demonstrate, control, evaluate, and use emotions to communicate with and relate to others effectively and constructively. Some experts suggest that emotional intelligence is more important than IQ for success in life.
Emotional intelligence (EI) is the ability to perceive, interpret, demonstrate, control, and use emotions to communicate with and relate to others effectively and constructively. This ability to express and control emotions is essential, but so is the ability to understand, interpret, and respond to the emotions of others.
If you want to study more about Emotional Intelligence please check those links:
https://www.verywellmind.com/what-is-emotional-intelligence-2795423 .
Talent management Software systems.
Talent managers can make use of technology for improved outcome. Talent management software refers to an integrated suite that focuses on different components of managing human resource management.
Using a talent management system, talent managers will save time and effort in managing employees. The system automates certain processes. The software can be used to streamline different processes from the time that the employees are selected to the time they retire.
With a good talent management system, talent managers will be able to keep a track of employees within the organization. They can use the software to track data at different points of the employee life cycle.
Talent managers can sift through the information that is available in the talent management system. They can develop employee training programs and create succession plans.
Talent management software can be used by the human resource manager to track and ensure that every employee has the right skills. By using talent management software, talent managers can identify and remove obstacles that hinder employee development.
Top Talent Management Software Systems,
1. monday.com
2. Insperity
3. Bambee
4. TalentSoft
8. Zoho Recruit
9. UltiPro
10. Saba TMS
12. Paylocity
If you want to study more about Emotional Intelligence please check those link:
https://www.softwaretestinghelp.com/talent-management-software/ .
Conclusion:
Businesses, big and small, need to make sure that they are equipped for the future world of work, specifically considering 4th industrial revolution and all the changes that are coming along with it. The why, how and what of organizations are changing, with an increased focus on technology, sustainability, and inclusion. To ensure that your business is ready, fit for purpose, and equipped with the right people to help you achieve your business objectives, a clear and informed talent management strategy is imperative.
Talent management matters as it is the foundation of a strong organization. It will help to propel your business into a fruitful future via holistic, insightful, and consistent people practices.
In this Blog article, I explained about Talent Management Matters and Solutions as well.
Hi Wishmila, your blog post provides a good overview of the importance of talent management in organizations, and it outlines several benefits of having a robust talent management strategy in place.
ReplyDeleteIf you permit me to add, I think that you should provide some examples and statistics to illustrate your points, such as some data on the cost savings associated with reducing turnover rates or the return on investment of talent management programs.
One other aspect of talent management that has changed significantly since the pandemic is that sourcing talent is no longer limited by geographical limitations, technology has allowed organisations to build remote teams or outsourced talent, organisations can now take work to a potential recruit, develop that person, and retain that person within the organisation.
Best Regards, Nithila
Thank you very much your valuable comment Nithila. Yes The global economy has contracted significantly due to the COVID-19 pandemic. During the second quarter of 2020, the U.S. economy dropped 35% compared to the same period of time last year (Reinicke, 2020), and the Eurozone economy decreased by 12.1% on average compared to the first quarter of the year. Spain experienced the largest drop at 18.5%. I got your mentioned points. I'll check details and add my article. Thank you.
DeleteHi Wishmila, well organized. organizations are always taking the time to develop their employees and keep them engaged tend to be innovative and profitable the organization. please tell me to have any strategies that can improve the talent management processes in the companies?
ReplyDeleteThank you very much about your comment Kasun. There are 5 best practices for an effective talent management strategy in working environment (company/ organization/ business)
Delete1. Drive goal alignment and determine metrics.
2. Create a strong employer brand.
3. Focus on employee experience.
4. Encourage a high-performance culture.
5. Gain a single-source view of employees.
Good article Wishmila! As you state correctly, talent management is crucial for businesses to attract, develop, and retain the right people, leading to cost savings, strategic staffing, and overall business success. It requires an investment in recruiting the right talent, supporting their growth and development, and celebrating their achievements to boost morale and productivity. Without good talent management, businesses run the risk of high turnover and limited growth.
ReplyDeleteThank you very much about you valuable comment Hashmath. Yes, Talent Management is the systematic attraction, identification, development, engagement, retention, and deployment of those individuals who are of particular value to an organization due to their high potential or because they fulfill critical roles. Talent management helps improve business with employees talents well.
DeleteHi once gain good details about talent management. Investing in talent management will give employees and employers confidence. As you correctly said, it has an immediate cost but a long-term benefit.
ReplyDeleteThank you very much about your valuable comment Barathi. yes it is cost effective but we gain long-term benefits. Talent management matters as it is the foundation of a strong organization. It will help to propel your business into a fruitful future via holistic, insightful, and consistent people practices.Overview of my topic is,
Delete1. You need to be clear on the why, what and how of your organization.
2. This must be communicated often and clearly lived to anchor your culture
3. You have to design an organizational structure that considers the future and enables employees to deliver on the strategic objectives.
4. It is critical to attract, recruit and develop the right talent via innovative, consistent and fair practices.
5. Talent insights and data should be used to inform decisions and reduce risk (i.e. psychometric assessment and performance measurement is key).
6. Ensure that you have informed engagement, retention and reward strategies in place.
7. Develop and implement a behavior-based performance management system, accountability is critical.
Thank you for highlighting the importance of talent management in modern business practices (Bersin, 2020). Talent management has become a vital strategy for organizations in attracting and retaining top talent, as well as fostering employee growth and development (Collings & Mellahi, 2019). Companies that invest in talent management can create a positive work environment and ultimately drive better business outcomes (Silzer & Dowell, 2010). From identifying and attracting top talent to providing opportunities for career advancement, talent management plays a critical role in unlocking the full potential of a workforce (Scullion, Collings, & Caligiuri, 2010). I appreciate the insights shared in this blog and look forward to learning more about the benefits of talent management.
ReplyDeleteThank you very much about your important comment Preaveen. I got idea about your details."Talent management has become a vital strategy for organizations in attracting and retaining top talent, as well as fostering employee growth and development" and "ompanies that invest in talent management can create a positive work environment and ultimately drive better business outcomes", I mentioned this idea all of my full blogs. Thank you.
DeleteThis is a good article to get an idea on why you need talent management and also looks at software for talent management.
ReplyDeleteThank you very much about your comment Malindra. yes software engineers can give brief idea about talent management tools in here. I added Talent Management software details here. and add additional links if anyone need more details they can check.
Delete