2.[Talent Management and HRM]: Talent Management Process
Human resource management (HRM) is the strategic and coherent approach to the effective and efficient management of people in a company or organization such that they help their business gain a competitive advantage. It is designed to maximize employee performance in service of an employer's strategic objectives.
Human resources plays many roles in a company. The department manages employee relations, talent acquisition, payroll, onboarding, and much more. One more duty of Human resource(HR) is talent management.
Talent management framework is the blueprint for how an organization will execute its talent strategy, typically includes, recruitment, hiring, engagement, development, performance management, recognition, and succession planning.The capital purpose of talent management is to create a motivated workforce will stay with company long run.
People are, the best resources of an organization. Sourcing the best people from the industry has become the top most priority of the organizations today. In such a competitive scenario, talent management has become the key strategy to identify and filling the skill gap in a company by recruiting the high-worth individuals from the industry. It is a never-ending process that starts from targeting people. The process regulates the entry and exit of talented people in an organization. To sustain and stay ahead in business, talent management can not be ignored.
What is Talent Management Process?
Every
organization has a unique set of processes, which help them hire good
skills employees, develop their competencies, and build up their talent.
This process is known as the "Talent Management Process".
Briefly, companies take steps to motivate their employees and create a better work environment. However, every firm has its own ways to achieve that. The main agenda remains the same. To recruit employees, motivate them and help them grow, and make use of their skills in the best way possible.
Seven components of Talent Management Process
There are seven components of talent management process.
company can work, if it wants to be on the winning side.
1. Strategic Employee Planning
2. Talent acquisition and Retention
3. Performance Management
4. Learning and motivation
5. Compensation
6. Career Development
7. Succession and Planning
This all seven points related Companies and Organizations.
1. Strategic Employee Planning
A company considers Strategic workforce or employee planning primarily. Company/Organization can plan strategy and define organization’s goals. Then can see which employee is best suited for different roles to acquire desired targets. Company fill in blank spaces by adjusting employees to appropriate roles. If company does not have the right person for the job, hire him. Different firms have different priorities so their Strategic Employee Planning varies according to their needs.
Company might want to look within firm first to fill in vacancies. There are talents hidden in employees that never get addressed properly. Before company go hire outsiders, interview company's own employees again. Talk to them but not as a boss but as a friend to know their hidden skill sets. It can save you big bucks in your pocket.
2. Talent acquisition and Retention
When plan strategic employee planning, company/organization will have numerous jobs that will require expert-level attention. This is where talent acquisition and retention differs from hiring. Hiring is a way of filling in the vacancies while talent acquisition is the process of seeking experts for particular jobs.
However, not everyone has leadership qualities and those who have are not coming in cheap. This is why this process takes time. Sometimes you are low on budget and you do not want to pay too high. In that case, lay down this plan a little early. It will give you time to be patient and in the best-case scenario, company will find the right man who will agree on your terms.
3. Performance Management
This process is key to an organization’s progress towards success if conducted out effectively. This procedure involves direct communication between management and employees. People in charge follow up with workers to take reports of their activities and to see how they are progressing. Every employee should fall in line and work at the right pace to make things go smoothly. It can only be achieved if management takes a day to day reports and communicates with them and helps and guides them to work in an effective and efficient manner.
Bear in mind that company workers are as responsible as you are. Company lose grip around them and they will slip in seconds. Do not leave them unattended. Be present to their queries and give them satisfactory answers.
4. Learning and Motivation
Knowledge is power and you acquire knowledge by learning. Not every employee that is coming in will be trained and experienced. Instead of babysitting them for a month or two, company can conduct informative sessions that can teach them how to be productive for the organization. When they learn how they can be a valuable asset to the company, they will get right to it.
No employee is a bad employee. They just do not know the way. Show them. Do appreciate their efforts. Motivation is key. Do not overlook their little efforts because what might be little for you could mean huge for your employee. A nice gesture never hurts anyone anyway.
5. Compensations
If you really appreciate your employee efforts, you will not let them go unrewarded. If they are meeting their targets and helping towards the company’s success then they deserve a little something extra. Moreover, by doing this you let them know that you acknowledge their efforts and nothing has been overlooked.
In many cases where employees give their employers a hard time and do not meet targets on time, it is advisable to set bonuses on targets beforehand. When workers know there are rewards in achieving targets, you will see the magic happening in your workplace.
6. Career development
If company want to see business grow and prosper, company will have to provide the same opportunities to employees as well. Employees are the reason your business is progressing towards the skies. Do not keep them stuck in one place. Let them grow. Give them raises and promotions. Adjust better roles for employees. Provide better openings. Replace them to a better position that can help in their career growth.
7. Succession Planning
There will always be someone, who will leave you in the middle for a better job opportunity. It is not your fault they left. Although, it will be your fault if you were not prepared for it. If you need no disruption in your plan then back up your plan. See who are the key workers of your firm and estimate how much loss you will suffer if they leave their position. Find someone else within your organization who you think has the potential to fill in for the vacancy.
It is advisable to always keep a few good resumes in your sight. One or two pieces of the puzzle always fall out of there place. Plan ahead and be prepared for the worst but hope that the worst never comes.
Talent Management Process has turned out to be a very efficient strategy for better outcomes and enhanced results. If carried out properly, you will see drastic changes in revenues. It is a process that involves opportunities for both the organization and employees. We already know a company’s success is directly proportional to its employees’ efforts. However, it is up to you to lay down effective strategies to get all hands on deck to take your business to ultimate victories.
Image credit:people Matters (https://www.peoplematters.in/article/talent-management/top-5-tips-to-a-successful-talent-management-plan-17031)
How can we apply Talent Management Process in your Company/ Organization ?
What are the key components of Talent Management?
Talent management is made up of many components, the most important are the following:
Talent management is strategically oriented and geared toward overarching corporate objectives. HR, on the other hand, is more concerned with operational and day-to-day work.
Talent management concentrates on individual high achievers while HR encompasses the entire workforce. The HR department gathers important information, e.g. from performance analyses, feedback meetings, and exit interviews. This way, the Talent Management Team can identify training needs and draw up succession plains.
Talent management concerns itself with improving company performance. Processes from core HR areas are harnessed to achieve this – from the recruitment process to employee retention.
Real life examples of Talent Management
Real-life examples of talent management happen every day. Consider, for instance, an apparel retailer that wants to transition its business model from simply supplying clothes to delivering customers a truly service-based experience.
To achieve this goal, the organization’s
leaders know they will need a new breed of associates and managers. They
therefore implement assessment and applicant tracking tools to help
them hire the right candidates and use real-time performance data to
give supervisors the insights they need to make smarter decisions.
Benefits of Talent Management Process for Business
Managing the various HR processes can sometimes feel like big responsibility. Between recruiting the right candidate, onboarding them, and succession planning, there is a lot to manage.
Talent management is the overall term for people processes, from recruitment and onboarding to performance management and offboarding. Having the right Talent Management System in place can help streamline all of these HR processes within one platform.
1. Connecting and sharing data
The right data can integrate and align Human resource processes well. While much of the data collected through a HRIS is stored in silos and can be difficult to reach and analyse, an integrated TMS shares data across the entire system allowing for easy access. This gives a clearer understanding of what that data means for your business and enables you to make informed, strategic business decisions.
2. Strategic hiring process
When company having a Talent Management System (TMS) can help you recruit those really talented candidates that everyone is after. By integrating tasks such as posting job descriptions, tracking applicants and making it easy to manage offers, a TMS streamlines your hiring process, allowing you time to focus on the candidates.
3. Improve onbording experience
An organised and efficient approach to onboarding is achievable, You can create employee profiles that hold all of the information and data collected during the recruitment and hiring processes. Automating the new hire paperwork can save both you and the new hire time which you can then use to focus on the new recruit.
4. Retain top talent
Once you have the best employees, you need to keep them. With all of the employee information hosted on one platform and neatly organised into an online profile, you can track performance reviews, goals, skills and career aspirations to make sure your employees are happy and on the right track. Having a TMS in place to capture all of that data makes it easy to analyse and report on which employees need developing, monitoring or even promoting.
5. Employee development and Improve experience
A good integrated should include options for employee learning and development. It enables employees to take courses, develop skills and in some cases pursue certifications relevant to their professional development.
As we know, employee turnover is something to be avoided at all costs. A TMS that integrates with payroll improves the employee experience by allowing access to payslips, holiday requests and management of sick leave. Organizational charts can also be included, letting employees know the reporting and management structure of the company.
6. Increase employees and manager engagements well
If you’re looking to increase engagement in your company, implementing, the employee profile empowers employees and managers to interact with the employee’s professional career progression. An integrated. Managers give solutions encourages them to invest in the organization and align their daily work with the business goals while also focusing on their personal goals.
Disadvantages of Talent Management Process for Business
1. Hiring wrong people for the job roles
Being in a hurry to fill a position pushes employers to cut corners during the screening process and as a result, end up hiring the wrong person. Interviewers need to thoroughly check candidate resumes to see if they are accurate and concentrate on concrete deliverables.
2. Lack of professional training and growth
Employees that feel like they have nowhere to go will seek new challenges and quickly leave. That is why company should invest in a professional development plan and discuss training opportunities with them to build a culture of learning and progress.
3. Failure to properly communicate
To ensure that everyone in the company is on the same page, effective communication is essential. If you don’t, false information will spread throughout your departments, causing confusion. Create one-on-one sessions with staff to build trust and establish clear communication of facts.
4. Lack of accountability
Encourage your staff to take ownership of their work to build an atmosphere of trust. This step will allow them to grow and develop their skills while also help with reducing their workload. Furthermore, enabling employees to take ownership enhances engagement and fosters a learning culture across the organization.
Conclusion:
The process of talent management could be considered, to begin with acknowledging the need for talent and leads to filling that gap and ultimately growing and optimizing the skills, traits, and expertise of employees, new and old. In this article I try to mention and give brief idea about talent management process with details. There are seven components of talent management process were explained. Briefly, companies take steps to motivate their employees and create a better work environment. However, every firm has its own ways to achieve that. The main agenda remains the same. To recruit employees, motivate them and help them grow, and make use of their skills in the best way possible. Talent management practices have evolved over the years to cater to people-specific trends much like all other aspects of work, and have changed in fast strides over the last few years.Talent management is a necessity in today’s hyper-change environment.
References:
ADP. (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.
Ivan Andreev. (2017) Human Resources Talent Management. VALAMIS [Online]. Available at https://www.valamis.com/hub/talent-management. Accessed on 09th of April,2022.
Kissflow. (2022)The A-Z Guide to the Talent Management Process. Kissflow [Online]. Available at https://kissflow.com/hr/talent-management/talent-management-guide/.Accessed on 22nd of February,202.
Sorin Dumitrascu.(2021) Talent Management A Practical Guide, Amazon Digital Services LLC - Kdp.
Lance A. Berger, Dorothy R. Berger. (2003) The talent Management Handbook, McGraw Hill LLC.
Comprehensive article, the talent management model serves as the basis of a talent management plan. It should clearly state the kind of talent you need and align with the objectives of your company, based on the talent leadership plan, you set up the talent management process.
ReplyDeleteI created this article with overview of details to understand anyone. when someone is a manager or an employee they can read my article and can give brief idea about topic called Talent Management Process. If someone lazy to read they can skip. Talent management plans concentrate on developing the skills, competencies and experience of employees with outstanding performance to position them for future career possibilities. I explained about talent management plan details in here with related sub topics. Anyway thank you about your valuable comment
DeleteHi Wishmila, your article gives a good overview of the talent management process and the role of HRM. It emphasizes that HRM is a strategy for managing people within the organization effectively to gain a competitive advantage. In order to make the maximum use of employees skills, I believe it is vital that businesses take steps to inspire their workforce, improve their work environment, and support their learning and development needs.
ReplyDeleteThank you very much Hashmath about your valuable comment. In here I tried to explain Talent Management process with seven components of talent management process as well. yes you are right, when company use employees skills well, they can give benefits well. improve the business environment and improve learning and development skills are essential points to improve employee's skills.
DeleteGreat write-up Wishmila, it covers almost everything about Talent Management. When it comes to Talent Management & Training & Development, T&D is a core component of TM. Bartram, F. (n.d) emphasized The areas of talent acquisition, development, and retention fall under talent management. The development of existing talent is the main objective of learning and training.
ReplyDeleteYour workforce planning and succession planning are influenced by how you manage and develop your people. It pays to develop current talent into managers or assist them in moving into a position that best suits them. However, there are occasions when it is advantageous to hire fresh talent.
Thank you very much Janaka about your idea. you mean my article covers almost everything about Talent Management, is I completely wrote correct blog article about Talent Management Process. Because I try to do it in here. I understood your extra details, this will help me to my next articles.
DeleteHi wishmila, Thanks for sharing the valuable article with great personal takeaways of points. As per my understanding, the talent management process has provided new ways and means to the Human Resources department to handle problems in a meaningful manner. With the help of the talent management process companies are hiring the right/suitable person for the right job as per their job requirement and description. what is your opinion on it?
ReplyDeleteThank you very much Kasun about your comment here.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. Actually how to hire right people to right position is very difficult sometimes, Hiring the right people is crucial for the success of your business and that's why entrepreneurs should have a formal hiring process in place when looking for new staff.Many entrepreneurs have good instincts about whether someone is right or not for the job. But you shouldn't rely just on gut feelings. The recruitment decision should be founded on solid, objective factors. we can use few techniques for this, such as
ReplyDeleteAssess your company's culture
Create detailed job descriptions
Prepare well structured interviews
Test
Look beyond the CV
Ask for references
Bring them onboard
This is a good article to gain knowledge when looking to implement talent management
ReplyDeleteThank you very much about your comment Malindra. The process of talent management could be considered, to begin with acknowledging the need for talent and leads to filling that gap and ultimately growing and optimizing the skills, traits, and expertise of employees, new and old. In this article I try to mention and give brief idea about talent management process with details.
DeleteVery well-structured article Wishmila & gives very useful information on the talent management process. Retaining organizational talent has become significantly more unpredictable in the modern period as a result of risk management and attempts to mitigate the unstable global economy. Companies are placing more emphasis on creating their own people practices team in an effort to outperform rivals. Human Resources consulting makes up more than half of the industry (52%), followed closely by Staffing and Recruiting, Management Consulting, Financial Services, Healthcare, and Education among the sectors that employ the most talent management specialists globally. (Sharma, N. 2022)
ReplyDeleteThank you very much about your comment Piyumi. Human resources plays many roles in a company. The department manages employee relations, talent acquisition, payroll, onboarding, and much more. One more duty of Human resource(HR) is talent management.
DeleteTalent management framework is the blueprint for how an organization will execute its talent strategy, typically includes, recruitment, hiring, engagement, development, performance management, recognition, and succession planning.The capital purpose of talent management is to create a motivated workforce will stay with company long run. Thank you about details.