Talent Management & How to Benefit from It in you career
A consistent process of luring top candidates could be a surefire way to expand your company. But is it always the most effective course of action? What strategies do you use to invest in your staff members? Is this related to talent management? And how can you establish an integrated talent management process?
“All resources are not obvious; great managers find and develop available talent.”
What Is Talent Management?
A talent management process is getting the best-fit candidates on board and guiding them to upscale their skills and capabilities throughout their journey with the business so that they can pursue their professional goals concurrently with those of the company.
It starts by exploring the talent gaps in the business and determining the most suitable employees that can fill those gaps. Talent management seeks growing calibres inside the organisation, considering the long-term future business objectives. Any strategy adopted in talent management seeks employee retention and makes them a part of any future plan through methods that keep them motivated and satisfied.
7 Talent Management Benefits That You Should Know
Talent management puts a lot of emphasis on employees as the most crucial element in any business. This makes any step your business adopts an investment in the workforce to result in positive outcomes that affect the whole organisation’s current status and future.
1. Better Overall Performance
With the help of experienced strategic HR professionals, talents will be well-managed and the business will perfectly benefit from their experiences. Through the optimum utilisation of each talent without wasting their energies or misusing them, the whole business’s performance will reach its full potential in a short period of time.
2. Creates a More Competitive Condition in the Market
Each business will have its own competitive advantages by managing talents as unique assets. This motivates companies to regularly develop their talent in order to outperform the competition. This allows the company to become stronger, more adaptable to market changes, and capable of facing and managing any risks.
3. Innovation Trigger
No matter what industry the business operates in, the need for managing talent and developing it is always linked to using new tools, devices, equipment, or software solutions. The incorporation of new technologies results in the development of new abilities and skills for employees, which puts coworkers in a constant state of competition to be the first to learn and gain more knowledge.
4. Driving in More Productivity
A perfect talent management strategy will define the workplace factors that help employees to be more productive, as well as the personal factors that encourage each employee to do their best. Productivity is a status of continuity, not a temporary condition. A professional HR department will know how to maintain this condition by understanding the employees.
5. Turnover Reduction
As long as the employee can see his growth through distinctive, clear benchmarks, top talent will never leave his employer. It’s a win-win situation that each employee-employer relationship seeks to achieve. That’s why good talent management leads to low turnover rates that create happy work environments with satisfied employees.
6. An Excellent Employer Branding
When your company develops into the ideal environment for someone to learn and grow, this creates a distinctive brand image that attracts potential employees from various pools to join your team. They will monitor every opening and identify any positions that might be a good fit for them to apply for.
7. Considering the Future
Whether the employee lasts forever in the business or leaves after a short period of time, a good talent management strategy always takes succession into account, especially for sensitive and crucial positions that access a lot of corporate knowledge and lead teams to certain goals. The plan should have a talent pipeline that your HR department will work hard to fill with the ideal candidates.
Talent Management Strategy
There are numerous talent management strategies that seek the addition of a high-quality member to the team to last in the organisation for a long period of time.
Hiring Top Talents From the Beginning
Inviting a top-performing talent to join your organisation has a lot of benefits; results in a more motivating workplace, higher productivity, growth in profit, and company assets. On the other hand, many companies always compete with each other to hire top talent.
This means the hired talent is more exposed to leaving compared to average-performing employees. Building a team of top talents could be difficult to manage, where each member will believe that he/she should lead, which results in negative competition that lowers the performance rates.
Hiring Candidates Who Have the Learning Capabilities
It’s another strategy that depends on the growing calibres inside the company, these new employees have the ability to learn and develop their skills. Also, they have the value of loyalty towards the organisation that helped them grow, so they feel satisfied and happy.
Hiring these employees takes less time compared to finding the top talents, but your company will take more time to reach the desired growth level.
There is a third tactic that combines the first two techniques we’ve covered. It looks for the benefits of both and works to eliminate any drawbacks that might come with either.
3-Steps to Build a Successful Talent Management Strategy
Whatever your strategy, there are a number of components that must be ready for preparation before you can begin.
Know the Goals of the Strategy
Like any business strategy, you need to know the objectives that the talent management strategy needs to achieve. Like any goal, it has to be clear, measurable, and have a specific time frame. You should also know how the new employees will help the company achieve these objectives, and their job roles should be clear to them.
Assign Tasks to the Right People
Talent management strategies are mainly operated with the help of HR managers. However, there are many other departments that could participate in this long process. C-suite level employees will need to define the opportunities for transition and promotion and their anticipated timing.
Define the Metrics
Any strategy to prove its validity should have a reference that makes sure that it’s moving in the right direction. These metrics are characterized so that you can scan directly to know how precisely the condition is. If you don’t have the right metrics, you’ve lost your compass and won’t be able to develop the strategy.
Talent Management Process
Like any other HR and recruitment function, talent management is a process that could actually take years to be fully implemented. It mainly works on two levels; the organisational level and the employee level.
- Determine the Business Goals and Plan
Identification of the actual needs of the business may take a while, as it needs to be a deep analysis of the rising challenges and opportunities the business will face within a year or more. Based on these forecast conditions, new job roles should be determined to fill in the gap and help the business survive without struggling.
- Source and Attract
After determining the jobs needed to fill, it’s time to prepare job descriptions that clarify the requirements and qualifications found in every new employee. Based on these descriptions, job ads are posted on job portals and boards to adopt an active hiring strategy that attracts suitable candidates. As well as recruiters will contact professionals whose online profiles and CVs seem that they cover the major competencies and skills.
- Select the Suitable Candidates
The selection phase differs according to the job and its requirements. After getting a number of basically qualified candidates, the following phase will include screening and filtering methods that determine the talents that best fit the organisation.
It could start with a phone screening that checks if the candidate is interested in the vacancy in case he has not submitted an application. Then, a quick overview of the CV will be conducted to determine the real skills and experience the candidate has.
Several interviews will be conducted to check the candidate’s behaviour, attitude, and real-life experiences. Mostly, it’ll be a one-on-one interview, whether it’s in-office or a video call. Technical and non-technical tests might be set to evaluate the knowledge and soft skills. A shortlist is constructed after developing a full review of each candidate. Finally, select from the list the number of candidates needed.
- Develop Skills and Career Path
Starting with onboarding, a new employee can begin to acquire the necessary skills. A career plan should be developed to clarify the employee’s future with the company, according to the job role. This motivates the new employee from day 1 and will be excited enough to put forth an effort to prove his proficiency. The plan doesn’t only care about technical skills but also invests in helping the employee absorb the organisational culture and acceptable attitudes.
- Retain the Best Talents
More than 80% of HR experts and professionals feel that a company’s talent management strategy has weaknesses. This contributes to the explanation of why one in three workers intends to leave their current company within a year due to the absence of prospects for career advancement.
A wise course of action that consistently elevates performance and increases profit is to make decisions that keep excellent employees in the organisation. Programs for rewarding employees, benefits associated with compensation, increased allowances, etc; the unique benefits that talented employees receive encourage them to keep up the good work and inspire other employees to put in more effort in order to receive them.
- Utilize the Experience They Gained Internally
According to performance appraisals, you’ll know the talents that the development plans have achieved their goals with. It is now time to make the most of the experiences and knowledge they have gained. You are the one who chooses when a talent should be promoted or transferred so that they can impart their skills and knowledge to other team members.
5-Top Tracking and Evaluating Talent Management
A great way to assess the effectiveness of the talent management strategy used is to break down significant insights into more manageable, specific characteristics that are simple to measure and indicate a particular fact.
1. Talent Turn Over Rate
Turnover Rate = (the number of separations / the number of Employees) * 100
Turnover considers the number of employees that leave the organisation voluntarily and those that are terminated. By dividing the total number of separations by the number of employees during a specific period, you’ll get the turnover rate. Also, the percentage of the top-performing employees who left should be taken into consideration.
2. Time to Hire
How much time does it take from applying a successful candidate to a job until receiving the job offer? Time to hire is an important factor that determines how much time the effective hiring process consumes, which is translated into money.
3. Cost to Hire
The “cost to hire” metric calculates the total cost of hiring someone, which includes the costs of placing ads, sourcing candidates, and the time managers and recruiters must devote to the process. Even the costs, which are spent on candidates that were not eventually hired, should be considered.
4. Time to Full Productivity
The need to measure the time a new top-talent employee spends to reach the highest rate of productivity makes the “time to full productivity” a crucial factor. Starting from the first second of onboarding and passing through the probation period, how much time does the employee consume to become the top performer highly productive individual the organisation seeks?
5. Talent Mobility
It’s a metric that shows the outcomes of the efforts spent on a talented employee and to what extent talent management was good. Talent mobility!
It’s a success when the employees you’ve developed their skills and abilities with are able to transfer internally to the position where you can optimise the usage of their skills. This means that you’ve done an excellent process that achieved its goals, which included recruitment, hiring, training, and workforce planning.
Still, want A Help There?
Developing a successful talent management plan will always be one of the strongest pillars of your business. This helps it grow depending on the workforce in a practical way. Whitecollars could help you build a tailored talent management process that suits your business size, needs, and industry to turn your next achievement into productive people. Check our HR services now!
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