The process of talent management is arguably one of the most important business strategies that any organisation can develop. Talent management (TM) focuses on the hiring, developing, training and retaining the most talented employees available for the position. With TM as an integral part of the Human Resource functions within a business, the ultimate goal is the development of a superior workforce and a successful business.
The Importance of Talent Management
The word “talent” is used because it defines individuals who show a particular desire to make a significant difference in the overall performance of the organisation, or who show the most potential. TM is a systematic approach that ultimately ensures that top-performing employees are constantly motivated to give their best. On-going engagement with these employees is a fundamental building block of TM. Poor TM can ultimately result in demotivated staff, low retention rates, poor performance and an increase in staff-turn over costs while negatively impacting the company’s brand. Employees who are given the opportunities and platforms to grow and develop professionally are more likely to stay in their job while always striving to do their very best. These qualities should be nurtured, not only for the sake of the business but for that of the employees
The Process of TM
By including the following steps and systems as part of your TM process, you can ensure that you will recruit and retain the most talented employees.
- Recruitment planning meeting
- Development of job description
- Review application material
- Telephonic or online screening interviews
- In-house interviews
- Background check and credential check
- Making job offer to the selected candidate
- Agreeing on offer amount
- Determine starting day of employee
- Determine starting day of onboarding process
- New employee welcoming and introduction
- Providing on the job training
- Goal setting and opportunity for feedback
- Relationship building and coaching done by manager
- Performance management or appraisal process
- Providing ongoing employee development
- Career planning
- Possibility of transfers and promotions
- Termination of employment
While HR is responsible for certain of these functions such as recruitment and termination, the day to day success of the new employee will lie in the hands of the manager. Active involvement and interaction from the manager will play a significant role in the necessary coaching and development of the employee.
Benefits of Talent Management
The following are benefits which can be enjoyed by any organisation who uses TM as a part of its overall business strategy:
- Employee motivation – Strategic TM ensures that organisations motivate their staff on an on-going basis. Motivated staff are more likely to improve their performance and remain in their job
- Attract top talent – TM helps ensure that only the most skilled employees are hired. Furthermore, it improves the company branding by building a reputation as being focused on employee development
- Critical roles are covered – TM helps an organisation ensure that there is a constant flow of employees available to fill critical roles. This prevents extra, unnecessary workload for other employees
- Business performance is improved – Well engaged, skilled and motivated staff who are constantly given the opportunity to grow and develop in their career are more driven towards helping to company work towards its goals
- Increase in customer satisfaction – With a team of hard-working, motivated employees, the result is a more functional organisation with well-integrated systems. Through this, the customer experience is automatically improved. Customers who are satisfied with the service they received will continue doing business