Talent management is just another of those cumbersome terms of human resources, right? False. False. Talent management is the commitment of an organization to recruit, hire, retain and develop the most talented and superior staff on the job market. Talent management is, therefore, a useful term when describing the commitment of an organization to hire, manage, develop and retain talented employees.
Like employee involvement or recognition of employees, the stated business strategy will ensure that top talent will be attracted in competition with other employers. You attract the best talent when you tell a prospective employee that you are engaged in a talent management strategy that will ensure that he or she has the chance to develop professionally.
You have the best talent to attract. This is because studies consistently show that the opportunity to keep growing and developing their professional and personal skills is a major motivator for why employees are taking up and staying in a job.
What appears to distinguish talent – focused practitioners and organizations from organizations that use terminologies such as human capital management or performance management is their focus on the role of the manager for the life cycle of an employee within an organization as opposed to relying on human resources.
Other two employee development and retention strategies practitioners would argue that performance management, for example, has the same set of best practices. HR can provide support, training, and support, but the manager provides the daily interactions that ensure the success of the new employee.
The employee’s development and coaching comes from his daily, active interaction with the manager. In some of the activities you see on this list, HR can take the lead, especially in recruiting and selecting new employees, and in the case of termination of employment.
HR is also deeply involved in the system of performance management, career planning, and so on leading systems development. But managers are the means to accomplish them for the overall recognition of the work of the employee and the employee’s continued retention. Seriously take responsibility; it’s that important.
Talent management is a business strategy and you need to integrate it fully into all the organization’s employee-related processes. The job of every member of the organization is to attract and retain talented employees in a talent management system, but especially managers with reporting staff (talent).
An effective strategy also involves sharing information on talented employees throughout the organization and their potential career paths. This allows different departments to identify the talent at their disposal when opportunities arise.
An organization that performs this type of effective succession planning ensures that the best talent is trained and willing to take the next position in their career path.