In the corporate leadership, talent management is defined in many ways. Most businesses define it as a business organization’s efforts to recruit, retain and keep the most talented and top quality staff members they can find, afford and hire. It is a process that covers all key aspects of the life cycle of the employee with the company and that includes selection, development, succession and performance management. Talent management gives business managers an important role to play in recruiting, training and retaining quality staff members.
Key Components of an Effective Talent Management
- Business managers should have a clear understanding of what are the current and future business strategies of the company. This will give them a proper criteria for recruiting talents.
- Identifying the key gaps between the talents already hired and the talents required to achieve success for the business.
- There should be a feasible talent management plan in place to fill in the talent gaps. The plan should be integrated into the business and strategic plans.
- Business managers must make accurate hiring and promoting decisions.
- All individual and team goals must connect with corporate goals. Expectations and feedbacks must be clear in order to manage performance.
- Talent must be developed to improve performance in his present position as well as preparing him for moving up to a next level.
- Business managers should focus on the fundamentals required for successful execution and not on the talent strategy alone.
- There should be a regular evaluation and measurement of the impact on the business and effectiveness of the workforce during and after every project.
Benefits of Talent management
- Better quality service and care – When you have good talents in your organization that translates to better quality service and care that you can provide your customers with. The common problem of companies is that they are not aware of the skills and capabilities of their talent and they are given wrong roles or they are not aware of what is expected of them.
- Key people doing critical work – When an important member of the executive team leaves to retire or resign for one reason or another, the talent management knows the key people to take the position. This is called succession planning.
- Provides better targeting – Talent management can provide better performance of the workforce because it knows the people who can do the job. It provides constant training and development of employees for a high performance culture in the company.