When you think about your company’s future what comes to your mind? The goals, objectives, initiatives and obviously the pathways to achieve them.
Amongst everything employees however are your backbone and major contributors to your organization. They make everything achievable and possible for you. But if a question is asked whether your employees are able to achieve their true potential, what would be your answer? A silent pause maybe or a passive yes.
If you are doubtful about it then you might be missing out on the most important aspect that can prove out to be valuable for your organization in the long run. Managing your employee’s progress is one such aspect that you need to keep your focus on and always give priority to.
With so much going around your daily schedule you might lose track about how your employees are doing and are they really progressing? And if that is the thing then a talent management program makes it easier for you and help you to check up on your employees periodically.
You might be wondering what exactly is it? And what does talent management comprise of?
Let me give you a brief idea about what talent management is and what are it’s main focus points.
What is Talent Management?
Talent management is a business strategy which aligns the workforce with the organization’s goal and values, which basically includes aligning the right person with the right role and tools.
It also involves the organization’s commitment to hire, manage, develop and retain talented employees.
Talent management is a management strategy that organizations hope will enable them to retain their topmost talented and skilled employees.
While hiring top talent continues to be a challenge for companies even today but retaining them and training them to meet the changing dynamics of the organization is a much bigger concern.
Talent management is a continuous and systematic process that focuses mainly on:
Identifying the vacant position.
Hiring a suitable person.
Developing their skills.
Retaining the person to achieve long term business objectives.
However, to succeed in having a good talent management program in your organization you need to have the right components. Components that make up great talent management in your organization.
Let us delve in the components of talent management that are required to make it work.
Components of Talent Management:
We all know that it's the employees who help businesses achieve their desired outcomes. Therefore, it is important that you recognize the top talent in your company and how you can help develop their skills according to the company’s need.
To meet your corporate goals and values, below is a list of the components that you will need for an effective and comprehensive talent management program.
1. Planning According to needs:
Before starting a talent management program you need to have a dynamic approach on what you need to focus on.
Plan on defining vision, values and goals that support your business objectives. Moreover, planning also involves identifying human capital recruitment, developing job description and proposal for top recruitment.
This will serve as a framework for the whole program, which will look beyond filling up positions and focus more on objectives.
2. Attracting top talents:
When it comes down to recruitment you need to be prompt whether it will be internal or external recruitment. It is important to pick out the right candidates to fill up the vacant positions.
There can be numerous ways that recruitment can be done. Few of them are:
Applicant tracking system (ATS).
Social media recruitment.
Your workforce needs to have the right balance of skilled individuals with diversity. A diverse workforce helps in opening up your networking capabilities, drive innovation and attract more proven talents.
Listen to our podcast on: Talent management - How to recruit and retain your best employees
3. Selecting the right candidates:
The selection process can be done through scheduling written tests, interviews and scrutinizing the most suitable candidates.
Experience matters when you are on the verge of selecting candidates for your vacant positions. But at the same time do keep in mind that being dynamic and having creative capabilities are important aspects as well.
Bringing in individuals with expertise who can help drive your work to success while you are still assessing your organization’s talent.
4. Developing the candidates:
This is a make or breaks step involved in developing a talent management program. During this stage, the employees are prepared according to the organization's profile and goals.
This step involves the following process:
Orientation and onboarding programs.
Enhancing the skills and proficiency of employees.
Counselling, guiding and educating employees according to the job profile.
Job rotation, like shuffling within the team with different roles and projects to keep the workforce rejuvenated.
It is important to enhance your employee's skills with time so that you can have the advantage of flexibility. With the correct development, you can transfer your employees from one job to the other within the organization. This will also increase their chances of developing their career as well.
5. Retaining your valued employees:
We all know that retaining is important for every organization. It not only helps you in keeping hold of your assets but it also helps in reduced employee turnover.
One thing you need to make sure is that you align the right person for the right job which will provide them with successful goals and supports their development.
Ways to retain employees:
Participative decision making.
Recognizing an employee’s contribution and efforts.
Promotions and perks that help.
Employee engagement is the key to successful retention which will eventually help the companies bottom line and improve the talent management program.
An HR software and talent assessment tool helps you to assess your organization's internal capability to execute and maintain your talent management goals.
Once you have built a program and started to execute it, it becomes important to keep in check that your teams and employees are doing well towards your objectives.
Make sure you keep everything on track so that you are ready for whatever the future brings.
Summing it Up:
What you sow and what you are likely to get out from it depends on how you gradually mould everything. In the same way, if you execute the program and not take the necessary steps, then you might not get the desired result.
A successful talent management system has the best of components which are strong and well-directed. Just be sure that placing a candidate at a wrong post can multiply your problems regardless of their skills, qualification and abilities.
Every organization needs its best talent for survival and to be ahead in the competition. Talent is the most important factor that drives an organization and takes it to the level it wants to be in.
So, why not work on making a comprehensive talent managment program and tackle the challenges effectively and efficiently.