Talent management is the systematic HR process to attract, recruit, develop, motivate and retain high-performing top-notch employees. These set of HR processes are integrated with each other and touches on all key HR areas, from hiring to employee on-boarding and from performance management to retention. The basic purpose of talent management is to increase performance and it is aimed at motivating, engaging, and retaining employees to make them perform better.
When it’s done right, companies can build a sustainable competitive advantage and outperform their competition through an integrated system of talent management practices which are hard to duplicate. To achieve this, a strong and effective talent management strategy is key.
The number of key HR processes which are involved in talent management are listed below:
1. Sourcing and Attracting the Talent The first and most important step of the talent management process is attracting and selecting A-listed players. When a company can both attract and select (future) top performers, all its other talent management practices will be much more effective.
Employment branding is the concept that comes into play at this moment. Best thing to do for employment branding is to be honest.
Searching for the people according to the requirement is the main activity in this step. Look out for the platforms like LinkedIn where you can search highly talented people. Significant amount of them also comes from internal candidates and through referral schemes. Referral schemes are highly effective as they help to pick up candidates that on-board quicker and perform better.
2. Recruiting and Selecting
This is the stage where you conduct interviews and recruit the top talent by utilizing relevant assessments and interview tools to identify the best person in accordance to the key criteria laid out by the department manager.
3. Employee Retention
Now that you have recruited the best employees, you need to make strategies to retain them. Incentives and salary hikes are not the only things you should do to retain your employees, you must give them the room for creativity and create opportunities for growth such as career paths, global opportunities within the organization and by empowering them to flourish into the role.
4. Promotion Promotion helps your employees grow in their professional career. Nobody wants to work at the same designation for a long period of time. Promote the hired talent gradually to new roles.
5. Performance Appraisal
It is very important to measure the performance of an employee to identify his true potential. You can check whether the person can be loaded with extra responsibilities or not.
6. Succession Planning You want to be able to fill crucial top positions whenever they become vacant. Having a talent pipeline that ensures succession planning is a key element in this. It is a conscious decision by an organization to nurture and develop the continuous development of their employees.
7. Learning and development
It’s the best practice in talent management, educating employees helps to increase performance and retention. After all, once you’ve recruited the best people, you want to make sure they remain the front-runners in the field so laying out training programmes through internal/external training providers which will help them in upskilling.
Creating a talent strategy isn’t easy – but when done precisely, it can be very rewarding. I hope you see that in order to win the war on talent, one needs focused talent strategies as the ones listed above.
How important is it to incorporate successful teams in place? Does your company believe in developing successful teams? Comments?
Girish Rohra Chawla
Follow us on Social Media