Talent Management Part 2

I’m sure that you are all dying to know the answer to yesterday’s cliffhanger. Well here it is. Talent management is not something that companies stumble upon in their recruiting effort. It is also not just recruiting but encompasses much more than that.

Talent management starts with recruiting. In this aspect of talent management companies make sure that they are attracting the right people for the company and for the position. If a company does not recruit to the right people, they will never hire the right people.

Retention is the next step in the talent management process. Once a company hires good people it has to retain them. It is not beneficial to the company to just keep hiring good people only to lose them soon after.  Companies will want to devise a strategy for how to retain employees. This retention can be achieved by benefits or incentives. A support system for employees will also aid in retention.

Having an employee development program shows employees that the company is interested in helping them grow. A good employee development program will also help the company achieve greater performance and productivity from their employees. It’s a win-win situation for both the employees and the company.

Leadership development is another key aspect of talent management. Companies will achieve greater success if they identify employees with leadership potential early and can then develop those employees for leadership roles. Again the company and the employees benefit. The company benefits by having leaders ready for open positions who know the company well and are invested in its success. Employees benefit by gaining valuable leadership skills.

A performance management system is an integral part of an effective talent management system. Employees need to know how to perform their jobs well. They  will require feedback in order to achieve high performance. Performance management systems can be used for both employee development and administrative decisions but it is most beneficial to focus on employee development when it is part of a talent management system. In this way employees will view the performance appraisal as a development tool and not just a way to get their raise every year.

The last two aspects of an effective talent management system are more abstract. Workforce planning is looking ahead and planning for any workforce changes such as the aging workfoce and the amount of baby boomers who will be retiring soon and leaving a skill shortage within companies. The idea behind business culture is to have a culture that supports and encourages all aspects of the talent management process. If the business culture does not support the talent management process then this process will not succeed.

All of the above aspects are great for an effective talent management system. An important detail that is often forgotten is alignment. In order for a talent management system to be successful, all aspects from recruiting to the business culture need to align with each other as well as the business strategy.