Companies attach a lot of importance to the recruitment of talented people. Talented people make a positive difference to a company. However, many organizations struggle to attract and retain talented resources. In this article, we will discuss about the importance of talent management and its contribution towards team management and team development.
An Idea of Talent Management
Talent management uses strategic planning of human resource in order to improve value of business. It helps to ensure that companies reach their goals. Talent management includes activities like, recruiting, developing, rewarding, retaining and making people perform. To make sure that it is worth the effort, strategy of talent management should be linked to the strategy of business.
If a company can conduct talent management properly, it will have the right people doing the right job.
Talent management should be incorporated in business strategy of a company and applied by all departments. Attracting and retaining employees should not be the sole responsibility of the human resource department. Line managers in all departments should take up the responsibility to improve the skills of their team members. There should be flow of information within the departments, so that employees come to learn about the company’s objectives and aim to meet them.
Moreover, if talent management is implemented as a strategy, other departments also come to know about the existing potential strength in the company. This helps in determining career path of employees. Therefore, it can be said that effective talent management strategy includes sharing information about the talent of employees.
Origin of Talent Management
The term talent management was coined by McKinsey & Company in 1997. The term was also used as the title of a book by Helen Handfield-Jones, Beth Axelrod and Ed Michaels.
Features of Talent Management
Talent Management process includes the following features:
Recruiting is the process of attracting and selecting efficient human resource for present and upcoming needs of the organizations. The hiring process involves advertising, which attracts talent and interviews that select the best among equals. Company websites have a tab where employees can find information about required job profile and apply accordingly. This is the most convenient way of coming across interested candidates and recruiting them.
# Talent mapping
It is the formal method by which existing human resource is developed to meet the requirements of a company, so that the organization can realize its drawbacks and meet its objectives. The importance of talent mapping increases with greater alignment between strategic planning and talent management.
# Strategic planning
The method by which plans are implemented, so that they can help the organization meet its long- term goals is called strategic planning. It is the path that leads a company from its present situation to the future, three to five years down the line.
On-boarding is the process by which new recruits are welcomed and made to feel that they are a part of the company. It helps new hires to understand their value in the company and the expectations the company has from them. New recruits perform well when they get a warm welcome in the company.
Thus, on-boarding, unlike traditional orientation programs does not involve mere filling up of forms, discussing about company policies and procedures, it is a technique to inspire the recruit.
# Three-sixty degree feedbacks
The three-sixty degree feedback is a tool used by companies for appraisal of employees. It involves obtaining feedback from both external and internal stakeholders of the company who have direct correspondence with an employee. Internal stakeholders consist of supervisors, peers, subordinates and service staff while external stakeholders include clients of the organization.
# Performance management
Performance management is a continuous method by which an employee is communicated about the priorities and expectations of the company. It is the process of explaining job responsibilities of a new recruit. Performance management contributes in developing an employee’s performance and merges his or her performance with the strategic goals of the organization.
# Professional development
Professional development is the process by which training goals and strategies are established, so that an employee can achieve his or her goals, plan his or her career and obtain idea on the next career step he or she should take.
# Leadership development
The term ‘leadership development’ refers to the activities that are driven by the hope of achieving objectives. These activities increase the potential of an employee to become an effective leader.
# Executive coaching
Executive coaching is a relationship between an employee and his or her immediate manager wherein, the latter applies an assortment of behavioral techniques that helps the employee to accomplish both his or her own goals and the objectives of the company. This way, the employee can display better performance and the department with which he or she is attached also performs well.
Recognition is the process of giving encouragement and acknowledging the contribution of an employee and the team as a whole to the success of an organization.
# Career path
Creating a career path is the way in which the company frames the career of its employees. It is also the process used by the employee to understand job opportunities inside the organization. It helps the employee to take further steps that can assist him or her in future.
# Succession management
Succession management is referred to as the method of realizing the potential of internal resources and developing their skill to fill positions in the organization. Succession management helps in ensuring that internal resources are utilized and trained, so that they are available when time arises.
Compensation is the process to reward employees for their accomplishments in meeting the company objectives. They are also rewarded for improving their skills and talent.
Engagement is described as the degree to which employees commit themselves in meeting the objectives of the company they work for. It is the extent to which they feel motivated for enhancing their own skills and at the same time, contributing to the success of the company.
Retention is the process by which a talented employee is retained in the organization by creating an environment which is convivial and supportive for the employee to work. This makes the company a dream organization to work for.
Talent management is thus, the strategy employed by a company to recruit talented human resource and retain them after developing their skills and providing them with the best possible atmosphere to work. It helps in training an employee and rendering him or her suitable for the next position in the company.