What is Talent Management?

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Published: 17th August 2015
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There is a misconception that talent management is only for the "big boys" of the business world, or elite companies in any industry. This is definitely not the case: Talent management is for any organization that values their people and recognizes what this value can bring to their business.

An organization is a collective of people brought together with a common interest, passion or objective. Thus, as long as your business has more than one employee, you will need to take great care of the people who have bought into the dream that your business promises.

Unveiling the hidden value

Organizations that adopt a talent management system can reveal the hidden value in their workforce, and such a system helps to clarify issues such as:

selecting the most suitable candidates during the recruitment process
attracting the selected candidates to join the organization
identifying top performers
nurturing these top performers
knowledge or experience staff should have throughout their career
training required
promotion opportunities
succession if an employee is promoted, retires or leaves
sourcing and recruiting talented new employees
fair compensation without overspending
retention of key employees

An effective talent management system must also consider the business goals and future development of an organization in alignment with its business strategy. An organization needs to recognize that talent management is itself a business strategy and must be fully integrated with all of the organization's employee related processes. Talent management should be incorporated in solutions designed from the ground up, to form a unified talent management platform which can then serve to support the growth of business on every level.

Importance of Selecting the Right People

The first step in a successful talent management program starts with talent selection. Choosing the right people, who fit your company culture and management style, and buy into your vision, mission and future business plans is a crucial step in the talent management process. Too many businesses make the mistake of hiring a person for their skills and then firing them because of their attitude.

Employee Engagement is Critical

To achieve the ultimate goal of sustaining a profitable business, we cannot avoid the importance of the people who make up the company. This is why employee engagement plays a vital role in the implementation of a successful Talent Management campaign.
Running a successful business goes beyond having a good marketing strategy, strong sales pitch or innovative products. What makes or breaks a business in the end, is the people who form the company, which is exactly why employee engagement is so essential.
Companies who want to successfully implement their business strategy, must first ensure that the communication channels between management and their workforce are always open. Management must actively engage staff at all levels so that they are aligned with the business strategy.
By putting effort into employee engagement, the workforce will grow to share the vision and mission of the business, as well as its short and long term business goals and will buy into the fact that these are achievable. This buy-in will enable staff to understand and accept the effort required to achieve company goals.
Improve Employee Retention

One of the key goals of talent management is employee retention. Companies that engage in talent management are strategic and deliberate in how they source, attract, select, train, develop, retain, promote, and move employees through the organization.
The value of such systems within companies consistently reaps benefits in critical economic areas, such as revenue, customer satisfaction, quality, productivity, cost, cycle time, and market capitalization. The ultimate goal of these approaches in talent management is not only to hire the most qualified and valuable employees but also to place important emphasis on employee retention.
When an organization's current and future staff are aligned with and invested in its business goals, and effort is made to ensure that staff are motivated, engaged, and are clear about their path in an organisation, a talent management strategy can be said to be fully implemented. This system facilitates a clear selection, communication and encouragement process for staff who can, at the same time, feel that they are both working to achieve company business goals and attain their personal goals, while getting paid fairly for their efforts.

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