Talent management pertains to the identification, development, and career movement of
employees and leaders within the organization. The most effective leaders and managers
take time to identify successors, provide development and cross-training opportunities and
work towards internal retention and career movement to minimize talent vacancy impact. If
you are beginning a talent and succession management initiative for the first time, The Pleasure
of Your Company™ can help you with a step-by-step process and plan that best fits your
organization’s culture, size, and situation.
The human capital needs of a corporation, non-profit organization or government agency vary
over time, and it’s important to have a long-term workforce plan to manage talent effectively.
Workforce planning defines the current and future needs for employees – by job type, skill
set and experience – so human resource managers and company executives can develop plans to
hire, promote and train employees. Once the future employee needs are identified, these can be
met by training current employees, hiring or promoting workers, and developing the talent of the
Once the desired staffing levels, experience and skill sets are known -- and hiring for the new position(s) is authorized -- the HR team will employ proven talent management techniques to attract, interview and hire the new employee(s). In addition to job postings in conventional print and online media, talent managers are now using social media websites like LinkedIn, Facebook and industry-specific employment sites to advertise for job candidates. Supervisors and human resource managers are also using sophisticated talent management and employee assessment tools like pre-employment tests which utilize competency-based structured questions which produce selection reports outlining key questions to ask in the interview process.
The first week at a new company can set the tone for new employees’ entire careers there – and have a significant impact on their personal growth, employee engagement and overall contribution to the organization. New employees are highly motivated to learn about the business, dig into their new job and begin contributing to the company; so this is a prime opportunity for talent management. Adding new employees to the talent pipeline or identifying any employee's skills and competencies usually include collecting data on performance appraisal ratings, 360 feedback, behavior dimensions, past advancement history, company tenure, industry knowledge, learning agility, advancement potential, relocation ability, advancement aspirations and formal assessments of future potential and leadership ability. All of these criteria can be considered for potential talent.
Just as financial management monitors the value of inanimate capital assets, talent management strives to measure and increase the business value of human capital assets. Using the workforce plan as a reference, human resource managers and supervisors can plan for specialized training and other personal development an employee may need to prepare for future responsibilities and assignments. The ultimate value of talent is derived from the appreciation of the value to the organization in the context of the skills and capabilities called talent management.
While some aspects of talent management are necessarily subjective, it is essential to have objective metrics of employee development to assess the organization’s preparedness to meet future staffing requirements – and to justify supplementary hiring or employee training that may be required. Common metrics used in talent management include years of experience (in a particular role or industry), scores from employee assessment tests, performance appraisal ratings, and completion of specific training or certification.
The same talent management principles and practices apply to the hiring, development and selection of current and future executives. To a degree, executives and senior managers are expected to have the initiative and diligence to prepare themselves for future executive roles, but it is the responsibility of the company (and in some cases the Board of Directors) to ensure that the organization has a viable succession plan, pool of highly qualified executives and a ‘strong bench’.
Employee engagement is the key to employee retention. and studies have shown that engaged employees rarely initiate searches for new employers. From the talent management perspective, this means supervisors and the HRM team need to ensure that each employee understands what is expected, how to perform his or her job, and the importance of the job to the success of the organization and the importance of the succession plan.
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