Talent Management is the next big Business Strategy




Talent Management is the next big Business Strategy_man draws on clear marker board with read ink

Talent management is the key to business success.  It’s a strong statement that is beyond contestation.

Why?  Numerous studies show companies offering top talent a chance to grow and develop professionally translates to high success in recruitment and retention.  Talent management itself is a commitment from an organization to recruit, hire, retain, and develop employees.

Talent Management Strategy

Talent management as a strategy is not wholly owned by the HR department.  In fact, it requires HR professionals to work with managers/supervisors within the company’s ranks to put the strategy into action.

That’s a bit different when contrasted with a human capital management or performance management strategy.  Under those strategies, there is more reliance on HR than the managers.

DOWNLOAD:  The Transformation of Talent Management

Talent management as a strategy, on the other hand, gives managers significant roles and responsibilities in the recruitment process and in the development and retention of employees.

Talent Management Processes

As previously mentioned, a talent management strategy includes four basic pillars

  • Recruitment
  • Hiring
  • Retention
  • Development

Taking those into account, there are several processes that fall under each pillar. 

 

Note:  This list is not complete.  It is only a small sample of processes.

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Many of these processes are the responsibilities of the employee’s manager.   There are opportunities where HR can and should take the lead.  Examples include recruiting, employee hiring, and termination.  Even with HR in the driver’s seat, managers have a significant role to play.

Those, of course, aren’t the only examples.

HR would have healthy involvement in any type of performance management or career pathing.  Managers are, in this instance, the ones responsible for carrying out the procedures and reporting outcomes back to HR

Talent Management Effectiveness

It is the responsibility of all HR professionals and managers involved with a company’s talent management strategy to integrate it into the company’s collective consciousness and apply it appropriately. 

In addition to this ‘buy-in’, an effective strategy involves the sharing of information about employees and their potential career paths across the organization.  This allows various departments to pull on the talent pool when looking at potential job openings.  This is commonly referred to as succession planning.

To learn more about succession planning, click here.  For a case study on GE Appliance’s succession planning strategy, click here.

Talent Management equals Business Strategy

Now that the basics of talent management have been explained, how can HR make sure it is the business strategy?

  1. Know the organizational goals - This information helps in understanding what’s important to the company and how it fits into the overall strategy.
  2. Goals informs human assets - Simply, what quality and skillset do current and new employees need to support a successful talent management strategy?
  3. Avoiding future problems - This allows HR to address potential issues that could derail a talent management strategy.
  4. Job descriptions - Job descriptions go along way to recruiting top talent. These will attract high potential talent that aligns with the company’s culture and can also add to it.
  5. Importance of culture - Make sure hires fit the company culture and will help sustain it.
  6. Employee investment and internal hires - Hiring on the basis of a talent management strategy can be tricky. Some of the best candidates may be internal candidates.  Remember, employees are a long-term investment.
  7. Measure success - Talent management strategies require close and careful monitoring. Some times, more often than not, tweaks are required.

Conclusion

Move the company forward.  That’s the mission of every talent management strategy when it also serves as the next big business strategy.  HR and managers place a premium on talent who add to the business and who support and reinforce the company.  That, in turn, becomes a vital part of what a business stands for.

And there is plenty of success to be found.  Google, for instance.  The company allows employees to spend 20% of their working time on personal projects or experiments.   It’s not just attracted better candidates, but completely transformed the company as well as what it means to be at work.

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