Talent Management

What Is Talent Management?

Talent management is a process of ensuring that the right people are designated in the right positions of an organization to contribute to achieving the company's short and long-term goals.

This system entails thorough personnel planning and analysis, strategic recruiting and hiring, and continual initiatives to retain employees for the long term through career growth and development. 

In simple words, talent management means investing in employees, a company's most essential resource.

Talent management involves the entire organization rather than just one individual or department. Employees from higher to lower positions and departments can contribute to talent management in many ways.

Talent Management Process

1. Planning

Planning involves identifying the gap between the current and future skill requirements, determining the human capital requirement, composing accurate job descriptions for the key roles to help with sourcing and selection, and so on.

2. Attracting

After the planning step is complete,  the following step is to decide whether to fill the talent requirements from within the organization or from external sources. Either way, the goal is to attract a healthy flow of applicants. 

3. Selecting

Selecting the candidates who are the best fit for the job involves using a series of tests and checks: written exams, interviews, group discussions, psychometric testing along with background checks.

Recruiters now use software and AI-enabled solutions to scan a large pool of CVs to identify the perfect match.

4. Developing

Developing employees through training them for the skills required to contribute to business success will help them grow with the company and make them loyal and more engaged.

Employee development starts with an effective onboarding program that enables the employee to settle into the new job role, providing plenty of opportunities to improve aptitude, skills, and proficiency.

Meanwhile, an organization can arrange regular counseling, mentoring, coaching, and job-rotation schemes to ensure employees' growth.

5. Retaining

Retaining talents is essential for every firm to achieve true, long-term success.

The majority of businesses make an effort to keep their top talent by 

• Giving them promotions and raises, providing them with chances to advance
• Enticing them to participate in unique initiatives and decision-making
• Preparing them for roles that are more complex than their current ones
• Implementing rewards and recognition programs.
  

6. Transitioning

The evolution of the organization as a whole and the growth of each employee are the main goals of effective talent management. It involves-

• Creating a sense of belonging among each employee
• Providing retire benefits
•  Making effective succession plans
• Conducting exit interviews

These transition tools may seem unrelated career points, but these can facilitate the shared journey.