Talent Management is the combined organizational effort to attract, develop, and retain employees. Effective talent management is manifested in an organization’s ability to obtain and retain a range of individuals with different abilities and skill sets that are paramount to the innovation, development, promotion and sale of an organization’s products or services to the market. When an organization is successful at managing its talent, the organization often meets the strategic goals and objectives essential to achieving a competitive advantage.
What are the Components of Talent Management?
Keeping employees engaged and motivated to remain with the organization long-term is the ultimate goal of talent management that is achieved through a combination of activities executed by both the HR function and management.
Talent acquisition, typically under the HR wheelhouse, is the gateway to talent management where initial employees are recruited and hired. Beyond the initial attainment of talent, there are five key activities facilitated by an employee’s manager that help keep employee interest in working for an organization intact.
Initial employee education geared around fundamental organizational principles, job role requirements, and manager expectations is pivotal to early employee engagement and satisfaction. When employees have a clear understanding of the organization, what their role encompasses, and what goals they are working toward to help the company be successful, they acclimate to their jobs faster and have a higher sense of ownership over their performance.
Tip: Be intentional with employee orientations. If the employee feels as though the work that he/she will contribute is valued by the organization as a whole, he/she will be more motivated to meet and exceed performance expectations—adapting to a new workplace climate with speed and excellence.
Employee Training Programs
All employees value the opportunity to refine and develop skills related to their position. Training that is informative, engaging and easily accessible can help employees cultivate the knowledge required to help them become great at their jobs. When it comes to training, the method of delivery, the quality of the training content, and the frequency it is delivered are important aspects that management should prioritize when developing a talent management strategy.
Tip: Deliver training regularly. Not only does ongoing training appease employee desire for improved efficiency and an understanding for existing responsibilities, but it satisfies a deeper desire for career advancement that can be achieved through the development of critical skills within an employee’s department. It also helps management raise awareness of the pace of change as the market grows and matures—ensuring that every employee is positioned to help the organization be successful now, and in the future as new technologies emerge.
Often viewed as an element of a successful training program, coaching is an effective way to teach, motivate and inspire employees to help the organization meet its strategic goals and objectives. Typically, coaching is a 1:1 phenomenon where knowledge is transferred from a senior employee (manager) to less experienced employee. Coaching can help management draw out roadblocks, frustrations, and needs from employees—helping managers approach employees with workable solutions.
Tip: Don’t just spend time with your underperformers—your overachievers crave mentorship too, and often feel their contributions are valued in 1:1 sessions as they receive recognition and feedback on how to improve further.
Performance Evaluation & Management
Employees care as much as their managers do about their performance, and when they’re in the dark they’re quick to feel unappreciated and undervalued—leading them to look elsewhere for employment. Regular performance evaluations are essential to helping employees understand responsibilities, workload priorities, and how their contributions impact the organization’s success.
Tip: Give employees public recognition when they’ve done a good job, don’t wait until their annual review to give them kudos in private. In doing this, managers can highlight the tactics of high performing employees that can be emulated by others, as well as keep the employee or team that has been recognized satisfied and committed to continued excellence.
What does your top talent constantly have on their mind? Advancement. High performers are motivated to succeed in existing roles when the opportunity for advancement is within grasp. To retain talented employees, an organization must have opportunities for them to grow. To do this, management must keep a keen eye out for exemplary performers and make efforts to ensure they are set for success when a new position within the company becomes available.
Tip: Be transparent with your top talent by letting them know that you see potential in them to assume a new role down the line. If employees see a future in the organization and are backed by a manager committed to furthering their success they will be much less likely to jump ship and look for a new job.
Talent is the lifeblood of any organization. To keep up with market demands, technological innovations, and the changing industry landscape, an organization must maintain a range of individuals who are gifted in different skillsets to sustain or obtain a competitive advantage. Thus, a sustained approach to managing talented employees is central to the survival of the business.
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