Talking Points on Talent Mangement

by Tod on January 16, 2015

The term talent management means different things to different people and  different organizations.  In some, it means managing high-worth individuals or “the talented.”  In others, it is about the systematic management of talent generally based on the assumption that all people have talent which should be identified, correctly deployed and appropriately developed.

To a senior manager, owner, or partner, talent management many stand for a critical measure that is represented by a gap between the balance sheet and the value of the business.

From a basic talent management standpoint, employee evaluations concern two major areas of measurement:

  • Performance
  • Potential

Current employee performance, within a specific job, has always been a standard evaluation measurement tool of profitability of an employee.  However, talent management also seeks to focus on an employee’s potential, meaning and employee’s ability or capacity to take on larger, more complex or advanced roles in the organization with or without structured development.

The manor aspects of talent management within an organization would include:

  • Performance management
  • Leadership development
  • Workforce planning/identifying talent gaps
  • Recruiting

Today however, we find that organizations may put tremendous effort in attracting employees to their company, but typically spend less time in retaining and developing talent.

We also find that many successful and competitive organizations work talent management into their business strategy and implement it on a daily basis throughout the company as a whole.  These organizations have found that their talent management process cannot be left solely to the human resources department to attract and retain employees, but is best practiced at all levels of the organization.

With this focus, talent management is now directed to

  • Recruiting and integrating new employees
  • Developing and retaining current employees
  • Managing for performance
  • Coaching for improvement
  • Recognizing and rewarding employees

Now the business strategy best includes responsibilities for line managers to develop the skills of their immediate subordinates.  Here one might see divisions within the company openly sharing informaition within their departments in order for employees to gain knowledge of  the overall organizational objectives.  Organizations could now focus on developing their talent and integrating plans and processes to track and manage their employee talent to include:

  • Sourcing- attracting and recruiting qualified candidates  with competitive backgrounds
  • Compensation-managing and defining competitive salaries
  • Training and development opportunities
  • Performance management processes and programs
  • Retention programs, promotion and transitioning to new positions
  • Executive development

Companies that engage in talent management are strategic and deliberate in how they source, attract, select, train, promote, and move employees through the organization.

Research done on the value of such systems implemented within companies, consistently uncovers benefits in the critical economic areas of revenue, customer satisfaction, quality, productivity, and cost.  The mindset of this more personal human resources approach seeks to not only hire the most qualified and valuable employees, but to put a strong emphasis on retention.  Since the initial hiring process is so expensive to a company, it is important to place the individual in a opportunity where his/her skills are being effectively utilized.

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