Essential Tools for Talent Management
Talent management is an essential practice adopted by organizations whereby they recruit, train and keep highest-quality employees. It is the science of using strategic human resource planning by companies to not only properly manage and retain employees but also improve business values and reach their goals.
However, proper talent management is something that most companies struggle to achieve and some are far away from practicing it. In a report published by the Hacket Group, it was stated that among the largest 500 companies in the US, the average company could expect 15% higher earnings if it could implement proper talent management.
It might come as a surprise, but talent pool is often overlooked as companies are more focused on reaching their goals. But what they fail to realize is that, sub-optimal talent processes bite at the overall performance. Alternately, most companies have no formal experience in organizational performance.
It goes without saying that a strategic talent management program can ensure that the company achieves all its business objectives. So, what are these major talent management tools? Here’s a look:
§ Objective Metrics: Metrics is pretty much required in order to ensure proper talent management. Owing to challenges like high-growth and tough competition, job descriptions are often blurred. However, regardless of challenges like this, a company will have to ensure that it has clearly defined roles for each and every job role, so that they are able to ensure absolute productivity.
§ Strategic Alignment: In most cases, talent is treated as an afterthought. In very few companies one would come across strategic planning that is aligned with talent strategies. This can be a critical issue as any kind of strategic planning must be executed by people itself.
§ Targeted Training and Development: Enhancing training and ensuring proper development of workforce is the next step to talent management.
Establishing a mentoring program can also be a great way of getting things done quickly. In this case, the company usually assigns a more experienced and senior employee to develop a relationship with a few high-potential individuals. Rotational assignments is another option where high-potential employees will be exposed to a wide range of functions within the organizations giving them the desired opportunities.
Partnering with local schools is another cost effective way of talent management. Companies can partner with local schools and develop modules that meet the need of the employers.
One must understand that a comprehensive and a value-adding talent pool will not emerge overnight. In order to succeed in this field, employers have to be pro-active and implement proper strategies to ensure that talent management is carried out in the best possible way.
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