TALENT MANAGEMENT, ITS DEFINITION, STRATEGY, PROCESS AND MODELS
⚡What is Talent Management? Definition, Strategy, Process and Models
Let us understand the Functional definition, strategy, process, and models of talent management.
Like all other parts of work, talent management practices have altered significantly over the past few years to reflect people-specific developments. In today’s atmosphere of hyper-change, strategic talent management is essential. The work-worker-workplace equation has experienced a rebirth as a result of global trends in talent and human capital management.
Table of Contents:
⚡What is Talent Management?
⚡Talent Management Process
⚡Talent Management Model
📍What is Talent Management?
Talent management is defined as the methodically organized, strategic process of getting the right talent onboard and helping them grow to their optimal capabilities keeping organizational objectives in mind.
As a result, the process entails identifying talent gaps and open positions, finding and onboarding qualified candidates, growing them within the system and developing necessary skills, training for expertise with a future-focused approach, and effectively engaging, retaining, and motivating them to achieve long-term business goals. The concept highlights talent management’s all-encompassing nature, emphasizing how it pervades every facet of human resources at work while ensuring that the organization achieves its goals. Thus, it is the process of bringing on the appropriate personnel and preparing them to help the firm as a whole.
To ensure the success of the organization, a number of components and sub processes fall under the broad category of talent management. Examples of contact points that are equally significant include analyzing the appropriate talent gaps for the present and the future, finding the appropriate talent pools and best-fit individuals, recruiting them, and then maximizing their current skills and capabilities while assisting them in growing. Even if one sub-process became out of sync, they all support one another and the entire system would collapse.
📍Talent Management Process
While often cyclical rather than a generic linear progression of events, the process of talent management could be considered, to begin with acknowledging the need for talent and leads to filling that gap and ultimately growing and optimizing the skills, traits, and expertise of employees, new and old.
Let’s get into these key steps in the process of managing talent effectively:
1. Planning: Like in any process with a set outcome, planning is the first step in the process of talent management. It involves the following: identifying where the gaps lie — the human capital requirement, formulating job descriptions for the necessary key roles to help guide sourcing and selection and developing a workforce plan for recruitment initiatives.
2. Attracting: The logical next step is to choose whether the organization’s internal talent pool or external sources should be used to fill the talent requirements based on the plan. In any case, the application process would need drawing in a sizable candidate pool. Job portals, social networks, and recommendations are some of the typical outside sources. To maintain the process as streamlined and effective as possible, it is important to identify the talent pools that need to be utilised in advance. The type of employer brand that the company has created for itself is important here since it determines the calibre of applications that are received.
3. Selecting: To determine the best person-organization fit, this entails conducting a series of tests and checks. Written tests, interviews, group discussions, psychometric testing, and a thorough analysis of all the candidate information available on public access platforms all contribute to obtaining a complete picture of the applicant. Recruiters may now scan through a large population of CVs using software and AI-enabled solutions to zero in on the best candidates and identify the perfect fit.
4. Developing: Many businesses today operate under the principle of hiring for attitude and developing abilities through training. This makes sense since, while you would want a propensity for particular skill sets, the person you are employing, not the CV, is what matters. Employee engagement and loyalty are increased when managers invest in their training and development to assist them advance within the company and gain the knowledge necessary to contribute to its success. This starts with an efficient onboarding programme to assist the employee in settling into the new post, then comes plenty of possibilities to improve skills, aptitude, and proficiency while also facilitating growth through counselling, coaching, mentorship, and job-rotation programmes.
5. Retaining: For any organization to be truly successful, sustainably, talent needs to be retained effectively. Most organizations try to retain their best talent through promotions and increments, offering opportunities for growth, encouraging involvement in special projects and decision-making, training for more evolved roles and rewards and recognition programs.
6. Transitioning: The evolution of the organisation as a whole and the growth of each individual employee are the main goals of effective talent management. This involves making each employee feel that they are a part of a bigger whole. Providing retirement benefits, conducting exit interviews and effective succession planning might seem like unrelated career points but they are all transition tools that enable the shared journey.
📍Talent Management Model
Numerous talent management models have been developed throughout the years by organizations that believed they had finally discovered the ideal model. However, the challenge with talent management is that it constantly needs to change to accommodate new employee expectations, digital disruptions, and talent trends.
The following diagram shows the integrated talent management model to show the functions involved for the development of the talent in the organization.
