Talent management refers to the anticipation of required human capital for an organisation and the planning to meet those needs. Talent management is the science of using strategic human resource planning to improve business value and to make it possible for companies and organisations to reach their goals. Everything done to recruit, retain, develop, reward and make people perform forms a part of talent management as well as strategic workforce planning. A talent management strategy needs to link to business strategy to make sense. The term Talent management was coined by McKinsey & Company.

What is Talent Management?

Talent Management hiringplugThe term Talent management is usually associated with competency-based management. Talent management decisions are often driven by a set of organisational core competencies as well as position-specific competencies. The employee evaluations concern two major areas of measurement, ie; performance and potential. 
Executives and HR management have always been focused on basic talent management such as acquiring, hiring and retaining talented employees. But, to drive the optimal levels of success, business leaders need engaged, high-performing employees. The key for activating a workforce to greatness is to align your talent management with company strategy, define consistent leadership criteria across all functional areas, and identify specific competencies (like analytical, technical, education, experience) to cultivate for continuing growth. Business leaders who implement the best talent management processes are more prepared than their competitors to compete in the global economy and capitalize quickly on new opportunities. True success is only available when companies do more than adapt to long-term trends; they must be able to anticipate and jump on new opportunities before the rest of the market.

Why focus on Talent Management?
Building a Talent Management Strategy is key for creating a competitive brand and winning the war on talent over the competition.  Creating a game changing strategy requires an innovative talent management plan, where the commitment and support of leaders at all levels, and the ability to execute the plan. Organizations must become more effective, productive, competitive, and profitable in an increasingly challenging economy. Many of the world’s best organizations have implemented talent management strategies to achieve their strategic business goals.  Senior Leaders in the HR and TM arena recognize the importance of developing an innovative talent management model that is built on the organization’s values and culture, agility to change, innovation practices and internal operational effectiveness.
Creating an Innovative Talent Management Business Model is key. An innovative business model requires that the very best talent be sourced, engaged, developed, and retained. Organizations must champion a strong performance culture that drives the talent management process through developing employees, employee job and career satisfaction, talent review and succession planning.
Research on Talent Management suggest that :
  1. Current workforces are still not adequately prepared to meet their company’s future plans.
  2. Succession Planning, when extended to the entire workforce, it positively impacts sales growth.
  3. Integrated talent management strategies and processes have better financial performance than those      that which have not integrated their talent functions.
  4. Linking learning management to other core talent functions yields stronger revenue growth.
  5. Performance Management is a retention tool where goals, objectives feedback and coaching are            integrative when identifying, developing, and retaining high performers.
Steps to Building a Talent Management Strategy
  1. Build and maintain a strong employer brand to attract and retain top talent.
  2. Practice strategic and ongoing workforce planning.
  3. Create strategic recruitment plans and use all the tools at their disposal to attract talent.
  4. Build effective on-boarding processes.
  5. Create “great places to work”, so that talent will remain with the organization.
  6. Identify and develop leaders at all levels; choose and develop leaders for their talent management skills.
  7. Reward talent with strategic employee recognition.
Following  Innovative Talent Management Strategies helps to minimize risks by :
  1. Candidate selectionIntegrating workforce planning with recruiting strategies, to provide a more complete picture of your organization’s staffing situation through workforce analytics.
  2. Identifying a talent pool to fill internal positions and specify career paths to define a course of action for development, improvement or reassignment.
  3. Linking with performance management to provide a clear view of goals and what is working at both the    organizational and individual level
  4. Building employee career development by identifying future career paths, skill sets, development plans    and training needed to advance.
Every organization wants to find and keep top talent who match their company culture and drive for success, successful companies achieve this talent. In order to achieve the organisational goals of a company the people is very important, so it’s critical that they are highly engaged and consistently performing to the best of their ability-but this takes work. Talent management is a two-way street: employers need to be proactive in meeting their workforce halfway by giving them the resources to succeed, and employees need to embrace it and make the most of these tools.
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