Talent management actually refers to nurturing, developing and retaining employees who have the knowledge, ability and skill to achieve business goals. This is not possible by every employee because this class of achievers is limited and they can help a business to grow and hence, retaining them is important to gain edge over the competitors.
Talent management is something which a company deliberately takes up to gain advantage over competition and this advantage actually percolates down to the employees of the organization. The process of talent management begins at the HR or Human Resources level of the company where the HR professionals need to go for strategic analysis and incorporate the following things:
Recruitment: This is the basing stage where the company is presented to the people and the right candidates get attracted to the job. At this point the possible candidates need to be analyzed not only on the basis of their technical prowess but also on the basis of their attitude towards work. There needs to be a 360 degrees analysis on the basis of which recruitment must be done!
Employee Retention: The existing employees must be rewarded for their achievements and provided with proper support programs for their initiatives which can benefit the company.
Development: Employees must be given a chance of professional development and career building through various learning and development programs.
Development of Leadership: It is essential to identify the employees who have leadership abilities and nurturing them with proper programs and facilities which can help them increase their leadership potential
Performance Management: Providing feedback about performance and identifying the areas which need development and providing accurate support so that the employees actually learn and deliver towards the goal of the company.
Planning for Workforce: Workforce keeps changing and hence, it is important to plan for future skills, which can replace the shortage. At the same time it is necessary to include the older workforce for better performance.
Business Culture: It is necessary to present a positive environment and way of working which the employees will enjoy.
Retaining workforce is important for the companies because they can benefit from the same. However, it is also essential for the companies to ensure that the employees and develop and grow. A proper performance management system can actually attain both. Here are some talent management methods which can boost up performance and revert back to the company as increased revenue:
– The company must focus on development of the employees at personal level through both informal and formal training.
– Proper compensation in terms of salary and performance incentives can be actually very helpful in retaining employees and motivating them for performing even better.
– Providing them with additional responsibilities and tasks which can actually help in assessing their performance and at the same time make them feel important and part of the team where their presence has a value to the company as a whole.
Talent management can actually help the companies to save money on one hand and increase revenue on the other hand. This way, companies can benefit more than if they lose employees and attrition rate increases.