What is talent management? Fundamentals and strategies

In the world of Human Resources, there few principles as basic, important and lengthy as talent management. This concept revolves around one of the most valuable resources on any business: its employees. This is why most companies today are focused on employee wellbeing. 

In fact, having a good employee management is important for any company to achieve its goals. So, if you are wondering: “what is talent management?” here we will delve into this concept and the best way to create a good talent management strategy. 

What is talent management? 

This is a collective of activities that spreads throughout the whole employee lifecycle. Said activities are focused on finding the best professionals and getting the highest productivity from them in order to improve the company’s performance. There are many different opinions and ideas regarding the phases and activities comprised by the human talent management. 

These are the generally accepted phases of talent management: First, the attraction of candidates and the subsequent selection of top talent. Then, the integration and development of the talent that is now part of the organization. Lastly, engaging and retaining the best employees. It is also worth noticing that this is a process of cyclical nature. 

Importance of talent management 

Improved company performance 

The main subject in talent management are the employees. Organizations recruit the best professionals and implement actions that help them develop professionally and be engaged with the company. Therefore, you get the best performance from workers and, as a consequence, the company reaches a better performance. 

Higher retention rate 

For a good talent management, it is important making workers feel valued and comfortable. That’s why the company takes into account employee’s professional development and wellbeing. That way, they feel good working for the organization and are less likely to leave. 

A culture of innovation 

Human talent management promotes employees’ continuous training and development. As a result, the professionals in the organization are more likely to adapt to new technologies and use them. That opens new possibilities for the company. 

Talent management strategy 

1. Identify the company’s objectives 

The first step to create a talent management strategy is to identify and understand the organization’s objectives. It will be difficult to implement the right actions if you don’t really know the direction the company is going to. At the end, the purpose of this strategy is to help the business to meet its objectives through qualified talent. 

2. Understand the talent needs 

Now that you know the direction the organization is heading to, what talents will you need to meet those objectives? Is at this point that the Human Resources area must carefully define the characteristics of employees that will be part of the company. 

First, you need to identify the skills and competences that will be necessary. Likewise, the number of employees for each area in the organization is another variable you have to consider. Remember that all this must be stablished according to the company’s objectives. 

3. Analyze your current talent 

You have defined your talent needs, now you have to check if your current employees will be enough for the company to meet its objectives. Perform a detailed review of all employees you have and the skills they possess. Based on this list, identify possible gaps or deficiencies in your current talent. 

Maybe the talent you have now won’t be enough and you will need to hire more people. Perhaps the skills of current employees are not enough to complete certain tasks. That’s when you have the chance to create new positions. It is also likely that some employees are capable to occupy new positions and responsibilities. You have to consider all those variables. 

4. Create a talent acquisition plan 

The talent acquisition process is one of the most important sections of this strategy. Therefore, you must create a sourcing and recruiting plan that can meet the talent needs you have previously identified. It’s important to reach the candidates with the skills you need, but is also important to check if they fit with your organizational culture. Otherwise, they might leave the company soon. 

It’s best to create these recruitment plans with time and considering the long term. This is why you shouldn’t focus only in meeting current talent needs, but also the future ones. For example, one of your best employees could leave the company when least expected. Finally, this plan also must define what tool will be used to source and recruit talent. Here, you should leverage AI in recruitment and the many tools it gives us. 

5. Develop the talent 

We are now in the last step, which is developing the talent in the organization. This step begins when the candidate is hired and becomes part of the company. Then, the new employee has to integrate quickly into the organization. To do that, you will need a good onboarding process.  

After that, you need to implement policies focused on employee wellbeing, as well as their continuous training and professional development. By paying attention to their wellness, you will have happy and motivated employees. Likewise, by encouraging learning and training, you will have more capable professionals and better results for the organization. All this can help you retain top talent. 

Modern companies are focused on employee satisfaction. In this context, having a good talent management can be the aspect that can help you meet your objectives. 

At Talent2Win, we strive to align your company’s business objectives with the best Talent Acquisition strategies available. If you want to learn more about the services we offer, do not hesitate to contact us.