Core Talent Management Strategy Practices to Set Strategic Roadmaps.

What it is

As a company defines its business strategy, each function must align its objectives and actions to support its strategic goals. Talent management strategy is the process the HR function follows to accomplish this directive, identify priorities, and set up plans to advance talent management practices. It is directly enabling corporate strategy, hence its importance. It is a compass to decide how to design and prioritize HR programs, services, and policies and guide how they should mature over time.

This process follows a periodic cycle, typically conducted on an annual basis, where the HR team analyzes current and future business and organizational needs, reviews its talent management programs and practices to assess if they respond adequately to those needs, and identifies adjustments. These improvements may enhance the effectiveness and efficiency of services provided in response to regulatory, operational, technological, or policy opportunity areas.

Talent management strategy is different from “talent strategy”, which includes looking into business requirements in terms of the knowledge, skills, and abilities required by the organization, the ways to access them in the market, and the development, maintenance, and retention of these capabilities. It is also distinct from “HR strategy”, which focuses on defining how to organize and operate the HR function, as well as determining what processes, policies, and services will be part of it at any given stage.

Why use it

Talent management strategy is useful for prioritizing time and investment on the most important initiatives for the organization, not only the most urgent. It is an overarching plan that encompasses all talent management areas, helping align the HR agenda with the business strategy. It allows HR teams and key stakeholders across the business to collaborate and agree on main objectives and a roadmap of improvement initiatives.

The scope typically comprises programs supporting the worker life cycle, which involve attracting, accessing, engaging, managing, augmenting, developing, and transitioning talent. Nevertheless, the process creates the opportunity to holistically review other areas driven by HR to evaluate and improve.

Key practices at this level

Selecting areas of focus aligned with business and talent management drivers.

Prioritizing company efforts to focus on the areas that will provide the highest impact on business objectives, employee experience, and engagement.

Assessing talent management needs and aspirations to establish best practices to target.

Identifying the right types of practices and conducting an assessment to define which to target for achieving the company’s aspirations.

Defining priorities and a talent management programs’ roadmap to achieve an upgraded state.

Agreeing on prioritized improvement initiatives based on analytical considerations and leadership reviews to define a roadmap that will take the company’s talent management programs to the next level.

Adapting practices and creating plans to implement or improve talent management programs.

Performing detailed designs and adapting practices to adhere to available resources, timelines, and context.

This overview is part of a progression set comprised of Core, Advanced, and Emerging Talent Management Strategy practices. As a Wowledge member, you will have access to the specific step-by-step guides, tools, templates, and insights needed to implement each of these practices for all three levels of talent management strategy and many other key HR topics. Sign up now to request early access.

LIKE, COMMENT, SHARE a good piece of Wowledge! ??

#hr #talentmanagement #peopleandculture #chro #hrbp