Defining Talent Management

Talent management is a business strategy that helps retain exceptional and valuable employees. Talent management encompasses seven key HR components: recruiting, onboarding, performance management, compensation planning, succession planning, education and development, and workforce planning.

While there is no standard talent management model, the basic process that companies follow within the process model is:

1. Planning: The first step involves identifying the organization's human capital needs and creating job descriptions that align with those needs.
2. Attracting: This is the second step that involves posting the job description to job boards and websites to attract a sufficient number of qualified candidates.
3. Selecting: This is evaluating and interviewing candidates to find the individual who is best suited for the job.
4. Retaining: This step involves offering growth opportunities, encouraging professional development and rewards programs, and training for more involved positions.
5. Transitioning: This is the part of the journey where the organization offers retirement benefits, completes succession planning, and conducts exit interviews, all of which are essential transition tools for both the employee and employer.

What is the difference between talent management and talent acquisition?

Talent Acquisition is the process of attracting and hiring qualified people. Talent acquisition refers to the processes surrounding recruiting and selecting candidates and onboarding new hires. It is essentially a portion of the talent management process. On the other hand, Talent Management is how you develop and retain these skilled hires. Talent management includes all the functions within talent acquisition and the processes after onboarding, such as professional development and advancement.

If you attract and hire good employees but don't invest in their development, you won't be able to retain them or unleash their potential, so effective Talent Management is essential.

Here are five different talent management strategies you should implement within your organization:

1. Create Clear Job Descriptions - Create a clear and concise job description that attracts the most qualified candidates. Developing clear job descriptions helps you know the skills, abilities, and experience required from a new employee.
2. Offer Employee Onboarding Training - Talent management involves offering ongoing coaching, mentoring, and feedback to ensure that the worker feels valued and essential. Focus on developing a culture of trust between employees and managers to know they can come to you or other managers for feedback and encouragement.
3. Offer a rewards program - Rewards and recognition programs are essential for helping employees feel appreciated, significantly when they exceed the expectations for their role.
4. Aim To Compensate Above Market for Valued Employees - Employees offered a promotion and career development opportunities are more likely to stay with your organization for extended periods. 
5. Hold exit interviews - Understand why your talented staff decides to exit the organization. Make changes to retain gifted workers if the provided reasons give you insights on company systems that need improvement.

Do you need help improving your talent management team? Need help hiring the right people and retaining top talent? Message me to help you create a better workforce.