Talent Management – Do We Have a Clue?

Introduction:

Talent management is a widely debated and often misunderstood concept in the business world. Despite the difficulties in defining talent, there is an emerging consensus that it involves the identification, development, and retention of talented people. However, there is still much confusion surrounding what exactly constitutes talent management and how it differs from traditional human resources (HR) practices. For example, a 2008 survey by the Institute for Corporate Productivity found that more than 75% of companies surveyed did not have an agreed-upon definition of #talentmanagement. This highlights the need for a clearer understanding of the concept.

Big Idea:

Talent management is often viewed as a subset of HR that focuses specifically on the attraction, development, and retention of top talent within an organization. This may involve practices such as #leadership development, #succession and career planning, performance management, and professional development. However, some perspectives suggest that talent management goes beyond traditional HR functions, and employ specific strategies such as employer branding, and establishing a mutually beneficial relationship with employees through an Employee Value Proposition (#EVA). Further, the targeting of specific categories of employees and developing them through the creation of stretch positions/assignments, eliminating blocker positions and building a bench of talented people who are ready to step into critical positions when the need arises.

Within an organisational context, the definition, creation and development of talent pools are of particular importance. This is a practical manifestation of which categories of employees are regarded as talent. Recent studies by the RBL group provide a particularly useful perspective on the notion of talent. They describe talent as the individuals who have specific capabilities, thus the overall competence to make a significant if not essential contribution to the strategic value chain of the business.

?Questions for the talent practitioner:

§?What is your organization's definition of talent and how is it used in talent management practices?

§?How does your organization's talent management #strategy align with the overall business goals and objectives?

§?Does your definition of talent pools take cognisance of which capabilities need to be developed to contribute effectively to the strategic value chain of the business?

§?What processes and practices does your organization have in place for identifying, developing, and retaining talented individuals?

§?How does your organization foster a positive employee experience and promote employer branding as part of its talent management efforts?

§?How does your organization assess the effectiveness of its talent management practices and make necessary adjustments?