What is effective Talent Management?
An effective talent management process ensures that connections and communication between different parts of the HR process are transparent and form a cohesive whole. Recruitment, performance management, training and development, succession planning and compensation management should all be interlinked. An effective talent management software system aligns information channels and incorporates advanced analytics and reporting. Analytics and reports can be tailored so that your organisation gains maximum benefit form the information. ‘Triggers’ can also be built in to flag and initiate action.
Goal Management
The most effective talent management processes are linked to a company’s strategy and business goals. If it’s to embrace this ‘strategic’ angle, your talent management strategy has to be aligned with your strategic plan.
This alignment is known as goal management. An effective talent management process facilitates the communication of your strategic business objectives across and down through the company. It enables managers to access and view the goals of other departments and ensures that goal setting is a coordinated and cascaded activity involving all levels of the company.
Recruitment
Effective talent management ensures that recruitment activity is coordinated and focused specifically on the needs of the organisation; recruiting management and talent acquisition require an integrated approach. The best talent management processes facilitate, manage and control this activity through the use of tailored talent management software.
Download this essential Performance Appraisal Guide. A handy list of the key actions to take when preparing for the appraisal, during the appraisal meeting and throughout the year.
Performance Management
Performance management is a continuous process which should involve communication between appraiser and employee throughout the year. The performance appraisal is just one element of this process. Your talent management process should help you to coordinate and administrate performance management more effectively throughout the company.
Succession Planning
An effective talent management process facilitates the systematic identification and professional development of internal talent. It ensures that talented employees are identified and ready prior to assuming leadership roles and other key positions that may become vacant, even when the vacancy has to be filled unexpectedly.
Compensation management
A talent management strategy which incorporates compensation management ensures that remuneration levels are matched to an employee’s education, experience, certifications and skill set. The strategy should also ensure that remuneration levels are aligned with the marketplace. The best talent management software packages enable an organisation to factor compensation management into the process they use to manage their talent. The software provides coordination and greater transparency in relation to the pay grades or bands roles fall into.
Training & Development
Talented people tend to want to develop themselves. They expect to be treated professionally and for their skills to be acknowledged. They also expect to be provided with opportunities to develop their skills further. An really effective talent management process provides this and also challenges the individual to achieve optimum performance for themselves and the business.
A common misconception about Talent Management
Talent management is not only about developing employees with natural talent. It is also about providing all your employees with the opportunity to shine and develop. So an effective talent management strategy doesn’t just help you to manage employees with obvious talent, it also reveals those individuals with hidden talent and high potential.
All businesses possess hidden potential within their workforce. An effective talent management system helps to identify these employees and presents them with opportunities to develop their potential.