Talent management is a company’s plan for recruiting qualified and high performing candidates. HR implements strategies and planning to improve business value for a company as part of its mission and values. Talent management involves the process of recruiting, developing, rewarding, and improving employee performance.
Companies put a great deal of effort in establishing an effective talent management system. The main goal is to attract the right employees to an organization, however it also accounts for continuous development and retention efforts of existing employees. A crucial part of talent management includes performing periodic employee evaluations providing feedback on key performance and job requirements. Many companies have implemented the use of technology and software systems that assist with the recruiting and evaluation of future candidates and existing employees.
Some key areas of talent management are:
strategic employee planning: The process of creating effective job descriptions and evaluating company needs across its divisions and departments
recruiting and retention: The process of finding qualified candidates for a position and continuously engaging them once they become permanent workers
performance management: The process of evaluating an employee’s performance in a given period of time.
training and motivating employees: The practices that an organization imparts to further educate and develop their employees’ skills
compensation packages: Process of researching and developing fair and competitive compensation packages for its employees based on industry and job data
career development: Companies will often implement a career development plan to ensure that employees know about other roles in the organization. Oftentimes, they will create internal job sites where employees can apply for positions within the company.
succession planning: High performing employees need to feel that they have a path of growth within an organization. Employers must also ensure that there is an effective succession plan should they lose a high performing employee with an important role in the organization. Succession planning ensures that employees and employers are prepared for future opportunities in the organization.
Implementing an effective talent management plan will ensure an organization’s success in the long run. High performing candidates are recruited for open positions, proper onboarding and training is provided to new employees, and employees are given opportunities for advancement or working in other areas of the organization. Another very important element of talent management success includes providing employees with a good compensation and rewards package that is competitive with the market.
Learn about talent acquisition and learn the difference between staffing and recruiting.