Talent Management Strategy

 

Talent Management Strategy


(Image Courtesy of 3r-startegy.com)

 

Talent management Strategy is long term strategy of HRM functions, it includes recruiting, onboarding, developing, engaging, and retaining high-performing workforce. The essential goal is to create fulfillment workplace to keep and retain high performing workforce and to align with organization Strategy and to serve Organization Goal to success.

Good Talent Management can win to attract and retain top talents from competition in talent wars, result in employee engagement, satisfaction, productivity.

 

 

The key strategies of Talent Management are:

(A) Talent retention of top Talent

(B)   Employee Value Proposition (EVP) and Employer Brand

(C)   Goal setting and Performance Management.

 

(A) Talent retention of Top Talent

It is easier to keep top performer then finding new one. Organization needs to keep top talent as long as it could. Employee are looking for fair compensation, growth and opportunity.

Talent retention strategies are not only providing better compensation than competitor but offering carrier development plan, having specific goal to achieve for top talents, so they will loyal and reduce turnover rate.

 

(B) Employee Value Proposition and Employer Brand

Employee Value Proposition (EVP) is to differentiate from competitor to attract and to retain top talent. EVP is the value that why employee chose particular organization, in return for commitment and talents. EVP functions are providing competitive compensation, carrier development plan, fulfillment work, sharing and communicating Organization values to employee and future candidate.

Employee are looking to work for Organization that they are proud of and value that they share the same with the Organization. Strong Employer Brand will give competitive advantages for recruiting and retention top talents. In Talents Management strategy, HRM need to utilize Organization reputation and value to try to engage and share with employee and candidates for better alignment between two parties.

 

(C) Goal Setting and Performance Management

Setting clear goal for employee is important to for their performance and job satisfaction. Having clear specific goals allowed employee to understand their job duty and goals. Employee performance will improve by clearly measuring achieving specific goals. Organization can set specific key Performance Indicator (KPI) to measure employee success and accomplishment, and to give feedback of their performance by showing opportunity to improve their talents. By Providing training for next goal or next position, employees are more engaged and committed to the Organization for their carrier development.

 

Conclusion

Top Talents are important part of HRM and Organization success; their performance and productivity are essential for achieving Organization Strategy and Vision. By Implementation Talent Management Strategy, employee retention an engagement are improved, Organization can maintain and recruit key Talents in marketplace. Organization will benefit from loyal, satisfied and skilled Employee.

 

References:

 

Ø blog.hubspot.com. (n.d.). The Ultimate Guide to Talent Management [Strategy + Best Practices]. [online] Available at: https://blog.hubspot.com/marketing/talent-management. [Accessed 10 Dec. 2023].

Ø SAP. (n.d.). Talent management strategy and best practices | SAP Insights. [online] Available at: https://www.sap.com/sea/insights/talent-management-strategy.html#:~:text=A%20talent%20management%20strategy%20helps%20identify%20and%20fill%20missing%20key. [Accessed 10 Dec. 2023].

Ø ‌www.tmi.org. (n.d.). Talent management strategy – the gateway to great performance. [online] Available at: https://www.tmi.org/blog/talent-management-strategy-the-gateway-to-great-performance. [Accessed 10 Dec. 2023].

Ø www.tmi.org. (n.d.). The Roadmap to Talent Excellence: Creating and Executing an Effective Talent Management Framework. [online] Available at: https://www.tmi.org/blog/the-roadmap-to-talent-excellence-creating-and-executing-an-effective-talent-management-framework.  [Accessed 10 Dec. 2023].

Ø ‌‌www.youtube.com. (n.d.). Talent Strategy & Development Trends for 2023- Marc Effron. [online] Available at: https://youtu.be/djBKRbKn-2s?si=9qCjKq9PSeW42dBK [Accessed 10 Dec. 2023].

 

 




Comments

  1. GirahJamDecember 12, 2023 at 6:37 PM

    I encourage every company, small or large, to understand employees basic needs in order to endorse in the company. If company focuses only on the amount of productivity and not employees needs, sooner or later the good employees will not stay.

    ReplyDelete

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