Talent Management

 

Talent Management



Image Courtesy of Forbes.com (Forbes Advisory)

 

Definition

According CIPD, Talent management is putting in place processes to: attract, identify, develop, engage, keep and deploy individuals valuable to an organization. To be effective, it needs to align with strategic business objectives. Strategic talent management has several benefits: it builds a high-performance workplace; it fosters a learning climate; it adds value to the employer brand, and it improves diversity. (CIPD, 2022)

Talent Management is Strategy to developing and planning of workforce, attracting talent pool through Employer Brand, implement Employer Value Proposition plan for employee retention and Engagement, execute selecting and recruiting process, in order to achieve Organization goals with dynamic Performance Workforce.


Talent Management Process

 

  • Planning Stage
  • In this stage, HRM need to assess talents requirement and create recruitment plan, job descriptions according with Organization strategy and Vision.  

 

  • Attracting: 

In This Stage, HRM implement recruitment plan using social media, job search website and agency. HRM need to assess attractiveness of the Organization Employer Brand and Employee Value proposition to attract top talents.  

 

  • Selecting: 
  • In this Stage, HRM select best candidate through interview and various assessment.

 

  • Developing: 
  • In this Stage, new Hired are put in process for orientation, communication, training to start off their position. Employee are given further training, coaching, channel for feedback, performance appraisals for development.

 

  • Retaining:

Recognizes employee contribution, build employee engagement to build employee satisfaction, loyalty to retain employees. Improve employee feedback and Compensation, provide flexible work and Growth Opportunity inside organization.

 

  • Transitioning:

Succession plan is in place according to Organization Strategy and Vision.

Developing top talents for leadership, invest and reward to loyal employee with benefits and compensation for long term employee retention. Implement Exist interview for Improvement of talent Management.

 

 

Benefits of Talent Management

 

According to 2008 McKinsey Global Survey confirm that Talent Management has contribute positively to overall Organization performance.

 


                         Exhibit1, Graph Courtesy of McKinsey & Company

The ability to attract and retain talent, in addition to having an effective talent Management program, support organization performance (Exhibit 1, 2018 McKinsey Global Survey)



Benefits of Talent Management

 

Talent Management can benefit in both Organization and Employee for long term success. The benefits of Talent Management are:

Meaningful work and satisfy employee

Reskilling and Continuous learning

Growth in Skills and Opportunity for employee

Increase Employer and Employee Value Proposition

Employee Engagement to Work and Organization

Employee provide and contribute better ideas and performance.

Productive workforce and Increase Productivity

 

 

Conclusion

 

Talent Management (TM) in HRM can provide pool of necessary talent to achieve organization goal. TM is a long-term strategy to develop current talents and attract future talents. TM reduces cost and time for Recruiting and selecting process by development of attracting and retaining talents employees.

 

 

 

 

References:

‌Andrianova, S., Maor, D. and Schaninger, B. (2018). Winning with your talent-management strategy | McKinsey. [online] www.mckinsey.com. Available at: https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/winning-with-your-talent-management-strategy. [Accessed 7 Dec. 2023].

 

CIPD (2022). CIPD | Talent Management | Factsheets. [online] CIPD. Available at: https://www.cipd.org/uk/knowledge/factsheets/talent-factsheet/#Whatis. [Accessed 7 Dec. 2023].

 

Danao, M. (2022). What Is Talent Management? – Forbes Advisor. [online] Forbes. Available at: https://www.forbes.com/advisor/business/what-is-talent-management/.[Accessed 7 Dec. 2023].

 

‌Hastwell, C. (2023). What Is Talent Management? Definition, Strategy, Processes and Models. [online] Great Place To Work®. Available at: https://www.greatplacetowork.com/resources/blog/talent-management-definition-strategy-processes-models. [Accessed 7 Dec. 2023].

 

www.youtube.com. (n.d.). What is Talent Management? Definition, Process, and Strategy. [online] Available at: https://www.youtube.com/watch?v=NwufHwariTI.

[Accessed 7 Dec. 2023].

‌

Comments

  1. Phongpan.KDecember 10, 2023 at 12:55 AM

    Talent management involves the strategic planning and implementation of processes related to the recruitment, development, and retention of employees who contribute to the organization's success. So, I think the company need to give important to talent management for their employees.

    ReplyDelete
  2. GirahJamDecember 12, 2023 at 6:30 PM

    HRM is the key. The key to understand what kind of employee individuality is and what kind of skill they lacking along with expanding the skills ability.

    ReplyDelete

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