Talent Management has become one of the major challenge faced by the organizations specially with the work force of milennials who tend to switch employers frequently. Talent Management is also one of the worst nightmares for the Human Resource Managers or CEOs as it is becoming more and more tougher to hire and retain the talent that would position the business a competitive one in the industry. Lapses on the efficiency of the workforce would pull down the business in no time. It will allow the competitors to eat in to your market share.
What is Talent Management?
According to World Economic Forum, it is the science of using strategic human resource planning to improve business value and to make it possible for companies and organizations to reach their goals. Everything done to recruit, retain, develop, reward and make people perform forms a part of talent management as well as strategic workforce planning.
What are the non-negotiable for successful Talent Management?
Following factors are the pillars of a successful Talent Management and are nonnegotiable:
Business Strategy – The organization should craft its business strategy that would help them achieve their strategic goals. Based on that the organization would be able to understand the skills that their workforce would need to be successful. Now the organization would be in a position to understand what kind of talent it needs to hire and retain.
HR as a core Function – The organization must invest on HR operation of the company and should monitor the performance closely. Also the organization should invest a percentage of the sales on Training & Development as it would keep the workforce equipped with skills and latest technology. Furthermore the rapport between the HR team and other functional managers should be strong and the HR team should be able to spot talent in a highly fluid labour market.
Non – HR Managers to live a HRM Life – If an organization needs to be successful, it needs to have the best talent. Best talent does not come easily. The team has to go in search. HR team on its own will not be able to spot this. Hence all Managers need to act as HR Managers. They need to tap all professional social media to and attend career fares or university events in order to spot the best talents. Recruitment is no more limited to the HR team. Functional teams conduct interviews and only the formal hiring will be done by the HR. This way the teams can choose the right person.
Performance Development Plan – It´s at the heart of any performance management system process. It enables team members and management to identify and specify both the employee´s personal goals and the business goals that matter most. Adoption of SMARTplus when developing goals would enable one to have better goals in today’s complex business world. SMART is a traditional methodology used for setting goals and plus is to review it regularly.
Performance Appraisals and Reward -Performance appraisals need to be planned on a quarterly or bi-annually in order to make it more efficient. A 360 degree appraisal would make it more deep and would provide the employee to understand the strengths and weaknesses better. If planned and executed properly, then the spirit of these meetings is open-minded, positive, and rewarding for both the employee and the management. To make the process better, the rewards should be linked to the performance. This would make the pay and promotion more scientific and push the staff to perform well and obtain the reward.
Training and Development – Performance appraisals are the input to the training and development plans. That will provide the insight to plan which staff needs to be trained on what topics so that the organization can achieve its strategic objectives through their performance. Providing meaningful and relevant training and learning opportunities to employees is key to engaging and empowering people.
Succession Planning – Organizations need to always have a plan as to who will replace whom and whether that person has all the skills and experience to take up the role. Also planning this would motivate the staff to think about their future in the company and plan their career.
Avoid Giving False Hopes – Providing false hopes to staff thinking that would motivate them will affect them drastically. For example when a promotion or a career advancement is not possible, giving them a hope that exceptional performance would make them progress up the career ladder would make them under-perform when they get to know, after they performed well, they are not going to get the promotion. Hence it is advisable to promise what is possible.
Talent vs Deficiencies – It is a good strategy to focus on staff’s strengths or talents than focusing on improving on their deficiencies. This will make them perform better with confidence and improve the output thus making their talent used for the company effectively.
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