Talent management is one of the most promising aspects of human resources management. However, taken lightly, it is a major contributor in the growth of global companies. Most growth-driven companies understand this and have effective talent management process in place. There are a few common practices that make talent management a holistic process –
- Build an employer branding strategy — To attract best talents, it is crucial that talents around the world know about a company. In order to do so, there are practices like culture branding and public relations which can be undertaken to promote employers. This can attract the best of talent.
- Determine job criteria — To be an able talent management practitioner, it is crucial that one understands the skills required for a job. The better one knows the skills, the better hr professional they can become. There are several certifications which professionals can take to get better at talent acquisition. Certified talent management professionals also have better chances of getting better salary growth than the ones without certification.
- Source and entice talent– There are multiple ways to source talent. Job portals are among a few. The goal here is to get the best of talents and keep them with the organization.
- Select top talent — The goal of this aspect is to get the top talent among the available ones. Data-driven techniques or experiential discretion can be best utilized here.
- Offer contingent compensation — This entails offering employee fair compensation and retaining talent. Salary negotiations here matter the most. Offered compensation should justify skills and experience of the candidate.
- Focus on culture and engagement: Building and driving well-rounded culture of the organization and encouraging high performers is crucial part of human resources professional. For this, it is important to understand how can one sow the seeds of culture which can drive productivity, respect, and inclusion.
- Create retention plans: Attrition rate could easily go high, if employees don’t find satisfaction in their work, especially when employees have spent a large amount of time with an organization. Here, professionals need to have retention plans in place. A few talent management programs cover building retention plans. Pursuing such programs can add value to existing skillset.
- Performance management: Employee performance can be easily scaled. There are well-know practices that be pursued so that employees are working at nothing less than their best.
- Provide learning and management: It is important the employees continue to learn and keep expanding their skillset. It is beneficial for both organization and employees. For this, talent management practitioners should make learning programs available and be able to manage it.
- Pay attention to succession planning: As organizations continue to grow, there is increase demand for talent. In such times, it is important to plan, so that growth isn’t hampered due to unavailability of talent for whatsoever reason. Planning is mandatory here, so that productivity isn’t hit.
Effective talent management can be a little more sophisticated and can vary from organization to organization. However, the above-mentioned processes make up more than half of the process at most places.