The Art of Talent Management
- 20th Jan 2022
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- Job Experience
What is Talent Management?
- Talent = Skills of people
- Management = Utilising the skills in the best possible way so business goals are achieved.
Three steps of TM:
1- Attracting – onboarding potential talent
2- Developing – relationship with the employee keeping them interested
3- Retaining – keep them engaged, control the situation so they don’t leave
Your responsibilities for Talent Management:
If you are in a leadership position, it is key to understand your responsibilities in this regard such as:
- Understand the goals and objectives
- Recruiting/ find potential clients
- Provide training
- Engaging and involving team members
- Retaining and developing talent
- Managing performance
- Succession planning
Why Talent Management is important for success of a business? As an employer, you have to manage talent for success and smooth operation of your business. Some of the benefits of TM are:
- Attracting top talent
- Management can be back up in-case problem with employees
- Developing skills and sharing new skills either from employees or to employees
- Better investments
- Motivating the workforce
- Engaging and retaining
- Achieving business goals
- Satisfying clients
So, how do you implement a process for talent management? It is not a rocket science, some simple and consistent steps would lead you to successful talent management and successful business. Here are 5 steps of process to success:
1- Estimate talent requirements
2- Check existing talent first
3- Recruit the right people
4- Training, developing and retaining
5- Accomplishing business objectives
Is Talent Management same as recruitment? Simple answer is 'No'. Recruiting is a part of talent management. Talent management is more of a representation of the company. It results in:
- Long time employees
- Leadership roles
Is Talent Management just for the employers? No, it brings a lot of benefits for the employees such as:
- Better performance
- Career growth
- Boosting morale
- Employee safety
- Increased earnings
How Talent Development helps you business? I would say in a number of ways, such as:
- Reduces costs
- Beats competition
- Creates leaders
- Reduces attrition
It is crucial for success of your business to continuously develop talent of your employees.
Here are steps you can take to develop talent within your business:
1- Training and developing programs
2- Monitoring
3- Follow up – how much they have learnt
4- Evaluate performance
5- Feedback
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