Talent management is an organization’s commitment to recruit, hire, retain, and develop the most talented and superior employees available in the job market. So, talent management is a useful term when it describes an organization’s commitment to hire, manage, develop, and retain talented employees. It comprises all of the work processes and systems that to retaining and developing a workforce.
Talent management is a business strategy that organizations hope will enable them to retain their topmost talented and skilled employees. Just like employee involvement or employee recognition, it is the stated business strategy that will ensure the attraction of top talent in competition with other employers.
When you tell a prospective employee that you are dedicated to a talent management strategy that will ensure that he or she will have the opportunity to develop professionally, you attract the best talent. This is because studies show consistently that the opportunity to continue to grow and develop their professional and personal skills is a major motivator for why employees take and stay at a job.
What appears to differentiate talent management focused practitioners and organizations from organizations that use terminologies such as human capital management or performance management, is their focus on the manager’s role, as opposed to reliance on Human Resources, for the life cycle of an employee within an organization.
Practitioners of the other two employee development and retention strategies would argue that, for example, performance management has the same set of best practices. It is just called by a different name.
Talent management does give managers a significant role and responsibility in the recruitment process and in the ongoing development of and retention of superior employees. In some organizations, only top potential employees are included in the talent management system. In other companies, every employee is included in the process.
In some companies, the talent management system is accessible via electronics; in others, informal communication among managers and HR staff is the approach.
Talent Management Services Offered:
You can include the following systems when you approach talent management as your overall business strategy to recruit and retain talented employees.
- Recruitment planning meeting
- Job description development
- Job post writing and recruiting location placement for the posting
- Application materials review
- Phone or online screening interview
- In-house interviews that can involve multiple meetings with many of your current employees
- Credential review and background checking
- Making the job offer to the selected person
- Agreeing on the amount of the offer
- Employee starting day and onboarding process