Many job seekers have heard the term “talent management” from a recruiter or in a company description, but what does this system really involve?
What is Talent Management?
Talent management is a unique HR system used by businesses in order to attract top talent in the company field, and to retain highly rated individuals already employed by the company. A talent management system is similar to a performance management system. Where the two philosophies differ is in a company manager’s role in the process. While performance management is a company-wide set of practices, talent management places significant emphasis on employee managers’ role in the process. For example, managers are expected to interact daily with employees, and to help employees develop through their work, while HR provides training and support throughout the process.
Talent Management Hiring Process
An important aspect of developing a successful hiring process using talent management is for a company to advertise to potential job candidates that the company utilizes talent management. This communicates to prospective candidates that the company subscribes to a strategy that ensures employees will have the opportunity to develop in the field and advance within the company.
A large part of the hiring process using a talent management strategy is completed by a company HR department or by outsourced HR experts utilized by the company. The hiring practices used are aimed at attracting the best talent in the business field with opportunities for job stability and growth. This is done through careful development of job descriptions, as well as targeted posting placement.
Employee Cycle and Retention
At the successful conclusion of a hiring campaign, the focus of a talent management strategy shifts to employee development and retention. For recently hired employees, talent management usually involves welcome information, training, and goal setting. As previously stated, a large part of this strategy depends on the company managers and their interactions with employees.
For those employees that have been with a company long enough to have mastered entry training and goals, talent management focuses on their continued development through coaching and career planning. This development can include setting new goals, building relationships with management, and opening paths to promotions within the company.
Integrating Talent Management
Talent management is a useful strategy that can not only attract talented candidates to a company, but also increases retention of that talent. The streamlining of this process can improve the performance of entire companies, which is why it’s important to fully integrate such a system. To use this strategy to its full advantage, it needs to be included in every employee related process.
To do this, a strategy can usually be developed by a company’s HR department, or one they outsource. These professionals can create a hiring strategy to attract the best talent available to the company. In addition to this, company management, especially those with reporting staff, must be trained to successfully carry out the strategy. Achieving these steps can set companies on the fast-track to attracting, developing, and retaining the most talented staff in the field.
If you would like more information about how talent management strategies can improve your business, contact the HR experts at The Sedona Group Austin, located in Austin, TX.