Talent Management – How To Recruit, Retain Your Best Talent?
Basic Concepts in Talent Management
A manager’s list of basic concepts to recruite and keep the best human resources for the company
Have you been assigned the task of directing the human resources of the company? Do you know what are the most important concepts to consider when assessing, recruiting and developing skilled and competent personnel?
Here I will try to describe the core concepts that need to be handled in the development of a Talent Management Strategy.
First, what is talent management ?
It is the the recruitment and development of personnel that can reach high performance levels , thus contributing to the overall objectives of the company.
Each company follows its own model of talent management.
Why is talent management important? In every company there are a number of employees that stand out from the rest , either because they have developed abilities within their assigned tasks or because their overall performance reaches levels higher than the required standards. It is of utmost importance for a company to assure that these people remain in the company and continue contributing.
Talent management involves the application of a number of strategies used in the management of human resources, these are:
1. The identification and selection of employees who have demonstrated a superior performance and are an inspiration to others for the achievement of superior performance. They also represent the main competencies required in the organization of the company. The company has to make use of their capacity for organization.
2. The developing of employees that occupy key positions that require highly qualified personnel and cannot be left vacant for a long period of time.
3. The allocation of resources for the right compensation, training and help for employees that are occupying these key posts. Thus, these employees that contribute to the company’s excellence must be especially encouraged.
Talent management also implies the use of the following concepts which are the key elements in the human resources management:
Selection :
This concept has to do with the right recruitment
Assessment :
This concept is about assessing competencies. That is, evaluate if the employee can do properly the job he has been assigned.
Organization Competencies :
These are a series of concepts related to the way the employee acts and reacts, the way he overcomes obstacles, how he communicates with people below and above him.
Forecast of Potentials:
This is a prediction of the potential an employee has to move to the upper levels of the organization based on his actual performance, training and other related factors.
Coaching and Mentoring:
These are programs that help the employee in his development of new competencies.
Performance Appraisal:
This is a measurement of results the employee achieved within those areas for which he is held accountable.
Succession Planning:
The company needs to have a plan in case one or more of the key employees leaves the company. Since the position occupied by that person is key, the company needs to know in advance who could be the possible candidate that will replace the employee that is leaving.
Career Planning:
Employees that are meant to occupy key positions want to know what chances they have for career advancement. These employees think that their efforts must be valued and encouraged.
Compensation:
Compensation packages are an important aspect of the talent management strategies. Compensation promotes incentive. It is a widely known idea among companies that compensating their employees for their efforts increases productivity.
Retention:
A talent management program must include a way to keep its key employees and prevent their leaving the company. We always hear employees leaving a company and moving to another because they are offered better conditions that may include higher salary and promotions. If a company considers an employee to be a key employer for a position, it cannot let that employee go.
Research conducted revealed that the lack of organization of human resources, and not having an effective talent management program has accounted for the failure of many companies.
Most of these companies had shown that they were either not applying the concepts or were applying them inconsistently, in a way that did not help to develop a successful Talent Management Program.
We can conclude by saying that a talent management program is one of the key elements in the organization of the workforce that keeps the company moving towards its main goals.
thank u amit this talant management is quite useful information…wat is the diffrence between selection and recritment ?…wat are steps to be taken inorder to reatain a talanted employee?
Wat is career planning for beginners/freshers?
@bhanu,
Bhanu,
Recruitment talks about attracting potential candidates for a particular job. This includes sending out advertisements about job openings.
Selection includes the tasks of filling up application blanks, interviewing process and then finally SELECTING a candidate.
Recruitment is only informing people about a vacancy and selection is the process you use to hire a best matched employee for a job.
Hope this helps.
Regards
Thanks Amit,
I agree with bhanu that this is an excellent piece of work.But there is always some confusion that arises when discussing talent management which i had hoped your work will help to clear. That is, the difference between talent management and hr management.In other words,what is the meeting point of the two?
Hope to hear from you
I have the same sentiments as Norbert as to the difference between talent management and Hr Management..will apreciate if you could share more light on that..i also think it will help if you could expand a little more on talent management probably in your next article because i believe it is a very crucial aspect in any organisation..
Talent Management is the specific part of HR management to identify the talent from pool of employee and put focused approach on their development and growth to retain them.
Always remenber talented people have no of opportunities in their hand if you will not retain the others are ready to pick them.
Talent Management plays vital role to retain the best and insuring best utilization.This is your asset ,take care.
Very nice topic, thanks for sharing
@bhanu, To undestand the career planning for beginners/freshers? first we will understand that what is career? The career is the different stages of our working life, We start from A and move to B….C….D
The moving period from one stage to other depends on individual performance and delivered results as well as availbale opportunities with the organization.
Let’s focus on career planning for beginners/freshers?
The bigineers and fresher should first chalk out their career aspirations,( What They want to achieve, What will be the time span etc) list our competencies and analyze availabe opportunity alligned with their plan and competencies.
Career Planning is continuous process which needs constant updation and improvement according to market demand and economic scenario.
- Have sound Plan
- Execute firmly
- Give your 100%
- First Deserve then Desire
Have a nice career
hi amit
im writing a paper on this same topic. im doin my MBA in HR. if you can give me more points on this topic it would be very helpful for the same.
regards
It has lot of useful info and thanks for sharing.
regards/sivaram
this info is very useful for me.
regards
Very interesting article
Hi Amit,
Thank you for your this information. I am a student undertaking Msc. HRM and is interested in writing a thesis on Effectiveness of talent retention stategies in providing competitive edgein organizations. Kindly advise on what I should look at in terms of talent retention strategies and what is new in the market!
I shall appreciated your assistance.
Thanks
Rose
Thanks very much for Talent management it is very useful to HR but i would like to know the difference between Talent management and recruitment plan.
Thanks
Thaks a Lot Amit…for your ever ending valuable information, which is very usefull.
Thanks a Lot Amit…for your ever ending valuable information, which is very usefull.
Thanks very very much Amit, I like your doc. It may be useful to my work.
Thanks for discribing the concept.