Guide for Talent Management Process

Talent Management Process
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Introduction

The employees are the most valuable resource of any organization. Their overall performance and work ethic define the success of a company. The human resource department understands this fact and takes every step necessary to ensure that the right talent is hired, nurtured, and retained for longer.

 

Even before the origin of the term ‘talent management process’, HRs have been strategizing effective talent management processes and enabling the employees to remain productive and engaged.

 

With robust talent management processes, HRs have found the key to successfully identifying the right talent, hiring them, categorizing them based on specific aspects of their professional behaviour, and ensuring that the highly talented category remains with the company for a long time. Such efforts ensure that the company can capitalize on its employees to achieve overall success and solidify its business strategies.

 

Hence, let us go through this guide for the talent management process to understand the actual meaning of the term and how HRs are using it to ensure retention of talented employees and ensure the growth of their company.
 

Also Read: Strategic HR management made easy with Pocket HRMS

 

What is the Talent Management Process?

Talent management refers to the continuous process of searching for the best talent, hiring them, making them stay with the company for as long as possible and rewarding them for improving their performance and skills.

 

Effective talent management results in a productive and motivated workforce who identifies with their company and wish to be a part of it for longer. A recent Deloitte study found that employee turnover reduced by 40%, and engagement rate increased by 38% in companies that implemented a robust talent management process.

 

Hiring the right talent is always hard. Retaining these employees is even more challenging once good talent is hired, as they are more likely to get additional offers and jump ship. Hence, it is essential to have an effective talent management process for any modern organization.

 

Importance of Talent Management Process

Let us take a closer look at the relevance of the talent management process for a company:

 

Improved Motivation

With the help of a talent management process, HRs can motivate employees to work more efficiently.

 

HRs can strategize and implement reward schemes that involve discovering and rewarding employees who are good at their work and encouraging them to improve their performance. A motivated workforce results in better products and services that ultimately lead to prolonged success.

 

Competitive Employees

Companies with a robust talent management process gain a competitive edge over companies that don’t have a talent management process. By hiring and developing good talent, your company can be better prepared to face challenges.

 

Additionally, the employees themselves would be motivated to stay competitive as they would be rewarded for good performance.

 

Improved Performance

Effective talent management also ensures improved performance. Apart from the reward factor, talented individuals would also be motivated to work efficiently and undertake more challenging tasks to stay top of their game.

 

Having such a workforce is highly beneficial to the company as they are more likely to work harder.

 

Innovation-Driven

Talented individuals are also innovative as they are constantly challenging themselves to find creative ways to accomplish their tasks and improve the processes.

 

Such innovation leads to a more efficient way of undertaking work. It ultimately helps the company remove obsolete techniques and reduce excess costs.

 

Reduced Turnover

When the employees feel valued and appreciated, they are less likely to leave the company. Additionally, many individuals find the added perks more advantageous than their salary.

 

Effective talent management also involves helping them grow in their field, which lets the employees understand their value for their company. All these factors help reduce the employee turnover rate.

 

Enhanced Branding

Employer branding is vital for hiring the right talent for your company.

 

Once the candidates recognise your brand as an excellent place to work, you will start receiving applications from talented candidates who would like to be associated with your brand. Such employees also stay longer with your company.

 

Stages of Talent Management Process

Now that you have a good idea of the talent management process and its various benefits, let us understand multiple stages of the process:

 

Understanding Requirements

The first step in undertaking the talent management process is to recognize the requirements and goals of the process and make a note of them. The requirements that you lay down during this phase act as a foundation for the success of the talent management strategies in your company.

 

This stage also involves setting the job requirements and job descriptions of various designations in the company. It helps the HR and management understand the specific needs for each role and hence, find the right candidate for the position.

 

Setting goals and requirements also help enhance the effectiveness of the entire process and ensures that any steps are taken only after considering them.

 

Attracting Right Talent

The next phase of the talent management process involves sourcing the right talent as per the goals and requirements set in the previous stage. Since employer branding also plays a significant role in attracting the right talent, it is vital to have a robust employer branding strategy.

 

Since a company is constantly growing, it is vital to keep your job descriptions updated. It ensures that you get relevant applicants for a role suited for it. Additionally, your talent management strategy should also involve creating a positive interview experience that would help in transforming your applicants into promoters for our employer brand, even in cases where they are not selected for the role they applied for.

 

Recruiting Right Candidates

Once you attract the right talent, the next stage of the talent management process involves hiring the best talent to fill the vacant roles in your organisation. It is crucial to ensure that you employ skilled candidates and have the right attitude towards their work.

 

It is vital to recruiting an individual who has the right frame of mind because their goals should align with the company’s goals. Such individuals often stay longer with the company. They are also more productive as they effectively engage with their favourite brand. Selecting the right candidate goes a long way in ensuring the organisation’s long-term success.

 

Retaining Talented Employees

One of the major goals of the talent management process is to retain the talented employees of the company. To accomplish this goal, HRs need to take different approaches based on the kind of employee and their personal preferences. For example, some employees might find the perks and bonuses attractive while others value personal growth opportunities more.
 

Also Read: 5 Tips to retain Top Performers in your Company

 

The main motive of retention is to provide the employees with the incentive to stay with the company for longer. You can ensure retention by providing custom perks and benefits, better salary packages, personal development opportunities, rewards and recognition,

 

Promoting Good Employees

Promoting employees is a part of retaining employees. However, it is different from regular retention efforts because promotions also help the employees advance their careers. Promoting good employees helps them feel valued and appreciated for the hard work they have put in for their company.

 

Promotions also act as an additional incentive to help the employee stay longer with a company. They would understand the benefit of staying in an organization where their skills and talents are appreciated and rewarded.

 

Appraisal And Rewards

Appraisal and rewards are a vital part of the talent management process. However, to provide the rewards, the performance of the employees needs to be recorded. Understanding and recording the competencies of the staff helps HR recognize their skills and talents.

 

Timely rewards are essential to boost the employees’ morale and motivate them to work harder for the company. Similarly, appraisal encourages them to continue working for their organization. Hence, the talent management process includes appraisal and rewards to recognize the employees’ contributions and ensure their retention.

 

Succession Planning

Succession planning is another stage in the talent management process that ensures the employees’ optimised utilisation and skillset. It deals with planning the replacement of the staff within an organisation. It involves nurturing employees to let them hold management-level positions in the company.

 

Succession planning motivates the employees to work towards the betterment of their company. They realise that the company is actively watching over them and their hard work will be rewarded. Hence, it is essential to have a concrete succession plan.

 

Exit Strategies

On the other end of the spectrum, we have exit strategies that are also part of the talent management process. It deals with understanding and analyzing the reasons for employee exit and planning strategies to minimize the harmful effects of the exit on the company.

 

It also helps HR in making better employee retention strategies. Exit planning also involves planning the replacement for the exiting employee. Hence, it is a crucial component of the talent management efforts of a company.

 

Conclusion

As we have observed with this guide, the talent management process is a crucial aspect of the HR duties of any company. By following this guide, you will be able to efficiently manage your employees and ensure their retention for longer.

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