According to research conducted by Deloitte, there is 40% lower employee turnover and 38% higher employee engagement in companies that implemented a strategic talent management process. Content What is the talent management process? The importance of talent management Overview of talent management practices An 11-step talent management process Before we dive into the 11-step talent management process, I'd like to briefly talk about an article we published earlier on a talent management model. Speaking of hiring the right people, a well-functioning talent management process also has a positive impact on your employer brand and, by extension, on your hiring efforts. If, for example, your company is known for its incredible 26% learning development program, 21st century job seekers will probably perceive it as a “great advantage” and give you a competitive advantage (very welcome) compared to your competitors.
So, without further ado, let's dive into the 11 steps, or stages, of a successful talent management process. Hiring is usually done by contacting candidates who are already in a job, posting advertisements on job boards or creating more specific advertisements that meet the employee's personality created in step 2 of the talent management process. For a full description of the relevant instruments, see this article by Schmidt and Hunter (1999). This article shows the most common selection techniques and the degree to which they predict future job performance.
The second type is desirable rotation. These are people who never performed well and who can now be replaced by people who could do their jobs better. These people ended up at this point due to an error at some point in the talent management process. Either you hired the wrong people, couldn't hire them, didn't train them enough, or did any other combination of the 10 factors listed above.
. The sole purpose of the entire process is to place the right person in the right place at the right time. The main cause for concern is to establish an appropriate fit between work and the individual. In cases like these, it's always best to move them before you feel comfortable to retain talent.
The organization benefits from this work and, through appropriate talent management practices, can gain even more benefits. Talent management is defined as the methodically organized strategic process to incorporate the right talent and help them grow to their optimal capabilities, taking into account the organization's objectives. The talent management process within the organization must be as efficient and fluid as possible to ensure that, when an employee leaves or joins a company, it has minimal effect on their team as a whole. It must be able to adapt to the changing needs of the organization, to the evolution of talent expectations and to the pace set by changes in the industry.
The entire talent management process can be further simplified if you have the right human resources management tool to manage and track all the necessary human resources processes and projects. Over the years, several models have been created for talent management that have been created by organizations that feel that they have finally deciphered the code of the perfect model. Common talent management practices include hiring and selection, learning and development, engagement and culture creation, and succession planning. Another model that I often use when making presentations is the following overview of talent management practices:.
In such a competitive environment, talent management has become the key strategy for identifying and filling the skills gap in a company by hiring the most valuable people in the industry. Employees are an organization's most important asset, so finding the best talent is a top priority for companies today. Therefore, the process involves identifying talent gaps and vacant positions, finding and incorporating the right candidates, growing them within the system and developing the necessary skills, training them to gain experience with a future perspective, and effectively engaging, retaining and motivating them to achieve long-term business objectives. Everything that is done in an organization to recruit, retain, reward, develop and make employees perform better is part of the talent management process.