What is Talent Management Program & Why You need it
With your company growing in both size and revenue, business starts to get competitive indeed. Former companions start to become cutthroat rivals. And as you expand the horizons of your business, there will always be one thing that you simply cannot afford to lack – a good employee.
Now, good, better, and best employees are had in two ways, either find and hire amateurs that seem to have potential and nurture and develop them into that ideal employee you are, or rob an already great employee from your competitor. Either way, the people who hire and develop such employees are your HR. This entire operation of finding and nursing and being able to retain the right talent for your company is called a talent management program.
Want to know more about talent management program definition? There are three attributes to the talent management program;
Scope of HR
Talent management is all about having HR perform various tasks to get the right talent for your company. It involves the entire scope of HR and the various activities they perform to get the job done.
The Four-Step Plan
The four-step plan is to Attract, develop, motivate and then finally retain. That is, as an HR, you need to be able to attract the best candidates to join your company, then you will have to develop them to work and blend in with your company as early as possible and as easily as possible. After this, candidates will not immediately sell their souls for the sake of the company.
They need to be motivated and convinced that their effort does make a difference in the performance of the company and thus feel motivated to get the job done. Lastly, you should also remember that just how you found your talent, some other company’s HR is also on the lookout for your employees as well. So, being able to use any means necessary to retain such employees is also under the talent management program.
Employee Performance Development
The entire point of talent management is to develop the performance of your employees and to retain them. When this is done right, employees are not only happy and satisfied with your company, but they are also motivated well enough to make the best of themselves for the betterment of the company.
Thus, it falls under the duties of talent management to always check the performance of your hires and be able to better them in any way possible.
How Do We Achieve The Path Of Talent Management?
When you do the right job, eventually each employee would be at their best self and account for the company’s exponential growth overall. The route best to take can be described with answers to the following questions:
1. What does your company look to achieve both in the short term and the long term from a certain position? And how should you measure progress?
Having a clear idea of what you expect from both your current employees and future candidates would be a great metric to record the performance of each employee. This is known as “Talent Management Metric,” and it is useful to measure each employee’s scalability and assess their talent and resourcefulness towards the company.
2. What should be the primary and also the secondary focus of the employee?
Each position in the company comes with different needs and priorities. As an employer of your company, HR is the first person a prospective candidate comes into contact with. Hence, HR must relay to them what exactly is expected of them and how best to focus their energy.
You can be known as the most desirable employer or the employer that only takes the cream of top of an employer that has a very particular niche, depending on the kind of focus you put on your hires.
3. How best to beat the competition?
When it comes to hiring your employees, you must remember that you are not the only company that’s looking to hire them. They might be for your interview at 1 PM and then have another scheduled at 4 PM on the same day, and there’s nothing you can do about that. What you can do is, if that person is the right fit, make sure you attract them so well that they don’t bother looking at another place at all.
This is easier said than done; After all, they can still go to that 4 PM interview and use your offer to try and squeeze them for a better counter offer. Beating the competition is not always easy, but for the right employee, anything is possible.
4. What are the capabilities that you need to build in your employees?
It is no secret that each company is different in its way, and each company tries to bring out different attributes in their employees. So, having a clear-cut picture of what you wish to bring out to your employees is important. And equally important is your customized metric to gauge their performance and encourage them to better themselves in your workspace.
It is all about having the right set of focus points and making the right choices to overlook the unnecessary bad attributes and focusing on the required ones to make the job better and the employee loved and encouraged and motivated.
5. How to Track Progress and Improvements?
As an HR, hiring, and firing isn’t the only duty. Tracking the employee progress is also an important aspect of the Talent management program and requires a separate set of duties to fulfill. If you find enough employees falling short of any given attribute that is essential to either your short-term or your long-term goals, it would be your responsibility to train them in it and track their progress and a frequent basis.
Conclusion: Talent Management Program Definition
All in all, a Talent management program definition is not only in books. In reality, it isn’t a simple task to complete. A talent management program has many underlying issues that you need to be well prepared about.