What is Talent Management? Basics and Best Practices

One of the most important functions of any organization is HR talent management. It includes everything that is happening within the business associated with training, recruiting, retaining, and rewarding employees. HR Talent management is a constant process to attract and retain efficient and high-quality employees and improve their performance. 

So, the ultimate aim is to create a motivated workforce that will stick to your company in the long run. However, how you achieve this will depend on the type of your organization and how you run the business.

When done right, HR talent management can play a crucial role in the survival of the company. So, here are the best practices for HR talent management. 

1. Begin Keeping the End in Mind

A well organized and systematic HR talent management requires the business strategies and objectives to drive the quantity and quality of your required talent. According to research performed by Aberdeen Group, 34% of the organizations are more likely to associate organization strategies with succession management strategies. 

Matching talent to your business requirements is crucial. Almost all organizations using talent management believe business success is driven by the recruitment of the right talent at the right time. So, you should proactively address your talent needs. 

However, often, the connection between business strategy and talent is taken into account long after formulating strategic plans. Global Leadership Forecast study showed that only 14% of the CEOs believe that their company has the leadership talent for implementing and executing the business strategies. 

2. Go for the Right Candidates

Branding is only going to get you so far when it comes to attracting the right talent for your business. If your branding is appropriate, you might draw in some unqualified candidates along with the qualified ones. This is the reason you should choose the best candidates for your organization. 

To bring in highly qualified candidates, you have to develop comprehensive job descriptions. You have to look for candidates just as you look for customers. You can look for them on platforms where they spend the maximum amount of their time. It means sharing your requirements and vacancies on Facebook groups or as LinkedIn posts. You can also reach out to them by running social media ads. 

When you notice an inflow of candidates, you have to narrow them down. It will help in having a rubric and against this, you measure their resume strength. After this, you can move on to assessment, testing, and interview. 

3. Know What You are Looking For

Many studies have shown that companies with good financial performance are likely to use competencies as the premise for succession management, inside promotion, and external hiring. 

Competencies can broaden if companies start using Success Profiles. It is more effective than competency models because of two reasons-

  • Success Profiles are created to handle talent in association with business objectives. 
  • It has to reflect the priorities and key plans along with alterations in the new strategies. 

Success Profiles include four components-

  • Competencies: Behaviors that are related to failure or success in a job. 
  • Personal Attributes: Motivations and personal dispositions related to success, satisfaction, and failure in a job. 
  • Experience: Work experience and education related to job activity performance. 
  • Knowledge: Professional or technical information about performing the job activities successfully. 

Ultimately, you will know what is needed for exceptional performance in a particular job role. The good thing is Success Profiles can be used for every aspect of HR talent management activities – be it performance management or hiring. 

4. Make Sure You Have an Employee Exit Plan

At times, irrespective of your best efforts, your employees are going to leave someday. It can either be involuntary or voluntary. However, if you gather details using a powerful exit plan, you can solve many issues and attract new employees while retaining the old ones.

Hr talent management

Exit surveys or interviews are excellent ways to gather information about why your employee is leaving the company. It is always better to have two exit plans- one for the employees who have chosen to resign and another for the ones whose employment has been terminated. 

5. Know that Performance, Potential, and Willingness aren’t the Same

hr talent management strategy

Several organizations know about the benefits of a high-potential pool. However, they don’t know the difference between performance, potential, and willingness.

A great analogy for understanding the difference between potential and willingness is an athlete’s early career. The athletes from different fields are ready to compete and have it in them to win. However, they have practiced for years under trainers and coaches to succeed. So, you can assume that they perform excellently at every level of the competition. Nevertheless, good performance on the high-school team might not be enough at the college level. Just because an athlete is performing well at one level doesn’t mean they can keep up in the next level. Moreover, early in his/her career, it can be difficult to recognize their true potential. He/she is still working on their talent and trying to improve. 

The journey from potential to willingness is also a long process. On average, it takes a decade for a high-potential leader to move on to the senior level. To become a leader, you need personalized development plans, stretch assignments, mentoring, and more. 

If your organization doesn’t scout for talent and prepare them for the best performance, you cannot expect to have a winning team for the future. 

6. Communicate Effectively and Efficiently

Regular and transparent communication is crucial when it comes to fostering an environment that will draw in high-quality talent. Every employee looks forward to having an insight into what is going on in the company. This makes them feel more engaged and they are more motivated to work if they know where the company stands. 

So, make sure your employees are informed and let them know about the company’s decisions to offer feedback. Your employees are the ones who will implement the strategies and help your organization move forward. 

Bottom Line

Your HR talent management team has to be agile to keep up with the changes in the business and industry landscape. This has become more evident after the COVID-19 pandemic. With an ideal HR talent management process, you can constantly improve and evolve. 

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