Talent management techniques are the processes and tools that managers can use to attract, hire, and engage highly productive employees within an organization. Typically, talent management is a five-step process that involves identifying the goals of the organization, its drivers and challenges, defining its goals, identifying gaps within the current management process through evaluation, and taking measures to bridge those gaps. At the end of a validated talent management process, an organization should have achieved several objectives including increasing its visibility to talent, developing the existing talent pool, maximizing the satisfaction of its employees, and planning for the succession of talent within the organization. An organization with a proven and efficient talent management process should also be able to act on the results of any performance evaluation it conducts.
Organizations can use different techniques or tools to manage their talent effectively. Below is a review of the most common talent management methods employed by managers today.
What is the most compelling reason for people to work? If you ask employees that question, the chances are that you will get different answers. Some people value community, others appreciate the sense of accomplishment that comes from holding down a job, but one of the most common responses you will receive is money. This response makes payment packages one of the most effective ways for managers to attract, retain, and motivate a talented workforce.
Career and Personal Development Opportunities
There have been studies that have revealed employees are attracted to organizations that offer them opportunities to pursue their personal and professional interests. An organization that delivers to employees training and the freedom to exercise their newly gained skills, for example, is more attractive to the employee than an organization that only includes employee training. Talented individuals are driven and ambitious, and they value organizations that place stock in their desire to pursue their individual goals.
Benefits are another significant tool managers can use to manage talent. Imagine a scenario where two organizations approach a talented investment banker; let us call them Company X and Company Y. Both organizations offer the banker an equivalent amount. However, Company X provides potential employees with more money and less health insurance and housing benefits. Since the difference between the proposals is only about $20,000 in wages, the banker goes for Company Y, which has many more comprehensive benefits. That is how today’s managers attract talent into their organizations: by offering benefits, the latter cannot refuse.
How do management and employees interact? How does management nurture relationships among its employees? Is the general impression of a firm’s work environment active and innovative, or is it conservative and bureaucratic? These are a few things talented individuals will want to know before they join an organization.
Regardless of which talent management method an organization implements, management must be ready to dedicate a considerable amount of resources to maintaining, developing, and attracting employees for its talent management process to be considered adequate.
Coming up with an appropriate talent management scheme might be intimidating for a manager. Valid talent management programs are why guidelines on how to formulate talent management strategies exist. They simplify the talent management method for managers. Below is a look at what works best for talent management.