Talent Management

Talent Management Techniques

 

Audio:

 

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.

Pay

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

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.

Company Culture

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.

Talent Management Practices

 

Audio:

 

What is Talent Management?

Different experts have varying definitions of talent management. However, most of the definitions that talent managers provide have a few concepts in common. For instance, many organizations view talent management as retaining and developing talented employees to achieve the goals of an organization.

We will look at talent management per the definition outlined by the Development Dimensions International (DDI): “as a mission-critical process that ensures organizations have the quantity and quality of people in place to meet their current and future business priorities” (Wellins, Smith, & Erker, n.d.). According to DDI, talent management does not only encompass hiring and retaining employees. On the contrary, appropriate talent management involves everything from the selection and development of employees to their succession and performance management. Talent management is only valid when managers engage with all its various aspects. These aspects are one of the numerous factors that present a challenge to managers when it comes to talent management.

Challenges in Implementing Talent Management Practices

Below are problem’s managers may encounter either while formulating or implementing talent management practices:

  • Increasing globalization within the current workforce: This influence employee expectations and forces managers to think outside traditional management concepts to satisfy the talent in their organizations.
  • Changing demographics in race, age, and ideology: This factor influences the wants and needs of incoming and existing employees. Whereas an older employee would be pleased with a pleasant physical working environment, for example, a younger one would expect freedom in the workplace. It is difficult for management to meet the needs of workers when they are diversified.
  • Increased virtual workplaces: Management is finding it difficult to compete with the benefits of working from home or anywhere, which makes it hard for them to retain talent.

There are other reasons that make talent management practices and concepts difficult for managers. Managers should overlook these issues because of the benefits afforded to their organizations with talent management. When there is a clear strategy of how an organization plans to recruit, retain, develop, mentor, succeed, and evaluate talent, everybody benefits. Investors, shareholders, management, and employees all benefit from proper talent management practices and concepts.