What the heck is “Talent Management” & why is it vital for your business in 2023?
“Great companies don’t hire skilled people and motivate them; they hire already motivated people and inspire them.”
So… what exactly is talent management? Talent management is the full scope of HR processes to attract, onboard, develop, motivate, and retain high-performing employees. Sounds easy? Right?
While it is important to create a competitive workforce by recruiting candidates with highly desirable skill sets, you will retain that workforce by investing in continuous learning and skills development, as well as, managing and optimizing performance. Talent Management is about nurturing the talent that you have on your team and ensuring that “new employees” that join your team are set up for success right from day one.
In larger organizations who have a person or department specifically trained and assigned to Human Resources functions and duties – it would be the responsibility of the HR team to lead talent management efforts. But … what happens in an organization without a dedicated HR team? Who leads the talent management efforts? Talent management is a process that must be consistently applied – therefore, it is essential that someone leads this process and it is not left up to individual managers who are potentially untrained and unable to dedicate the time required to manage the whole process. Talent management is a collaborative process that involves managers and supervisors but should ideally have an individual with some HR experience leading the process.
Talent management helps your organization attract top talent, improves employee engagement, productivity and retention. Investing in talent & utilizing employees where their skills and interests are supported you will notice an increase in motivation, engagement and ultimately retention. Regular reviewing and adapting talent management strategies ensures employees have the skills and knowledge needed to remain effective in their roles and gain any skills required to move to future desired roles within the organization. There is no one size fits all talent management strategy – what works well for one organization may not work for you.
Talent management is an essential part of the HR function, even for smaller organizations. Your employees are your greatest asset, and it’s up to you to keep them motivated, provide development opportunities and show them exactly where they fit into the future of your organization.
Continue following our Blog in the coming weeks as we break down & further explain some of the critical steps in creating a talent management strategy for your organization.