So Just What Is Talent Management?
The term, Talent Management, can mean many things depending on who you talk to and the size of company that utilizes a talent management strategy. In basic terms, Talent Management refers to the strategies and actions a company takes to hire, develop, reward, and retain people. It also includes the way in which performance is managed, and how employees are coached to do their best. It involves an understanding of the motivation factors that lead to high performance, as well as how a company anticipates future hiring needs for specific skills, inclusive of a succession and replacement planning strategy.
This may sound like a lot, but in operating a business these components become a natural part of the organization’s fiber. What sets an organization apart from others is the way in which the organization handles these parts of the talent management process. When done well, organizations thrive because their people strategies lead to a high performance culture. When done poorly, organizations have problems, which lead to lower productivity, lower morale, higher employee turnover, and lower profits.
Talent Management strategies are the responsibility of the top leadership team. Middle management is responsible for assuring those strategies are carried out day to day. If there is a strategic human resources function within the company, they will be the glue that develops strategies into actions, and will support both senior and middle management in implementing a successful talent management program.
Let’s look at one part of talent management – attracting highly skilled individuals into your organization. Ponder this two-part question, and then look at what you can do differently/better to hire the best talent for your organization:
What actions are taken to attract highly skilled people to your organization, and, how effective are those efforts? (Think of this question from many perspectives, not just writing nice ads for job boards. Consider your company’s reputation within its industry, its culture, technology, opportunities to learn and grow, the management style, etc. Of course, this assumes that pay and benefits are fair and competitive to attract skilled people. Once you assessed some of these major components of your organization, look at the creative ways in which you reach highly skilled people, inclusive of how you tell your unique story about your company.)
About the author:
Diane Allen, PCC is a professional certified coach, leadership development consultant and founder of the Strategic Leadership Academy (www.strategicleadershipacademy.com). She has spent the past twelve years helping senior leaders and middle managers build success by building their personal and organizational leadership skills. For a complimentary 30 minute strategy phone session to discuss your biggest talent management problem and to brainstorm some solutions, please send an email to: firstname.lastname@example.org and put “Talent Management Session” in the subject line.