Capitalize on your employees who are the unequivocal talent of your organization. Since your employees are the most important asset of your organization, you need talent management to make the most of these talents.
What is talent management?
In an article by Valamis, talent management is defined as developing certain and necessary skills for employees and providing continuous motivation to enhance their performance.
Talent management also aims to achieve the following:
- Top talent attraction
- Talent engagement for purposeful business
- Critical talent retention
- Talent transition
One of HR’s hottest spots that the pandemic has pushed forth is talent management. Talent management has two goals: to drive results and to maximize profit. The bigger and collective goal of talent management is to maximize the value of your employees.
How do you develop a talent management strategy?
When building your talent management strategy, you need to incorporate the following essential components:
- Align your talent management strategy to your organizational goals. Before putting together your talent management strategy, your goals must be attainable and clear, with your employees’ roles specifically determined.
- Make sure the results are measurable by defining the metrics that you will employ and the frequency of these measurements. Remember that results are what you want from your talent management efforts.
- Include people outside of HR. Quoting Josh Bersin, “Talent management is a business process, not an HR process. It is the intersection of people with business, technology, and organizational strategy.”
- Communicate with your people. Make sure that what you expect from them is fully made known. Provide a clear picture for your employees so that they know exactly what to do going forward.
Having HR is not the equivalent of having talent management. You need to develop and implement a talent management strategy that is personalized to your business alone. This is the sure-fire way for you to obtain and retain top talent.
You can learn how to acquire competitive advantage via talent management when you enroll in the Strategic Human Resource Leadership certificate program offered by Genashtim in collaboration with eCornell.
eCornell courses are approved by SkillsFuture Singapore for SkillsFuture Credit as well as by HRD Corp Malaysia under its SBL-Khas Scheme.