Talent Management Strategy

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What Is Talent Management?

Talent management is a continual process that comprises attracting and maintaining high-quality employees, upgrading their abilities, and consistently inspiring them to enhance their performance. The basic goal of talent management is to build a motivated staff that will stay with the organization in the long run. The actual method to achieve this will vary from company to company (Ivan,2021).

Talent management is the systematic acquisition, identification, development, engagement, retention, and deployment of employees who are of great value to an organization owing to their high potential or because they fulfill key responsibilities (CIPD,2022).

According to Ivan, CIPD, and many other writers, the simple explanation is that talent management capitalizes on employees. Its your organization's most valuable asset. 

(Source: ICMA,2021)

Benefits of Talent Management

Right Person in the right Job : People choices get a strategic purpose via thorough assessment of people skills and competencies. The skill or competency mapping allows you to map the organisation's skill inventories. This is especially significant from the standpoint of both the organization and the employee since the correct individual is deployed in the proper role and employee productivity increases. Furthermore, because there is a greater match between an individual's passions and his job profile, job happiness rises (Prachi,2022).

Retaining the top talent: Despite global economic changes, attrition remains an important be concerned for business organizations. Retaining excellent employees is critical to market leadership and growth. Organisations that do not retain their best people risk losing out to competition (Prachi,2022).

Better Hiring: The quality of an organisation is determined by the quality of its employees. Having skill at the bottom is the greatest method to have talent at the top. No surprise, therefore, that talent management programs and trainings, as well as recruiting evaluations, have now become an essential component of HR procedures (Prachi,2022).

Understanding Employees Better: Employee evaluations provide managers with detailed information on their workers. Their growth requirements, professional goals, strengths and weaknesses, talents, preferences, and dislikes. It is so easy to discover what motivates whom, which greatly helps the job enrichment process. (Prachi,2022).

Better professional development decisions: When an organisation knows who its high potential employees are, it is simpler to invest in their career development. Since development necessitates investment decisions in learning, training, and development of individuals for purposes of growth, succession planning, performance management, and so on, an organization is unsure where to make this investment, and talent management simply makes it easier for them (Prachi,2022).


                                                                (Source : AIHR,2023)


Main areas of the Talent Management Loop

Attracting Talent: The organisation's ability for attracting external talent is determined by how potential candidates perceive the organisation, the industry or sector in which it works, and if they share the values of the organisation. Developing an appealing employer brand and employee value proposition is critical in attracting external talent  (CIPD,2022).

Identifying Talent: First, business vital jobs must be identified; they are leadership and expert responsibilities that, if vacant for an extended period of time, may expose the organisation to risk. Many organisations use succession planning to train future leaders to fill critical roles from within. The next stage is to discover talented individuals inside the organisation. This is frequently predicated on previous performance and future potential, with the goal of establishing "talent pools" of individuals who can move into business-critical jobs when they become available. A strong performance management method may help you recognize talent early enough (CIPD,2022).

Developing Talent: Talent development should be linked to other learning and development programs. Participants in talent management programs place a high emphasis on coaching and mentoring, as well as networking, especially with the most senior executives (CIPD,2022).

Engaging Talent: Employees who have high-quality occupations, some autonomy in how they work, a clear relationship between their duties and organizational goals, and are well-managed will not only be happier, healthier, and more fulfilled and will also perform better. Employee engagement is based on a mutual gains perspective on motivation and people management (CIPD,2022). 

Retaining Talent: Investing in training and development will minimize employee turnover and boost talent retention. Reward and recognition can also be used as retention strategies. The reward scheme should include a diverse range of incentives. It might involve rewards including recognizing an individual's importance to the organisation (CIPD,2022). 

Deploying Talent: Organisations must determine where their skill shortages are in order to arrange the necessary training and deploy recognized talent through work rotations, skill improvement opportunities, extra qualifications, project leadership, and secondments to help advancement and growth (CIPD,2022). 


 The Talent Management Secrets of Top Companies

Microsoft
(Source: Microsoft,2021)

Microsoft is renowned for its talent management, hiring 124,000 employees each year. They focus on digital transformation and require specific skills such as digital foundation skills, communication and business acumen, critical thinking and problem solving, and an in-depth understanding of data analytics. They also excel at workforce planning, redeployment, HR analytics, and leveraging the power of social media to attract and recruit new talent (Megan,2021).

Starbucks 
(Source: wikipedia,2021)


Starbucks has taken the retail industry by storm, offering a variety of training programmes to provide employees with the skills they need to communicate effectively with customers and gain vast product knowledge and coffee expertise. They also offer an abundance of benefits to their staff, such as income protection and savings plans, partner discounts and free drinks, alternative medical treatments, health care, dental, and vision insurance, and the Adoption Assistance Program. This, combined with their incredible training and benefits, has increased employee motivation, engagement recognition, and retention, ultimately decreasing employee turnover. Starbucks stands out from its competitors as an employer of choice over convenience (Megan,2021).


Marriott International  


(Source: wikimedia,2022)

Marriott International is an international hotel franchise that has been dedicated to diversity, inclusion, and equity since 1927. They promote 'UNITY and Family' and create an inclusive environment that supports the recruitment, retention, and development of their staff. They also engage in practices that develop a diverse workforce, owner, guest, and supplier base, such as developing multicultural tools and resources, working and engaging with organisations that support and provide opportunities for veterans and people with disabilities, being an active corporate member of multinational oganisations that represent diverse and historically excluded suppliers, hosting and supporting conferences, seminars, events, and forums to further evolve global supplier diversity, and taking proper care of their employees, partners, and guests. These practices are part of Marriott International's commitment to putting people (of every race, gender, ethnicity, and background) first for generations to come (Megan,2021).


REFERENCES

Chartered Institute of Personnel and Development (2022) Strategic human resource management. [online] UK: CIPD. Available from https://www.cipd.co.uk/knowledge/strategy/resourcing/talent-factsheet#gref [Accessed 7 April 2023].

Ivan, A.(2021)Talent Management. [online] US: Valamis Group. Available from https://www.valamis.com/hub/talent-management?_gl=1*171j5a8*_up*MQ..*_ga*MjczMzk1ODEyLjE2ODA4NzczMjQ.*_ga_WH32P1Y0T3*MTY4MDg3NzMyNC4xLjAuMTY4MDg3NzMyNC4wLjAuMA..#importance-of-talent-managemen  [Accessed 7 April 2023].

Megan, M. (2021) The Talent Management Secrets of 5 Top Companies. UK: ICS Learn. Available from https://www.icslearn.co.uk/blog/human-resources/the-talent-management-secrets-of-5-top-companies/  [Accessed 7 April 2023].

Prachi, J. (2022) Benefits of Talent Management. [online] India: Management Study Guide. Available from https://www.managementstudyguide.com/benefits-of-talent-management.htm  [Accessed 7 April 2023].













Comments

  1. Nilushika Dilhani JayasingheApril 7, 2023 at 5:13 PM

    This article distinguished overview with proofread Chamidu . Talent management is the systematic attraction, identification, development, engagement, retention, and deployment of those individuals who are of particular value to an organization due to their high potential or because they fulfil critical roles.
    ⭐ As a result, employees take on higher levels of responsibility and challenges and are highly motivated. The company's human capital provides more qualified, expert and motivated added value.
    Talent management is a subsection of human resource development through which employees are engaged with the purpose of retention. Human resource management overarches talent management and involves creating a work environment where employees are most efficient.

    ReplyDelete
    Replies
    1. HRM solving the ''productivity Obstacles'' - Chamuda FernandoApril 12, 2023 at 1:16 AM

      Thank you for your comment on the importance of talent management in organizations. As you noted, talent management involves systematically attracting, identifying, developing, engaging, retaining, and deploying employees who are of particular value to an organization due to their high potential or critical roles.

      The literature on talent management provides further evidence of its benefits for organizations. For instance, a meta-analysis by Collings et al. (2015) found that talent management practices such as talent identification, performance management, and career development were positively related to employee engagement, job satisfaction, and retention. Moreover, these practices were found to have a positive impact on organizational performance measures such as financial performance and innovation.

      Additionally, research suggests that talent management can lead to increased employee motivation and commitment. For example, a study by Lai et al. (2016) found that talent management practices such as career development and job design were positively related to employee motivation and commitment, which in turn led to improved job performance.

      In conclusion, your comment highlights the importance of talent management in engaging and retaining valuable employees, and the potential benefits it can bring to organizations. The literature provides further evidence of the positive impact of talent management practices on employee engagement, job satisfaction, retention, and organizational performance.

      Delete
  2. Tharinda VithanawasamApril 8, 2023 at 6:34 PM

    How talent management strategy can be implemented in a small business? Any real life example?

    ReplyDelete
    Replies
    1. HRM solving the ''productivity Obstacles'' - Chamuda FernandoApril 12, 2023 at 1:21 AM

      Tharinda , Thank You for the comment. Implementing a talent management strategy in a small business can be a challenging task, but it can also be a great way to improve the overall success of the organization. One way to implement a talent management strategy is to focus on attracting and retaining top talent. This can be done by offering competitive salaries, benefits, and other incentives to employees. Additionally, providing training and development opportunities can help to build a more skilled and engaged workforce.

      A real-life example of talent management in a small business can be seen in the case of Zappos, an online shoe retailer. Zappos has a strong commitment to talent management, with a focus on hiring individuals who are a good cultural fit for the organization. They offer extensive training programs and leadership development opportunities to their employees, and encourage them to take on new challenges and responsibilities. This approach has helped to create a highly engaged and motivated workforce, and has contributed to the company's success.

      Overall, implementing a talent management strategy can be a valuable investment for small businesses looking to attract and retain top talent, build a strong organizational culture, and improve overall performance.

      Delete
  3. Hashmath HuzairApril 9, 2023 at 10:14 AM

    A well drafted article Chamuda, it explains what talent management is, its benefits, and the main areas that form part of the talent management process. This article is a useful introduction to talent management for those seeking to learn more about this aspect of human resource management.

    ReplyDelete
    Replies
    1. HRM solving the ''productivity Obstacles'' - Chamuda FernandoApril 12, 2023 at 1:27 AM

      Hashmath, Thank you so much for your positive feedback! I'm glad that you found the article informative and useful. Talent management is a critical aspect of human resource management, and I hope that the article helped shed some light on this important topic. If you have any questions or further comments, please don't hesitate to reach out. Thank you again for taking the time to read and comment on the article.

      Delete
  4. Kavindi CoorayApril 22, 2023 at 10:33 AM

    This is a very useful article for the current context. Benefits of the talent management is widely discussed emphasizing on retaining the top talented, better hiring, better professional development decisions and etc. The main areas of the talent management loop also widely concentrating on areas such as attracting talent, identifying talent, developing talent and etc. Article has given examples of organizations who have succeeded in talent management globally. The talent management should practiced by each and every organization in order to achieve their goals while retaining the best, potential employees.

    ReplyDelete
    Replies
    1. HRM solving the ''productivity Obstacles'' - Chamuda FernandoApril 23, 2023 at 8:10 AM

      Thank you for your valuable comment on the article regarding the importance of talent management for organizations. The benefits of talent management, such as retaining top talent, making better hiring decisions, and professional development opportunities are widely discussed in the literature.

      As you mentioned, the talent management loop includes attracting, identifying, developing, and retaining talent. Organisations that have implemented effective talent management practices have seen significant success, as demonstrated in the examples provided in the article.

      Delete

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