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  • Writer's pictureZahra Safaei

Talent Management

The Remarkable Power of Talent Community for your business How can Talent be your company's superpower?

If there is one factor more important than anything else for the success of a business, it’s the power of their skilled talent. They are the company's most valuable assets, who not only help achieve goals but also build its core culture and ethos. Employees directly carry out the company's mission and for any business, investing in their training, learning, and growth is the key to reaching new heights.

In today’s ever-changing global business landscape, how a company manages its talent decides its future. But despite being such an essential part of any business, finding the right people continues to be one of the biggest challenges.

In order to sustain and adapt to the shifting work dynamics and constant change, the challenge of attracting and retaining professionals has become more difficult than ever. As work patterns have gradually transformed, terms like great resignation and remote work have become synonyms for the global workforce. According to recent estimates, roughly 1 out of 3 workers are now considering leaving their jobs, and almost 60% are rethinking their careers entirely.

Many businesses are trying to adapt to these changes while the rest are still catching on. The solution to all of these problems comes down to the talent management strategy of a business which can help both the employee and the employer build a sustainable future together. Modern successful companies have also realized that talent management should not only be confined to human resources and that there is a need for people at all levels of management to be deeply involved in this process.

What is Talent Management and why is it important for any business?

We often hear about companies from around the world that are famous for providing a perfect balance between of quality work and a great environment. They hire some of the best talent pool and provide them with opportunities to grow in the future. These are companies that have adopted some of the best talent management strategies and have almost become role models for everyone to follow.

On the other hand of the spectrum, you also hear about employees who are unhappy with their jobs. This is mostly due to a low pay grade, lack of potential to grow within a company, or working in a job that they do not enjoy. These are the companies that urgently require a proper talent management strategy.

Talent can be defined in many ways. It could be called a distinguished set of skills that separates the extraordinary from everyone else, or simply a natural ability to do something well. It’s the expertise that is unique to an individual that sets them aside from the rest. And just as the saying, if you want to grow your business, you need to grow your people, for companies and businesses to be successful, hiring the right talent could make a significant difference. But just as with any ability, talent only grows when people are given the right opportunities and the right environment to excel.

A guide to talent management for your business

In simple words, talent management is the process of setting up the best team for your company or organization and achieving your company's goals by helping the employees get successful in their careers. It starts by attracting and selecting the right employees for your company and the job position followed by a process of selection and their retention through a combination of innovative human resources processes. It encompasses workforce planning, employee engagement, learning and development, performance management, recruiting, onboarding, succession, and retention.

What are the principles of talent management?

For any strategy to be successful, businesses need to first follow a set of principles that would guide them to achieve their ambitions in talent management.

  • Align with the business strategy: The main point of any successful talent management campaign is to make sure that the people the company intends to hire should share the same larger goal as the business. This would not only make the employee more efficient at their job but it would also make it much easier to achieve the goal.

  • Consistency when hiring: It's extremely important that a set of policies are made before the hiring campaign is started in order to ensure that a degree of consistency is maintained. This would help the company align its future goals with the people they hire.

  • Cultural embeddedness: When hiring a potential team member, it is important for businesses to ensure that the talent being recruited has a cultural background that is in line with the core of the business, asides from their skillset.

  • Involving management at all levels: Another important principle that is key to successful talent management is to involve senior leaders at all levels of the business in the process. This would not only help top managers identify and retain top talent but also, give them an opportunity to guide the recruits through their professional careers.

  • The right balance of local and global needs: With an increasingly globalized world, talent management is no longer a local activity. In fact, big companies that operate on both local and global scales have to make sure to tailor their talent management process separately.

  • Business branding through differentiation: Modern-day businesses need to present themselves as an attractive opportunity for talent, which would help them excel in their careers. With the increasing demand for talent, this process of creating a unique business brand as a quality employer would help grab the right talent before the competition.

What is the model for talent management?

There are four main parts to finding the right talent for your business. The process includes recruiting, interviewing, selecting, and onboarding. The main goal at end of this talent model is to be able to find and retain the right kind of talent best suited for your business.

  • Recruiting: The process of analyzing the talent requirements of a business and finding the best-qualified candidate is known as recruiting. This process could take place both internally and externally. The main goal of this activity is to attract the right talent in the most cost-effective way to help achieve growth.

  • Interviewing: It’s a type of employment test that involves a conversation between a job applicant and the representative of the business or company. They are the most popularly used tools for any selection process through a face-to-face meeting. An interview involves asking a job applicant questions in order to determine if the applicant is suitable for the position.

  • Selection: It’s the process of evaluating candidates for a specific position and selecting the individual for employment based on the criteria, qualifications,s or expertise. The process of selection can range from a very simple to a complicated process depending on the company or business or the job position.

  • Onboarding: This can be described as a process of making a new employee familiar with the business or company. The key aspects also include explaining company policies, and a detailed description of the job position. The main aim is to create a comfortable and welcoming environment for the new talent to help them establish social relationships with the team members and get familiarized with their place of work.

What is a talent management strategy?

Many businesses today have realized the strategic importance of learning and are transforming into what's known as a learning organization. Such businesses or organizations have an advanced ability to adapt, learn and change in order to get the best results for their talent.

The basis of any successful talent management strategy is to identify, attract, engage and retain the cream of the talent they can find for their business. The aim is to successfully meet the talent needs of a business and create a competitive advantage by differentiating each of its capabilities. It's also essential to make sure that the talent being hired is ready and willing to do the job required by the employer. Focus is also on how motivated the talent is to contribute to the growth of the company.

Following are the key steps to ensure a strong talent management strategy for your business

  • Identifying talent gaps and requirements: The first step to any successful talent management strategy is to plan the requirements and analyze all the talent gaps for the present and the future of the business. After this step, the aim is to identify and target the right talent pools in order to find the best candidates and then get them to join the company. The key is to identify the right people for the right roles.

  • Attracting the right talent: The aim is to get a maximum amount of attention through publicities on job websites, portals, and references in order to get the maximum amount of job applications.

  • Selecting the best candidate: At this stage, the candidates go through a series of tests and screening processes in order to find the best. The process includes written and verbal tests, group discussions, and background checks to ensure that only the right candidate gets selected.

  • Training talent for further development: Providing an opportunity to employees through proper training and expertise not only helps them take their careers further but also helps companies grow. Helping an employee grow successfully helps bring loyalty to the company and increases their engagement.

  • Retaining talent in the future: The success of any business depends on how good they are at retaining its talent. But what's important is that future opportunities such as promotions and increments ensure that the future of the candidate is in good hands.

  • Transitions through career growth: The last of the talent management strategies focus on the growth of the organization through its talented employees. As new recruits become long-term employees, it is important to make them feel that they are an essential part of the company and that at the end of their careers, the company would help them transition.

What are the benefits of an effective talent management strategy for a business?

Businesses across the world are increasingly realizing the importance and the benefits of hiring talented leaders to take them forward in the future. This process does not only help in hiring the best possible candidates for the position but also provides for an opportunity to analyze future prospects best suited to help the individual and the company grow.

Through the process of talent management businesses can ensure that they find the right candidates and ensure that they are engaged and stay with the company longer. Also, by paying more attention to the individual's needs and performance, proper talent management can ensure that employees have the best possible work experience that helps them perform better at their job. Talent management also helps in tracking the goals and finding at different stages of the company and giving the right opportunity to the right candidate and helping them progress in their careers.

Following are a few more benefits of using an effective talent management strategy for your company:

  • Developing talent leads to increased productivity: If a company focuses on developing the skills of employees across the company, it could help boost the leadership capacities of every employee. This would stimulate creativity and innovation by encouraging employees to share ideas, take chances, and accept change.

  • Developing talent leads to increased engagement: One way for businesses to increase engagement is by giving their employees growth opportunities which in return also helps in creating a strong learning culture within the company. This prospect for future potential opportunities and growth increases employee retention in the company. Once an employee is engaged, they are not only happy but are also at the peak of their productivity.

  • Developing talent helps you retain your top employees: Businesses and companies at the time of hiring always have concerns about an employee leaving their jobs for better opportunities. But just as companies invest in understanding the needs of their customers, managers also need to understand the needs of their team to ensure they get the best possible opportunity. Through proper talent management and training, companies can help you retain people as such activities related to growth also create loyalty and increase the possibility of retaining the best talent for a longer span.

What are the best practices for an effective talent management strategy?

  • Be clear with the type of talent your business requires: The most important step which is also the first of the best practices is narrowing down the exact set of skills and goals that are required from the talent to fill the gap. This is also a point where managers need to be clear if it’s more viable to develop the skills of an internal employee or prepare a separate budget to employ talent externally.

  • Create a diverse pool of talent: By making sure that during the hiring process, different groups and networks are made aware of the job position, companies can narrow down the hiring process. Asides from this other avenues including online job portals and social media apps can also help narrow down this search.

  • Planning the onboarding process in an organized manner: It's essential that when a new employee starts their career at your company, they start their preparation from the first day. Through the process of proper orientation, tasks can be assigned and made clear from day one. Another part that is also important for the onboarding process is to plan future training sessions to motivate the candidate further.

  • Develop a plan for learning and development: By offering new and upgraded training programs, companies can motivate their employees to enhance their existing skills or learn an entirely new set that would help them as well as the company in the future. Asking the employees about their interests and opinions regarding future training can also be beneficial in improving their engagement with the company.

  • Plan regular meetings with employees and review their performance: One important factor for the success of any company is to understand its employees and how they feel about their job. Understanding the needs and requirements of employees on a regular basis can ensure that they remain productive and get the right opportunities to help them perform at their best.

  • Plan a strategy to retain your top talent: Encouraging creativity and innovations can help keep your employees engaged and motivated. It’s also important to recognize their good work on a day-to-day basis, which could in return have a major impact on the culture of your business. Other ways are by providing benefits and promotions that ensure them a secure and bright future.

  • Be prepared for succession: Supporting and helping your employees grow can help them perform at their best and in turn help your company grow in the right direction. But in case an employee does decide to leave, it's very important for the business to conduct an exit interview in order to analyze and learn why they chose to leave work. This can help your company plan in advance for any future probability of employees resigning.


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