Talent management is the process of identifying the sector of employee talents, the ability to manage their competency and implement it in the right form. In layman words, talent management is nothing but the way of developing, extracting and rewarding the performances of employees for their further enhancement.
According to a research done by Deloitte, there is 40% lower employee turnover and 38% higher employee engagement in companies which implemented strategic talent management process.
Every company is always engaged in a vigorous battle of talent hunt, not just talent hunt but extraction of the best talent. It’s the role of HR to implement the strategic talent management process in an organization. HR really plays an advisory and support role in the company. They don’t run the company. They help the leaders run the company.
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According to a research done by Deloitte, there is 40% lower employee turnover and 38% higher employee engagement in companies which implemented strategic talent management process.
It’s the role of HR to implement the strategic talent management process in an organization. HR really plays an advisory and support role in the company. They don’t run the company. They help the leaders run the company.
The 5-step process of talent management and the way of its implementation by companies is the secret to the success and advancement of the Brand :-
1. Understanding the goals of the organisation - This is a very important process as it helps in finding the most apt employee for the required post.
2. Sourcing and selection of candidates - Searching for the people according to the requirement is the main activity in this step. Look out for the platforms like Linkedin where you can search highly talented people.
Despite the explosion of social networking sites like Linkedin and Twitter, there are still lot of different ways people find new positions. Significant amount of them comes from internal candidates and through referrals.
3. Recruitment - This is the vital and easiest aspect of talent management process where talent interviews are conducted for hunting the best of talents.
4. Promotion and employee retention- Almost 51% of the employers have problem with employee retention. High salary hikes and incentives are not the only things you should do to retain your employees. You have to create opportunities for growth and give them the room for creativity.
5. Succession Planning and development - Succession planning is different from replacement planning. It is a conscious decision by an organization to nurture and develop the continuous development of employees.
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