Organizations are only as good and as effective as the people they employ, and many businesses have struggled to find, hire, and retain employees. Talent management is often defined as the process of attracting and developing employees for the betterment of the company and everyone involved. It's a complex process that involves creative thinking, excellent communication, and measuring progress.
Companies that pour resources into talent management are often rewarded with a more engaged and productive workforce. Learn more about what talent management is, how to implement it into your organization, and more below!
The Talent Management Process
Talent management isn't a one-and-done process; instead, it's an ongoing system that seeks to improve your recruitment strategy to attract top talent, develop your current employees, and keep your teams as motivated and efficient as possible. Several possible steps can make up a talent management process. Each organization's talent management process will likely look different due to variations in resources available and the company's distinct needs.
When deciding to invest more time and resources into talent management, the best place to start is by looking at what your company currently does to recruit, train, retain, and develop employees. Is there a set procedure in place, or is it primarily left to hiring managers and HR professionals to do as they see fit? It's also helpful to ask which aspects of the hiring process work well and which parts produce the most drop-offs in prospective employees. Ask yourself these questions about each step of the talent management process. Be sure to involve other HR professionals to paint a clear picture of where your organization's talent management process currently sits.
You can then implement small changes to your talent management process, such as offering more opportunities to develop current employees' skills, providing more attractive benefits to employees, and making the application process more streamlined.
Key Concepts in Talent Management
When beginning to understand what talent management is as a whole and how you can implement a talent management process in your organization, it can be helpful to look at some of the key concepts involved in talent management. Some essential concepts within the talent management framework include:
Talent is a term used to describe people with skills, knowledge, and experience that make them perform at a higher level than the average employee. Talent can refer to a person that is already performing at high levels. Still, it can also refer to individuals who can become high-performing when given the right tools and support by an organization. Many organizations overlook potential employees who may not check every single box on a job description.
When building your talent management process, it's crucial to find a way to ensure that quality candidates don't slip through the cracks just because they might miss one minor qualification or skill that can be remedied with training or other resources. Of course, it's important not to settle for candidates that won't be a good fit, but nitpicking of this nature can make it difficult to fill roles in the short term and build a team of employees who know the company inside and out over the long term.
Talent acquisition is the strategy organizations use to recruit employees who are either already high-performing or can become high-performing with the right tools and leadership. The talent acquisition process can be broken down into four main steps:
- Sourcing: This is the process of finding and attracting candidates who might be interested in the role. This can be done through job postings, social media, employee referrals, and more.
- Screening: Once you have a pool of candidates, it's important to screen them to ensure they're qualified for the role and would be a good fit for the company. This can be done through resume reviews, interviews, and assessments.
- Selection: The selection process is when you choose which candidate you'd like to hire. This decision should be based on the candidate's qualifications, fit for the role, and how they would contribute to the company.
- Onboarding: Once a candidate has been selected, it's important to onboard them properly so they can be successful in their new role. This includes providing training, resources, and support as they transition into their new position.
When prospective employees tell a friend or family member that they are considering applying for a job at your company, how might they respond? Will they encourage them to complete the application because they have heard good things about working there? Perhaps they are aware of the great benefits and creative environment. Or will they tell them to steer clear because they haven’t great things?
Your employer brand is how your company is perceived to the outside world in terms of employment. Many companies invest resources into their company brand to enhance how the organization and its products are viewed to drive sales, but they might neglect how the world views the company from an employer standpoint. One of the best ways to improve your talent acquisition strategy is to improve your employer brand.
Human capital is usually thought of as the value a worker brings to an organization through their knowledge, training, skills, and other attributes an employee may bring that can benefit the company. However, it can also refer to the total value of all employees in an organization.
Organizations are always looking for ways to increase their human capital. One way to do this is by investing in employee development and training programs. These programs help employees learn new skills that they can use to benefit the company. Another way to increase human capital is by offering employees benefits that help them grow as individuals. These benefits might include tuition reimbursement, child care assistance, and more.
Performance management is the act of continuously monitoring employee performance from the moment they join the team throughout their entire tenure with the company. This doesn't mean it's a good idea to micromanage your employees and watch their every move, but it does mean that it's helpful to frequently check in with your employees to explore what they currently do well, and which areas may need improvement moving forward. Every employee will come into a company with their experiences, habits, and ideas, and they can provide excellent assets for the company or hinder performance.
Having a structured performance management strategy allows managers to look at certain performance metrics and make changes to the work environment to better assist and motivate employees. Employees today want more feedback from their managers, and performance management can help employees and managers stay on the same page about what is expected, and what an employee should strive for in the coming months.
The Benefits of Talent Management
It's no secret that organizations all across the United States and beyond are having a hard time obtaining and retaining enough employees to keep operations at their expected levels. The main benefit of a comprehensive talent management strategy is that it can flip the script of companies putting in tons of effort and resources into actively recruiting candidates in favor of the organization having so many qualified applicants that they can select from.
Once your company has enough quality candidates on board, maintaining teams of great people becomes more manageable, which drives down the costs associated with hiring and training. Nobody wants to work for a company that is constantly understaffed and doesn't provide the resources for any employees to succeed. You would already be drastically ahead of the competition by having a well-staffed, supportive workplace (thanks to your talent management strategy).
Finally, talent management also allows your company to shape your current employees into high-performing ones that are motivated to do excellent work, bring new ideas, and ultimately increase your company's profit margins. In fact, Oxford University reports that workers who are happy at their jobs are an estimated 13% more productive than those who aren't. If all, or most, of your workforce, is happy where they are, your organization's efficiency will skyrocket.
Need Help With Your Recruiting Efforts?
Developing a talent management strategy takes plenty of time and effort, and it can be difficult to know where to start. Lumina can make improving your employer brand, attracting top talent, and acquiring motivated employees easier than ever before. We can help you create job postings that catch the eye of prospective employees and accurately describe the types of employees you're looking for, which can drastically narrow down your applications to only the best, most relevant candidates.
If you're ready to level up your recruitment strategy, request your free video today and see how Lumina can help your organization recruit the best talent out there.