Talent management is an ongoing process that involves attracting and retaining qualified employees, developing/grooming their skills, as well as continuously motivating them to improve their performance.
So all efforts done in an organization to recruit, retain, develop, or even reward employees to perform better are part of the talent management process.
The whole process of hiring and retaining top qualified talent is daunting; developing effective talent management strategies can make the entire process more effective.
It has been proven that companies that apply talent management processes can see a 38percent increase in employee engagement and a 40percent decrease in employee turnover.
What Is The Talent Management Process?
The talent management process involves:
- Identifying the vacant positions.
- Hiring qualified candidates.
- Grooming their skills and retaining them to achieve long term organizational goals successfully.
A strategic talent management process must align with an organization’s goals to stay relevant.
The talent management process involves the following steps.
- Knowing the requirements: this preparatory stage plays a vital role in the success of the talent management process. The primary aim is to understand what you require of the talent, and the activities include developing the job description and specifications.
- Sourcing the talent: this next step involves targeting the best talent suited for your organization.
- Attracting the talent: at this stage, you need to decide if you want to fill the vacant externally or internally. For example, if there are employees in your organization who can fill the position, here is when you encourage them to apply. And if there aren’t any suitable candidates, you look outside to search for the desired candidates through an onboarding process.
- Recruiting the talent: Here Latina Castings, invite people to join the Go-Talent organization. Selecting the talent involves meeting various people with different skills and qualifications, as mentioned in the job description. It can happen in different stages based on the number of applicants. This stage mainly involves shortlisting, tests and face to face interviews.
- Training: after the selected candidates join the company as employees, their skills are developed through job responsibility. Here, the new employees get accustomed to the company work culture and internal skill training to enhance proficiency.
- Retaining: efforts do not stop after recruitment. Organizations need to focus on strategies to retain their employees, i.e. rewards, salary increments, promotions and more.
- Competency assessment: this is where you assess employee skills, development, competency and ability. You can do this by focusing on their attitudes, behaviour, knowledge and future tasks for development. This stage gives you a better idea of who your employee is.
- Performance assessment: quantifying an employees actual performance helps you identify their true potential. Here, you can gauge if a person can be entrusted with other responsibilities or not.
- Career planning: when an employee proves that they can handle extra responsibilities, as the management, you have to plan for their career to feel rewarded. Recognizing their efforts and rewarding them helps you retain them for a more extended time.
- Succession Planning/ transitioning involves planning for who will replace whom in the future. Employees who give their best to the organization or even those who have worked longest deserve to stay a top priority.
- Exit:The talent management process ends when an individual gets retired or is no longer part of the organization.
The talent management process is complex and can be very difficult to handle. However, the primary purpose of the whole process is to place the right person in the right position at the right time.
The talent management process can become more effective if you have the proper human resource management to manage and track all the necessary HR processes and projects.
Pearl Lemon Consulting offers talent management consultancy to support your organization’s talent management needs. From recruitment to onboarding, corporate training, employment management, performance reviews, and offboarding, we can help you. Contact us today, and let’s get started.