Talent Management seems to be a bit of a fashionable buzzword for a lot of organisations. But is it really important or is it just another business fad?
What exactly is Talent Management?
In a nutshell, Talent Management covers a range of practices with the goal to recruit and keep the most talented and skilled employees available. This is done by managing the ability of your staff by developing and nurturing them while meeting your organisation’s needs.
So, should I think more about managing talent?
In short – yes! That is, if you don’t want to lose your best staff (and most important assets) to another organisation that actually invests in its people.
Still need convincing you need to manage your talent? Here are 10 reasons why you should:
- You will make sure you have the right person doing the right job. When you look at people’s skills and strengths, you’ll see a best fit for each role. Competency mapping used in talent management allows you to take stock of skills in your organisation. This results in both increased productivity and job satisfaction.
- You will empower and impassion your staff. If you view staff simply as a number, you do realise that they know this! On the other hand, if you value them, invest in them and their future, they will work for the greater good of the organisation rather than just a pay check.
- You’ll encourage loyalty from your staff (especially important with the younger generation). People now prefer flat organisational hierarchies, build careers around jobs and want a clear performance management system.
- You’ll close organisational skills gap by identifying them and taking clear action. The performance difference between talented people and those with less talent is huge. Employees and how they are managed is the most important source of most organisational competencies and strengths.
- You will have a better chance of retaining top talent. Beware of losing your best staff to your competitors! The focus should be on employee retention programs and strategies to develop and engage staff- therefore keeping quality people.
- You will make fewer hiring mistakes. The quality of an organisation is, quite simply, the quality of staff it has. Many talent management programmes implement hiring assessments as part of the recruitment and selection process.
- You will understand your staff better. Employee assessments give great insights about your team. This helps in planning development as you will understand their needs, career aspirations and strengths and weaknesses.
- You will make better professional development decisions-for the good of your team and your company. When you get to know who has high potential, it becomes easier to invest in their future professional development and to align these plans with your company vision.
- Your employees will feel valued and therefore be more motivated. Having a strong talent management culture also determines how employees rate their organisations as workplaces and how much they feel part of the culture.
- You’ll increase staff confidence in your organisation. If employees are positive about talent management practices of the organisation, they are more likely to believe the vision of the organisation. The result is a workforce that is engaged, committed and determined to do what is best for your company.