Talent management takes hard work and dedication. It is not enough to recruit qualified candidates. Successful talent management retains the best team members. The goal of talent management is to have a skilled team and a complete succession plan without any destructive gaps that would cost the team if one of the team members should leave the team.
The steps of talent management help guide the process. The two main guidelines are Recruitment and Retention. It is important that the team leader has a model for these guidelines and reviews them frequently. The information that should be included in the guidelines is listed below:
- Determine position and responsibilities
- Create a compelling job description
- Identify pipelines and sources to recruit (social networks, job fairs, colleges etc.)
- Review success of recruitment strategies and make changes as necessary
- Employee training development
- Work / Life balance
- Review success of retention strategies
Importance & Benefits
Talent management is important to the success of any team. Team members who are treated as more than cogs in a machine are happier and everyone benefits. Managers, employees, and the company benefit from implementing talent management strategies.
- Identifies candidates for promotion
- Reduces turnover
- Increases productivity
- Increases profitability
- Creates career goals
- Engages employees
- Reduces stress and stress-related illness
Talent management programs face numerous challenges. This is particularly true in times of economic uncertainty. As positions expand to include many skills, there are fewer employees qualified to fill vacancies and the competition to recruit and retain skilled employees becomes fierce.
- Money to invest in employee development
- Advertising jobs and creating policies that appeals to the three different generations still in the workforce
- Support from executives
- Competition with other companies
- Few opportunities for advancement
Key Elements to Developing a Winning Strategy
There are essential elements that need to be included in every talent management strategy. These elements can be implemented in all teams, regardless of the size or structure. These elements are also helpful in other business strategies.
- Strategic Goals: Create goals that focus on talent management.
- Team Involvement: Involve team members in the talent management policy.
- Communication: Communicate expectations and provide feedback.
- Assessment: Assess the program and make changes where necessary.