Talent management is increasingly becoming a critical part of the business management strategy for most organizations, not only for the corporations, but also serve as a significant part of your small business marketing strategies. Hire the wrong guy and you will see your bottom line plummet over time. It is no longer a nice sounding buzzword that describes human resource management. It is a more profound terminology, with far-reaching effects in an entity’s long term future. In fact, it has evolved to become a critical part in strategic business management, living and breathing your business.
Talent Management is a never-ending process, that manages the start point of a new employee to the end point when termination (of either party) occurs, namely attracting, developing, and retaining talent. Embedded within the process therein lies the essence of critical factors which could spell its success or failures. An expanded definition of talent management is a more comprehensive approach of trying to build those competencies.
There are 4 anchor pillars which governs talent management, namely recruiting, performance management, learning management, and compensation management. Hence, talent management is the end-to-end process of planning, recruiting, developing, managing, and compensating employees. Still this is however, an overtly simplistic and inward looking definition.
Talent Management strategies must begin with the end in perspective. It must blend into the broad perspective of your Strategic Business Plan, supported by the long term growth of your organization, human resource management as well as Business Succession Planning. In essence, it provides the right people to drive the organization and is the bloodline of its growth. Talent Management speaks of and breathes life into your organization.
Talent Management is managing the long term expectations of employees by immersing them into the corporate culture, designing and delivering programs and initiatives to support the personal and professional development of employees which blends into the growth paths of your business plan. It is not difficult to see that there is an element of soft-indoctrination induced into this process.
Hence, in order that the organizations develops and deploys people who can articulate the passion and vision of the organization and make teams with the energy to perform at much higher levels, the organization itself must first create such employees.
Stay tuned for this series of post and articles on Talent Management, exploring the talent management gaps and how to’s in management talent for long term top organizational performance.