Competency, and power of employees within an organization. Everything that is done to recruit, develop, retain, reward and make employees perform better is a part of talent management.
We are in a war for top talent and we always will be. Even during recessions there is a shortage of talented people. People those who are good at their jobs and have very strong leadership experience are always short in supply. They can always find new jobs and they are always hard to get.
It’s the role of HR to implement the strategic talent management process in an organization. HR really plays an advisory and support role in the company. They don’t run the company. They help the leaders run the company.
According to a research done by Deloitte, there is 40% lower employee turnover and 38% higher employee engagement in companies which implemented strategic talent management process.
Step by step talent management process.
1. Identify organization goals and understand the requirement
What are your organizations high level priorities or goals? List down the goals and upcoming changes you need to initiate in the organization.
Develop the job descriptions and specifications for the role you want to acquire the talent for. Since it the first step towards the process, it plays a crucial role in the success of the whole process.
2. Sourcing and attracting the talent
First thing one must understand in talent acquisition is why would somebody with high-level skills come to work for you? Employment branding is the concept that comes into play at this moment. Best thing to do for employment branding is to be honest.
Searching for the people according to the requirement is the main activity in this step. Look out for the platforms like Linkedin where you can search highly talented people.
Despite the explosion of social networking sites like Linkedin and twitter, there are still lot of different ways people find new positions. Significant amount of them comes from internal candidates and through referrals.
3. Recruiting and selecting the Talent.
This is the stage where you actually conduct interview tests and recruit the top talent. Conduct relevant interview tests to identify the best person and scoop them in.
4. Employee Retention
Now that you have recruited the best employees, you need to make strategies to retain those employees. how do you retain them?
Almost 51% of the employers have problem with employee retention. High salary hikes and incentives are not the only things you should do to retain your employees. You have to create opportunities for growth and give them the room for creativity. You can implement these 5 employee retention strategies to retain your best employees.
Promote the people gradually to the new role. Nobody wants to work at the same designation for a long period of time. This way you are helping your employees grow in their professional career.
6. Performance appraisal
Measuring the performance of an employee is imperative to identify his or her true potential. You can check whether the person can be loaded with extra responsibilities or not.
7. Succession planning
Succession planning is different from replacement planning. It is a conscious decision by an organization to nurture and develop the continuous development of employees. I have written earlier about the importance of succession planning process in an organization. It is all about who will replace whom in the near future.