In the modern world of business, talent management plays an important role. Talent managers work constantly to attract and retain the most talented employees, develop their skills, motivate them, and take the other requisite measures to improve their performance.
What does talent management cover?
The scope of work overseen by talent leaders differs as per the specific requirements of each organization. It can encompass the entire gamut of HR activities in the organization, or be limited to a small set of initiatives covering organization and people development. How much the organization believes in talent management and the size of the organization are key determinants of the coverage.
For instance, just a simple annual interview of all employees could be the route to uncover their strengths and needs for development. The inputs from this could be used by HR leaders to map people against future organizational initiatives and for succession planning.
How significant is the role of talent management?
Talent managers are key contributors to organizational strategies, because they work directly with and manage the most important assets of organizations – the people. This is an excellent best practice to ensure the organization creates and retains a competitive edge amid volatile market conditions.
Where this is also important is in that the work of HR leaders can be very challenging. It is not easy to select the right candidate, onboard the person smoothly, and manage the on-the-job development properly. By covering these aspects, talent management improves employee productivity and satisfaction, along with boosting talent retention. It is the best way to prepare a future-ready workforce, especially important considering the fact that the lack of skilled employees will lead to 85 million unfulfilled job positions by 2030.
What are the benefits of talent management?
Given the scope and significance of the work of talent leaders, here are the top benefits of talent management:
- Timely resource availability: With dynamic project demands, ad-hoc resource requirements make resource planning a daunting task. A strong talent management process accurately captures key people details such as cost, experience, qualifications, and skills, and gives timely visibility into the same. Employees can also validate the same details with their reporting managers before adding these to the system. This ensures timely availability of the right people for project vacancies, at the right cost.
- Proper job fit: By thoroughly ascertaining the strengths and skills of candidates, HR leaders give a strategic direction to their people decisions. They take stock of the skill inventory of the organization, and use this to better align employee interests and competencies with their job profiles, thereby also increasing employee productivity.
- Smoother onboarding: It is important for talent managers to smoothly transition new hires into the organization. A clear, well-organized process of onboarding avoids any confusion regarding the job roles and creates a positive perception of the organization as a whole.
- Improved engagement and productivity: Talent leaders must ensure they identify and nurture employee skills, avoiding burnout, disengagement, and schedule overruns by allocating resources with less or excess skills. Workforce planning tools are a great aid in scheduling the tasks of team members as per their interests and competencies, thereby boosting motivation and productivity.
- Better professional development: When high-potential candidates have been identified, investing in their professional development becomes a simpler task. This requires critical investments in training and development for growth in roles or to take on roles to be vacated. The task becomes much easier with talent management.
- Succession planning for critical positions: As businesses grow, develop, and change, it becomes essential to have in place a skilled workforce that can take on critical organizational roles, including leadership. A smooth succession process ensures morale and productivity do not go down.