As a business leader, you have most likely heard the term “talent management.” You may have even dismissed it as just “HR jargon.” But as a business leader or owner, it is important to understand what is meant by talent management, and why it is an important business strategy to develop.
Simply stated, talent management is an organization's commitment to hire, manage, develop and retain the most talented and superior employees available in the job market. Having a well thought out talent management strategy that is aligned with your organization’s business strategy and culture will ensure that you attract top talent in competition with other employers.
An example of a talent management framework
A talent management framework provides leaders with a structured approach to developing staff potential and retaining talent. Talent management is about developing staff to meet both organizational and individual needs. It acts as a fundamental part of the workforce planning process, and is key to organizational effectiveness.
The war for talent is hot!
Unemployment is the lowest it’s been since 1969, and while there are multiple generations in the workforce, skilled workers remain scarce. This means, that for organizations both large and small, it is getting harder and harder to attract and hire superior talent.
When you tell a prospective employee that you are dedicated to a talent management strategy that will ensure that he or she will have the opportunity to develop professionally, you attract the best talent. Studies show consistently that the opportunity to continue to grow and develop their professional and personal skills is a major motivator for why employees take and stay at a job.
You found them, now keep them!
Companies make tangible financial investments in employees, and also incur intangible costs such as the time it takes for a new employee to get up to speed and establish new connections, and the workplace knowledge that a departing employee takes away.
Aside from making good financial sense, retaining talent can be a competitive advantage. As part of their talent management strategy, organizations must consider how they go about workforce development. Having solid development programs helps attract and keep great employees. Providing training & development as part of the hiring package gives your company a competitive advantage over those with similar jobs and wages. It brings in good people who are looking to better themselves, and that’s an employee you want to hire in the first place! It also builds engagement and engagement builds loyalty – and loyal employees aren’t prone to quitting. As employees become more efficient and proficient, you save money. A good employee is like money in the bank. Looked at this way, employee development is not an expense, it is an investment.
Leaders play a key role!
Leaders are the catalysts of your successful talent management strategy. Thriving organizations have strong development cultures – one where leaders lead the way as positive role models. Leaders who seek to improve their own performance motivate and require employees to do the same. What do leaders with engaged employees do differently? They understand the importance of managing products, policies and operations. However, they also devote as much time creating a culture in which employees are recognized and valued, and feel challenged by their work. The most successful leaders are those that have the best understanding of the impact of their behaviors on others. Leadership development helps leaders achieve positive, measurable and lasting change in leadership behavior for themselves, their employees and their teams.
Where are you with your Talent Management Strategy?
Your effective approach to talent management will ensure that you attract and retain the employees you need for business success – now and in the future.
Lynn Whitesell provides advanced expertise in leadership solutions, organization and culture transformation and executive coaching. She co-founded Harris Whitesell Consulting, LLC to partner with leaders and organizations to help them achieve measurable improvement and reach their full potential. For more information visit harriswhitesellconsulting.com.
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