Talent Management – Defined
We have all heard and most likely used the term “Talent Management”, but do we really know what it means? By definition, talent management is “is the science of using strategic HR to improve business value and make it possible for companies and organizations to reach their goals”. In layman’s terms, think of Talent Management as the 4 R’s: Recruiting, Retaining, Rejuvenating and Rewarding.
Recruiting – This is the process of finding and hiring qualified workers to fill your vacancies. Gone are the days of posting a classified ad in the paper and sifting through mailed-in resumes. Today your search is online. Job boards, Social Networks and Corporate Websites are where you post your openings today. Recruiting doesn’t end once the position is filled. It also includes the onboarding and integration process. These steps will allow for a smooth transition from candidate to employee.
Retaining – Once you have hired your employees, you want to make sure that they stay with your company. Your corporate culture has a lot to do with employee retention. Employees need to buy into the corporate beliefs and strategies so make sure that they are clear and concise. Make sure that your employees have input into the decision-making process. If employees feel that their opinion matters, they will have increased loyalty to the company and will be more likely to stay. Rejuvenating and Rewarding also play a role in employee retention. Keep that in mind when you are designing your learning and performance management programs.
Rejuvenating – You are never too old to learn. Rejuvenate your employees by offering them learning and growth opportunities. Offer them skills and career paths that will allow them to grow and succeed within the company.
Rewarding – Everyone likes to be rewarded for a job well done. By developing a performance management system, your employees can easily see how they are doing with respect to meeting corporate goals. This system should allow for at least annual reviews of all employees. The outcomes of these reviews can then be used for assigning bonuses and merit increases to employees.
Human capital is one of the most important parts of any business. How we manage that human capital has a direct impact on the success of the business. Use these 4 R’s to create a talent management solution that will allow your business to thrive and your employees to flourish.