What Are The Key Components Of Talent Management?
Organizations today view the management of human talent in a very different way from how it was done previously. Before, human resources departments were used to focusing only on activities like recruiting, payroll, as well as benefits; however, organizations increasingly realize the value of having a team of talented workers who are devoted to and invested in the organization’s goals.
Companies today are aware of the importance of hiring staff based on potential and not just based on experience; to provide the appropriate training and run programs to address performance and skill development.
Here, you will learn what human talent management is and the key components of talent management that can help you achieve a better and more effective administration of your human talent.
What Is Human Talent Management?
Human talent management is an integrated set of organizational processes designed to attract, manage, develop, motivate and retain employees.
In other words, this practice is based on obtaining better business results with the collaboration of each one of the employees in such a way that the execution of the strategy is achieved, achieving a balance between the professional development of the collaborators, the human approach and the achievement of organizational goals.
Importance of Talent Management in a Company
There are many benefits to organizations that manage the talent of their employees, including:
- Significant reduction of the gap between the skills required by the organization and the willingness of the collaborator.
- Continuous improvement to achieve greater effectiveness and efficiency.
- Fostering a culture of achieving organizational goals with superior performance.
- Improvement of the organizational culture and work environment.
- Greater job satisfaction on the part of the collaborators.
- Decreased staff turnover and increased retention of key talent.
Objectives of Human Talent Management
The management of human talent in the company has come to be recognized as an inherent part of the administration. Its main purpose is the maintenance and improvement of personal relationships between the directors and collaborators of the company in all areas. It is a comprehensive vision in order to optimize relations between workers and the company.
10 key components of talent management
Talent management is decisive. The natural thing is that it manifests itself in a complex and practical design for the medium and long term of the business. The effort is focused on supporting the people who carry out certain key processes within the organization.
1. Human resource planning
It is the strategic projection itself, as well as the talent recognition and retention plan. It is an obvious element, but it requires excellent human resource planning. Human resource planning must be able to reconcile two discordant issues:
- The collective vision: staff availability, common progress in employment, the pyramid of hierarchies, and professional categories of employees.
- Individual needs: the exploration of personal rights and guidelines; the acquisition of new qualifications, and the possibility for each employee to become responsible for their individual development.
2. Recruitment
It refers to the aptitude necessary to attract and hire talent; practical recruitment needs a timely strategy. In addition, to achieve a better image, it is more than necessary to design a strategy based on employer branding.
3. Joining the company
It allows new workers already trained to become profitable and profitable subjects within the organization.
4. Strategic plan
It is the phase of growth and implementation of objectives that can be quantified to achieve the planned goals and intentions. It is reviewable.
A strategic plan must be established in a general way with a validity of between one and five years, but the usual thing is that they are made for three years. Obviously, this period may vary depending on each particular case.
5. 360º evaluations
The 360º evaluation is a mechanism capable of analyzing the results of the employees’ work in an integral way.
6. Leadership development
These are intentional activities aimed essentially at improving the quality of a worker’s leadership skills. Leadership style greatly influences the type of relationships established at work and in the work environment and is a decisive factor in achieving business objectives.
There are different styles of leadership, and each of them has its pros and cons. And depending on the workers and work formulas, a particular leadership style may be more appropriate than another.
7. Professional development
It is the process that implements goals and objectives linked to individual achievement projects, that is, career planning. This document needs periodic revisions. It would be advisable to do it at least twice a year.
8. Recognition programs
This method makes it possible to regularly observe and stimulate both the people and the teams that collaborate, through guidelines, actions, and awards, for the success of the organization.
An effective employee recognition program always helps foster creativity in employees, improves productivity, and lowers staff turnover. An outstanding employee recognition program helps the overall motivation of all staff.
9. Competencies
They are those styles, behaviors, singularities, skills, and personality attributes that recognize successful employees. Professional skills are experiences and vocations typical of people that allow them to perform a job successfully.
The technical skills of a profession, for example, are required by employers. Well, they value all those transversal skills that help to differentiate them from others. Therefore, they give them a qualified capacity for a specific type of work.
10. Retention
A systematic and orderly effort that focuses on retaining the best talent in an organization and creating and fostering a pleasant and welcoming work environment. As well as a culture that makes people want to stay.
Given current economic conditions, companies need to cut costs. This creates the ideal environment to develop a talent management system to optimize the performance of each employee. However, this concept is still an emerging principle today. Only 5% of commercial organizations claim to have a talent management strategy with their respective operational programs prepared. If you’re looking for a credible talent management consultancy agency to partner with, GUIÓN PARTNERS is the right plug!