Talent Management deals with recruiting, retaining, developing and rewarding of employees. The goal is to develop people within the company in order to meet business needs. The topic gained more and more importance in times of job hopping and war for talents. Companies that want to win those talents, need to have a smart talent management strategy.
In order to develop a smart talent management strategy, it is essential that recruiting, retaining and developing employees are aligned to get and keep high potentials as well as to keep knowledge within the company. The talent management concept should contain 5 elements to be successful.
Recruiting Strategies
Within the last years, the recruiting environment changed a lot. Especially when it comes to Generation Y talents, they have a different approach towards their work place. People between 20 and 35 don’t just want to be successful at what they do, they go even one step beyond and want to identify themselves with their workplace. Therefore, different methods in recruiting are needed, such as Active Sourcing, Social Recruiting and Employer Branding.
The recruiting strategy should not only focus on finding talent outside if the company, but also the internal talents. Internal talent relationship management gets more and more important. Skills that are already in the company should be used and considered when searching for talents.
Skills and Competence Management
As already mentioned above, internal talent relationship management is very important when it comes to knowing the skills of the current employees. Without having a good relationship and communication with them, it is impossible to know about their previous experiences, skills and career wishes. Therefore, it is important to create profiles for each employee containing the described topics. Having such skills makes it much easier, to recruit internally and it helps to increase employee motivation.
Career Management
Appraisal interviews help to develop the career path together with the employees. Besides it gives early insights into change wishes of certain employees. If a company knows, in which direction their employees want to develop, it is much easier to open vacancies at the right time and avoid shortage in talent in key positions.
Performance and Compensation Management
Performance management is an important part of the overall talent management concept. Performance management starts with agreeing on goals, that should be achieved by the employee. Afterwards, there has to be an evaluation and success feedback session with the certain employee. Exceptional results should be honored and rewarded. But on the other side, not achieved goals are a good opportunity to talk about possible improvements. A fair and transparent reward system is very important and helps to keep employees within the company.
Knowledge Management
In our society, knowledge is the key success factor. Nevertheless, many companies still ignore that fact and don’t invest into knowledge management. Every time an employee leaves the company, he / she takes knowledge with him / her. Databases, documentations and internal platforms can help to keep the knowledge within the company even if employees leave. This part of the concept can be crucial when it comes to win the war for talents.
The above-mentioned parts of a good talent management strategy show, that it is essential to train and reward good employees in order to keep them in the company. A lot of employees quit their job within the first six months due to missing guidance and no clear goals. Those losses can easily be avoided, when companies focus on their employees and develop career paths together with them.
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