The process of talent management is arguably one of the most important business strategies that any organisation can develop. Talent management (TM) focuses on the hiring, developing, training and retaining the most talented employees available for the position. With TM as an integral part of the Human Resource functions within a business, the ultimate goal is the development of a superior workforce and a successful business.
The word “talent” is used because it defines individuals who show a particular desire to make a significant difference in the overall performance of the organisation, or who show the most potential. TM is a systematic approach that ultimately ensures that top-performing employees are constantly motivated to give their best. On-going engagement with these employees is a fundamental building block of TM. Poor TM can ultimately result in demotivated staff, low retention rates, poor performance and an increase in staff-turn over costs while negatively impacting the company’s brand. Employees who are given the opportunities and platforms to grow and develop professionally are more likely to stay in their job while always striving to do their very best. These qualities should be nurtured, not only for the sake of the business but for that of the employees
By including the following steps and systems as part of your TM process, you can ensure that you will recruit and retain the most talented employees.
While HR is responsible for certain of these functions such as recruitment and termination, the day to day success of the new employee will lie in the hands of the manager. Active involvement and interaction from the manager will play a significant role in the necessary coaching and development of the employee.
The following are benefits which can be enjoyed by any organisation who uses TM as a part of its overall business strategy: