For someone who is new to HR (human resources), terms such as recruitment strategies and talent management strategies can be pretty confusing. Are not they all the same thing? What is talent management? These are some of the questions that you might find out. So, the first answer is NO. They are not the same thing. But they are closely related to each other. Talent management and recruiting success are all different functions within an organization's comprehensive human resources function. In this guide, we will be discussing all the perspectives regarding talent management.
Talent management is a process that should be regularly applied. Talent management aims to attract and hire high-qualities candidates and encourage and motivate them so that they can reach their end level of potential for the growth and future of the company. The main goal of talent management is to create a high level of encouragement and motivation within your team that results in your long-term employees. The way a talent management process is applied will change from company to company, but the aim will remain the same.
While talent management processes and strategies depend on the size of the organization and its industry, they generally include the following seven components:
Talent management is a strategy that is implemented to achieve the long-term goal for driving performance via attracting, hiring, developing, and retaining top, talented and high-qualified candidates. Talent management mainly focuses on finding suitable candidates who have the skills that a particular company requires to be accurate candidates for the role and organization. And they also have the potential to be developed into future roles.
Recruitment is the process of hiring applicable and suitable candidates to fill the vacancies in the possible shortest time period. This process is less complicated, not more time-consuming, and solves staff shortages expediently. Recruitment aim is to find and hire the first best and suitable candidate to fill the role in the company. The candidate is always hired if their skills match the company's requirements.
What is the key difference between Talent Management And the Talent Acquisition process? Although most people consider them as synonyms, these two are different from each other. It sounds similar right?
Both (Talent Management And Talent Acquisition) are dominant branches in the HR (Human Resources) tree, yet these branches are different. Both play a significant role. Talent management rotates around onboarding and managing the performance of the employee. While talent acquisition recruiter, however, revolves around recruitment success and the hiring process.
When a company implements a robust talent management strategy, it will meet a vast array of advantages, and these are:
Adapting a talent management strategy for your company gives you more control over your hiring process and outcomes (in the long term). Following are some of the reasons why a talent management strategy is essential.
Once implemented after defined, your talent management process and strategy can be attached to your brand and business. It isn't something that gets filed away when someone asks, "what is talent management again?". All staff and management throughout the company can contribute to the talent management strategy.
Nothing worth comes easily. There are plenty of challenges that you might face while creating and implementing a talent management strategy. If you can be aware of these challenges, you will be able to strategize all the related things around them.
Employees generally do not prefer to sit on the fence. They either accept changes wholeheartedly, or they are scared. It depends on most factors. Your staff might be against the changes you wish to put in place. Furthermore, every employee has uniques expectations from the company. While some of the candidates (especially those who are younger) expect to feel appreciated, valued, and be given satisfying and exciting work. On the other side, some of the employees simply want to do their work on time, giving them benefits, and most importantly, holidays are enough. This mismatch of expectations leads to strategies that go with only a few employees, not with all.
It is pretty challenging to make someone care about something they generally do not care about. High-quality and talented candidates are drawn to roles where they feel aligned. This includes their general beliefs, ethos, attitudes, and expectations.
A robust talent management process rotates around passion. This must begin with those candidates whom you are going to hire. Your recruiting process and all the related factors should express your company's beliefs, ethos, core values, and crystal clear expectations of the particular role. This is also crucial if you explain how the candidate's position will encourage the organization's progress as a whole.
As I have explained every tiny perspective related to talent management, hopefully now you are well aware of the fact why talent management is essential for your business. Before you design the talent management strategy for your company, you have to understand and analyze your business goals and overall business strategy. Make sure to identify both short and long-term goals as well all the areas of your business that need more development because of the potential weaknesses.
The goal of talent management is to increase performance. It aims to motivate, engage, and retain qualified employees to make them perform even better. This is why the importance of talent management is so significant.
Talent management processes are based on the four pillars that are also known as modules: recruitment, corporate learning and development, performance management, and last is compensation management.
Following are the critical components of talent management-
Talent management is the process of attracting, selecting, and retaining employees, which includes a combination of human resources processes across the employee life cycle. It figures out workforce planning, performance management, recruiting, onboarding, employee engagement, learning and development, succession, and retention.
Talent Management is equal to a holistic view of the entire HR (human resources) life cycle that includes hiring, onboarding, training/development, recruiting, assessment, performance management, and finally, succession planning.