4 Key Elements of Talent Management
A good talent management plan allows a company to match up strategic goals with recruitment and training efforts. In recent years, talent management and retention have come into the spotlight. In the wake of the covid-19 pandemic, workers started to quit their jobs in unprecedented numbers. This ‘great resignation’ has highlighted some massive talent management failures across many sectors. Companies are desperately revamping their strategies with an eye on employee development and retainment in order to mitigate the impact of this mass wave of resignations. Here are a few of the most important elements of talent management that need to be kept in mind when developing a plan.
4 Key Elements of Talent Management
Strategic Planning
When considering how to implement a talent management plan, business leaders need to consider the broad, long-term strategic goals of their organization. What are those goals, and what kind of specific personnel are needed to effectively achieve them? Developing candidate profiles aimed at filling long-term strategic gaps is a good way of working towards growth in the future. Always take a step back and look at the bigger picture.
Recruitment
Recruitment – both from the inside and outside of the organization – is crucial in the development of an effective team that can achieve strategic goals. Modern recruitment strategies are highly data-driven. Data about candidates is, of course, easier to acquire when they already work inside of the hiring organization. This is one of the reasons why internal recruitment is so cherished in the digital age. Potential recruits are profiled according to their adherence to a person specification – often with the help of a great deal of data analysis.
Education
Education is immensely important in talent management. It allows leaders to create an upwardly mobile, highly robust workforce. Upskilling a workforce increases the adaptability and growth capability of a company as a whole. Educational settings also allow business leaders to learn reciprocally from their workforce. Employees should feel comfortable teaching as well as being taught. A good – and regular – stream of educational opportunities should be offered as part of a talent management plan.
Payment And Benefits
One of the main causes behind the great resignation has been the failure of companies to reward employees for their efforts correctly. Wages have not risen at the same rate as inflation – leaving many employees facing a real terms pay cut despite being offered minor pay rises. Any good talent management strategy has to take fair pay into account. Employees won’t just stick around if they are not being compensated for their time and effort.
Likewise, benefits have to be competitive to keep the best staff on board. In the United States, the most important benefit to provide is comprehensive healthcare insurance. The USA does not have an adequate public health system, despite individual taxpayers putting more money into public healthcare than their peers in European countries. Workers rely upon their employers to ensure they can receive care without going into massive debt, not only for themselves but also for their family members.
