What is talent management?
Talent management is the process of recruiting and retaining top talent. It involves identifying the right people for your business, onboarding them into the organization, and devising a plan to grow their capabilities and responsibilities. Through talent management, you are grooming your workforce to move up within the company or take on extended roles.
Talent management is an ongoing process of attracting and retaining high-performing employees, providing the tools to develop their skills, and keeping them engaged and motivated. Retainment is a big part of a talent management strategy. You don’t want to spend the time and money to train someone, only to see them walk out the door.
“Small businesses that win on talent are actually going to be ones that think extensively about their talent needs,” Emily Field, an associate partner at the consulting firm McKinsey, told Business News Daily. “Put the same rigor into talent as you do into your business strategy because talent will help you achieve your business goals.”
Key takeaway: Talent management involves identifying, recruiting and retaining talent. It’s an ongoing process that requires business owners to develop their employees and keep them engaged.
What are the talent management processes?
To keep turnover at bay and productivity high, small business owners must devise an effective talent management process. It needs to map out the path from recruitment to retainment and beyond. To be a success it should include:
Key roles: Budget-conscious business owners can’t hire the best of the best for every role. They have to choose. That’s why it’s important to determine the critical roles and focus your talent acquisition strategy there. Think about those jobs that would hurt business if they were left unfilled. Tap your existing workforce to get a sense of the attributes you want from future employees. That will help you narrow your search.
Recruitment: Armed with a list of key roles and characteristics you want in employees, you can start the talent acquisition efforts. That could include posting ads on job boards, scouring LinkedIn, or participating in virtual job fairs. Figure out where your ideal candidates are most likely to be and target recruitment efforts there.
Onboarding: It’s important to consider how to best introduce an employee to your company during the onboarding process. Taking the time to create a development plan for new employees goes a long way in building goodwill. It shows you care and are willing to provide access to the tools that will help the individual succeed.
Development: Development is a big part of a successful talent management solution. It’s the reason why employees stay. The development plan should include identifying tasks the employee could advance into and ways to use the employee’s talents and skills to their fullest. Motivation is a big part of developing employees. That includes transitioning employees to higher positions once they amass the knowledge and skills.
Retainment: Retainment is just as important as recruitment and is a culmination of the efforts to train and develop your workforce. The average employee stays in a job for less than five years. Your job is to hold onto them for longer. The more engaged they are, the greater the likelihood of that happening.
Key takeaway: Creating an effective talent management strategy is a process requiring you to think about all aspects of an employee’s journey from recruitment to advancement. You have to identify the critical roles, the characteristics you want in an employee and how to lure them your way. Once in the door, you must develop their skills and talents and advance them within the business.