The Importance of Talent Management

Figure 1

What is Talent management?

Talent management is a process of anticipating the need for human capital and then setting out a plan to achieve the same. The process starts from identifying high potential individuals who are valued to organizations. Then develop them to deliver future expectation of the organization whist engaging them in the process to retain in organization (Momtazian, 2020).

Attracting and maintaining high-quality employees, expanding their abilities, and consistently motivating them to enhance their performance are all part of talent management (valamis, 2021).

Importance of talent management to an organization

The best tool for winning the battle for talent is talent management.

The term "war for talent" describes the battle that HR professionals experience in firms while trying to fill many available positions with a small number of high-quality candidates. As a result, hiring has become an expensive and time-consuming process.

A solid talent management plan is required to attract and retain top performers in the organization. Otherwise, the organization will lose its most valuable staff.

If the firm has a comprehensive talent management process in place, it will assist individuals in progressing to higher positions within the organization, as well as reduce unnecessary costs associated with high employee turnover and the expense of acquiring and training new employees (Brooks, 2019).

Talent management process model

Figure 2 Talent management process model

Source: (Jason,L, 2018)

According to the above model, the talent management process will have six parts,  Planning, attracting, selecting, developing, retaining, and transferring are the steps involved. There will be unique management requirements at each stage of the talent management process to guarantee that talent is handled effectively.

• Planning stage:

This is a crucial stage in the talent management process since it is here that the initial talent identification and understanding of the current and future talent gap will be examined in depth to manage future talent demands. The major management duties in the planning stage are the identification of human capital for strategic fit, the compilation of job descriptions, and the preparation of a workforce strategy for recruitment activities.

• Attracting stage:

At the attracting stage, more and more talent pools will be targeted to go through the selection process to determine the strategic match. The attraction stage is where the vacancy is communicated, as well as the sources used to create the job advertisement and the signing of contracts with third-party headhunting companies.

• Selecting stage:

When it comes to the selection stage, it will be built to handle all the screening and recruitment to find the best candidates.

• Developing stage:

After the hiring process is completed, the next phase is talent development, which includes initial onboarding as well as experiential learning and development programs to help the team progress.

• Retaining stage:

Retaining talent is critical because developed talent should be carefully cared for to keep the top talent. Promotions and the acquisition of new skills. Increments and recognition for new tasks and leadership abilities are important components of this.

• Transitioning stage:

This is where employment transformation takes place. Managing retirement benefits while managing the exit through constructive feedback and exit interviews to identify gaps is critical when retiring or leaving the organization. 

 

Responsibility of Talent Management

Both the employee and the organization benefited from talent management. Employees can improve their talents to attain their career goals while also providing the finest service to the organization to achieve their business objectives. Every firm should set a higher priority and devote more resources to developing stronger talent management strategies.

The responsibility starts with Human resource department. But Directors, all department heads and senior managements should be on board with the talent management process to achieve ultimate goals of the organization. However, depending on the size of the business there can different designations, committees, or units to overlook the talent management process (Brooks, 2019).

References

Brooks, A., 2019. Rasmussen University. [Online]
Available at: https://www.rasmussen.edu/degrees/business/blog/what-is-talent-management/

[Accessed 02 May 2022].

Jason,L, 2018. Talent Management Cycle. [Online]

Available at:https://businessjargons.com/talent-management.html
[Accessed May 02,2022].

Momtazian, M., 2020. Expert 360. [Online]
Available at: https://expert360.com/resources/articles/talent-management-important
[Accessed 02 May 2022].

Saraswat, Anannya, 2019. feedough. [Online]
Available at: https://www.feedough.com/talent-management-definition-importance/
[Accessed 02 May 2022].

valamis, 2021. valamis. [Online]
Available at: https://www.valamis.com/hub/talent-management
[Accessed 02 May 2022].

 

 

How to attract, manage and retain the Millennials in the Workplace

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Millennials are people who were born between the early 1980s and the late 1990s. They grew up during a period of relative economic success, plugged into a largely peaceful globe, and hence better equipped to deal with deeper social difficulties.

When it comes to leading Millennials, as with any employee, it's considerably more beneficial to try to understand them rather than criticize them. You may develop strong working relationships with dedicated employees by understanding their habits, motivations, and ambitions.

The Millennials or the generation born in between 1981 to 1995 are 76 million strong and they comprise 46 percent of today’s workforce (Randolph & Randolph, 2016).

Some argue that when the Millennials move into the workforce the disloyalty, neediness, sense of entitlement and overall casualness enhance in the workplace which creates troubles in management managing them (Thompson & Gregory, 2012).

How to manage them effectively?

👉Be a mentor for them, not a boss.

One of the most fundamental aspects of Millennial management is to act more as a mentor than a boss, empowering employees and facilitating solutions rather than dictating action unilaterally. You'll consolidate your team and develop more capable workers by answering challenging questions and interacting truthfully, while also recognizing that camaraderie solves more problems than deference.

👉 Take use of Millennials' technical skills.

Millennials' approaches and priorities differ from those of their parents, but this does not imply that they are inferior. Before dismissing younger employees for failing to follow established procedures, consider whether the procedures themselves should be updated to reflect changing circumstances.

Managers can create a style that both motivates and keeps people in a flexible company culture geared for the future by listening to and learning from the next generation.

👉They do not have to work long hours.

Millennials are looking for jobs in different ways than earlier generations. They don't want to work longer hours, but that doesn't mean they're lazy. According to numerous research, millennials are motivated by a desire to have a positive impact on the world.

Previous generations prided themselves on working long hours, weekends, and taking sparse vacations that demonstrated commitment and stamina. Millennials have no such compunction. They aren’t lazy, but they focus on results and finding ways to achieve them more efficiently. Instead of camping in cubicles to be the last one to leave, they use tech to accelerate their work and log-in on-the-go. 

👉Offer flexibility

Allowing millennials flexibility and respecting their time is the greatest way to manage them. They'll be judged on their accomplishments rather than their timekeeping, giving them more room to live a life. You'll find that not only are their tasks accomplished to a high standard, but that they are also happier and more motivated because of this.

How to attract and retain them?

👉Include a visual story in the Job description.

Because millennials are the digital generation, visual stories will be a more effective and appealing way to recruit them than a long paragraph of job descriptions. In a better method, the business can show rather than speak what they expect from an employee.

👉Make the experience in terms of Millennial-friendly.

This suggestion is directly aimed at millennials, who are more likely to network and will serve as brand ambassadors for the organization. They will promote the company among the required workforce, which is what the Employer brand is all about.

👉Consider hiring to be a team effort.

The majority of occupations require candidates to work in groups and perform a role as a team member. Why not delegate recruitment to a group? Millennials are more prefer to work in groups. In that circumstance, firms should reach out to each employee and learn about their strengths and limitations.

👉Hire according to the company's culture.

Rather of hiring purely on resume qualifications, a company should look for applicants that are culturally fit, with talent coming in second. For that reason, an organization's greatest and worst performers must be investigated. They should think about what makes them a rock star, as well as the negative views that their colleagues share. Millennials will recognize how much they contribute to the organization's culture, which will encourage them to remain longer. Watch the video below to learn more about hiring based on cultural fit.

👉Learn how the company compares against the competition.

The company may have a pleasant culture that attracts talent, but do others know about it? This is where a business needs a right balance of technologies to attract millennials. Even exhibiting the company culture on social media would attract millennials because they are more active on those platforms. The YouTube video below will provide you some ideas on how to use an Employer brand to attract employees to your company.

References

Peters, K. (2017) Want to Recruit Millennials? Focus on Your Employer Brand, Great Place to Work. Available at: https://www.greatplacetowork.com/resources/blog/want-to-recruit-millennials-focus-on-your-employer-brand.[Accessed 01 May 2022].

Randolph, A. & Randolph, A., 2016. Millennials in the Workplace:. [Online]Available at:http://www.blanchard.dk/pdfs/millennials-in-the-workplace.pdf [Accessed 30 April 2022].

Stein, G., 2016. Nine Tips For Managing Millennials. [Online]  Available at:https://www.forbes.com/sites/iese/2016/09/08/managing-millennials-nine-tips/?sh=1af5b1e1cd8a [Accessed 30 April 2022].