The development of talented employees can be one of the most profitable investments an organisation makes.
As long-term organisational performance is achieved primarily through a focus on people, it is fundamental that talented personnel are identified, nurtured and, most importantly, retained within an organisation. Investment in ‘human capital’ develops the skills, knowledge and vision needed to take an organisation forward and can help to meet strategic objectives, maintain competitive advantage and ensure the long-term success and viability of the organisation. The development of a pool of talent offers an organisation the flexibility to select the best managers for current market conditions and for the future, allowing for fluctuations in business growth and changes in market conditions.
Talent management is primarily geared to creating a people and organisational management capability within middle and senior management. It is considered to be a key priority for senior management. Talent management is concerned not just with the recruitment process but encompasses the areas of performance management, management development, succession planning, and organisation capability.
A tailored talent management system benefits the whole organisation in engaging employees, supporting high-performance, enhancing corporate image and helping the organisation to become an employer of choice as well as contributing to diversity management and reducing recruitment costs. Effective talent management can even enable businesses to exceed in delivering on their objectives. However, it is important to be aware that changes in the global market and demographics are escalating mean that competition for the best talent is stiff.
Talent Management Definition
In its broadest terms talent management is defined as the selection, development, engagement and retention of individuals, who are seen to be of particular value to an organisation.
There are differing perspectives on what constitutes talent, some focusing on gifted high-fliers and others on the collective capacity of employees within an organisation. In both cases the term refers to people who have the potential to make a significant impact.
A talent management system is an official policy clearly defining the criteria and processes for identifying, developing and retaining talented employees.
Talent Management Strategies, Tips and Best Practices
1. Develop a talent management system
2. Work collaboratively
3. Recruit and select the right candidates for the right jobs
4. Become an attractive employer
5. Develop talented personnel
6. Retain talented personnel
7. Devise measurement strategies
8. Utilise the talent management system
For detailed explanation of each step and to find out more about talent management, view the guide below.
Download the guide Talent Management
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