What is talent management?

Talent management is how employers recruit and develop the most productive workforce possible that will remain with their organization for the long term. When this process is done strategically, it can help improve the overall performance of the company and ensure that it remains competitive

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What are the pillars under talent management model?

Talent management pillar 1: clear expectations

Did you know that less than 50% of employees “totally agree” that they know what is expected of them at work? Having clear expectations is one of the basic elements of employee engagement and a requirement for success in any role. But according to Gallup’s 2022 employee engagement survey, fewer workers than ever have clear expectations about what is expected of them in their jobs

ENBOQ recommends agreeing clear kpi’s with the new hire soon after the start of employment. What is expected of the new team member? It’s nice for the newcomer to be able to refer back to a role description, their KPIs and track their own progress based on performance. For the manager, this helps set clear and honest expectations for each new employee. As a result, it also enables actionable, useful performance conversations and reviews

Defined roles support transparency and trust as part of your corporate culture. Clarity also encourages employees to live up to expectations because they know what to do

Talent management pillar 2: core competencies

In addition to greater transparency about role expectations, core competencies are critical to measuring and guiding talent management

The core competencies of a role describe both the technical skills and the behavioral skills employees need to perform their jobs. They define the ideal candidate for the position and provide a framework for measuring performance and identifying top talent

For example, some of the technical skills of senior accountants in your organization,  are proficiency in preparing budgets and financial statements. The position also requires candidates to demonstrate a high level of proficiency in behavioral competencies such as analytical thinking and attention to detail. If the position also has direct reporters, you can also add leadership competencies to the job requirements

When competencies or key attributes are clearly defined, it is easier to help employees develop their strengths and have conversations about career development. This is especially important given that 61% of workers report that continuing education opportunities are a major reason for staying in their jobs

Core competencies help employees focus on where they need or want to improve and make it clear to managers when they need a hand. Employees are aware of the competencies they need to develop and how they can push their own role to perform well and be considered for promotion

Even if an employee consistently achieves their goals, the manager can see a clear direction for their next step, whether that is a change of title or a development initiative. The manager can actively apply performance management and coach employees to the next level of their career

Talent management pillar 3: goals-planning, tracking and aligning

goals clarify what needs to be done when and keep tasks on track. It is critical to make a connection between company and individual goals. This allows individual employees to see how their work contributes to the success of the organization, and it increases transparency because employees also gain a better understanding of their colleagues’ goals

Talent management pillar 4: employee engagement

Employee engagement is often a complicated piece of the talent management puzzle. Yet employee engagement is a crucial part of talent management strategy and essential to productivity. Without engagement, the company can pay for the costs associated with disengagement and miss out on the benefits of a highly engaged workforce. It requires ongoing commitment and you will find that there are peaks and valleys in the level of engagement, both within teams and the organization company

Involved employees can cost the company up to 18% of their salary. Companies with highly engaged employees are as much as 23% more profitable. Engaged employees are 87% less likely to quit. Also read the article on quiet quitting

Employee surveys on various topics such as engagement, job satisfaction, employment processes, well-being and diversity, equality and inclusion help map employee engagement. Recognition and celebration that allows employees to applaud the achievements and milestones of their colleagues help increase engagement. It is also important to set goals that motivate employees and provide transparency

What is a good talent management strategy?

Although often cyclical rather than a linear sequence of events, the process of talent management can be viewed as beginning with recognizing the need for talent that results in filling that gap and ultimately growing and optimizing the skills, attributes and expertise of employees, new and old

Effective talent management consists of the following steps:

1. 1. Planning: identify gaps – human capital needs, formulate job descriptions for necessary key positions to guide recruitment and selection, and develop a workforce plan for recruitment initiatives.
   2. Recruiting: based on the plan, the logical next step is to decide whether the needed talent should be filled from within the organization or from external sources.
   3. Select: determining the right match for the job.
   4. Develop: developing employees to help them grow with the organization and train them for the expertise needed to contribute to the company’s success. This begins with an effective onboarding program to help the employee settle into their new role. Also check out our page the importance of pre- and onboarding.
   5. Retention: Most organizations try to retain their best talent through promotions and raises, providing growth opportunities, encouraging involvement in special projects and decision-making, and reward and recognition programs. See also What is employee experience?
   6. Offboarding: Offering retirement benefits, conducting exit interviews and effective succession planning may seem unrelated career points, but they are all transition tools that enable the shared journey.