Talent Management Definition and Talent Management Process

The planned, meticulously managed process of bringing on the right people and assisting them in developing to the fullest extent possible while keeping corporate goals in mind is known as talent management.

Thus, the process entails determining skill gaps and open positions, seeking out and onboarding qualified candidates, helping them develop within the system and acquire the necessary skills, providing future-focused training for expertise, and successfully engaging, retaining, and inspiring them to meet long-term organizational objectives. The concept highlights the broad scope of talent management and how it ensures that the organization meets its goals by influencing every facet of human resources at work. Hence, it involves bringing the appropriate individuals on board and empowering them to further the interests of the company as a whole.

To guarantee the success of the company, a number of components and subprocesses that fall under the talent management umbrella must cooperate. Touchpoints such as assessing the appropriate skill gaps for the future and the present, locating talent pools and ideal candidates, luring them in, and then maximizing their current abilities and capabilities while fostering their development are all equally crucial. They rely on one another for support, and even a single subprocess going awry would bring down the entire system.

Talent Management Process

The process of talent management could be viewed as, sometimes cyclical rather than a generic linear progression of events, starting with acknowledging the need for talent and ending with growing and optimizing the abilities, characteristics, and knowledge of both new and existing employees.

The main components of the talent management process are shown in the following image :

Now let's discuss these essential steps in the successful management of talent process : 

1. Planning

The initial phase in the talent management process is planning, just like in any process with a predetermined result. It entails determining the areas in which shortages exist in terms of human capital requirements, creating job descriptions for essential tasks that will aid in sourcing and selection, and creating a workforce plan for recruitment campaigns. 

Learn More : What Is Talent Acquisition? Definition, Process, Strategies, and Best Practices

2. Attracting

Determining whether to source external talent or fill internal talent requirements within the organization is the logical next step, depending on the plan. In either case, drawing in a steady stream of candidates would be part of the process. Referrals, social media, and employment websites are examples of common external sources. To keep things running as smoothly and effectively as possible, it is imperative to identify the talent pools that need to be tapped into beforehand. This is the point at which the organization's employer brand becomes relevant, as it determines the caliber of applications that are received.

Learn More : What is Talent Pipeline? Definition, Management with Examples

3. Selecting

This entails employing a battery of examinations and assessments to identify the best candidate for the position that is, the person-organization fit. Assessing a candidate's overall character requires a thorough examination of all material on public access platforms, as well as written exams, interviews, group discussions, and psychometric testing. Recruiters may now scan through a large number of resumes using software and AI-enabled technologies to narrow down on the best candidates and make the perfect match. 

Learn More : Candidate Screening and Selection Process: The Complete Guide for 2020

4. Developing

Many organizations today operate on the tenet of hiring people based on their attitude and training them for abilities. This makes sense since, while you may have preferences for specific skill sets, you are hiring people, not their resumes. Enhancing employee engagement and fostering loyalty also entails giving employees the tools they need to succeed in the business and facilitating their internal advancement. To help the staff member adjust to their new role, a well-thought-out onboarding program is the first step in this process. Then, it provides a multitude of opportunities to enhance a person's skills, aptitude, and competency while promoting development through coaching, mentorship, and job rotation. 

Learn More : What Is Onboarding? Definition, Process, Templates, and Best Practices

5. Retaining

Talent retention is a crucial component of any organization's long-term success. Most companies work hard to keep their top employees by rewarding and recognizing them, providing growth opportunities, promoting participation in special initiatives and decision-making, providing training for more advanced roles, and offering incentives and recognition programs. 

Learn More : The Importance of Employee Retention

6. Transitioning

The goal of effective talent management is to help the organization evolve and change as a whole through the personal development of each employee. This entails giving each worker a sense of belonging to a larger entity. Though they may appear like unrelated career points, offering retirement benefits, holding exit interviews, and having a strong succession plan are all transitional instruments that facilitate the shared journey. 

References : 

1.  Ghosh, P. (n.d.). TALENT MANAGEMENT. [online] Available at: https://www.spiceworks.com/hr/talent-management/articles/what-is-talent-management/#lg=1&slide=0.