Talent management definition

Talent management is how employers recruit and develop a workforce that is as productive as
possible and likely to stay with their organization long term. When implemented strategically,
this process can help improve the overall performance of the business and ensure that it
remains competitive.

Put simply, talent management means investing in an organization’s most important resource
– its people. To this end, employers may recruit candidates with highly desirable skillsets,
provide ongoing learning and development opportunities, and reward valued team members
and encourage them to advance within the organization.

Why is talent management important?

Businesses that take the time to develop their employees and keep them engaged tend to be
innovative and profitable. Conversely, those that are unable to source or retain talent
generally have poor customer satisfaction and limited growth potential.

What are some key components of talent management?

Building the kind of talent strategy that drives an organization forward generally requires
employers to:

• Align talent goals with larger business objectives

• Fulfill employee expectations and deliver on hiring promises
• Rely on data to make better workforce decisions

What does talent management include?

• Workforce planning
Most talent strategies begin with defining the skillsets that will be required to achieve
the business’s objectives.
• Recruitment
Acquiring talent consists of representing the employer brand effectively, determining
where the right candidates can be reached, prescreening applicants and interviewing
promising prospects.
• Onboarding
A structured onboarding program that introduces employees to the workplace culture
and helps them feel connected to and comfortable with their team and organization is
essential to retention.
• Training and development
While it was once considered the employee’s responsibility to seek learning
opportunities, many workers today expect their employers to provide the tools,
guidance, and support they need to further their careers.
• Performance management
Reviews and check-ins with team leaders help employees build upon their strengths,
thereby increasing engagement and reducing turnover and making it possible for
employers to meet key business objectives.
 • Compensation and benefits
Fair compensation is important, but employers who want to attract and retain talent
should take a holistic view of the perks and benefits they offer beyond a paycheck.
• Succession planning
Preparing for the next step in the employee journey – whether it’s career
advancement, retirement or resignation – can help people transition to new roles
quickly and limit disruptions.

Benefits of talent management

• Recruit in-demand talent

Businesses become employers of choice and attract talent organically by making their
brand a central component of their talent strategy.
• Minimize disruptions
Unexpected departures cause gaps in coverage, but with a talent pipeline, it’s possible
to fill open positions quickly and keep operations running smoothy.
• Improve productivity
Continuous strengths-based coaching helps employees develop skills and reach their
full potential, thereby increasing efficiency.
• Reduce costs
Retaining valued team members and keeping them engaged is usually more cost
effective than sourcing and training new hires.
• Innovate
Talented teams are more likely to develop new methods of problem solving and make
the most of advancements in technology.

What is the talent management process?

1. Recruit
Source candidates from outside or within the organization using the most appropriate
method, i.e., employee referrals, social networks, job boards, etc.
2. Hire
Use analysis tools, prescreening questionnaires, skills tests and interviews to narrow
the list of candidates and make an offer.
3. Develop
Make learning and development resources accessible and relevant to employee
expectations and needs so they can do their jobs more effectively.
4. Engage
Keep teams connected and focused with engagement tools that help identify potential
retention risks and retain top performers.
5. Perform
Monitor employee performance and collect data to make more informed workforce
decisions.
6. Recognize
Manage compensation equitably and reward top performers.
7. Plan
Create succession plans that allow employees to advance their careers when openings
become available.
Talent management strategy

Organizations today recognize the need for an evolved talent strategy – one that doesn’t just
align to business goals, but also drives outcomes. Here are some examples:

• Make workplace culture a top priority

When employees are happy and feel like they belong, they contribute more and stay
in their jobs longer.
• Provide plenty of growth opportunities
With very few exceptions, employees will leave their jobs unless they have visibility
into their career progression options and the right support to pursue them.
• Ensure that employees are using their strengths
Understanding what each employee brings to the table and matching individuals to the
roles and assignments where they can contribute the most helps improve engagement
and efficiency.
• Compensate workers fairly
It’s critical for employers to have accurate, real-time benchmarks on compensation
data specific to their industry and geographic region if they want to attract and retain
in-demand talent.
• Hire diverse talent
By providing broader perspectives and new approaches, diversity can improve
problem solving and it shows that an organization represents the community it serves.

Talent management planning and best practices

• Make decisions based on data

Having reliable, accurate and timely data helps employers deliver on strategic talent
initiatives, like pay equity or workforce diversity, with confidence.
• Rely on technology
Talent management systems make it easier to source talent, assess skills and
qualifications, onboard new hires, manage employee strengths and recognize and
reward top performers.
• Outsource payroll and HR
With administrative tasks off their plate, business leaders have more time to focus on
becoming an employer of choice. Some HR outsourcing providers can also help with
recruitment and talent strategy.

(8) Talent management framework and its elements

A talent management framework is essentially a strategic blueprint that outlines the

processes and tools used to manage your organization's workforce. It's a roadmap that guides
HR professionals in attracting, developing, engaging, and retaining top talent. Here's a
breakdown of the framework and its key elements:

Key Elements:

• Acquisition: Attract and recruit qualified candidates through effective recruitment

strategies.
• Onboarding: Integrate new hires into the organization and set them up for success.
 • Performance Management: Establish clear expectations, provide feedback, and
develop employee performance.
• Learning and Development: Offer opportunities for employees to acquire new skills
and knowledge.
• Career Development: Help employees grow professionally and map career paths
within the organization.
• Engagement and Retention: Foster a positive work environment that motivates
employees to stay.
• Succession Planning: Identify and develop future leaders to ensure continuity.
• Diversity and Inclusion: Create a workplace that embraces a variety of perspectives
and backgrounds.

(9) Need for talent management framework

In today's competitive business landscape, talented employees are a major asset for any
organization. A talent management framework provides a systematic approach to attracting,
developing, and retaining these high-performing individuals. Here's why having one is crucial
for your organization:

1. Strategic Alignment: A framework ensures your HR practices are aligned with your
overall business goals. This means you're recruiting and developing people with the
skills and abilities needed to achieve your strategic objectives.
2. Proactive Talent Management: Instead of scrambling to fill gaps when they arise, a
framework allows you to be proactive. You can identify talent needs, develop
employees' skills, and plan for future succession.
3. Data-Driven Decisions: A talent management framework can integrate with talent
analytics tools. This allows you to make data-driven decisions about your workforce,
such as identifying skill gaps, allocating resources for training, and measuring the
effectiveness of your programs.
4. Improved Employee Engagement: When employees feel they have opportunities for
growth and development, they're more likely to be engaged and productive. A
framework can help you create clear career paths and provide opportunities for
learning and development.
5. Reduced Costs: High turnover rates can be expensive. A talent management
framework can help you retain your top talent by creating a positive work
environment and investing in their development.