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What is Talent Management? |
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Talent management is the practice of
attracting and integrating highly skilled
workers into a particular company or
organization.
Companies
that are engaged in talent management are
strategic and deliberate in how they source,
attract, select, train, develop, promote, and
move employees through the organization.
It is critical to organizations today to not
only build a skills inventory to meet current
and future business objectives, but also retain
the talent they attract.
Companies engaging in a talent management
strategy shift the responsibility of employees
from the human resources department to all
managers throughout the organization. The
process of attracting and retaining effective
employees, as it is increasingly more
competitive between firms and of strategic
importance, has come to be known as "the war for talent." Talent management is also known as Human
Capital Management.
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The issue
with many companies today is that their
organizations put tremendous effort into
attracting employees to their company,
but spend little time into retaining and
developing talent. Developing talent is
a rapidly developing frontier in the
world of managing talent. Much of this
is centered on associate programs that
seamlessly bring together the setting
and communicating of expectations,
business processes, performance
management, training and development and
associate recognition programs. Talent
management practices evolve as managers
inquire in these areas.
Talent management doesn’t happen by itself. It
can develop via the drive and intuition
of managers looking to compete in their
areas of business.
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A talent management system must be worked into
the business strategy and implemented in daily
processes throughout the company as a whole. It
cannot be left solely to the human resources
department to attract and retain employees, but
rather must be practiced at all levels of the
organization. The business strategy must include
responsibilities for line managers to develop
the skills of their immediate subordinates.
Divisions within the company should be openly
sharing information with other departments in
order for employees to gain knowledge of the
overall organizational objectives. Companies
must integrate plans and processes to track and
manage their employee talent, areas for
attention are the following:
Talent Pipeline, Behavioral Interviewing,
Selection and on- boarding, workforce diversity,
Orientation and company culture messaging,
Associate focused communication, i.e., Town Hall
meetings and focus groups, associate
recognition, retention programs, succession
planning, rewards, promotion and transitioning
and exit interviews.
That’s a lot to take on. Managing a
workforce in today’s business environment
demands it.
The Talent Management consultants at
Sawyer TMS are ready to help.
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