What is Talent Management? – Forbes Advisor
Here is a brief overview of the six principles of talent management.
Alignment with strategy
Consider the type of talent the organization needs based on its business strategy. If a company is looking to improve its technology leadership, it can embed technical talent or encourage employees to develop technology-related skills. Because business strategy changes over time, it’s also important to adapt and rethink your approach to talent.
Talent management services must ensure consistency between talent management systems within the organization. For example, employees may benefit from feedback and performance evaluation on a quarterly basis, but this process must be consistent with the relevant positions throughout the organization and its subsidiaries. Similarly, the remuneration must be similar for the same position. Otherwise, some employees will not feel valued due to unfair treatment.
Employees are more likely to stay with an organization that helps them develop and learn new skills. As such, companies must provide opportunities for growth through career development programs, job rotations and new assignments. According harvard business review, professional development is the best way to improve corporate culture. In fact, 93% of employees said they would stay with a company longer if it invested in their career.
Many organizations hire based on a person’s fit for their culture. They have core values and principles and assess individuals on whether or not they embody them. For example, a company that values creativity may prefer candidates who have a track record of pursuing creative endeavors and projects. Likewise, they can also set up training programs and activities that remind employees of the company’s values, so that they respect them.
Employer branding through differentiation
What is your unique selling point for attracting and retaining top talent? Why would people want to work for your company? To stand out, employers need to differentiate themselves from their competitors and increase brand awareness in local communities. Some examples are launching campaigns at universities that focus on unique long-term opportunities, benefits and promotions.
Balancing global and local needs
For organizations with an international presence, talent management can seem complicated. Managers and HR teams may need to adjust their processes based on the cultural and behavioral norms of a particular country.
As a result, companies can opt for different levels of autonomy to balance global and local needs. A US company may grant a greater degree of autonomy to talent departments in South Korea or Japan due to the vast differences in work culture. Similarly, companies such as Starbucks and McDonald’s have staples like frappuccinos or chicken, but they’re also introducing products tailored to local tastes.