What is talent management? Is it just another HR term? Industry buzz phrase? It’s time to define “Talent Management” once and for all!
According to Wikipedia, Talent Management is “the science of using strategic human resource planning to improve business value and to make it possible for companies and organizations to reach their goals. Everything that is done to recruit, retain, develop, reward and make people perform forms a part of talent management as well as strategic workforce planning”
In a nutshell, talent management is a term used to describe an organization's dedication to recruit, manage, develop and retain talented employees to create the optimal workplace with the optimal workforce.
According to an EY survey of almost 600 global business executives, most found that talent management functions often measure the easy things (such as employee retention) while overlooking other factors that are important for organizational success (such as whether the right people, with the right skills, are in the right jobs). More recently it was discovered in an CEB study that, “Only one in four HR organizations have effectively integrated their talent management practices…with the company’s strategic objectives.”
Because integrating Talent Management systems and practices is not always a simple process, services like ProSky can alleviate the transition by providing a leadership pipeline and a company trajectory through a succession planning platform. ProSky will also help identify and share information regarding potential career paths, therefore enabling various departments to identify available talent and subsequent opportunities that arise.
Talent Management vs. HR
Don't get them confused! According to Capterra, Talent management differs from HR in these 3 major ways:
Successfully identifying, developing, and retaining talent is crucial for any organization’s success. That is why companies must ensure coordination between HR and talent management professionals. By working together, the two departments can help the company be truly successful in hiring, recruiting, training and continued employee management.
Who should be involved
The process of talent management can include many systems from your company’s:
- recruitment planning meetings
- in-house interviews
- onboarding processes
- goal setting
- formal feedback systems
- career pathways
- succession planning
- and more!
These systems require the involvement of not just HR but also hiring managers, c-level execs, and department managers. Talent management requires a collaboration within the company like cogs in a clock.
HR can provide support, training, and backup but daily interactions, that ensure a new employee's success and helps develop their skills comes from the talent manager. This collaboration between managers and HR is also evident because although HR commonly takes the lead in recruiting and selecting new employees, managers are the means to carry them out for the overall recognition of the employee's work and ongoing retention.
At the end of the day, talent management is a business strategy where attaining and retaining talented employees is a responsibility of every member of the organization, not just HR. It is best understood as a shift in traditional thinking from “Will this individual be a good fit for this specific job?” to “will they not only a good fit for this role, but also for the company and for any future positions they take up?” Once this mentality is established, the company is best able to find and keep the best and brightest within the company.