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Why Talent Management is important for your Business

In the same way that a company has a strategy for the business and a documented business plan, so you should have a strategy for Talent Management - it should be worked into the business strategy and implemented in the daily processes throughout the company and not targeted just as a human resources function.

Talent Management is the process of attraction, selection, development, engagement and retention of an organisations most important resource - its people.

It is through a Talent management solution that organisations can establish and communicate critical business goals, automate your employee performance review process workflow, measure employee performance improvement and ensure that all levels of the company are aligned and working towards the same business goals.

To be effective, talent management must be embedded throughout the organisation starting with the top team.

A Talent management strategy is thus an end-to-end process focusing on the following five primary areas:

• Attraction - The ability to attract talent depends upon how potential applicants view the company and whether they share the values of that company
• Selection – ensure the right people are attracted to the company.
• Retention - develop and implement practices that reward and support employees.
• Development - ensure continuous informal and formal learning and development.
• Engagement – provide specific processes that nurture and support performance, including feedback/measurement.

Challenges to focus on the Talent Management question are:

• Skill shortages in the future
• Demographic changes driving a diverse workforce
• The belief in talent and its impact on the bottom line

Business change

How has the last 2 years of the recession impacted upon your business and your employees? Have you been forced to focus only on the bottom line to secure your continuing trading position? What impact has there been on your employees?
Has it been a question of putting square pegs in round holes to concentrate on very immediate business issues?

If so – then what do you know about your employees and their capabilities and skill levels? Do you know where your Talent is and will you be able to retain them once the upturn arrives?

Now is the time to implement a Talent Management solution into your business as part of your business strategy to engage with your employees to address their changing aspirations, values and expectations so that you can meet the challenge and secure the critical talent you need to compete as a viable business and have a highly motivated workforce!

Author: Simon Barnes
Published: 16/06/2010