Talent management is an organization’s commitment to recruit, hire, retain, and develop the most talented and superior employees available in the organization and the job market.
The primary purpose of talent management is to create a motivated workforce who will stay with your company in the long run workforce Management Model include :-
Strategic Workforce Planning
This is one of the most powerful tools companies can use to achieve their globalization objectives within an increasingly competitive market. Planning is the driving force and the primary connection point between workforce and talent management
Workforce planning thus solves staffing problems for today and for the future. According to Evers (2014), strategic workforce planning is becoming increasingly important for a number of reasons. and is important to know the reason to enable management strategize on the planning model
- Demographic changes: An aging workforce poses a number of different problems, including a lack of in-demand skills, reskilling challenges, and mass-retirement.
- Cost reduction: Increasing global competition forces companies to work smarter. At the same time, the aging workforce is a more expensive one – but not necessarily a more productive one.
- Talent management: Talented employees form a competitive advantage for the company. Having people with the right drive and lining up a talent pipeline to replace the aging group of senior management and executives in the company is essential.
- Flexibility: Today’s competitive landscape requires faster and more disruptive innovation. The revenue produced by products that are less than a few years old has increased tremendously in the last few decades. At the same time, the tactics that got us here won’t get us where we need to go next.
Talent Acquisition and Retention
It’s not easy for employers to prioritize retention through talent acquisition, mostly because retention is not considered to be under their remit in most organizations, but also because the recruiting process can only partly influence people’s desire to stay after they have signed an offer.
A rather obvious benefit but nevertheless important one to start with. Strategic workforce planning enables you to, among other things:
- Plan your recruitment efforts
- Manage employee turnover. For example, when it comes to retiring employees.
- Increase productivity. When you’ve got a clear overview of the skills you’ve currently got available in your organization, you’ll be able to optimize those and boost productivity as a result.
Performance Management
Performance management is an integral component of talent management that is aimed at ensuring that organizational goals are being met effectively and efficiently through individual and collective performance. It can thus encompass an individual employee, a department, a team, or even a process to build a service or a product. As a company, it is essential to review different teams’ performances carefully. When the process is automated, you can clearly map each field team member’s performance, identify who’s performing well and who’s slightly falling short. This way, you can reward the high performers and motivate and guide others to reach their potential.
Typically the following steps are involved in performance management:
- Commitment analysis.
- Work analysis.
- Defining performance standards.
Career Development
It is difficult to understand the actual cost of employee turnover, but we inherently understand that losing productive employees is not a good thing. hiring is more expensive than employee retention
Regardless of the exact value, retaining employees is more cost-effective than the costs associated with separation, recruitment, and the hit to productivity.
Compensation and Benefits
Compensation is just another word for wages. Managers work with human resources to set and raise wages based on a number of factors:
- Competitive analysis (what are people in similar jobs making per hour, week, or year?).
- Cost of living
- Labor negotiations.
- Personal qualifications.
- Supply and demand (if your company must find a person with specific qualifications and there are very few people with those qualifications, your company may need to spend more to attract qualified candidates).
Succession Planning
Several Human Resource departments have developed proprietary methodologies for succession planning. However, the generic succession planning process involves the following 5 steps:
- Identify key leadership positions.
These are the ones for which you need to identify successors. - Identify future vacancies for those roles.
When, or how, would succession vacuums occur (retirement, promotion, end of contract, sabbaticals, medical-related reasons, etc.). - Identify staff who could potentially fill those roles.
Who, amongst existing staff members, would likely best fill a future vacuum in that position. - Conduct gap analysis.
Assess what potential candidates can do today, and what they need to do in the future role; and ensure there are plans developed to equip those future leaders with the necessary training, skills, experience etc. to step into the roles when needed.
