What’s talent management?

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Talent management is a name for a human resources program that applies to more than just computing hours and taking care of legal aspects of employment. Instead, talent management applies to recruiting and retention, compensation, and assessment and review strategy. In some cases, talent management is a process managed by multiple departments. In other cases, it can only be handled by human resources.

The first responsibility of talent management is to attract and retain qualified employees. Without this core function, no company can reach its full potential. Recruiting workers can be a difficult task, especially in times of low unemployment. The higher the ladder, the more difficult the filling position will be.

Recruitment and retention may depend on adequate or competitive compensation packages. These packages must be carefully vetted against industry standards. Pay may be the most important part of the compensation package, but it’s not the only part. Traditional benefits like health and vacation insurance also play a role. However, the latest benefits such as flexible packages and telecommuting options can also be very attractive for some positions. Talent management’s job is to figure out what compensation packages are needed and then see if those, or something similar, can be offered.

After recruiting employees, the next thing talent management must do is onboard them in the most advantageous way for the company. This may involve creating non-traditional positions or creating shared positions between two or more individuals. This sharing of position takes the focus away from individuals and personalities, but requires more communication between those who share the position. In addition, integration also means finding educational opportunities, either as part of the normal work environment or through continuing education in the classroom.

Talent management, therefore, means not just finding that talent, but educating and molding it in ways that are most beneficial to the company. While many companies may offer some form of continuing education through formalized classes or occasional workshops, this falls far short of true talent management, which involves a concerted education effort through regular sessions scheduled to meet certain standards. The benefits of this education are often quantified in a variety of ways, which can include knowledge assessments and practical job assessments.

Talent management also means having programs in place for those who will transition into new positions, such as promotions. This is often a very volatile time for employees, who are moving from roles they are familiar with to roles they are not familiar with and which can cause a lack of productivity. Finding a way to make these transitions as easy as possible and provide the necessary resources for these employees is critical to maintaining a smooth operation.

Asset Smart.

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