Having understood the basic outline of Talent Management and the value it adds to the development and innovation in an organisation in our previous segment (Click here if you haven’t read it yet), let us now move on to get a closer look on Talent Management.
Talent Management Essentials
With Talent management, there are no hard and fast rules. As they say, one man’s food can be a poison to other, organisations are no exception to this. Talent management can increase the value of any company when you understand and establish the segregation of talent, again, no rules as to how to do it. We believe there are 3 major categories when it comes to identifying talent
These are individuals that possess creative talent and maintain a steady performance. These individuals can be developed into great assets with careful nurturing and wishful indulgence. These gifted few can flourish and maintain your innovative streak with little but continuous mentoring and coaching.
These are the employees that deliver the expertise required to support your innovation. They are the ones that excel in certain areas and that makes them valuable to a great extent. By encouraging them to get a deeper understanding of their field of interest you provide the right nurturing environment. Appreciating talent and providing ample opportunity for further development of their knowledge base, drives positive results . In addition, these actions boost morale, which in turn diffuse into their co-workers.
Lets face it, not everyone is a creative genius, or a great performer with deep knowledge. Not that only those attributes will define a great employee, every operation, function and organisation in general needs talent that can follow through your vision with the intent and accuracy of an arrow. Just like the prodigy and the performer, the follower also possesses his own unique signature skill. Addressing and appreciating the same is required. These are the people that will do the footwork that will push your progress one step at a time and keep it moving ahead even when there are other factors obstructing focus and intent.
Understanding Talent Management
There are more subtle ways to gauge and develop your talent pool. They can be put into place with respect to the growth and focus of your organisation. However, the talent is only one end of the Talent Management spectrum, the other being Management of said talent. The management part is where all the finesse comes into action. Because the smallest stones cast also make big ripples in the talent pool. Here are a few insights on how you can have a generally healthy talent management system.
Understand the Make or Buy decision.
When it comes to talent, the HR team needs to take a call on the Make versus Buy decision. There are a lot of factors that drive this decision. Accuracy in demand forecast, the time period for which a particular skill/talent is required, viability of in-house talent development, etc. Addressing these factors, a solution starts to form and will show the tipping of scales towards make/buy decisions. Always anticipate the future needs in manpower. Clarity on the number of people HR team has on bench at a given point of time influences organisational culture.
The key is to achieve a balance. Not having enough employees on the bench could lead to a skill deficit. While, having too many might just be a waste of resources. An analytical approach to talent management could save you a lot of trouble. In addition to helping you reorganise your resources so as to gain maximum benefits and sustained growth.
Define your Risk Bracket
As an organisation, you have to me mindful and considerate of career plans. Both of your employees as well as your business plan. These factors can play a major role in reducing the risk of being wrong when it comes to recruitment. Align the organisational goals with manpower anticipations for the future to avoid excess costs in talent management.
Invest in talent with intent.
Talent retention strategies need to be developed in order to retain acquired talent. This is a key organisational function in terms of cost reduction. Furthermore, development of talent in-house will increase productivity in the long run. When your talent feels invested in, they feel valued as well which will drive employee retention. While hiring, another key aspect of investing with intent can be exercised. Reduce the upfront costs by early recognition of talent and offering opportunities ahead of the competition.
Align with Employee interests.
Every employee has a different pace of developing skills. Understanding and being able to track the same using analytics will help organisations align with employee interests. Internal surveys and engagement with employees via different channels will further the understanding which employees to nurture, enable and empower.
All we have tried to do is provide perspective on Talent management issues that are the most obvious to us. To get more insight using analytical data about your organisation and better manage your acquired talent, you can checkout peoplehum.com