UNIT 1 TM - Lecture notes 1 NATURE SCOPE STRATEGIES TALENT MANAGEMENT PDF

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UNIT 1 (TALENT MANAGEMENT)

Recruiting and Retaining talent becomes the primary job of HR. The right candidate always finds the perfect place, but you may need to strive hard to find and attract them. Talent Management strategies are necessary for the fast-changing work environment where the employees should be kept motivated and don’t feel left out.

What Is Talent Management? Talent Management is the process of developing strategies to streamline the recruiting and retaining of employees. It is a practice of showing that the organization invests in employees’ training and professional development to improve their productivity and help them stay directed towards the organizational goals. Talent Management strategies help fill the gap of vacant positions by finding worthy people and improving their knowledge to find the right way to achieve the targets and profit of the organization. As employees benefit the organization, talent management strategies also help discover how to gain more profit while keeping the employees satisfied and encouraged. Various strategies are applied to increase the business planning to help employees and organizations to reach their goals. The talent management process helps to empower employees to retain them for a longer time in the organization. These processes always change from organization to organization.

What Is The Need For The Talent Management Process? Do you really think that hiring and providing training is enough for your employees to increase retention? Then that’s where you might lack. Regular communication, feedback, and improvement in the strategies are needed to reduce employee turnover. Talent management helps human resources attract and retain the most valuable asset of any organization, the employees. Efforts must be made to cultivate engagement and mutual communication between employees within the organization. Moreover, the system also helps in growing happiness, branding, along with lowering the employee repulsion. The strategies help develop practices where the employee’s issues and decisions are heard without any favoritism. Besides, as the hiring requirements are redesigned to drive in the best talents, the employee branding of the organization also experiences a positive impact.

The Talent Management Workflow Model Different models came till now and what every model suggests is to implement new and digital tools to maintain and nurture talent. Here is the workflow model describing the details in a cyclical format to be performed to accomplish a positive working culture. Talent Management is not a simple and single-day workflow. It is instead a process that highlights the path on how to maintain employee productivity throughout employment. It begins right from the moment of the planning to hire a candidate. All these steps add up to develop a culture of well-being. Let’s see how these steps are a significant part of the Talent Management Process.

1. Manpower Planning Like every theory and process, the first step is to plan out how the whole process will move further. As soon as any open position pops up in the organization, the first step is to create a

detailed job description, including the roles, rights, responsibilities, and eligibility criteria. It also states the initiatives taken for the engaging and influencing recruitment and interview process. 2. Talent Attraction The next step is to discover the ways to reach your right candidate. The vacancy description made during the first step must be informative and engaging to attract and drive-in candidates who have the right skills that match. The candidate sourcing could be from social media sites like LinkedIn, external job portals, internal employee referrals, and external agents. The employer brand and the culture of your organization expressed during the process helps in attracting the correct skilled candidates. The candidate pool is a broader area from which you have to find your worthy and promising candidate. The accurate recruitment method and the possible reach to candidates using all the candidate sourcing methods will define how and what type of candidates will approach you. 3. Talent Assessment When candidates start to approach you, you must be well-prepared for assessing and checking the candidates’ knowledge that will suit your job responsibility and organization culture. It is not necessary to keep a single assessment; try checking the employees’ informative skills and personal and professional conduct through two or three rounds of logical thinking, technical aspects, and personal interview. About 83% of candidates feel that a hostile interview drives them to aways and changes their minds about the role and job. The methods of assessment you choose must be appealing to your business requirement. Because you cannot identify a candidate from their CV. 4. Talent Acquisition Once you have assessed the candidates thoroughly, the most relevant person is to be selected for the job. The acquisition is not only limited to the selection of the candidates; they also need to be informed about the organization culture, the practices, and the on boarding process. The requirement for the same has now changed from manual to software for all the small and medium enterprises. 5. Development Employees you hire might be experienced or fresher. Expecting them to follow the work without any training is not appealing to your culture. Developing the candidates for job roles to provide proper learning sources and train them for upgrading their skills improves capacity building and

engagement. Regular training programs must be planned to keep up with newer technologies. It helps the employees to get in touch with new technologies, upgrade their skills, and improves their thinking capability. It is, in fact, helpful in staying focused on organizational goals. 6. Performance Management When the organization invests in training and development programs, it becomes essential to track if the skills are improved. Without the improvement in employee performance, the training provided comes into doubt. While organizations offer training, it is no doubt that they wouldn’t use software for performance measurement. 7. Talent Retention No organization will succeed if its employees keep on leaving due to some or other reason. Along with recruiting, talent retention is also an important area to look after. The people you have provided training and professional development also need to be retained through the proper use of benefits administration. The potential benefits and resources which the employees are liable to must be provided to them to retain them for a longer time. Also, benefits are not the only thing essential. Better engagement practices also help keep the working environment positive to retain employees. 8. Transitioning Hiring and retention is one thing. A better talent management process includes succession planning also. It also states to improve the growth of individual employees. The talent management process includes retirement benefits, exit interviews, and succession planning. For a better transition, the employees are promoted based on their skill level, and their roles and rights are changed for better management.

What are the Strategies of Talent Management? The talent management strategies are not points and checklists to follow. The strategy made must be followed along with every process from planning to implementing. To implement these strategies, you need regular checks and surveys to make sure they are working correctly. According to LinkedIn, here are the percentage of talents who selected some prime factors in any organization when accepting any job.

Here are the strategies to make sure your talent management process generates desired results. 1. Provide A Detailed Job Description Whether internal or external recruiting, you cannot attract the correct candidate without an accurate description of what you as an employee seeks about a particular job position. It will develop confusion and drive a pool of candidates without any proper skills. You may end up giving considerably more time to search the candidate. But this is easily avoidable by just knowing the right tricks to formulate a job description that attracts the right stream of candidates. The information essential to the job description must include     

Job Title Location Job Responsibilities Eligibility criteria Salary and benefits

2. Culture Fit People If the organization’s culture is not engaging, interactive, and lively, employees would feel diverted from their path and target. The culture of any organization is challenging to implement just by making policies. It is the actions and personalities of employees that make up the culture of the organization. The new employees must be able to fit into the organization comfortably to

ensure productivity. A good culture also represents the power of your organizational goals and missions. 3. Developments Opportunities Employees always seek to grow professionally, and by that, they intend to give their 100% to the organization. But for that, the organization must have regular training and career development opportunities to help employees achieve higher targets. The employees must be provided and taught the right and advanced tools to make positive updates on their skills and knowledge, which they can use for driving a huge positive impact on the organization. 4. Reward And Recognize While you invest in your employees’ training and skill developments, you must also put efforts and implement ideas to appreciate them for outstanding achievement. The appreciation provided to the worthy employee keeps them motivated and triggers them to strive more to achieve the organizational goals. Employees, when rewarded, give their best results and help to cultivate a culture of growth. It will eventually help you in retaining your best people.

Interesting Statistics To Know About Talent Management Process  Nearly 70% of the workers are finding themselves overloaded with work in their organization.  63% of the organizations fail in conducting discussions with employees regarding their career development on a regular basis.  75% of the companies are confident enough in defining and communicating their firm’s vision with their employees. And due to it, about 42% of the firms are making their performance outstanding than their competitors.  Undertaking the performance review process on a yearly basis is incorrect as per 51% of the workers.  50% of the managers are not sure that the first 100 days of the new recruits could be a better experience.  Nearly 61% of the managers are not sure that they have the right employees in the right role in their company.  Companies with potent employer brands can benefit from cost reduction by 50% in the hiring process. In addition, the turnover fell by 28% due to continuous investment in employer branding.  Among the top talent management applications, recruitment tools are used (85%), onboarding (76%), and other respective applications are shown in the figure below-...