Talent management is more than simply Human Resources jargon. It is central to a successful corporate strategy.
Today, as we find ourselves in the Information Age, which is characterised by the speed, efficiency and creativity of communications, talent plays a more vital role than ever before. We need to innovate, be quick in our thoughts and actions and adapt ourselves to meet changing needs.
All these actions are easier to make through reliance on motivated people whose space, intelligence, aptitudes and wisdom are valued. This is probably one of the factors that led to the concept of talent management springing up on a global scale.
In recent decades, successful corporations have been gaining an understanding that good salaries are just not enough to guarantee the attraction of the best talents. A long process of realisation that has come to benefit everyone involved.
Today companies are capable of rewarding their workers well beyond mere pay. And, of course, they receive a performance from their professionals that projects them towards greater goals.
This evolution coincided with the ever more common use of the expression “talent management”, which is therefore linked to a new vision of workers. No longer merely corporate resources, they are now seen as individuals with vision, intelligence, desires, motivations, objectives and beliefs.
But attracting talent, in itself, does not automatically mean profitability. For the equation to be complete, conditions need to be created and developed to ensure these professionals are appreciated and valued. That’s why one of the key points of any talent management policy is retention, or rather, providing the motivational conditions required for individuals to remain in the company.
Forbes magazine’s Human Resources department points out that 3 of the main factors that help companies retain talent are:
1-A Strong company vision
And showing employees how they contribute to that vision.
2-A Connection to something bigger than their work
Employees want to feel like their work makes a difference.
3-Brand power
Brands must be authentic.
With a continued focus on motivation as a form of talent retention, PwC magazine carried out a study on how to ensure employee experience and knowledge are secured, highlighting various factors, among which “providing autonomy” was singled out as being of particular note.
According to the study, employees who felt they could act autonomously in their work environment tended to perform better, have greater job satisfaction and be more committed to the organisation. Another curious finding – which has already been mentioned in this article, relating to salary not always being the most important factor – is that half of those interviewed would swap a 20% raise for greater autonomy. These data are a clear warning for corporations to act quickly to retain their talent.
Business strategies that focus solely on an organisation’s needs are irremediable when attracting and retaining this manpower. Beyond this, human resources departments must engage in practices that not only meet current employee needs, but also manage to predict future requirements.
One of the distinctive characteristics of talent management is that it is a business strategy. Rather than remaining limited to the human resources department, it must be integrated across an organisation’s processes, therefore attracting, developing and retaining the talent an organisation needs to thrive.
The organisation itself must develop skills recognised by the talent they seek as desirable. An organisational culture of performance is pivotal, as one of the main characteristics of talented professionals is precisely elevated performance levels.
Other strategies employed to develop previously existing aptitudes are promoting personal development action plans. Options available as part of this strategy include mentoring and/or coaching. The first involves a talented employee being accompanied by an experienced professional who guides their professional trajectory; the second is a guiding process seeking to explore the employee’s strengths to the greatest extent possible. Both of these options are recognised as efficient in the processes of talent development and retention.
We can pinpoint two common forms of talent management. One rests on communications between managers and staff, which is most commonly employed in small companies. In others, especially large companies, HR information systems help manage a high-performance working environment, reduce clashes, and create more consistent performance metrics across the company. These are innovative, optimised methods used to recruit, hire, train, and retain talent through advanced selection and comparison tools.
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