Talent management is a strategic process for businesses or organizations of identifying the vacancy or requirements, hiring the best & suitable candidate, developing the skills and expertise of the person to match the position requirements, and retaining the candidate to achieve long-term business goals.
Talent management plays a key role in the business strategy as it manages one of the important assets of the company—its people. The difference between talent acquisition and talent management is that in the acquisition, it is about attracting and hiring suitable candidates for the role. Still, in talent management, it also includes the development of the higher for the growth of the organization and the individual as well. If it is only about attracting and hiring good employees but not investing in their development, it is not possible to retain them or realize their potential in the long run.
The following processes are part of the talent management strategy, which also involves talent acquisition as an initial part of talent management:
- Recruitment planning & meeting.
- Job description development.
- Job post writing and recruiting location placement for the posting.
- Application materials review.
- Phone or online screening interview.
- Interview rounds.
- Credential review and background checking.
- Making the job offer to the selected person.
- New employee induction and introduction.
- On-the-job training(OJT).
- Goal setting and regular feedback.
- Coaching and relationship building by the manager.
- Formal feedback systems, such as performance management.
- Career planning, responsibilities, pathing, and growth.
- Proper leave and schedule management.
- Promotions, lateral moves, transfers, and appraisal.
- Employment termination by choice of the employee or cause by the employer.
- Feedback and analysis of the cause of termination of employment.
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Talent management model
The talent management model involves 6 key processes that are broadly categorized and a combination of the processes mentioned above. All these processes are individually very important and also interdependent in the business strategy of talent management.
Planning is the initiating step in the process of Talent Management. It involves identifying the human capital requirement, developing the job description and key roles, managing a workforce plan for recruitment
Advertising a source of recruitment (internal or external) and selection of suitable individuals to fill in the vacancies through job portals such as Naukri.com, Indeed.com, Timesjob.com, etc. Also, other modes which have vast reaches like Social Network such as LinkedIn, Facebook, and Twitter. And then there is one more approach of Referrals which is done through the existing employees of the company.
This process involves recruiting and selecting the candidate. Selection is carried out in the following steps: scheduling written tests and interviews (it is also known as screening) finalizing the most suitable candidate for the profile based on the performance and suitability.
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In this stage, the employee is prepared for the organization and the profile through an onboarding program or an orientation program. Enhancing the skills and proficiency of the candidate through counseling, guiding, coaching, educating, mentoring employees, and job rotation.
Employee retention is essential for any organizational existence and survival. Employee retention is done through various approaches like timely and performance-based promotions and increments, providing opportunities for growth through the assignment of special projects, responsibilities, and authority of decision making, enabling and providing an environment to learn new job skills and identifying and acknowledging the individual’s contribution and efforts.
This process exists at the maturity of the tenure of the employment, which aims at the overall transformation of the employees to achieve the organizational vision. It can be done through retirement benefits to employees, conducting exit interviews and succession planning, or internal promotions.
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