All entries tagged with “retention”

Define Your Talent Management Approach

Posted by Yasmin Parsloe on Monday Oct 6, 2014 11:24 am

Talent management, talent strategy, HR planning – whatever you want to call it, talent management is a taboo for many businesses and yet a vital process for hiring and nurturing leaders. In a study by Bersin, when businesses were asked to define talent management, 80% classified it as leadership development, 78% as recruiting, 76% as training and development, 74% as performance management, 72% as succession planning, 67% as management training, 58% as workforce planning and 42% compensation.

Below is a breakdown of the various, most popular talent management processes:

Progressive HR: Consider this traditional Human Resources with a twist. Progressive HR fulfills the role of the average HR team, and yet extends into the investment of employees. A progressive HR process believes performance and employee value is critical for business success.

e-HR: We’re talking technological HR. This form of talent management integrates an IT system. In doing so, human resource departments are able to streamline the recruitment process. This form of HR develops an analytical system to better understand talent. For example, Pepsi Americas – one of Pepsi’s major bottlers, requires initiative on all levels. If one of the company’s representatives realize a store is close to a University, they must understand the product placement needs and stock that store with high-caffeine drinks to suit the demands of students and exams. The truck driver who delivers and stocks the shelves at that store, must be able to talk to the store owners about this decision and therefore requires developed social skills. Using an integrated system, HR departments are able to streamline the requirements for new recruits throughout the entire company. Using this system allows connections between job roles to form to better predict a hiring investment in the early stages.

Supply and Demand: Whether it depends on short or long-term goals, this process requires identifying needs, and then recruiting new staff members to fulfill those needs. This is a simple form of talent management and does not take into account the further needs of a company, occasionally creating talent gaps in the workplace. To lower that risk – consider focusing on workforce planning and a succession strategy, rather than just filling seats.

Recruitment: Considered the most popular form of talent management, recruitment requires a rebranding of the hiring process. Under this category, “talent managers” are basically recruiters and they streamline the management principles to develop a hiring ‘flow.’ In this scenario – talent is usually defined in reference to key roles.

Development: This strategy focuses on training and growing talent through new learning processes. This strategy identifies people’s skills and then builds on them. Focusing on strengths, development leverages abilities and pushes employees to their full potential. The focus in this aspect is people rather than job roles – developing leaders rather than employees.

Engagement and Retention: Employee engagement is critical for any workforce – not only does it lead to a healthy, well-rounded environment, but it also creates feedback and a common cause. Communication throughout all levels of a company allows for informed decisions and better understanding. This form of talent management focuses on goals and the journey to reach them using communication as a key tool. This strategy focuses on putting key people into key roles.

By identifying the role or process that suits you and your company’s needs, you will be able to better understand the role of a recruiter and establish a strategy for hiring and retaining top talent.

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