Talent management is a relatively recent term in the business world. Although it was coined a few years earlier. It was not until the late 20th century that it acquired greater importance and became common practice in most businesses.
When we talk about talent management, we refer to HR processes used to search, recruit and embed new employees into the company. In addition, to retaining workers in the organization.
It is considered a key element to improve competitiveness and profitability of a company. It can be applied to different degrees in almost any type of organization.
There are many advantages of talent management. Having the right people in the right job reduces the gap between the competencies, needed to do a job/task and the skills of the employees.
Its impact is felt both day-to-day and in the long-term, as it improves effectiveness and efficiency in employees and teams.
Talent and company culture
The management of talent can also improve company culture. Employees commit to it and establish clear objectives that everyone aim for in a coordinated way.
If you can succeed in making your company culture grow and take hold, it is possible to create a more positive and constructive work environment.
This in turn leads to an increase in personal satisfaction. Where employees understand they are part of something bigger with common values, and they feel proud to belong. This helps to reduce staff turnover and means the company can retain talent more easily.
When searching for candidates, always bear in mind that the most important aspect is to find the right person for the right position. This helps to have qualified and committed employees within the organization.
How to attract and retain the next generation of talent?
If your purpose is to attract young talent to our company, the focus must be on capturing the attention of millennials. They are a digital generation, with extensive knowledge about new technologies. Their expectations are quite different from the previous generations.
There are two elements that can help to attract talented individuals from the next generation.
The first is empowerment. Younger employees are looking for companies that provide them with the opportunities and tools to develop professionally as well as flexibility and responsibility. This can be put into practice by implementing flexible hours, working more on goals and less on routine daily tasks, etc.
Secondly, you must give them the opportunity to join your company through university or graduate internship programs.
These programs look for talent and incorporate them as if they were permanent employees. They will have the same rights, whist they are receiving training and learning about our values and vision.
Once you have succeeded in attracting young talent, you must try to retain them in the company for as long as possible.
Maintaining employee satisfaction
To do this, consider factors that help maintain a high level of satisfaction and motivation amongst employees.
Avoid rigid hierarchical structures and to manage by example. It is better to give tasks than orders. Demonstrate examples of commitment, professionalism and teamwork.
Do not forget to encourage horizontal mobility. There may be people who wish to continue in the company, or even in the same project, but with a different role to learn something new. They may see a problem from another angle or seek a new challenge.
Another aspect to take into account when joining a company is the commitment to corporate social responsibility.
Acknowledge that younger generations may be more sensitive to working in a company of which they can be proud. Values previously considered moral or ethical, nowadays must be a fundamental part of a company’s culture.
Help people be creative in their workplace in different ways: motivate them to face difficulties by applying a different point of view or listening to them when they are given different tasks.
In short, have confidence in them. So that when they are given a task, they show what they can do. If they feel gratified, they will surely do their best.
And finally, the total compensation. Salary is very important, but increasingly people are looking for other benefits such as opportunities for professional growth and ongoing training.
How can companies manage talent?
There are two fundamental points when it comes to managing talent.
The first thing to keep in mind is that talent management is not something that can be improvised. It is essential to create a plan where you can review the state of the company.
Review your needs. Decide what tools to implement and any new internal processes required, not only in HR, but in the rest of the business.
Evaluate your talent management technology. It can help greatly in all phases of talent management. Common tools are:
- Recruitment aids. This is either internally from another team, or externally for candidates currently on the job market.
- Onboardng. Once the position has been filled, it is advisable to get the onboarding tool ready as soon as possible. This helps get the employee up to speed quickly. They can therefore be efficient from their first day at the company.
Moving to a new company or team can generate anxiety since we are leaving our comfort zone. Having an onboarding tool that accompanies employees in that process from day one is essential.
Having this tool ensures new employees have all of the necessary system access, tools to work and are aware of company processes.
- Talent development. This development application means training plans to improve skills can be created or new opportunities for the employee highlighted.
- Managing Performance and Goals. This can measure the performance of employees or identify development areas where an employee may need more help or where they can create new value.
In summary, by creating a strategic plan and using market leading tools to support the process are the key elements that any type of company needs to manage talent.