Talent Management is Key in War For Talent
The War for Talent is clearly at hand, and competition for great candidates is at a fever pitch. This candidate driven market, however, is a very different one from that of the late nineties. The competition for great talent is no less severe, but the companies and jobs they are competing for are all genuine and substantive. We are not experiencing the manic hiring practices that resulted from dot com froth, if you will. What we are seeing specifically in the HR space is not only a big demand for talent and a large volume of work (i.e. jobs), but a congruent spike in Talent Management / Organizational Development jobs.
My belief is that companies and “C” level executives are not only trying to improve and refine the hiring processes to hire more efficiently and effectively, but they are getting more strategic with how they manage the people they recruit and the people already employed. Senior level leaders are more and more looking at people development, job competencies, organizational structure and retention of key talent. Clearly they are looking for the right people and putting them in the right jobs to create a more harmonious and productive business. We are seeing a greater trend in more strategic talent management in companies of all sizes. The War for Talent is not only about recruiting but also retaining the best players, and Talent Management is becoming a critical skill that is being sought after in the job market.
What is talent management
All of today’s talent management programs share several key attributes:
- Take a comprehensive view of the organization and its people, recognizing that the entire future of the organization will be shaped by how it recruits, selects, trains, rewards and retains its personnel.
- Take advantage of technology to alleviate many administrative chores that traditionally plague HR departments — and which prevent them from getting involved in higher-level strategic planning.
- Place a premium on giving employees greater responsibility for their own career development — which, in turn, means they have greater control of their own futures.
How talent management works – Implementing a talent management program
1. Define the core competencies required of all employees in the organization. For example, virtually every position in an organization would require some interpersonal skills, but the required level of skill varies widely.
2. Complete self-assessments for all employees, grading their own performance in the core competency areas. A Web-based program can greatly streamline this process.
3. Apply other evaluation tools, such as 360-degree assessments, completed by peers and supervisors. Employees and supervisors can use these to develop a plan for self-improvement and growth.
4. Carry out an improvement plan using such tools as career coaching, individual consulting, company-sponsored training and education, or various other techniques.
5. At the same time that current employees work on their own core competencies, the organization creates new assessment tools to ensure that future employees are hired according to the appropriate model.
How have talent management programs helped your company? What programs or applications have you used to streamline the process? We would be interested in hearing about your experiences.
Posted by Jim Barnhill, Executive Sr. Partner
Lucas Group Human Resources Recruiters Atlanta, GA
