Talent management is another term that can be heard of in human resources department. In fact, many HR professional develop some concern about this term due to the many studies that show an increasing number in workers that was needed in the future. Talent management itself refers to the act of recruiting, developing and retaining talented employee for the sake of the company itself, to achieve their goal in the first place.
The term of talent management start to grow in 1997 by the McKinsey and Company and in the early 2000s, the professions that work specifically in this area become formalized. Seeing the simple explanation above about talent management, most people will associated it as the kind of things that a Human Resources department will do. But it’s not true because HR department have broader aspect when it comes to their human resources and talent management work on more specific issue.
When it comes to talent management, HR people tend to specific the issue to recruiting process, succession planning, assessment, training or development area. Lately, the recruiting process was not always included in talent management work area, and that leave the talent management people with the effort of retaining and developing the talent that they already have. In the other hand, some people still think that compensation ought to be part of talent management while other people think that it will be best to leave it on other parties.
The talent management professional start their work in the succession planning. What they do in this stage is make plan about the quantity and quality needs that the company or the organization need. From that they can make out to the next stage of recruitment. The talent management people put the standard of people they need to recruit and they also need to decide the best way to attract potential and talented people only.
When they already come up with talented people in the company, then they step up to the next stage and that is developing the employee. In order to do that, thorough evaluation is highly needed. There are two area of that talent management people need to measure and that is the employee performance and potential. While performance is a basic evaluation area, the talent management people need to find out the strong suit on each employee that can be brought up to higher level for the future performance. In many cases, we can find that an employee can do better if they were placed in different workplace and contribute better to the company after they gone through thorough evaluation.
In the evaluation stage, the talent management people need to pinpoint the essential skill that need to and can be developed. Once they recognize this, they can develop specific training that focus on the key skill and there by minimize the cost. If they miss the evaluation or assessment part, then it was possible that they go on with the sort of training that don’t match the employee need and skill, and it will be such a waste of time and money.
In other word, people can simplify the job of talent management work area as attracting and retaining. The talent management professional need to do their best on attracts the best and talented people to fill the void and work on the best strategy to retain the people inside. This is what they called the holistic approach of talent management. What do they need to work on is to win the best talented people in the market and how to grow the talented people they already have even more.
How importance is talent management to the company itself? It is essential and in its own way will help to determine the success of the company. Put it simply, if the company managed to attract the best talented people to work for them, then it means they will get the best of the best and win the competition with other company. In the other hand, if they can’t manage to get it, then they will left out with second best people and it will make the company development stuck.
Attracting the talented people it is not enough. If the company manages to retain the people they already have with training and other development program, most likely that the employee will make better performance. That is not all, because they employee is being grateful to everything that the company has give to them, they will be a steady employee with less inclination to move to other company.
Basically, a talent management professional brought up win win solution for parties, the company and the employee. Both will get the best of both sides where the company will get the best performance and the employee will enjoy of being in the workplace that support their talent.