4 Key Elements of Talent Management
A good talent management plan allows a company to match strategic goals with recruitment and training efforts. In recent years, talent management and retention have come into the spotlight. In the wake of the COVID-19 pandemic, workers quit their jobs in unprecedented numbers. This ‘great resignation’ has highlighted massive talent management failures across many sectors. Companies are desperately revamping their strategies with an eye on employee development and retainment to mitigate the impact of this mass wave of resignations. Here are a few essential elements of talent management that must be considered when developing a plan.
4 Key Elements of Talent Management
Strategic Planning
When considering how to implement a talent management plan, business leaders need to consider their organization’s broad, long-term strategic goals. What are those goals, and what specific personnel are required to achieve them effectively? Developing candidate profiles to fill long-term strategic gaps is a good way of working toward growth in the future. Always take a step back and look at the bigger picture.
Recruitment
Recruitment – both from the inside and outside the organization – is crucial in developing an effective team to achieve strategic goals. Modern recruitment strategies are highly data-driven. Data about candidates is, of course, more accessible when they already work inside the hiring organization. This is one of the reasons why internal recruitment is so cherished in the digital age. Potential recruits are profiled according to their adherence to a person’s specifications – often with the help of a great deal of data analysis.
Education
Education is critical in talent management. It allows leaders to create an upwardly mobile, highly robust workforce. Upskilling a workforce increases the adaptability and growth capability of a company as a whole. Educational settings also allow business leaders to learn reciprocally from their workforce. Employees should feel comfortable teaching as well as being taught. A suitable – and regular – stream of educational opportunities should be offered as part of a talent management plan.
Payment And Benefits
One of the leading causes behind the great resignation has been the failure of companies to reward employees for their efforts correctly. Wages have not risen at the same rate as inflation – leaving many employees facing a real-term pay cut despite being offered minor pay raises. Any good talent management strategy has to take fair pay into account. Employees won’t stick around if they are not compensated for their time and effort.
Likewise, benefits must be competitive to keep the best staff on board. In the United States, the most crucial benefit to provide is comprehensive healthcare insurance. The USA does not have an adequate public health system, despite individual taxpayers putting more money into public healthcare than their peers in European countries. Workers rely upon their employers to ensure they can receive care without going into massive debt for themselves and their family members.
