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Talent Management Approaches
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Talent Management can be seen as an integration of HR practices linked to the business planning, making it both holistic and strategic. The process of attracting and retaining profitable employees is known as the “war for talent” as more companies realize that their competitive advantage is the knowledge and skills of their people.
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From an operational point of view, Talent Management can include all of the activities linked to the Employee Life Cycle
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Areas
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Goals
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Sourcing
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Attracting and recruiting qualified candidates
Clarifying hiring requirements, job descriptions
Integrating feedback from applicants and anticipating future hiring needs
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Compensation and benefits
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Managing and defining competitive salaries and benefits
Standardizing employee compensation
Offering employees competitive compensation rates and raises
Providing in-house ERP/ self-service systems to help employees research benefits, e.g. medical coverage
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On-boarding programs
Induction
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Developing and fostering new workers
Improving the attractiveness of the company to potential candidates
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Training and development
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Providing people with business-relevant training and development opportunities |
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Performance Management
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Providing people with goal-setting, regular feedback, coaching and appraisals, and linked to development
Providing managers with 360° feedback
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Retention
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Putting in place retention plans to retain the different categories of talent |
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Career management
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Providing career paths for different job families and information or training for all employees on their role in managing their own career |
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