Think of talent management as a business strategy that will help you retain exceptional employees. For effective talent management, every aspect of recruiting, hiring, and developing employees is affected positively The goal of talent management is a superior workforce.
Talent management often includes the following activities and work processes:
- Development of clear job descriptions so you know the skills, abilities, and experience needed from a new employee.
- Selection of appropriate employees who have superior potential and fit your organisation’s culture, with an appropriate selection process.
- Negotiation for requirements and accomplishment-based performance standards, outcomes, and measures within a performance development planning system.
- Provision of effective employee onboarding and ongoing training and development opportunities that reflect both the employee’s and the organization’s needs.
- Provision of on-going coaching, mentoring, and feedback so the employee feels valued and important.
- Conducting quarterly performance development planning discussions that focus on the employee’s interests for career development.
- Designing effective compensation and recognition systems that reward people for their contributions
- Provision of promotional and career development opportunities for employees within a system that includes career paths, succession planning, and on-the-job training opportunities.
- Conducting exit interviews to understand why a valued employee decided to leave the organisation. If the reasons provide information about company systems that can be improved this may assist with retaining talented employees.