Every business, big or small, needs to constantly look for opportunities to grow, develop, and outperform the competition. That is where modern talent management comes in to the picture.
This is why they need to invest in offering something different and unique, to create a clear distinction between themselves and their biggest competitors.
We’re not just speaking about their relationship with the customers and clients since we find it of secondary importance. What matters for a company primarily is how it treats its employees and whether it embraces modern talent management.
Employees are the cornerstone of every business, and if they’re not happy with how you’re treating them or don’t see a bright future for themselves in your company, they’ll move on to the next employer. This is where talent management needs to step in.
Below, we’ll explain what modern talent management is and how to handle it in the modern workplace of 2022. Let’s get started.
What is talent management?
First, we need to define what talent management means and why it’s so important for every business and company, regardless of their industry, size, or goals.
Talent management is an HR strategy that aims to create an ideal workforce by attracting, motivating, educating, and retaining the most talented employees and helping them consistently perform at the highest level possible.
Simply put, talent management is a company culture that invests in its employees and allows them to become the best version of themselves. As a result, the employees perform better, decide to stay in the company, feel better about themselves and their future, and help the company grow.
Why is modern talent management essential?
You may feel like dealing with talent management would be too much for your HR representatives, who already have their hands full. Or, it may seem redundant to you – you already have a company policy that aims to create a pleasant work atmosphere.
However, talent management is essential for your company, and here’s why.
When we say “talent,” we think of a person who:
- has a certain set of skills and qualifications
- is experienced and an expert in their field
- has a high potential of becoming even better and more valuable for the company
The keyword we’re looking at is – potential. This employee has the capacity and possibilities to excel and become even better and more valuable. But, if we delegate tasks to them without managing their talent, this potential will go to waste.
That means there’ll be no difference between a highly talented and intelligent employee, and the one with weaker skills and potential. They’ll be the same if you’re the one delegating tasks and not allowing them to grow.
So, talent management and development is vital because it helps the companies get the most out of every employee and maintain a strong and productive workforce of satisfied employees.
What defines modern talent management?
Talent management has been around for years, but the modern workplace and the latest circumstances imposed by the COVID-19 pandemic have certainly changed how it works. This is why modern talent management is a skill every HR representative and business owner needs to have.
So, here’s what defines modern talent management:
- staying connected to the employees who are working remotely
- developing and sustaining teamwork and team energy between employees who are physically apart
- adapting to the digital era and training employees to do so as well
- increasing the employees’ contribution for the future
- acquiring talent from all around the world
As the world around us is changing, so is the face of talent management. The needs and goals of your employees are defined by these circumstances, which is why you need to walk the extra mile and figure out how to give them the best possible work environment and culture.
Modern talent management basics
Now that we know what talent management is and what defines it, it’s time to look at the basics that every beginner should know. Here are the eight main steps and trends of effective modern talent management.
To start with talent acquisition, you first need to make yourself an attractive employer through employer branding. Build a strong brand around your name, and you’ll attract the top talent to apply for your job openings. This way, whenever they see you’re posted for a job, they’ll be more willing to consider using it.
Appealing job description
Posting new job openings takes skill and experience. If you want to attract the top talented people, you need to know how to write it. Clarity needs to be your number one priority – specific criteria, precise company facts, unambiguous qualifications & skills you need.
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Now you need to think about the right platforms to post your job opening. You also need to actively reach out to prospects and people who would potentially be a great fit for you.
The next stage of your talent management strategy is recruitment. There will be so many job applications coming from all the platforms you used to advertise it, so how will you manage them all? It’s important to develop a system that will combine these applications and help you quickly detect and separate highly talented candidates from the rest.
You’ve chosen the right candidate and made them an offer. They’ve accepted, and it’s time for them to start working. But, unless you provide a smooth transition into your company and secure a smooth onboarding process, you could lose them just as fast.
Remember that onboarding isn’t just about showing them to their office or introducing them to the team. Instead, you need to create a personalised experience to help them get started, understand their tasks and feel confident. You need to provide a mentor, constantly give feedback, and keep track of how this person is doing.
Once a talented person becomes a part of your team, talent management is only just getting started. You have them on board, but you need to ensure they stay that way and keep improving their skills.
This is why employee education is your next big move. You need to organise mentorship, training, workshops, re-skilling and keep pushing them forward. They need to know you’ve got their back, and you’re helping them find their place in the ever-changing work environment. Also, this will help you go hand in hand with the latest developments within your industry and always have trained and experienced employees to step in.
A diverse workplace is more creative, open-minded, productive, and ultimately more successful. Why? Because when you combine people of different backgrounds, experiences, and cultures, you get a more comprehensive view of an idea or problem you’re trying to solve.
So, make sure you’re diversifying in terms of age, race, culture, ethnicity, religion, or disabilities. Create a workplace rich with different people and work together as a team. This will bring the best out of everyone and allow them all to contribute.
Remote workforce management
Finally, modern talent management for so many companies implies managing a remote team of people. You don’t get to have as much face time, and your team members are physically and socially apart.
So, think of the best strategies to manage this team and bring them together. Consider team and project management platforms, video calls, regular meetings, and remote team-building activities. Create an open dynamic between you and the employees – allow them to reach out whenever they feel the need or face a problem. Use all the resources you have to ensure the connections within the company and the team are stable and strong.
What are the benefits of modern talent management?
As we’ve already mentioned, talent management is extremely beneficial, not just for the employee but also for the company. Below, we’ll discuss how modern talent management benefits everyone involved.
Improved hiring process
With a proper talent management strategy, you’ll create an improved hiring process. This implies investing in better recruitment – more job postings, interviews, feedback, and a clear hiring pipeline. Your HR representatives will invest their energy in finding only the best talent through different platforms and means of communicating with potential employees. As a result, your company will end up hiring those applicants with the most potential.
More engaged workforce
You’re investing in an improved overall experience that the employee has with your company through talent management. All the stages of their interaction with you become better and run smoothly – onboarding, education, training, and growth.
With such an improved experience, employees are willing to engage more with the company, their superiors, and their teammates.
Top talent retaining
Companies that don’t have a talent management strategy don’t have a precise plan to keep the most talented employees on board. In fact, they often pay little or no attention to how the employees are doing individually and disregard their connection to the company.
But, with the right talent management strategy, top talent retaining will be one of your primary focuses. You’ll know where each of the employees stands and what you can do to make it better.
Reduced employee turnover
Your turnover rate will be significantly reduced with more engaged and satisfied employees. This will save you the costs of finding and hiring new talent, training them, and having them fill someone else’s spot.
Passing on the knowledge
People who are currently in your senior positions won’t be there forever. And, if you can’t find the right person to fit their shoes, you’ll be in trouble. Luckily, talent management deals with succession and replacement within the company. That way, once it’s time for someone to leave a senior position, you’ll already have another person lined up, prepared, and ready to step in.
As you can see, you need to generate talent management if you want your company to keep going further.
Modern talent management shouldn’t be optional but rather a necessity. This helps businesses grow by keeping both parties involved satisfied – the employees and the employer.
This beginners guide has all the information you need to get started with talent management in a modern workplace. Use it to start planning and implementing your strategy for acquiring and retaining the most talented people from your industry.
About the Author
Donald Fomby is an HR specialist and blogger. He covers topics related to talent acquisition, management, and retaining, and shares practical tips that help companies grow. He also works as an editor at the dissertation writing services review where he further nurtures his passion for writing.