{"id":1593,"date":"2019-11-25T00:00:20","date_gmt":"2019-11-25T00:00:20","guid":{"rendered":"http:\/\/new.psmgr.com\/?p=1593"},"modified":"2020-02-23T22:42:56","modified_gmt":"2020-02-23T22:42:56","slug":"what-is-the-purpose-of-talent-management","status":"publish","type":"post","link":"https:\/\/projectstaffmanager.com\/what-is-the-purpose-of-talent-management\/","title":{"rendered":"What is the purpose of talent management"},"content":{"rendered":"<p>Companies with high employee turnover due to employee dissatisfaction and limited career growth are businesses who need a talent management strategy. This contrasts with companies who retain and develop their staff well.<\/p>\n<p>Talent management is more than just an HR Department or the process of hiring new staff members.\u00a0 Instead, it forms the backbone of future company growth and sustainable business success.<\/p>\n<p>&nbsp;<\/p>\n<p><!--more--><\/p>\n<h2><b>What is talent management?<\/b><\/h2>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=snl7eC8LDLk\">Talent management is a process<\/a> which focuses on the following areas:<\/p>\n<ul>\n<li>\u00a0 \u00a0 \u00a0 \u00a0 Finding and hiring new staff<\/li>\n<li>\u00a0 \u00a0 \u00a0 \u00a0 Career development<\/li>\n<li>\u00a0 \u00a0 \u00a0 \u00a0 Managing employee and team performance<\/li>\n<li>\u00a0 \u00a0 \u00a0 \u00a0 Preparing for future growth<\/li>\n<li>\u00a0 \u00a0 \u00a0 \u00a0 Further learning and development<\/li>\n<\/ul>\n<p>According to <a href=\"https:\/\/www2.deloitte.com\/us\/en\/pages\/human-capital\/topics\/bersin-insights-and-services-for-hr.html\">studies by Bersin and Associates<\/a>, businesses who implement effective talent management are able to see a 41% reduction in staff turnover and a 26% increase in revenue per employee.<\/p>\n<h2><b>A closer look at the Talent Management Process<\/b><\/h2>\n<p>The talent management process is circular rather than linear. As you move staff through each phase of the process, you\u2019ll find your HR Department and managers working together to ensure a continual supply of top talent.<\/p>\n<p>&nbsp;<\/p>\n<p>Let\u2019s look at the <a href=\"https:\/\/businessjargons.com\/talent-management.html\">talent management process<\/a> in greater detail:<\/p>\n<h3><b>What is required<\/b><\/h3>\n<p>Talent managing starts with good planning. Both leaders and HR Department need to work together to identify:<\/p>\n<ul>\n<li>Type of talent required<\/li>\n<li>Quantity of talent<\/li>\n<li>Job descriptions and roles<\/li>\n<li>Proposing the method of recruitment<\/li>\n<\/ul>\n<h3><b>Identifying the Talent<\/b><\/h3>\n<p>Once the planning has been finalized, it\u2019s time to attract and identify your ideal talent. At this point, it needs to be decided if talent is going to be sourced externally or internally.<\/p>\n<p>Should talent be sourced externally, you may look to attract talent via the following:<\/p>\n<ul>\n<li>Referrals<\/li>\n<li>Social media including LinkedIn<\/li>\n<li>Advertisements in local newspapers<\/li>\n<li>Job portals<\/li>\n<\/ul>\n<h3><b>Selecting the Talent<\/b><\/h3>\n<p>Once you have sourced several promising talents, you\u2019ll need to go through the <a href=\"https:\/\/www.digitalhrtech.com\/talent-management-process\/\">selection process<\/a>. This includes<\/p>\n<ul>\n<li>Traditional job interview<\/li>\n<li>IQ tests<\/li>\n<li>Personality assessments<\/li>\n<li>Reference checks<\/li>\n<li>Work samples<\/li>\n<\/ul>\n<h3><b>Developing New Talent<\/b><\/h3>\n<p>When you employ your ideal talent, your task shifts to developing and retaining your new staff.<\/p>\n<p>Developing your new talent will require training them in your company values, mission, and vision. This can be done in your company orientation program.<\/p>\n<p>Besides orientation you can develop your latest employees by providing:<\/p>\n<ul>\n<li>Mentorship programs<\/li>\n<li>Career guidance<\/li>\n<li>Training opportunities<\/li>\n<li>And more<\/li>\n<\/ul>\n<p>The goal is to show your existing and new staff that you value them and their skills.<\/p>\n<h3><b>Retain Talent<\/b><\/h3>\n<p>Investing in both existing employees and new talent should increase your company\u2019s level of staff retention. This can be done in the following ways<\/p>\n<ul>\n<li>Staff promotions<\/li>\n<li>Rewards for individual achievements within your business<\/li>\n<li>Bonuses<\/li>\n<li>Growth opportunities<\/li>\n<li>Entrusting employees with special projects<\/li>\n<\/ul>\n<h3><b>Preparing for Exit<\/b><\/h3>\n<p>At the heart of talent management lies the aim to see employees help your company achieve its vision and goals. As your staff achieve these goals, you\u2019ll find your leadership team preparing<\/p>\n<ul>\n<li>Exit interviews<\/li>\n<li>Retirement packages and benefits<\/li>\n<li>Internal promotions<\/li>\n<\/ul>\n<p>The goal is to continue the talent management process by having the talent available to fill the roles of those staff exiting the company. This provides your business with a continual supply of top-notch talent thus moving your company towards its goals.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Companies with high employee turnover due to employee dissatisfaction and limited career growth are businesses who need a talent management strategy. This contrasts with companies who retain and develop their staff well. Talent management is more than just an HR Department or the process of hiring new staff members.\u00a0 Instead, it forms the backbone of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1593","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is the purpose of talent management - Project Staff Manager<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is the purpose of talent management - Project Staff Manager\" \/>\n<meta property=\"og:description\" content=\"Companies with high employee turnover due to employee dissatisfaction and limited career growth are businesses who need a talent management strategy. This contrasts with companies who retain and develop their staff well. Talent management is more than just an HR Department or the process of hiring new staff members.\u00a0 Instead, it forms the backbone of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/projectstaffmanager.com\/what-is-the-purpose-of-talent-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Project Staff Manager\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-25T00:00:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-23T22:42:56+00:00\" \/>\n<meta name=\"author\" content=\"Ailie Baumann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ailie Baumann\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/projectstaffmanager.com\/what-is-the-purpose-of-talent-management\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/projectstaffmanager.com\/what-is-the-purpose-of-talent-management\/\"},\"author\":{\"name\":\"Ailie Baumann\",\"@id\":\"https:\/\/projectstaffmanager.com\/#\/schema\/person\/d1d23335d216ccf08799b167dbe1533e\"},\"headline\":\"What is the purpose of talent management\",\"datePublished\":\"2019-11-25T00:00:20+00:00\",\"dateModified\":\"2020-02-23T22:42:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/projectstaffmanager.com\/what-is-the-purpose-of-talent-management\/\"},\"wordCount\":529,\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/projectstaffmanager.com\/what-is-the-purpose-of-talent-management\/\",\"url\":\"https:\/\/projectstaffmanager.com\/what-is-the-purpose-of-talent-management\/\",\"name\":\"What is the purpose of talent management - Project Staff Manager\",\"isPartOf\":{\"@id\":\"https:\/\/projectstaffmanager.com\/#website\"},\"datePublished\":\"2019-11-25T00:00:20+00:00\",\"dateModified\":\"2020-02-23T22:42:56+00:00\",\"author\":{\"@id\":\"https:\/\/projectstaffmanager.com\/#\/schema\/person\/d1d23335d216ccf08799b167dbe1533e\"},\"breadcrumb\":{\"@id\":\"https:\/\/projectstaffmanager.com\/what-is-the-purpose-of-talent-management\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/projectstaffmanager.com\/what-is-the-purpose-of-talent-management\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/projectstaffmanager.com\/what-is-the-purpose-of-talent-management\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/projectstaffmanager.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What is the purpose of talent management\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/projectstaffmanager.com\/#website\",\"url\":\"https:\/\/projectstaffmanager.com\/\",\"name\":\"Project Staff Manager\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/projectstaffmanager.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/projectstaffmanager.com\/#\/schema\/person\/d1d23335d216ccf08799b167dbe1533e\",\"name\":\"Ailie Baumann\",\"url\":\"https:\/\/projectstaffmanager.com\/author\/ailie\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What is the purpose of talent management - Project Staff Manager","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_GB","og_type":"article","og_title":"What is the purpose of talent management - Project Staff Manager","og_description":"Companies with high employee turnover due to employee dissatisfaction and limited career growth are businesses who need a talent management strategy. 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