Amongst the myriad of skills managers is required to have to ensure a successful business, talent management is amongst the more critical. Managing talent lies mostly in the hands of managers who are able to push their business further by employing new, fresh and creative talent.
According to HR Gazette, company leaders should be the driving force behind talent management as they continue to evaluate their current talent and how it should be nurtured. Talent management is not limited to just HR Departments. Every manager is encouraged to take ownership of talent management as a vital necessity in business growth.
As more businesses encourage managers to take ownership of their role in talent management, they are able to provide insight into
- Which areas are pivotal for the business,
- Stakeholder expectations
- Tailor making the process to fit the company
- Types of training and coaching required for various managers and staff
This information is vital to the success of a business’ talent management process.
What talent management is not
While talent management helps you to identify your “ideal” talent, it does not bring you perfection. Finding the right people to do the job takes well thought out and specific processes. Depending on demographics, this top talent can easily become short supplied.
Thus talent management is not merely a recruitment process. Rather, it focuses on finding new talent and nurturing it. The target is to improve employee engagement and move employees along in their career path within your company.
Talent management understands that customer satisfaction is as important as the right skill set and high engagement levels. Thus, talent management is a strategic business process aimed at propelling a company forward towards its mission, goals, and vision.
Why is talent management important for business?
Talent management is vital to business growth and success for a myriad of reasons. According to Mona Momtazian the following reasons show the positive impact talent management has for businesses:
Attract and retain top talent – By using talent management, you are better able to attract your ideal talent. Plus, well-thought-out onboarding plans enable you to retain top talent thus increasing savings on employee recruitment and performance management costs.
Covering any gaps in critical roles – With successful talent management, a company is better able to cover any gaps that may arise in team positions which require highly specialized talent or are viewed as critical roles. This in turn ensures that employees are not overburdened with extra workload and a continuous supply of staff is available to ensure the company and its projects continue with minimal delays.
Improved business and employee performance – Talent management allows companies to hire people who are seen as a “good fit” for the company. This reduces performance management issues while increasing the probability that staff will remain with the business for a lengthy period of time.
With committed, skilled and engaged employees, businesses are able to meet business goals thus improving client satisfaction and business performance.
Increased client satisfaction – Since talent management requires various departments and management to work together, the process of talent management brings with it improved communication skills and further integrated systems. This ensures that clients deal with fewer people and see their requirements met speedily. It’s a win-win situation for all involved.
