Talent management is the full scope of human capital management processes to attract, onboard, develop, motivate, and retain high-performing employees. Talent management is aimed at improving business performance through practices that make employees more productive. The first step of the talent management process is attracting and selecting A-players. When a company is able to both attract and select (future) top performers, all its other talent management practices will be much more effective.
HCM talent management provides you with the support for doing the following for talent management:
Employer branding: HCM’s recruitment website and e-Survey can help you brand your organization as an employer.
Candidate experience: HCM offers you full recruitment management to allow you to ensure that each candidate has good experience with your organization as an employer. The experience of the candidate influences your employer brand.
Selection: HCM helps you to structure and manage the best process for spotting and selecting the best candidates for your organization.
Referrals: Talent knows talent. Referral programs are effective as they help to pick up candidates that onboard quicker and perform better. HCM allows you to form and manage your referral program for talent recruitment.
Onboarding: HCM helps you to get people up to speed as quickly as possible helps to make them more productive and increases employee retention.
In-boarding: HCM provides career management for people to be promoted internally and obtain the support to achieve maximum productivity shortly after they are promoted.
Engagement: HCM helps you ensure the “right people right jobs” and employees’ skills are fully utilized so that employees are motivated, perform well, and are more likely to stay.
Retention: HCM helps you develop retention strategies to keep the best people on board. An example is succession planning.
Succession planning: You want to be able to fill crucial top positions whenever they become vacant. HCM provides you with a talent pipeline that ensures proper succession planning.
Learning and development: This is not only a common talent management practice, it’s also a human resource best practice. Educating employees helps increase performance and retention. HCM offers you tools for skills and training management.
Performance management: An essential part of managing talent is tracking and improving their performance. HCM supports both management by objectives (MBO) and balanced scorecard (BSC) and would track whether reviews are being done at the right time.
HCM analytics: By leveraging data you can ensure that you’re hitting the right KPIs that have an impact on business outcomes. HCM provides you with different analytics and also supports you to define new ones for improvement purposes.
The above talent management activities can help to build and maintain an effective workforce.
Proper implementation of HCM talent management would yield the following benefits:
Talent development increases productivity and performance:
Through talent development, employees understand their roles and have the skills and tools they need. This helps them commit fewer errors and be more productive.
Relevant training also increases employee engagement, which enhances their performance.
Talent development attracts the best candidates
Organizations that invest in talent development are more attractive to talented candidates. People want to work for a company that cares about their growth and helps them develop their careers. If you are looking to provide a first-class candidate experience, consider talent development.
Talent development improves legal compliance
Talent development programs can also contribute to better legal compliance. They help companies create a safe, inclusive, and non-discriminatory working environment.
Investing in training shows that an organization is serious about compliance.
Talent development sets the standard
High-performance organizations have high standards that employees must meet. Talent development can help create uniformity among staff knowledge and skill levels.
It also provides a common approach to working that reduces mistakes and miscommunications.
Talent development boosts customer satisfaction
Talent development programs increase employee engagement and subsequently improve performance.
Companies that boast a superior customer experience have employees who are 1.5 times more engaged than the average. Employee engagement is directly linked to customer satisfaction.