DRILL Talent Management
Talent Management in general
In the existing business environment full of growing competitive pressures and globalization, the importance of human resources and their management is on the increase, for commercial corporations and other organizations alike.
Any company wanting to survive and grow in the long-term must achieve more than existing competition and permanently grow its added value; it must attract, nourish and retain high-quality and, above all, talented and motivated employees – such company must pay attention to Talent Management.
Current research and practical experience confirm that the number of talented individuals in the general population is limited. That is why, for the sake of its own competitiveness, such a company must endeavour to acquire these limited resources for itself, while using the most efficient tools – and to use them in the best possible way. Naturally, the consecutive care for the talented employees, their development and retaining them in the company must follow.
The Talent Management concept means no special requirements on the company in terms of human resources management and individual personnel activities, yet its thorough implementation and connection with the best practice and principles which have proven good (especially in employee recruitment, selection, training, development, remuneration and care) aren’t at all easy.
It is a prerequisite of an effective functioning of Talent Management in the company that it is initiated and supported by the company management and it is tied in with the business strategy.
Who do we call a talent?
Some talent experts define talent as an exceptionally capable employee with a great potential who can significantly affect the company’s performance. Talent Management does then only concern the key individuals only – the capable people who are heading for the top positions.
Other experts do, however, claim that anybody can be called a talent (a top manager and a lower level employee alike) who can, thanks to his/her performance and potential contribute to achieving the company targets, even though his/her impact on the overall company performance can only be limited (local). This is the view which is also preferred by DRILL.
The level at which a talented individual contributes to the performance of company’s tasks depends also on how much attention the company pays to the development of his/her talent.
Benefits of Talent Management
The main benefits of a Talent Management system which is set and applied correctly include:
- Talented employees contribute more to achieving the strategy and economic targets of the company.
- Declining costs of fluctuation and, thus, of recruitment of new employees.
- The company becomes an attractive and sought after employer by the talents.
- Talented employees are identified and retained.
- The planning of key position succession is more effective, as well as supplying of employees from internal sources and their motivation.
- Talented employees are placed at suitable positions and their potential is utilized better.
- Any loss related to vacant key positions is minimized.
Strategy of Talent Management
The groundwork for effective work with talents is the development of a Talent Management strategy in line with the company’s business strategy. This strategy should also include the definition of key roles in the company and setting of general need of talents – the size of the “talent pool” in the company.
The aim of the talent management strategy is to create a pool of highly talented, qualified and engaged individuals who are able to contribute to achieving existing and future needs of their company.
Talent Management can only be successful when it is tied in with the internal and external recruitment, training and talent development, their remuneration, assessment, motivation, management and internal communication.
Key Talent Management processes
1. Criteria and communication
It is imperative to clearly define and communicate within the company the criteria which talent employees are chosen by; what are the steps and time schedule of this scheme? Who is the guarantor of this scheme? Who is going to look after the talents?
In relation with the creation of the so-called “talent pool”, the company management must make it clear that anybody who meets the given criteria can become a talent. The scheme for talents should be set in a motivating way, not only for the existing but also for any potential participants. There should be a healthy competition going between the talents and the participants should be aware that, should they fail to comply with the required criteria, someone else can be nominated into the scheme in their place.
2. Identifying the talents
Talents can be identified either from inner sources – amongst existing employees – or from the outside.
The process of talent acquisition is made of three main steps:
- Identification of key competencies and development of an evaluation scale to establish their benefits for the company.
- Assessment of performance and forecast of the potential and creation of measurement scales.
- Creation of a “talent pool”.
One of the important steps that a company has to make when developing its Talent Management system is to identify its key competencies and competencies critical for the success of any employee and, thus, of the entire company.
Performance assessment is the measurement of currently achieved results in areas for which the individual is responsible and/or competencies considered critical for the success of performed jobs and the entire company.
Forecasting the potential is the prognosis of how many levels the employee can advance in the company, based on his/her past and existing performance assessment, training and development, career preferences and existing and planned levels of competencies.
There are many methods which can be used by the company to assess the performance and to forecast the potential. The general rule applies that a single method should not be relied on to assess and forecast.
Key methods include:
3. Development of talents
Another important area the company must focus on is the development of talented in-dividuals. They should be offered challenging work, given the possibility to develop further and to master the skills necessary for working at more complex professional positions.
The company should offer to these individuals the possibility to develop their strengths, to improve their individual overall performance and individual competencies, to strengthen their motivation and enable them to develop their careers.
A special development scheme should be created for talented employees and executed in co-operation with their managers; this scheme should be a complex programme aimed at precisely specified group of talents, complemented by individual needs of individual par-ticipants. This scheme should act as a superstructure to the common scale of development and individual care which should be delivered to talented employees by their line management and human resource management.
The most effective ways of talent development are the “learning-by-doing” methods which mean learning directly at the worksite, especially through job rotation and involvement in projects with the support of a manager, coach or a mentor.
The emphasis is on coaching as a tool of self-reflection, understanding of oneself, own possibilities and limits; of verbalizing ambitious yet achievable targets, plans, expectations and finding of optimal ways to their realization – a tool for change of thinking, attitudes, conduct and acting which lead to effective improvement of performance of oneself and others.
The talent development schemes are closely tied to the career management - that is, to career and succession planning. They enable the talents to grow in their existing professional roles and to advance to higher levels.
Career planning is an operational procedure for talent advancement in the company in line with judging the company’s needs. Talented people should undergo certain sequence of experiences complemented with coaching and development schemes which should prepare them for handling of more challenging roles in their professional future.
Succession planning should ensure that the company has talents available which will be needed for its business needs in the future. The succession plans (especially at key posts) are the output of the succession planning.
5. Retaining the talents
Activities which ensure the sustainment and stabilization of talented individuals in the company are an integral and very important part of Talent Management. The aim is to ensure that talented employees stay in the company as dedicated members and people engaged in their work; they should lack the tendency to leave the company because usually, leaving of talents affects the company operations severely, to a level inadequate to their numbers. The company should endeavour being an attractive employer, a place where people enjoy working, a wonderful worksite.
Factors contributing to the company being an attractive employer include interesting and appreciated work, opportunity to learn and develop and to grow the talents’ career, respect to the balance of professional and private life by the employer, offer of flexible professional role to talented employees, offer of high-quality professional environment and equipment, providing them with the feeling of acknowledgement, esteem and respect, adequate remuneration, as well as promoting of the principles of social responsibility.
Implementation of Talent Management
Career management in Talent Management is closely tied to the employee performance assessment, succession planning and performance management. It is a cyclic process which takes place every year, in close cooperation with line managers.
Within its Talent Management Product offer, DRILL can provide you with especially:
- Assistance in developing the Talent Management strategy.
- Developing the methodology and aid in implementation of individual processes of the Talent Management scheme.
- Setting of criteria to identify talents and key employees.
- Implementation of individual tools to identify the employee potential.
- Implementation of individual talent development methods (while using the Training & Professional Development products).
- Managing the Talent Management scheme in the company.
- Training of (mainly) the line management in the process of employee potential identification and assessment.
- Providing of support in internal and external communication concerning the Talent Management.
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