Talent management: definition and challenges?
Definition
There is no universal definition. Talent management is the implementation of actions by the human resources department to attract, retain, and develop talent. Indeed, the more the employees’ high-value skills are recognized, the more their well-being is guaranteed. It is a win-win strategy: the employee thrives within the organization and the company lowers its turnover rate.
Objectives
The main objectives of talent management that enable generating profits and gaining market share are as follows:
-Identify internal talents likely to grow and develop their skills;
-Determine the talents the company needs but does not have internally;
-Identify recruitment needs, internal mobility needs, as well as training and skills development actions;
-Prevent the loss of talents with skills essential to the company;
-Ensure the fulfillment of talents as well as their quality of life at work
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Talent management is a shared responsibility
Talent identification
The manager is ideally positioned in the talent detection phase. The employee is as well, particularly by showcasing their career path, experience, and skills. They must express their wishes for career development, mobility, or training. Then, once the information is collected, it must be made available to the human resources department. “Talent” information must be properly reported upward. “High potentials” can then be clearly identified, enabling a talent mapping exercise. Finally, it is essential to use and share “talent” information within the company.
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It is about investing in the development of each individual and no longer just in a specific population
Talent management: advantages and obstacles
Financial advantages
A strong HR policy reduces costs, particularly in recruitment and training. Indeed, a company that knows how to identify, promote, and retain its talents maintains a low turnover rate. It leads to a decrease in absenteeism and increases employee performance.
Nearly 79% of HR professionals believe that management is aware of the need for an effective talent strategy
Managerial advantages
Good talent management improves workplace happiness, and it is essential that managers and team leaders commit to this over time. This undeniably leads to a reduction in conflicts between employees, cross-functional roles, and shared missions.
Competitive advantages
Companies are in constant competition to attract and retain the best talents, even more so since the COVID crisis. With good talent management, they will be more competitive and therefore more innovative. A strong employer brand has a power of attraction over high potentials. It should be noted that talent retention also depends on compensation, corporate culture, quality of life at work, and recognition.
Risks
It is imperative not to fall into certain pitfalls. A low turnover rate limits the number of candidates. Indeed, recruiting new talents revitalizes teams and brings change. Also, a poor assessment of talents carries the risk of overlooking a talent or misplacing them when the candidate does not possess the necessary skills. Budget constraints can also be an obstacle, as can a lack of managerial involvement. Finally, talent management only values identified talents, and this recognition can create demotivation and frustration among other employees.
How to implement a talent management strategy?
Methods and practices
Talent must be used, otherwise it will fade or simply leave. This would be catastrophic for both the company and the employee. For a company, talent management therefore operates at several levels:
Identify and detect talents: find externally talented individuals for positions to fill and/or identify internally employees who may have broader skills than those for which they were initially hired.
Attract and retain: this is a strategic challenge for the HR function. The company’s values must be strong enough to create a great brand image with candidates, and employer branding plays a significant role. Ensuring employees’ well-being is paramount.
Leverage talent: place the new talent in the right position and foster collective intelligence, and/or recognize and highlight those already present in the company.
A good talent management policy should stem from three pillars: identify – retain – leverage
Here are some avenues for a successful approach:
An authentic and attractive image: take care of your communication, particularly your employer brand.
Good communication: by exchanging calmly and regularly with their employees, managers are more likely to detect potential skills and competencies not yet recognized or valued.
82% of French companies use training to develop and retain their talents
An adapted management approach with strong and inspiring leadership: involve, train, adapt to individuals and situations to provide greater meaning.
An engaging motivation policy: recognize and value talents to allow them to express themselves in the service of the collective and the company and to grow, with appropriate compensation and career development opportunities.
Some company examples
Some companies have successfully implemented their talent strategy and were even pioneers:
Google with its focus on employee well-being at work and its work time management system, namely: 80% of time dedicated to daily activities and 20% to developing a personal project.
Danone prefers to focus on training its employees.
Facebook decided to implement a 6-week onboarding program during which the employee can work on numerous projects before choosing the one they actually want to work on.
FlyTheNest organizes its job interviews over dinner for a more relaxed atmosphere.
Training remains the best way to develop talent within companies
Talent strategy evaluation
Some companies use Assessment Centers, which are methods for evaluating competencies, particularly behavioral ones, with the specific purpose of selection in order to provide a definitive answer to internal or external candidates for the position to fill. This method is used in predictive talent assessment strategies. Additionally, to validate a sound investment in potential talent management, the HR function takes into account performance scores, the number of “high potentials,” and succession plans.
So… Ready to discover new talents and let yours shine?
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