The 4 Steps to Successful Talent Management

November 18th, 2010 by Sarah Green Leave a reply »

In recent years it has been recognised that employees are valuable resources of an organisation, because unlike technology or ‘processes and procedures’, people and the relationships they develop are near impossible to imitate. Therefore, talent management is vital within modern day organisations in order to maintain a competitive edge against opponent organisations.

The model above demonstrates how Zircon views talent management, identifying five core elements.

Recruitment & Talent Assessment is the first important area of talent management. It is important to identify, attract and accurately assess high potential individuals, from the start of the employment process, in order to develop a talented work force.

Performance Management is an ongoing process which is designed to align employee needs with the needs of the organisation. The manager therefore needs to empower individuals to achieve goals and perform at their highest level.

Learning & Development is an important area which requires the organisation to invest in employees and nurture talent by providing continuous learning opportunities.

Succession Planning ensures that talented and motivated employees are identified and developed in order to fill future positions which become available within the organisation. By developing these specific individuals the organisation ensures that the individuals are fully prepared for the role, hence producing a positive outcome.

Compensation & Reward Management means balancing the right amount of rewards and incentives with the performance of employees and their contribution to organisational goals.

If talent is not managed within an organisation, several employment regulations which should be complied with are not. On top of this, if employees are not supported to reach their potential, they may seek these opportunities elsewhere in competing organisations. Opportunities for business growth are also likely to be missed, and strategic goals are unlikely to be met. This may have detrimental effects upon the company’s success if opposition have identified and fulfilled these strategic growth opportunities instead.

The 4 Steps of Talent Management

There are four main steps which can be followed in order to take a more strategic and proactive approach to talent management;

Define Your Business Vision, Goals and Strategy Compare this with your current business state, then develop a business plan to achieve it.

Know Your Talent Examine all your employee data including the performance ratings and demographics. For example, studying age demographics informs you of the percentage of your work force who are due to retire in the next five years.

Mind the Gap by identifying gaps in your data and then obtaining the missing information. Also ‘mind the gap’ by studying the data you do have and identify the gaps it reveals (see the age demographic example above).

Outline the Talent Management Road Map This can be developed by analysing, prioritising and strategising your plan for talent management. The talent management “road map” needs to consider where your talent will come from, the resources you will need to source and manage your talent, how you will assess and develop talent, and how to implement change effectively.

The model provides a simple overview demonstrating how all these important areas of talent management interact with each other, hence making talent management processes accessible to any organisational setting.

For further information about the Zircon approach to talent management please contact the office 01737 555 862.

Written by Melissa Tyson, Occupational Psychologist, 18th November 2010

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