Talent Management Uses Strategic HR to Improve Business Value
August 29, 2014
Talent Management is a term used in Human Resources, so if you don't work in that area you might not know about it.
In business the term is widely used to describe the overall HR strategy around managing people in the workplace.
And here's the reason to sit up and take notice of Talent Management in HR - It's also a key component of a business strategy to differentiate organizations from the competition and can be directly used to achieve desired corporate goals.
According to Wikipedia, Talent management refers to the anticipation of required human capital the organization needs at the time then setting a plan to meet those needs.
Talent Management is defined as the science of using strategic HR to improve business value and make it possible for companies and organisations to reach their goals.
Everything that is done to recruit, retain, develop, reward and make people perform is part of Talent Management as well as strategic workforce planning.
A Talent Management strategy needs to be linked to the business strategy to make sense. and it encompasses seven main areas of HR:
1) Recruitment and selection: Use the best processes to hire the “right” talent for your organization.
2) Performance management and coaching: Manage the performance of your talent and provide the coaching needed to improve individual and team performance.
3) Employee development and training: Develop your employees and helping them identify their skill sets to maximize their potential.
4) Compensation, rewards and benefits: Reward employees with the proper structures in place to ensure they meet their financial needs.
5) Success planning and leadership development: Planning ahead for emergencies and creating new leaders.
6) Compliance, policy and procedures: Meeting corporate legal obligations and correctly handling employee relations.
7) Cultural and Corporate identity: Managing the desired corporate culture and making sure employees understand the vision, mission, core values and beliefs.
Hire Quality partners with clients to build high performance teams by recruiting and selecting new talent and by upgrading current staff through training and development. For more information call 705.734.2698.