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Salahkaar Consultants’ Service Details:
Using our Talent Management consulting service, we ensure your company recruits, engages and retains the right people.
Each business makes huge investments in its talent (human resources). And we know that business success requires three elements viz. (1) visionary leaders, (2) exceptional talent at all levels, and (3) the right strategies to keep that talent motivated, and focused. Our Talent Management Consulting wing brings organizational success through leadership development and optimal talent management strategies use. We also guide organizations in mitigating the associated risk with regards to talent management areas.
We help our clients develop comprehensive, detailed strategies for managing talent, by helping them create fully integrated talent strategies that work across borders, motivates their employees, and achieve desired business results.
We offer the following useful solutions to help you:
Identify and develop the leadership talent needed for business success – now and in the future.
Attract, select, manage, engage, reward and retain the right talent.
Improve organizational effectiveness and the effectiveness of the HR function.
Train and engage to drive the right employees’ behaviours.
We have consultants dedicated to ensuring that your policies and processes support a culture of high performance where teamwork, accountability, results and recognition are paramount. Our solutions are backed by a wealth of world-class data, as well as our experience of delivering HR services to numerous organizations across the globe.
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Talent Management Consulting
Talent Management and its Importance
‘Talent’ in the term Talent Management refers to a person with worthy skills and capabilities that match a position in an organization or what we call as ‘Human Resource’. Talent management is a key function in Human Resources that aims at attracting, hiring, developing and retaining talent to achieve long term business objectives. It is a process that helps to acquire and develop the most superior talent available in the job market. It basically comprises all the processes related to retaining a talented workforce.
The primary purpose of Talent Management is to build a motivated workforce that will stay committed to the company in the long run. Talent management works on the most important aspect of any company- it’s people. They are an asset to the organization.
Recent studies have shown that talent management has been very effective in not just attracting and retaining talent but also improving the overall performance of the business. It allows companies to stay on top of their game by hiring the top talent. It decreases turnover, builds a good brand image and helps people grow together.
Benefits of Talent Management
Talent management is what initiates the success of an organization. The higher authority can do so by recognizing employee efforts and achievement, providing opportunities and challenges to help them grow, training and development, employee engagement at all levels, succession planning and maintaining cordial relationships with them.
Having a talent management strategy in place is not just beneficial to the employer but also to its employees. Following are a few benefits of talent management to the employer-
- Retaining the finest talent
- Strengthening the company’s human resources
- Competitive edge
- Better decision making
- Effective and efficient performance
Benefits to the employees-
- Employee satisfaction
- Development of personnel skills
- Motivation to perform better
- Learning opportunities
- Long term association with the organization
Talent Management Process
A talent management process model comprises a series of steps that lead to successful acquisition and retention of the best performing people. It is divided into 6 steps as follows-
1. Planning- Planning is the first step in the talent management process. It involves identifying the recruitment requirement, developing job description and roles and proposing a workforce plan.
2. Attracting- Attracting candidates is the next step that involves determining where the talent is to be acquired from. It could be internal (employee referrals, promotions or transfers) or external (job portals, social media or ads).
3. Selecting- Selecting involves scrutinizing, shortlisting, interviewing and testing the candidate to see if he best fits the role. Tests can be done to assess employees skills and competencies.
4. Developing- In this stage, the employee is prepared for his job profile. The onboarding process- orientation, job training, coaching and mentoring is done in this stage. He is given training to sharpen his skills for the designated role.
5. Retaining- Retention of an employee is crucial for the company’s growth and survival. This can be done by providing promotions, increments, rewards, recognition, delegating responsibilities, autonomy to work, opportunities to grow and teaching new skills.
6. Transitioning- The final stage in Talent management process model is transitioning in which the employees help achieve the preliminary vision of the company. It involves succession planning, internal promotions and exit interviews.
Talent Management Strategy
Talent management strategy does not just mean managing talent. The Human resources department needs to have a proper talent management strategy in place designed as per the vision, mission and goals of the company. A well planned Talent management strategy or TMS gives a competitive edge to the business.
The best Talent management strategy starts by comprehending personal aspirations of their human capital and aligning those to the overall business strategies. A Talent management strategy is formed upon by its key components which include- attracting new talent, developing them and retaining the existing talent.
An effective talent management strategy must be fully incorporated into the company strategy and integrated well into all the employee processes information systems to avail its maximum benefits. It involves sharing talent data across systems so that when an opportunity arises, decisions can be made quickly and pave the way to potential career paths. Succession planning is done using data made available by the talent management systems. Employees can be trained well in advance to take up greater positions in future. Larger organizations rely on Human resource information systems (HRIS) that help in tracking career paths of deserving employees.
Talent management has evolved tremendously over the recent years. It is absolutely essential in today’s scenario, to best utilize human potential.
Role of Talent Management Consultants
Filling up positions is easy. Retaining employees that add value and will remain committed to one organization is challenging. Human resources will always remain the core of any business. They are the assets that create, develop or sabotage any business. Therefore, employee involvement is significant.
A talent management consultant helps formulate a strategy to acquire best talent and perform workforce planning. And most importantly, they help retain the top talent and keep them motivated and loyal to the organization. Their effective approach and expertise in talent management will ensure that you get the best out of people to achieve success.
In the end, even the most innovative technologies or the best of strategies will fail, if you do not have the right people to execute it.
In a business, human resources serve a variety of responsibilities. Employee relations, talent acquisition, payroll, onboarding, and other responsibilities are all handled by this department. HR also has the responsibility of talent management.
This is critical for your organization to continue to progress toward its objectives.
WHAT IS TALENT MANAGEMENT?
Attracting and maintaining high-quality personnel, expanding their abilities, and consistently motivating them to enhance their performance are all part of talent management. The main goal of talent management is to develop a motivated staff that will stay with your firm for a long time. The specifics of how to accomplish this will vary from firm to company.
TALENT MANAGEMENT IN HR
Many of HR’s functions are naturally included in talent management.
Nonetheless, simply having an HR department does not imply that you are in charge of talent management. To achieve the best results, you’ll need a talent management strategy tailored to your firm.
IMPORTANCE OF TALENT MANAGEMENT
The simple answer is that it capitalizes on your company’s most valuable asset: its people.
- It aids in the improvement of corporate performance.
When three important components of talent management are combined: quick talent allocation, a great employee experience, and a strategic HR team, talent management becomes the most effective of all.
- It enables businesses to remain competitive.
Your company will become stronger and better prepared to tackle changes and dangers if you hire and develop skilled personnel.
- It encourages new ideas.
Whatever business you work in, new technologies are constantly emerging. Employees with a creative streak can figure out how to use new tools to address problems or come up with novel ideas.
- It aids in the formation of productive teams
You’ll be able to establish a more productive team if you use the right personnel management technique. This is significantly more beneficial than simply employing a group of creative and brilliant individuals.
- It lowers turnover.
Employees are less inclined to look for jobs elsewhere if they feel valued at a company and know they will have plenty of opportunities to advance.
- It contributes to a good employer brand.
Talent management establishes your company’s reputation as an employer. This will assist you in attracting the most qualified individuals for future recruitment.
- It encourages others to develop.
Having amazing talent on your team will motivate and develop your other employees.
Model of Talent Management
While no standardized talent management model exists, some HR professionals have proposed excellent models that any company can use.
Whatever method you use to create your model, must include the essential elements.
- Make a plan
Your people management model will be aligned with your organization’s overall goals if you plan ahead. You can only ensure that you hire people with the proper talents and expertise if you plan. It also evaluates present personnel to identify what is and is not working for the organization. For example, if employees who have specific characteristics tend to stay at the company longer, you should plan to hire more people who share those characteristics.
When one employee departs the organization, it is not always as simple as looking for someone else to take the position. For example, your requirements may shift or staff may be given new duties. Talent management guarantees that you always have enough people to do all of your tasks and that severe workloads don’t demotivate your employees. With the correct plan in place, you’ll be able to recruit exactly the type of employees you’re looking for. These individuals will be motivated, knowledgeable, and eager to progress within the firm. It’s all about establishing your organization as an employer when it comes to attracting talent. You’ll need to figure out how to raise your visibility so that you can market your organization as a great place to work.
The model’s development component entails taking actions to help employees advance within the organization. It should be in line with the employee development strategy, and it should include identifying future responsibilities for specific employees, as well as thinking about ways to improve workers’ skills and knowledge to meet new difficulties.
Talent management also considers what will keep your staff engaged and eager to go the extra mile. It is vital to provide value to employees. Motivation necessitates proper onboarding to provide new hires with a positive first impression of your firm. This will improve the likelihood that they will stay with the company and put in long hours.
Another goal of talent management is to maintain employees at your firm for a longer period. Employees must continue to believe that working for the organization is pleasurable and worthwhile. Employees have the opportunity to build a career without leaving the company through training and other forms of involvement. You can do so by focusing on monetary and non-monetary rewards, as well as business culture.
You must plan for employee transitions after hiring and strengthening their abilities.
At this point, your goal is to preserve their expertise within the organization, which is referred to as knowledge management. You must have a strategy in place for promoting personnel or transferring them to a different role, department, or office. If a worker decides to quit, you must understand why.
Developing a Talent Management Plan
Finally, make sure you incorporate the main components of a talent management strategy before launching your recruiting and people management strategy.
- Understand the purpose of your talent management strategy.
Every corporation has its own set of objectives. Your objectives, whether they relate to improved performance or more revenue, must be clearly articulated and attainable. You must also understand how staff will assist you in meeting your objectives.
- Assess the Outcomes
To assess if your strategy is working, you must understand how to measure results. Define the metrics you’ll use and how frequently you’ll collect data.
- Assign Responsibilities
HR is in charge of much of the talent management plan, but other employees at your organization will need to be involved as well. C-level executives, for example, are in charge of succession planning.
- Maintain Open Lines of Communication with Employees
Ascertain that your personnel understand where they stand and what is expected of them. To ensure that your organization is providing the correct possibilities, talk to them about their career ambitions.
The Talent Management Methodology
You now have a better idea of why talent management is necessary and what it entails. The next step is to examine the talent management process and learn how to apply it to your business.
What is it?
The talent management method is how you structure your human resource management. It refers to how you select personnel, hire them, and train, motivate, and terminate them, among other things.
The 7 Steps to a Successful Talent Management System
The steps below outline what you’ll need to do to create a continuous talent management approach for your company.
It explains how to identify the most skilled employees and then assist them in remaining with your organization.
Step 1: Identify the skills you require.
In the talent management process, what is the initial step?
Before you can proceed, you must first identify what kind of personnel you require and what conditions they must meet.
Consider whether existing personnel could be trained to reduce the requirement for new hires.
Step 2: Attract the right individuals
Attracting talent involves multiple stages:
Create tailored job ads and upload them on popular job boards – HR branding can help here.
Prepare for interviews and other methods of identifying the best candidate for the position. Consider employing personality assessments, references, and examinations that challenge candidates to perform in real-life circumstances in addition to standard questions.
Select your best candidates.
Step 3: Organize and Onboard Work
Assist new employees in orienting themselves by being ready for them as soon as they arrive.
Know what responsibilities you’ll assign them, arrange training sessions, and allocate current staff to help new hires get settled.
Step 4: Make Learning and Development a Priority
Remember that developing the talents of your present staff is often easier than hiring new people.
Furthermore, even if you do hire top talent, they will almost certainly want to learn something new in their new position.
Create a learning environment by planning opportunities for your employees to learn and grow, such as through conferences, courses, and a learning management system.
Step 5: Keep Performance Appraisals on the Table
Regularly reviewing employee performance allows you to see if employees are capable of handling greater duties.
This could save you money on new hires and assist an employee in preparing for a promotion.
Step 6: Develop a Plan to Retain Your Top Employees
Promotions, benefits, motivational techniques, assuring job satisfaction, and developing business culture are all ways to keep people happy at work.
Step 7: Make succession plans
Employees should be groomed for succession planning, such as when a senior member of staff retires.
Allow people to perform at their best by providing chances for ongoing learning, including knowledge management.
Conduct an exit interview with an employee who has decided to quit the company to find out what went wrong; this will help you avoid the same problem in the future.
Stop assuming that simply because your organization has HR, you’re already covered when it comes to personnel management. Talent management is a rare occurrence.
You require a strategy that is unique to your company. Only in this manner will you be able to attract and retain top people, giving you a competitive advantage over your competitors.
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