What is a Talent Management Process and what are the components of that?

 

According to Shelley Moore (2013), talent management process is how an organization manage their human resource functions such as selecting, hiring, training and development, etc. of their employees. There are seven components of continuous talent management process when executed tactically to keep a company on the prominent point. They are listed as below.

1. Strategic Employee Planning
2. Talent Acquisition and Retention
3. Performance Management
4. Learning and Motivating
5. Compensation
6. Career Development
7. Succession Planning

1. Strategic Employee Planning

Here, a company must develop organizational goals and strategic plan. Then, they have to decide how to implement that and have to identify which employees are the best for each job roles to achieve organizational goals. Likewise, the organization can fill the gaps by adjusting employees to fitting roles with existing employees if not they have to hire new. This component will be varied from firm to firm based on their requirements.

2. Talent Acquisition and Retention

Talent acquisition is the method in search of professionals for specific job roles when strategic employee planning. Hiring new talent is significant and it is significant to identify and refine existing talents which will be more cost effective.

3. Performance Management

Performance management refers to positioning the right individual to the right role and its eventual goal is to ensure roles associate with business strategy of the company to achieve goals. This process comprises direct communication between management and employees. It can be done through taking daily reports to run the business smoothly.

4. Learning and Motivating

Learning is the acquisition of information and skills which produces knowledge and experience to work correctly within an organization. An organization can implement training or learning programmes for both existing and new talents to teach how to be productive and ways to done assigned tasks in correct manner. This will help new talents to adopt the company culture and for existing talents to keep them motivated.

5. Compensation

Compensation or rewards can be given to employees to appreciate their efforts deprived of demotivating them. An organization can give overtime payments, bonus, allowances, etc. to their employees based on their performance. Because they work hard to achieve company goals that means success of the company. (Smart Recruiters, N.d.)

6. Career Development

By giving opportunities to workers to grow, an organization can retain talented workers. As such, it will help to accomplish the business goals. For that companies can give their employees promotions, adjust better job roles and openings which will help them in career development.

7. Succession Planning

Succession planning means identifying what are the most critical job roles which will directly affect for company success, who currently fills those and what happens when those positions become available. If a company have a succession plan, in other words backup plan for critical job positions, they can fill those positions without any interruption when they get vacant to run their business efficiently. (Mohid Ahmed, 2020)

As such, it can be concluded that all seven talent management components are critical when implementing a talent management strategy.

References

1. Ahmed M. (2020), Key Components of Talent Management Process, [Online], Available at: https://mohid-ahmed.medium.com/key-components-of-talent-management-process-ea4b9d21e9a3 [Accessed on 06th December 2020]
2. Moore S. (2013), Understand the Components of Talent Management, [Online], Available at: https://leadersbloom.com/bloom-blog/2013/12/5/understand-the-components-of-talent-management [Accessed on 04th December 2020]
3. Smart Recruiters (N.d.), Talent Management, [Online], Available at: https://www.smartrecruiters.com/resources/glossary/talent-management/#:~:text=Talent%20management%20refers%20to%20the,through%20the%20management%20of%20employees. [Accessed on 02nd December 2020]