Talent management is an organization’s commitment to recruit, hire, retain, and develop the most talented and superior employees available in the job market. Talent management is a useful term when it describes an organization’s commitment to hire, manage, develop, and retain talented employees. It comprises all of the work processes and systems that are related to retaining and developing a superior workforce.
Talent management is a business strategy that organizations hope will enable them to retain their topmost talented and skilled employees. Just like employee involvement or employee recognition, it is the stated business strategy that will ensure the attraction of top talent in competition with other employers.
When you tell a prospective employee that you are dedicated to a talent management strategy that will ensure that he or she will have the opportunity to develop professionally, you attract the best talent. This is because studies show consistently that the opportunity to continue to grow and develop their professional and personal skills is a major motivator for why employees take and stay at a job.
The following conditions are met when when we consider talent management as an overall business strategy to recruit and retain talented employees.
- Recruitment planning meeting
- Job description development
- Job post writing and recruiting location placement for the posting
- Application materials review
- Phone or online screening interview
- In-house interviews that can involve multiple meetings with many of your current employees
- Credential review and background checking
- Making the job offer to the selected person
- Agreeing on the amount of the offer
- Employee starting day and onboarding process
- New employee welcome information and introductions
- On-the-job training
- Goal setting and feedback
- Coaching and relationship building by the manager
- Formal feedback systems such as performance management or an appraisal process
- Ongoing employee development
- Career planning and pathing
- Promotions, lateral moves, transfers
- Employment termination by choice of the employee or cause by the employer