What Is Talent Management?
The phrase means different things to different people:
Wikipedia describes talent management as the anticipation of required human capital the organization needs at the time then setting a plan to meet those needs. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as “The War For Talent.”
Talent management is also known as HCM (Human Capital Management). Dr. John Sullivan says talent management is the integrated process of ensuring that an organization has a continuous supply of highly productive individuals in the right job, at the right time. Rather than a one-time event, talent management is a continuous process that plans talent needs, builds an image to attract the very best, ensures that new hires are immediately productive, helps to retain the very best, and facilitates the continuous movement of talent to where it can have the most impact within the organization.
Linda Sharkey advocates that it’s important to understand what talent you have today and what you need to do to ensure you have great talent for tomorrow.
Planning The Pipeline
The creation of this pipeline does not happen overnight; it needs to be a continuous process. The process and analysis followed in charting financial forecasts also needs to be done for Human Capital or People resources. Human Resources, working with the leadership executives, needs to anticipate the future, short-term and long-term needs of the company and plan resources (internal alignment or external recruitment) accordingly.
This contrasts to the reactive hiring which takes place at most companies. For this to happen, as confirmed by experts like Dr.Sullivan, the effort needs to be companywide, rather than only HR-centric. HR can lead the process, but the departments/hiring managers need to provide input as well.
Hiring ‘Experts’ Can Excel Growth
Another factor when priming the pipeline is the quantity of ‘experts’ needed. There was a detailed study undertaken by Schlumberger (Oil & Gas industry) about the relation between high growth companies and the number of experts put on projects. High growth companies had more experts for a given project than slow growth companies. So in planning and managing the pipeline, we also have to consider the profitability of a project. How many people are needed, and how many should be experts? Do we go with the minimum that’s needed to get the job done, or do we hire more than the minimum to perform better than the expected goal and hence aim to excel?
Develop Your Talent ‘Pipeline’ Before You Need To Hire
Once the team has all this information, they can proactively start developing the ‘talent pipeline’. The process can be optimized by having the proper branding and job descriptions in place, and then scouting for talent well before the need arises. To use an analogy: you cannot build a bridge at the moment you need it; you need to plan months/years in advance. Similarly, having the talent pipeline primed at the right time will ensure you get the right resources at the right time, and avoid project delays or compromises in the requirements.
Optimizing The Pipeline
The process does not end there! Once you hire the right talent, you also need to chart proper courses for them within the company, to retain and nurture them. That is when compensation and retention analysis helps. On the development front, ensure you have proper processes in place to track performances, correct courses, and provide adequate training and growth opportunities.
Let the FerVID Group help you build your talent pipeline and work with you as a strategic partner in maintaining and retaining a strong pipeline. Let us help you with one of your most valuable assets – YOUR PEOPLE, YOUR TEAM.