How Talent Management Programs Help HR Practices

by Clayton Clive Blogger

Talent management is an important organizational function and business strategy to attract, engage, and retain talented employees. The companies spend one-third of their revenues on employee benefits.

When the talent management program is handled strategically, it enables the organization to understand the employees, grow his/her highest potential and promote the ongoing development opportunities.

According to the American Society for Training and Development (ASTD) studies, it is confirmed that high performing organizations integrate talent management components to have lower turnover and absenteeism.

When an employee feels inspired, valued, and comfortable to work, gets recognized for accomplishments, and given opportunities for career development, then the employee becomes the true asset. Read further to know why organizations emphasis on talent management.

Organizations Emphasis on Talent Management

Better business

An improvement in performance leads to profit. IBM the study depicted that companies having effective talent management have a higher percentage of financial outperformers as compared to other groups of similar-sized companies.

Source of value

The financial value of a company depends on the quality of talent. In a successful company, 80% of value is attributed to intangible assets like people, brand, patents, and intellectual property whereas only 20% is attributed to tangible assets like equipment, facilities and other tangible assets.

Complex and dynamic business

New products and business models have a shorter life cycle. Talent management is necessary to innovate new products, increase engagement, advance opportunities at the global level and sustain for a longer term.

Fulfill employees’ expectations

Employees today are loyal to their professions more than to the organization and accommodate less with the traditional authority and structures. It is necessary to engage and retain the good and talented employees.

Boards expect more

Boards and senior leaders are expecting more value from the leaders. This drives a growing need of talent at all levels including C-suite employees. This forces the organization to emphasize talent management strategies.

One of the best practices of talent management is to put the right people on the right job. This encompasses systematic and integrated initiatives to close the talent gap. It involves assurance of talent supply at all levels, the achievement of organizational and personal goals, performance management for strategic execution, and succession management. Human resources play a key role here.

Let us investigate more and understand how talent management programs help HR practices.

Best HR Practices for Talent Management

A competitive talent management professional can work towards the upliftment of an organization and the professional as well. Some of the best HR practices in managing talent are briefed below.

Preparing an organizational chart of the company

An organizational chart gives a better visual representation of the existing team. It helps to create vacant positions, move employees around, promote senior positions, or create cross-functional teams.

Recruitment is an ongoing process

There is no need for an employee to quit to start the hiring process. It is necessary to create a pool of talent to address the changing needs of the company. A channel where potential candidates can drop their resume helps HR to revisit the resume, look for updates, identify the genuinely interested candidates, and gain a competitive advantage while headhunting.

Sustainable program for internal employees

Talent management does not refer to recruiting the best talent alone but to retain the internal employees too. Identifying the best performers and creating a new job description depending on the skills and work is crucial.

Invest time

Invest time to understand the secondary skills or untapped skills due to the current position an employee holds. Have an informal chat, connect with employees’ career goals, and create opportunities to support their career goals.

Develop internal resources

Push your employees for higher goals and inspire them to take on leadership positions. It is beneficial to have skillful employees who are already living with the company’s culture and core values.

Moving forward, let us understand how an HR professional can imbibe this culture and trend in an organization. Well, it’s through upgrading HR skills by earning talent management certification(s). A few of the popular ones that help them to gain additional skills are as mentioned below.

Where to Gain Talent Management Skills

Cornell University

eCornell delivers online certification programs for HR professionals which enable them to acquire talent for the team, organization, or clients. The certification helps them to evolve with market conditions for recruiting, retaining employees and fulfilling organizational goals.

Talent Management Institute (TMI)

TMI standards and certifications enable CHROs and HR business partners to adopt talent management as a functional practice. It empowers organizations, HR leaders and talent management practitioners to assist organizations in growth through talent, human capital, and responding to challenges of the future.

Association for Talent Development (ATD)

ATD certifications validate professional’s competency with a global mindset as defined by the ATD competency model. It helps them to give a positive note on their career by facilitating them to learn and give back to the profession.

Earn talent management certifications, grow your career, and grow your organization by managing and cherishing talent in the workforce.