What is Talent Management?

Our take on Talent Management.

Talent Management is a broad term, not always that clearly defined, and therefore not always used correctly or worked with efficiently.

On a high level, and most would agree here, Talent Management spans over mainly three areas; Acquisition, Retention, and Development of talent and aims to improve business value and reach organizational goals.

That’s logical right? Exactly as the term suggests, it’s everything around how you manage talent in the best possible way. But what exactly does this mean and how do you do it right? I guess there isn’t one perfect answer, as with many other things, and especially when it comes to something as complex as people and organizations, being contextually sensitive is key.

Let’s look at it differently then, what is it that most organizations do wrong, regardless of context or goals? What are the cornerstones and mindset you need to get right in order to even start caring about being contextually sensitive and start customizing talent management in your organization?

It’s still far too common that organizations divide those three main areas of Talent Management (Acquisition, Retention, and Development) into three sometimes completely different silos. Especially Talent Acquisition tends to get separated from the other two, and sometimes even handled as a separate function to all of HR. What happens when you separate three areas that are supposed to work in sync and with a common objective is that all three of those areas fail to maximize the business value they could bring, regardless of how well they deliver on their own.

How to get Talent Management right.

If your HR team is organized like that, in silos, where there is no or little partnership between teams, that’s the first thing you need to change. Get those teams close to each other.

Make sure you have a common view on the data points; streamlining and analyzing hiring-, development- and retention data accurately is the way you tie these processes and objectives together and how you get your overall Talent Management strategy right. Of course, some things can and should remain separate from each other but; 1) if your Talent Acquisition team doesn’t understand the needs of the organization they are hiring for they will never be able to be true partners, 2) if there is no alignment between the hiring criteria and the employee development framework it’s not optimized for predicting nor developing performance, and 3) if you don’t know who you are hiring and who you are developing you don’t know who you are retaining (and subsequently how you retain them).

All of these processes bring value to your business on their own, even if not perfectly executed in alignment with each other and that might be good enough. But in a highly competitive market, you won’t get far by doing things good enough, it’s all about optimizing what can be optimized, that’s how you win. And from a Talent Management perspective, that’s how you will have a true business impact that really makes a difference. Together that’s how we make HR count.

If you are interested in getting help or advice in executing on your talent management strategy, feel free to reach out.

konstantin@talentcompany.io

+46725423477

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