Finding the right talent for a company is no easy task. Filling open positions with suitable candidates is a critical aspect of the operations of a successful company; hence, it is no rarity to have a dedicated team for talent management. Achieving a company’s goals by effectively managing its human resources is a cornerstone of good talent management.
For HR, talent management usually takes two distinct views of the available talent pool, as explained below:
- Differentiate: High-potential employees get a lot of emphasis at many companies. Incentives, recognition and opportunities for further development tend to come the way of “A-grade players”, and not nearly as many resources go the way of “B-grade players”, while “C-grade players” tended to be weeded out.
- Include: Other companies believe employees at all levels deserve attention and a chance to perform well and better their potential. The focus is on giving the opportunity to maximize one’s strengths such that the value from each category of employees can be maximized.
Good global talent management understands that the above are not mutually exclusive. Development paths and career strategies tend to differ as per the particular talent pool, which encourages differentiation. Below are some key principles to be followed:
- Embed company culture: A conscious effort must be made to integrate business principles and core values into talent management processes including compensation and benefits, performance management, and leadership development. Company culture can be a major source of competitive advantage, and is increasingly finding place – alongside skills and experience – as part of selection criteria. This helps to predict performance and retention too.
- Align with strategy: When it comes to HR, talent management must be in line with the corporate strategy of the company. Say, customer service is the focus area of the company’s operations, in which case hiring must pick candidates with this aspect in mind, and training must also be directed accordingly.
- Be consistent: Synergies come about when talent management practices do not operate in isolation and ensure a proper fit with each other. For instance, an emphasis on career management, retention and competitive compensation fits well with investing in high-performers.
- Account for local and global needs: Global talent management must maintain the coherence of the corporate HR strategy along with responding to local requirements. The particular industry will determine the degree of influence that local needs have e.g. consumer goods are affected more than, say, software.
- Involve all levels of management: Talent management cannot be the preserve of just HR; it requires ownership across managerial levels, going up to the CEO too. Recruitment, succession planning and leadership development need to be strategic imperatives, as having the right people in key roles is critical for the success of the business and must be something the respective owners or leaders are heavily invested in, instead of leaving it to the HR team.
- Brand the company: Offering a compelling value proposition when seeking candidates to work for the organization is a no-compromise principle to attract the best talent. Job openings are advertised by more than one company, and often what distinguishes one opening from the other is the perception of how talent is managed at the company. This perception can be leveraged to offer a competitive advantage in the job market.
Author: Ariaa Reeds