TALENT MANAGEMENT
https://www.aihr.com/blog/what-is-talent-management/
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Key Principles of Talent Management
Consider the type of talent the organization needs based on its corporate strategy. Because corporate strategy changes over time, it’s also important to adapt and revamp your talent approach.
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Improving employee retention
Losing top performers is costly, both in terms of recruitment and lost productivity. Talent management practices that prioritize employee engagement, recognition, and career development help retain valuable employees and reduce turnover rates.
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In other words, by attracting and retaining top talent and creating a culture of performance excellence, organizations can achieve better results, gaining a competitive advantage.
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Talent Management Process
The six-step process for talent management within an organization includes planning, attracting, selecting, developing, retaining and transitioning.
Why is talent management so important?
As we’ve already mentioned, talent management has a significant impact on an organization’s success. What’s more, when employees feel valued, supported, and invested in, they are more likely to speak positively about their employer. This helps organizations enhance their reputation and employer brand and attract new talent.
DEFINED
All HR processes to attract, develop, motivate, and retain high-performing employees through a process aimed at creating integrated people management practices that drive performance. Let’s break this definition down:
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HR processes: ​Talent management is about a set of HR processes that integrate with each other.
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It goes beyond individual HR functions.
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A talent management strategy requires a holistic outlook on these processes to maximize its potential.
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Key focus areas: Talent management touches on all key functions of HR, including:
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Recruitment and selection
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Performance management
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Rewards
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Employee development
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Employee performance: Creating systems that motivate and engage employees to perform to the best of their abilities. When it’s done right, companies can outperform their competition through an integrated system of talent management practices that are hard to copy and/or imitate.
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Develop and implement talent management strategies that align with organizational goals, culture, and values
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Identify, develop, and evaluate talent pipelines
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Provide ongoing training and development opportunities for employees at all level
Talent management is a collaborative effort that requires the involvement of managers, supervisors, and executives, who provide support and resources to enable the successful implementation of talent management practices.
BUSINESS DRIVERS
EMPLOYER BRANDING THROUGH DIFFERENTIATION
Differentiate the company from competitors
· What is your unique selling point for attracting and retaining top talent?
· Why would people want to work for your business?
ALIGNED WITH BUSINESS GOALS/STRATEGY
Consider the type of talent the organization needs based on its corporate strategy. Because corporate strategy changes over time, it’s also important to adapt and revamp your talent approach.
Balancing Global and Local Needs
Leaders and HR teams may need to adjust their processes and/or policies based on the cultural and behavioral norms in a particular geographical location.
Enhancing agility
Businesses that effectively manage talent adapt to changing business circumstances and emerging possibilities more swiftly.
Avoiding unnecessary costs (staffing appropriately in the first place?)
High turnover can be expensive, disrupt business operations, and lower morale. Optimizing your talent management practices can lead to significant cost savings.
Driving organizational performance
Employees with the right skills and competencies in the right positions are able to maximize their contribution to the organization, resulting in improved productivity and organizational performance.
Promoting innovation
By challenging their employees to grow and develop, organizations create an environment where people can voice new ideas and innovate. This enables businesses to stay ahead of the competition by developing and improving their products and services.
EMPLOYEE SATISFACTION DRIVERS
EMPLOYER BRANDING THROUGH DIFFERENTIATION
Differentiate the company from competitors
· What is your unique selling point for attracting and retaining top talent?
· Why would people want to work for your business?
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INTERNAL CONSISTENCY & EQUITY
Ensure consistency across talent management systems within the organization. (undergo feedback and performance reviews quarterly—but process must be consistent with related positions across the organization. Similarly, compensation must be similar for the same position.
Training, Learning & Development
By investing in employee development, employers encourage performance and career growth.
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Prepare for the future/Stay current - Skills gaps - fill skills gaps and build a skilled workforce but also retain it.
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Developing employee skills through:
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training
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mentoring
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coaching
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Provide opportunities for growth through career development programs, job rotations and new assignments.
Stronger Organizational Culture
Implementing talent management practices helps foster a positive and supportive organizational culture, which boosts morale, productivity, and overall performance.As such, HR professionals must prioritize talent management efforts and develop strategies that align with the company’s goals and values.
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Many organizations hire based on a person’s “fit” to their culture, and assess individuals based on whether or not they embody the company’s core values.
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They can also implement training programs and activities that remind employees of corporate values—so they will live by them.onboarding too!!!
Attracting top talent
HR applies effective talent management strategies to help identify the specific skills and qualities they need in new hires, making the recruitment process more efficient and effective.
Better succession management
Effective talent management includes identifying and developing high-potential employees to assume key roles in the organization in the future. Succession management ensures that critical positions can be filled quickly, minimizing disruptions to business operations, which guarantees business continuity.
Performance Management
Performance philosophy & praogram development
Manager & employee training
Reviewk & qnalyze written feedback
Total Rewards
Compensation benchmarking & design
Benefits benchmarking & design
(Perks)
Total Rewards strategy
Payroll
HEALTH & SAFETY?
Manager Fundamentals
Assessing performance
giving & receiving feedback
The basics of 1:1's
Employee Communications
Accessing emotional intelligence
Navigating group dynamics
Having effective conversations
Workforce Planning
Talent analysis
Staff plans
Manage competencies
Partner with CEO & Board
ORG DESIGN & OPERATIONS EXCELLENCE
HR SERVICE DELIVERY
People Leaders Advisory
Expertise in PEOPLE | TALENT | CULTURE
HR Thought Partnership
strategic & functional support
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PERFORMANCE MANAGEMENT
LEARNING & DEVELOPMENT
RECRUITMENT & SELECTION
HR PLANNING
FUNCTION EVALUATION
REWARDS
CAREER PLANNING
Executive Coaching
HBDI Profile assessment
360 Feedback Review
Sharpening leadership skills
People Function Audit
Team Wellness Retreats
Executive offiste
Compensation & Leveling
Compensation philosophy
Career ladders
Leveling criteria
Onboarding & Offboarding
New Hire Orientation
30/60/90 Plans
Exit interview analysis
People Team Support
Chief People Officer Onboarding
HR Business Partner Support
HR Operations & Administration
Post Engagement Roadmap
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Change Management
Headcount planning
Organizational design
Leadership Transitions
Company Strategy shifts
Employee Engagement
Employee Engagement
Retention Programs & Practices
Company Culture & Employee Satisfaction
Survey Creation & Rollout
TALENT MANAGMENET DASHBOARD
https://www.aihr.com/blog/talent-management-dashboard-functions-examples/
A talent management dashboard is a customizable workforce reporting tool that helps recruiters and hiring managers to create an effective selection and treatment of talent. A talent management dashboard relies on five pillars: Recruitment, performance management, succession planning, learning & development and compensation management. Taken together, these pillars form the talent lifecycle.
Although this is by no means an exhaustive list, a typical talent management dashboard has the following functions:
1. Reporting. A talent management dashboard provides first and foremost an overview of the talent pipeline, starting with recruitment and ending with outflow.
2. Performance Management. Measuring employee performance is useful not only to make the most out of your employees’ skills and competencies but also to use as a basis for finding and selecting new talent.
3. Engage with talent. A talent management dashboard gives you all the supporting data and information you need to start a discussion with your employees about their career growth, development opportunities, and training needs. An example is the talent 9 box grid, which assesses potential and performance.
4. Learning and development. Depending on someone’s position in the potential and performance grid, different learning and development opportunities can be offered. People who are motivated and have a capacity to grow can be put on a fast track to management positions. These are the people you want to send to management training. This does not hold true for the people who perform well but don’t have much growth potential. They are better off focusing on on-the-job training which helps them to do their current job well.
5. Talent Pipeline. Because you know your star players and their potential, you can build a talent pipeline. As a guideline, you want to have a replacement plan for the top .5 % of functions in your organization. In case someone leaves, you should have multiple people lined up who are able – and willing – to perform the new job. A talent management dashboard helps to provide the information you need to ace your succession planning.
In the end, a TMD provides an overview of the key human capital of the organization and enables HR to optimize their deployment through talent management practices.
POPS vs. Talent Management
AI
People Operations and Talent Management are two distinct areas of expertise within the field of Human Resources. While they may overlap to some extent, they have different focuses and responsibilities. Here's a breakdown of the key differences between the two:
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People Operations: People Operations, also known as HR Operations or HR Services, primarily deals with the administrative and operational aspects of HR. It encompasses the day-to-day management of HR functions and processes, such as payroll, benefits administration, employee records management, HR policies and procedures, compliance with employment laws and regulations, and employee data management. People Operations professionals are responsible for ensuring that HR operations run smoothly, efficiently, and in compliance with relevant policies and legal requirements.
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Talent Management: Talent Management, on the other hand, is centered around the strategic management of an organization's workforce and the development of its employees. It focuses on attracting, retaining, and nurturing top talent within the organization. Talent Management professionals are involved in activities such as workforce planning, recruitment and selection, onboarding, performance management, employee development and training, succession planning, and employee engagement. They work closely with managers and executives to align talent strategies with the overall business objectives and ensure a high-performing and engaged workforce.
In summary, People Operations is primarily concerned with the administrative and operational aspects of HR, ensuring the smooth functioning of HR processes. Talent Management, on the other hand, is focused on strategic workforce planning, talent acquisition, employee development, and creating a positive and productive work environment. Both areas are essential in managing and optimizing the human capital of an organization, but they have distinct roles and responsibilities within the HR function.
