As companies increasingly find themselves competing for the best talent, more attention is (understandably) being paid to the process of talent management. From workforce planning and talent acquisition through onboarding, performance management, and succession planning, a comprehensive talent management strategy directly impacts an organization’s ability to grow and innovate.
What does an effective talent management process look like, and how can you improve your organization's ability to source high-quality talent? In this article, we’re looking at the core functions of talent management, the essential talent management process steps, and their importance.
What Are the 5 Core Functions of Talent Management?
While the specifics can (and should) vary from one organization to the next, an effective talent management process model typically addresses the following core functions:
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Attracting, engaging, and recruiting the right talent at the right time
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Investing in employees’ success through meaningful opportunities to learn and grow
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Monitoring, managing, and incentivizing performance
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Optimizing each stage of the employee life cycle (e.g., onboarding, training and development, etc.)
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Enhancing the organization’s approach to workforce planning and strategy development
The important thing to note about the functions listed above is that being successful requires a cohesive and consistent approach (as opposed to reactionary or piecemeal solutions). For many companies, the best approach involves working with a strategic staffing partner, like Lorien.
Partnering with a company that specializes in industry-tailored recruitment strategies simply makes it easier to find the right people at the right time—and to successfully bring them into the organization. You can learn more about the core functions in this McKinsey & Company overview.
What Is the Process of Talent Management?
Here’s a general template that outlines the talent management process in 7 steps:
1. Workforce Planning
An assessment of your current needs forms the foundation for talent management. It’s important to not only consider the organization’s current priorities, but its short- and long-term objectives as well. As you think through your personnel needs, try taking a flexible approach—in addition to new permanent hires, you might also consider project- or contingency-based employment, for example.
2. Talent Acquisition
As you finalize your workforce planning, it’s time to think about how you will attract the caliber of talent you’re looking for. To the extent it’s possible, try to take a targeted approach to talent acquisition. This means thinking carefully about how you build out job descriptions, as well as where and how you will post open positions. Typically, the more targeted your approach, the more efficient and cost-effective your talent acquisition process will be.
3. Recruitment and Selection
Once you’ve attracted plenty of qualified candidates, this stage is where things can get really tricky—especially in industries like tech, where it’s difficult to compete for the best talent. As you embark on the recruitment process, focus on applicants’ skills and experience, as well as how well they fit the company culture.
4. Onboarding
Not even the most experienced, skilled talent should be expected to simply hit the ground running. Effective onboarding processes are arguably as important as any component of the talent management process. It includes welcoming new employees and introducing them to the company culture, helping them to understand their role and responsibilities, and more. How an employee is treated during onboarding often sets the tone for their relationship with the company, so it’s important to make sure not to rush onboarding and to establish a firm and consistent onboarding framework.
5. Learning and Development
Providing meaningful learning and development opportunities not only helps employees to grow their skills, it’s also something that employees increasingly expect and value. Keep in mind that learning and development isn’t a one-size-fits-all prospect; instead, the best leaders provide a variety of opportunities—like e-learning modules, 1:1 coaching programs, and small group workshops.
6. Performance Management
Performance management involves setting employee objectives and expectations, and monitoring and managing performance. How an organization approaches performance management plays a significant role in employee motivation and productivity. The best approach involves frequent and actionable feedback, as opposed to less frequent touchpoints. That way, employees can better understand the feedback they receive, and they can immediately begin to apply it to their work.
7. Retention and Succession Planning
Once you’ve brought the right talent on board, acclimated them into the culture, and begun to monitor their performance, the focus shifts toward retaining talent. Especially in highly competitive industries, there is a significant cost to leaving vacant positions unfilled—and it’s also much more cost-effective to develop and retain an existing employee (vs. replacing them with new talent).
Discover Modern Talent Solutions for Your Business
At Lorien, we understand the modern workforce challenges you’re facing, especially if you’re in a highly competitive industry with limited talent, like tech. If you’re looking for a strategic partner that can deliver results, we’re ready to learn more about your business and help you take it to the next level. Visit our website to learn more about our permanent, project-based, and contingent workforce solutions, or reach out directly with any questions.
