An organization’s capacity for attracting, developing, and retaining high-quality talent plays an outsized role in its ability to execute its strategies and meet its most pressing objectives. What is talent management? In simple words, it refers to how an organization goes about determining its personnel needs and then securing the best available talent.
With the right talent management strategy or strategies, companies can reduce costs and optimize their operations. If you’re wondering about the scope of talent management, what exactly goes into a talent management strategy, or the most important aspects of the overall talent management process, you’ll want to keep reading.
What Is the Key Point of Talent Management?
The key point of talent management is all about finding and securing great talent. Of course, there is quite a bit more to it, too. From fine-tuning recruitment strategies to providing the right learning and development opportunities for success, each stage of the employee lifecycle can be optimized through a well-designed (and soundly implemented) talent management process.
Why Is Managing Talent Important?
As mentioned earlier, an organization’s ability to identify, recruit, and retain highly skilled talent puts it in the best position possible to meet its most important objectives. From assessing and prioritizing the types of talent in greatest need, to exploring diverse workforce solutions (including permanent and contingent employment, for example), each stage of the talent management process deserves attention.
The ability to attract, develop, and retain talent doesn’t just help a business to maintain its levels of productivity—it also enhances the employee experience, creating a more engaged and energized workforce. As a recent McKinsey & Company article notes, “By putting talent first, companies can improve organizational performance and potentially gain a competitive advantage.”
What Are the 5 Stages of Talent Development Models?
The most successful talent management models employ a 5-stage framework that helps to ensure a well-rounded approach to all things talent management. So, what are the components of the talent management process?
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Attracting Talent: Great talent has been found to multiply productivity by roughly eight times, underscoring the importance of attracting quality talent. The more thought you put into the exact type (or types) of talent you need—including the highest-priority skills or competencies—the easier it is to find the right candidates to engage.
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Recruiting and Selecting Talent: No matter what industry you’re in, or the caliber of talent your organization needs, it’s out there! It’s just not always easy to find—especially in highly competitive industries with a demand for skilled talent (like tech). It often makes sense to work with a workforce solutions partner that can help you evaluate your needs and start outlining a plan to address them. It’s even better if you find a partner with experience and expertise in your field. At Lorien, for example, our experts specialize in talent management for the tech industry.
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Onboarding and Integrating New Hires: Now that you’ve found—and hired—the talent you need, you’re ready for the onboarding process. While every organization’s onboarding priorities and processes may vary, there is no denying their importance. As new employees acclimate to the company and culture, efficient and meaningful onboarding processes set them up to succeed in their roles.
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Developing Employees: An important aspect of keeping employees engaged and productive is providing them with the right learning and development opportunities. Not all training is created equally, though, and the right approach matters. While mundane or irrelevant-seeming training can turn employees off, a vast majority (91%) want these opportunities—assuming they’re personalized and relevant. Unsure what kind of learning and development employees want? Just ask!
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Retaining Talent: While most business leaders understand the importance of securing top talent from a productivity standpoint, it’s also important to note the revenue implications of taking the steps necessary to empower and retain employees. Not only can unfilled vacancies strain the budget, but recruiting new employees is much more expensive than retaining existing employees.
If you’re familiar with the talent life cycle, you’ve probably encountered these components before. That’s no coincidence! Instead, it reinforces the importance of understanding the end-to-end employee life cycle and tailoring your talent management processes accordingly.
Discover Expert-Led, People-Driven Talent Solutions
Taking your talent management to the next level requires expertise, experience, and innovation. Lorien provides a wide range of permanent and contingent talent recruitment and workforce solutions. Our team can help you evaluate your needs and build creative, reliable solutions for your business. That way, you can focus on the bigger picture of innovation and growth. Reach out today to start the conversation with our team!
