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How to Improve the Talent Management Process

Today, human resources is about more than personnel functions like hiring, firing, payroll and benefits—it includes managing talent and overseeing the entire employee lifecycle. To ensure companies thrive, talent management teams must remain involved long after employees are hired and onboarded—helping them adjust properly and reach their potential.

The role of talent management is truly an essential part of business strategy, helping organizations retain top talent while increasing productivity, satisfaction and retention rates. Below, we explore the benefits of talent management, its role in business success, how it factors into modern HR departments and how it can help improve employee happiness.

What Is Talent Management?

The talent management process is how an organization discovers, sources, retains and develops its employees. All of the key processes, systems and people involved in hiring, training and professional development of talent factor into a company's talent management strategy. But talent management also moves beyond these activities—considering how a new employee will fit into company culture, contribute to overall business goals and grow with future plans.

There are many benefits of talent management including increased employee motivation, performance and engagement—factors which help organizations attract and retain top talent. Today, companies are changing the way they think about talent management, redesigning the way they approach performance, learning and development, compensation, coaching and more.

The Role of HR in Talent Management

HR and talent management are closely linked, but they play slightly different roles. Think of talent management as the strategic branch of HR—it is focused on how to achieve long-term goals rather than the more tactical, daily management of employees. HR also tends to be more centralized as its own department whereas talent management processes are generally spread out across an entire company with various department managers organizing and carrying out specific duties.

HR can certainly play a role in the talent management process, however, applying a more strategic lens to recruitment activities and participating in performance management and career development planning after employees are hired. Technology can help HR deploy talent management as a business strategy, facilitating communication between HR and department managers across the organization, forecast cost impacts, and visualize talent and employee data.

Improving Employee Satisfaction Through Talent Management

One of the biggest benefits of talent management is that it helps to create an engaged, skilled and motivated employee base. In today's fast-paced, rapidly evolving world of work where the half-life of skills is rapidly falling, ongoing learning and development is essential.

Professional development opportunities go hand-in-hand with employee happiness and satisfaction, as well. They can be a big motivator for a candidate to accept a job or for an employee to stay with a company. In fact, 94 percent of employees say they would stay at a company longer if it invested in their career.

Providing learning and development opportunities that help employees achieve their long-term career goals is a talent management best practice that can increase employee satisfaction and company loyalty.

HR has the opportunity to have a positive impact on nearly every point of the employee lifecycle. The talent management process enables HR to take a strategic approach towards activities such as onboarding, on-the-job training and career development—tasks that were seen as purely administrative in the past.

By creating a talent management strategy that offers clear career paths and opportunities for upward mobility, promotes positive workplace relationships and regularly assesses employee needs and concerns, HR professionals can develop a more skilled, productive and motivated workforce—all while influcing an organization's bottom line.

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