Talent Management as a Tool for Successful Businesses
The role of human resources within the corporate structure has changed dramatically over the years. HR departments focused solely on personnel functions like hiring, payroll, and benefits until changes to corporate culture in the 1980s introduced the concept of strategic HR. Human resources departments then became involved in overall business strategy like organizational development through training, leading corporate communications, and developing total compensation systems. While HR departments continue to focus on these strategic goals, there has been a recent shift toward "talent management." Talent management introduces new strategic goals to streamline hiring and leadership succession processes using the employee lifecycle model. Using the employee lifecycle model, HR guides employees through each stage of their career with the company from competency-based recruitment to career development, through termination/transition. During each phase, HR strives to measure and manage employee performance through training, feedback, and support. Talent management is a key component to business success in the current economy as it allows companies to retain top talent while increasing productivity.
Talent Management Defined
- Talent Management Primer: An article from the Asian Development Bank that clearly defines the key concepts and elements of talent management
- Core Components of Talent Management: Internal resource from John Hopkins University that provides a detailed breakdown of their talent management system and its implementation.
- Talent Management and Job Analysis: These slides present the basics of job analysis, a key component of talent management.
- Building and Maintaining a Talent Pipeline: Review talent management best practices and key principles of effective talent management.
- Nurturing Talent: A short paper that that addresses the philosophy behind talent management
- A Holistic Approach to HR: Understanding the principles of talent management as a holistic new approach to the human resources lifecycle.
- Principles for Measuring Performance: Learn six principles of performance measurement, a factor in talent management.
- The Construction of Talent Management: This academic article examines the nature of talent management and the evolution of HR practices.
Why Talent Management is Essential for Businesses
- Developing Leaders through Talent Management: This dissertation uses case studies to provide an in-depth look at talent management's role developing leaders within an organization.
- Talent Management Studies: Boston College studies examine the value of talent management in the context of an aging workforce and the economic turmoil of recent years.
- Diversity in the Workplace: This legal journal article presents case studies to compare the lackluster results of traditional diversity programs as compared with successful utilization of talent management.
- Growth and Innovation Agenda: A study conducted by the Economist Intelligence Unit for the Chartered Institute of Management Accountants discusses the pitfalls of ignoring talent management.
- Talent Management-An Organizational Imperative: This article answers important questions on the vital importance of talent management and provides key examples from large UK organizations.
- Talent Management and Skills Development: Learn about the definition of talent management and its value in skills development
- Productivity and Management Practices: This seminal 2007 study released by McKinsey & Co. establishes the significant importance of talent management on productivity.
- Management Practices Tied to Several Measures of Corporate Success: A second study from McKinsey & Co. further illustrates the direct statistical tie between talent management and a company's success
How to Improve Employee Satisfaction
- The Importance of Employee Satisfaction: Analyze factors influencing employee satisfaction and its importance to an organization's success.
- The Benefit of Prosocial Bonuses: This journal article examines the premise that charitable incentives measurably increase employee satisfaction and performance levels.
- Factors in Employee Satisfaction: This academic article examines the different variables related to employee satisfaction and how to improve it.
- Impact of Corporate Social Responsibility: This study identifies how and why employees gain satisfaction through corporate social responsibility.
- Improving Employee Engagement: UNC's School of Business provides a white paper on employee engagement and satisfaction.
- Employee Training and Satisfaction: This paper outlines the significant relationship between on-site training and job satisfaction.
- Comfortable and Healthy Workplaces: An article from the NRDC puts forth that building improvements can improve employee productivity and satisfaction.
- 7 Ways to Improve Employee Satisfaction – An article from INC. that discusses 7 different ways employers can improve employee satisfaction.
Human Resources and Their Importance
- Building a High-Value Human Resources Department: This article argues that improving the HR team adds value to the whole company.
- Competitive Advantage through HR: This paper discusses how the human resources department can act as a resource in competitive advantage for a company.
- The evolving role and impact of Human Resources: The Society for Human Resources Management conducted a study on how properly utilizing HR teams can add value to a company.
- Innovative HRM practices: Examine the importance and comprehensive value of implementing innovative HR processes.
- Managing Human Resources: This article from USF discusses the benefits of systematically integrating Human Resources and managerial functions
- Human Resources and Employer Competitiveness: The International Labour Office's presentation on the significant relationship between human resources development and increasing employer competitiveness.
- HRM and IT- Creating a Competitive Advantage: A roundtable overview from Dartmouth's Tuck School of Business, discussed leveraging HRM capabilities at IT organizations.
- HR and Crisis Management: This short article discusses the important role of HR during times of corporate crisis and turmoil.
Tips for Business Success
- Organizational Excellence through Talent Management (PDF): This textbook excerpt details the building blocks for talent management system that facilitates corporate excellence.
- Principles for Effective Global Talent Management: MIT Sloan Business School outlines 6 core principles that allow for effective talent management in multi-national corporations.
- Handling Succession Management (PDF): Review best practices for succession management in an agile workplace in this paper from the Center for Creative Leadership
- Best Practices for Talent Retention in STEM Jobs: A study from the American Productivity & Quality Center provides 19 best practices for retaining valuable technical talent in a competitive market.
- Talent Retention in the Advertising Industry (PDF): The CEO of a prominent advertising agency presents unique ad industry challenges and solutions in talent management.
- Talent Management in the New Age of Law Firms: This interview from the American Bar Association offers talent management strategies for law firms recovering from the recent economic turmoil.
- New Talent Management Strategies (PDF): This helpful article outlines 10 strategies for effective talent management.
- Business Intelligence-Using Analytics (PDF): This article suggests that using HR analytics can optimize a company's human capital management.