• Talent management is viewed as reciprocal and holistic match between the organisation and it people
• The organisation addresses the matching of people’s needs, goals, values and beliefs with the job/career opportunities offered by the organisation.
Premise4: Talent management embraces both hard (numbers x quality) and soft(mind x heart) talent management
• Talent driven organisations give equal attention to both hard talent management and soft talent management.
• Talent driven organisations aspire to engage their people fully: body , mind heart and spirit
Premise 5: The talent of the organisation is owned by the leadership of the organisation
• Leadership needs to direct accountability/responsibility for the organisations talent
• Talent management in these organisations is also key performance area of leadership at all levels
Talent management has indeed become a very important force in creating strategic value for an organisation. HR professional often say:” People are the heart of our business, this is a people business.”An economy where the brain of people are employed- where people are seen as knowledge resources an associated value is regarded as “intellectual capital”- it becomes even more important for HR to focus on talent as a strategic pillar of the employee value proposition. Knowledge workers want to feel self worth from the role play and the contributions they make to a company. The role of HR is to ensure a balance between what the employer needs and what the employee gives. Talent thus has to be nurtured as a scarce commodity.
Functioning in a market where talent is highly sought after, HR professionals need to ensure that talent that is brought on board is grown at the pace required. The management of talent must be part of the overall human capital strategy which is linked to the business strategy. Investment in talent must become a priority and is an important pillar of the EVP for top talent. What is the company going to do to ensure that my potential is realised and my skills remain relevant?
The talent management framework should incorporate the following:
• Workforce planning: headcount/skills/level of skills required for the business to be successful.
• The internal supply: HR mapping of the supply versus the demand to determine whether there is s surplus or shortfall of either the number or the equity of skills.
• External sourcing: External sourcing must be linked to the talent strategy for the year and should fill the gaps that the internal supply cannot fill in order for the company to succeed.
• Development and deployment of talent: Talent that is grown as per the requirements of the business must be deployed at the right parts of the business at the right times. If this is not done, there can be a huge impact on delivery, retention and engagement of employees, resulting in return on investment in hiring and growing talents not being realised.
• Retention strategy for retention of talent: This has to be given the required HR attention an appropriate budget to ensure that money is not lost from the business through attrition and productivity costs.
The business rationale to focus on talent as a pillar of the EVP includes:
• Fierce competition local and globally to find and keep the right talent.
• Expectations for multiple careers-it are becoming more common for employees to want different career choices after short intervals.
• Mobility services provided through shared services being more of a norm than an exception, with international movement on the increase.
• Strong pressure for people return on investment by company leadership on HR.
• Business imperatives for ensuring a diverse workforce.
• Market inability to grow young talent at the place needed.
• Global demands for new skills.