There are varying misconceptions about talent management, one including that it is synonymous with human resource management. The other is that it only caters to higher performers in the workplace with other encourage to emulate those it represents. However, talent management refers to a company’s ability to attract, develop and retain persons in the organization that effectively fulfill business objectives or show high potential in doing the same in the future. Though this can be a human resource function, it is often the case as these departments tend to lean on the technical side.
Talent management, therefore, falls on managers to identify and develop those they consider to have talent. They work with the future in mind as it contributes to the long-term goal of both the organization and the employee. To be useful in that role one requires training to develop a plan on the same premise. Alternatively, firms hire consultants to aid organizations to improve performance. It’s not limited to any single profession. A French tutor Ottawa public schools employees can benefit from being part of a plan by the system to see how they can increase productivity for both parties.
The process of attaining the services of a talent management consultant requires an investment in the business part but the reasons why it is well worth it become tangible almost immediately. A notable aspect, as mentioned in the example of the French tutor, is that employees become more motivated as they feel valued in their roles. For a majority, it is not the salary that brings satisfaction, but it is meaning and contributing to a higher purpose in their positions that does.
Motivate employees can attract others like them who are talented. One of the things that top talent in the industry looks for is job satisfaction. If a company provides that for their employees, they are inclined to settle for them over a company that offers higher wages. As the ripple effect continues, the workforce is highly motivated, leading to an overall increase in productivity and business bottom lines. Once a plan is in place, it becomes easier for managers to recruit the right people (and fewer people) for the job. Their ability to align with the organization will be easier as their performance capabilities will be made evident from their previous role instead of a manager working on the premise of potential. When expectations of each party are clear, there are fewer issues from either side. A company also saves money given they end up spending less on career development opportunities for their employees.
Talent management is not only beneficial to the employee and employer, but customers and clients will also note this shift as processes will be more streamlined. Their needs will be met faster and efficiently, some of the aspects that lead to customer satisfaction and their retention.