Talent Management
The quote is attributed to Benjamin Franklin. Franklin is considered by many a Renaissance man, a person whose expertise spans a significant number of different subject areas. In less formal terms, a polymath (or polymathic person) may simply be someone who is very knowledgeable. Most ancient scientists were polymaths by today’s standards.
Many HR Journals predicted serious movement in the workforce as the economy improved. Many employees were upset, discontent with downsizing, wage freezes and belt tightening due to the economy the past few years.
Jim Web from Iowa recently wrote, In business, you probably think of investing in knowledge as continuing education, re-training or advanced skill development for technical and business expertise. Simply put, you have a need to continue to refine and enhance the abilities of your educated workforce to stay viable in today’s competitive market.
Workforce Development or Talent Management is a key to a successful organization. Talent management refers to the process of attracting, selecting, and training, developing and promoting employees through an organization. Managers who focus on developing talent in-house ensure their employees have the tools and resources they need to perform well, receive proper compensation and transition to leadership roles. Internally developed leaders are valuable assets because over time they have developed the necessary core competencies and internalized company values. Communication between supervisors and employees is also very important, specifically about the skills and knowledge that align with company goals.
By communicating what senior leaders see as important future human capital needs, employees are more engaged and see a greater opportunity to invest in their own development. These actions by management increase the probability employees will be more valuable in the future while improving the likelihood that the company will retain the talent it needs. Some firms overlook the entry level staff.
Successful talent management processes include everyone on the team. Talent management includes the following activities and work processes.
• Develop clear job descriptions so you know the skills, abilities, and experience needed from a new employee. Select appropriate employees who have superior potential and fit your organization’s culture, with an appropriate selection process. Negotiate requirements and accomplishment-based performance standards, outcomes, and measures within a performance development planning system. Provide effective employee on-boarding and ongoing training and development opportunities that reflect both the employee’s and the organization’s needs. Provide on-going coaching, mentoring, and feedback so the employee feels valued and important. Conduct quarterly performance development planning discussions that focus on the employee’s interests for career development. Design effective compensation and recognition systems that reward people for their contributions. Even if all of the rest of your employment processes are employee-oriented, people still work for money. Employers of choice aim to pay above market for talented employees. Provide promotional and career development opportunities for employees within a system that includes career paths, succession planning, and on-the-job training opportunities. Hold exit interviews to understand why a valued employee decided to leave the organization. If the reasons provide information about company systems that you can improve, make the changes that will better retain talented employees. (About HR)
Talent management programs connect employees, to the company and the community. They increase capability, flexibility and adaptability. Information and communications, involving everyone will limit both silence and discontent.
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