Of all the strategies and/or approaches in the human resources space, none are more impactful than that of talent management.  As such, it continues to transcend all industries all over the world.  Why?  First and foremost, people are a company’s greatest asset.  In the same vein, a company’s value is perpetually linked to the success of its people.

Additionally, study after study shows companies offering growth and development opportunities translates to high success in recruitment and retention.  Talent management itself is a commitment from an organization to recruit, hire, retain, and develop employees.

Over the next few weeks, the HR Exchange Network will put a focus on talent management by explaining each tenement and the inherent challenges that accompany them in a series of articles.  These tenements are often referred to as the pillars of talent management.

Pillars of Talent Management Explained

To better understand each pillar, a description of each is below.

• Recruitment – In order for a talent management strategy to exist, there must first be talent. Recruitment is Step 1 in creating the strategy.  Here, companies and organizations work to attract talented people who can be converted in to employees.
• Learning and Development – This pillar includes everything from ongoing training to learning during the employee lifecycle. It allows for workers to fine-tune and further develop the critical skills needed to meet their performance goals and to help the company complete its strategic goals.
• Performance Management – Once hired, talent is expected to perform at a high standard. This process includes the way in which HR measures and improves performance.  Common procedures include performance reviews, one-on-one meetings, and reward and recognition programs.
• Retention – As defined, retention is about keeping high performing talent with the company or organization as long as possible. This leads to increased productivity and successful completion of strategic goals.

Recruitment

Of all the pillars within talent management, recruitment is where most human resources professionals will put the majority of their focus.  Why?  We have to look at the ongoing labor shortage.  To put it simply, recruiters are having a much more difficult time finding the talent they need to fill their open job positions.  Dependent upon which numbers are sourced, there is somewhere in the vicinity of a million more jobs than workers.

But that’s not all.  Human resources professionals also have to deal with changes happening to the workforce and pay spectacular attention to detail when it comes to bringing new talent into the fold. 

For instance, a huge focus is being put on the candidate experience.  This covers everything from the moment a candidate comes in to contact with a potential employer all the way to the onboarding process.  While that seems straightforward enough, there are other nuances that can play a role. 

For instance, communication.

Recruiters have to constantly be in contact with the candidate especially considering the average time to fill a job post is 42 days.  Faltering in the ability to communicate could cost a company its best employee, not to mention the amount of money lost every day the position remains vacant.

Want to know more about personalizing recruitment in the Age of Transformation?  Click here.

There is also the need for transparency.

In a survey from PayScale regarding job satisfaction and pay for instance, the organization found the more information employees have about why they make what they make translates to higher retention rates.

Power to the Job Seekers

It goes without saying, but job seekers are in the driver’s seat when it comes to recruitment

That is a huge obstacle to overcome, but it can be overcome.

Recruit Internally.  The best talent doesn’t always come from an external source.  Sometimes, it comes from within.  It’s important to understand what skills internal candidates possess and to align those with the current job vacancies.  Additionally, this calls succession planning, a different form of recruitment, to mind. Companies must also be on the lookout for critical positions that will come open in the future.  The three most important steps to follow here are:

1. Evaluate all positions and the skills needed for the candidate to be successful.
2. Evaluate internal candidates for the necessary skills.
3. Align the positions with the appropriate candidate.

Building a Talent Pool.  In a similar vein to succession planning, HR professionals and recruiters need to build and constantly tend the talent pool.  Making contact with potential employees isn’t always easy, but once contact is made and an assessment of their skill and abilities is complete, these candidates should be constantly nurtured.  Even if the candidate doesn’t fit a current job vacancy, it doesn’t mean a future opening will be out of the question. It also helps with the quickening pace with which recruitment professionals are having to contend.

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Be agile.  Recruitment professionals must be able to react and react quickly.  Potential candidates are also being vetted by competitors in most cases.  Being able to quickly assess a candidate to see if he or she is the right one for the company is critical.  So too is making the job offer and starting the onboarding process to secure the candidate as an employee.

Communicate.  As previously mentioned, highly desirable candidates are being approached by multiple companies for employment.  It is critical a company be able to “standout” from the crowd in this respect.  The best way to accomplish that is through a strong candidate experience strategy.  Candidates are paying attention to how companies communicate as a demonstration of its company culture.  Those companies who do not communicate constantly and consistently run a real risk of losing the top candidate to another company.

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The Future of Recruitment

Right now, it is hard to see what the future has in store for recruiting.  So many things are changing in the HR space as a whole, it’s not that surprising of a statement.  One thing is for sure, however, while recruiting still requires the human element, technology continues its invasion into the space.  According to the World Economic Forum, by 2022 -- 50 percent of companies expect their full-time workforce will be reduced, in some way, by automation.  That could have a very real impact on recruiting.  It’s not suggested organizations will turn over the entirety of the recruiting function to a machine, but it will have a more prominent role in the process.

For recruiters, it is time to get comfortable with the technology because in the very near future, it will be a part of the function… not just a fun tool to make the job easier.

NEXT:  Learning and Development:  Talent Management Pillars Part II

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