What is Talent Management – Definition and Strategies to Do It Right
What is talent management? Talent management is defined as a business’s ability to recruit, retain, and produce the most talented employees available in a job market. The talent management definition includes:
- Finding qualified employees efficiently
- Quickly hiring new employees
- Developing employees’ skills to increase productivity
- Tracking employee performance and aligning it to your company’s goals
- Retaining your best employees longer
What is talent management’s benefit to business owners?
Hiring better employees
Most small business owners struggle with ways to find great employees and prevent them from leaving their companies. Talent management strategies provide an effective solution to this problem.
It can be a time-consuming headache to constantly source new employees. Spending endless hours scanning resumes and filtering out top applicants has an opportunity cost form business owners – that time could be better spent on growing other areas of the business.
Retaining employees longer
When an existing employee leaves your company, there are also additional impacts on your business. These can include reduced productivity, loss of product or project knowledge, negative impacts on customer satisfaction, and drops in the perception of corporate culture for employees who remain.
Improved skills and performance
Investing in growing your existing employees’ skills and competencies will improve their immediate job performance. It also helps you increase their potential, so that with the proper development of skills you can give them increased responsibilities. This leads to increased employee satisfaction, which improves both retention and the return on investment for the employer.
The term “talent management” was first coined in 1997 but it still isn’t commonly used by many small businesses. But adopting the talent management strategies used by larger organizations can have both an immediate and long-term impact on any company’s revenue growth and profitability.
Want to learn proven talent management strategies to find and retain your best employees?
Read our free Guide to Finding and Keeping Your Best Employees.
Talent management software
Now that you’ve answered the question “what is talent management” and you’ve seen some examples of how it can help your business, you may be wondering the best way to get started.
For many companies, the answer is finding the right talent management software.
Talent management software is the best way to give you and your team all the tools needed to quickly find, hire, and retain employees. Software automates the process, saving time and money. Since all the data and workflows are contained in one integrated system, you’ll be able to manage the process efficiently and effectively.
Talent management software is part of a complete talent management system that typically includes:
- An applicant tracking system which can handle the entire hiring process including job postings, managing candidates, and asking assessment questions
- Employee onboarding that ramps up new hires quickly, eliminates stacks of new employee forms, and distributes training materials and videos
- Performance management tools to increase employee performance and engagement
Want to see how other companies like yours are finding success managing HR? Read our free HR Playbook eBook.
Talent management definition: a business’s ability to recruit, retain, and produce the most talented employees available in a job market.
Businesses can increase productivity and profitability by implementing strategies and software to find, hire, onboard, train, and retain quality employees. A good onboarding process is critical. Talent management strategies will allow you to spend less time worrying about these things so you can better focus on other critical areas to grow your business.