Called the new trend of human resource management in the future, What is Talent Management? which is focused on by many multinational corporations. For SMEs, what are the 3 key strategies in Talent Management that can be implemented in the organization?
What is Talent Management?
What is Talent Management? Talent management, also known as talent management, is one of the key tasks of human resource management. This is a multi-tasking process towards the long-term engagement of key members and potential personnel of an enterprise.
Specifically, What is Talent Management? include:
- Attract potential talent
- Retaining high-quality personnel
- Promote good human resource development
- Motivate staff to improve performance
In today's labor market, ordinary human resource management tasks are no longer highly effective. Most only ensure the responsibilities and rights of an average employee. For example, job creation, salary payment, insurance payment assistance and tax settlement.
In the long run, conventional methods are difficult to engage employees with the organization or create little motivation to work. Therefore, employees tend to jump jobs, leave work early.
Learn more about Talent Management in the business
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Role of Talent Management
For Businesses
Every employee contributes to the success of the business. Therefore, the capacity and professionalism of employees will be proportional to the development of that business. In which, businesses that promote and encourage employees have 18% higher revenue than businesses in the same industry.
In addition, organizations with reasonable remuneration policies are often appreciated in the recruitment market. The employees themselves working in the organization also have higher satisfaction and conscientious attitude. Especially for mid-level and senior-level personnel when their work pressure is increasing.
Some HR experts also pointed out that Talent Management has the ability to eliminate the risks of aging, early retirement, and high turnover rate of Vietnamese workers in the future era.
In the face of these positive impacts, talent management is gradually becoming a core strategy in the HRM of many businesses. Not only with large corporations but even SMEs.
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For personnel
As a direct contributor of brainpower to the business, today's workers do not just expect a monthly salary. They want the recognition they deserve and the opportunity to develop themselves in the working environment.
In addition, young workers focus on finding the right environment for themselves, instead of scattered job search like before.
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Therefore, with Talent Management, enterprises offer many remuneration policies in accordance with the capacity and performance of each employee. At the same time, focus on improving the working environment through facilities, cohesive activities, etc.
It should be noted that an effective talent management strategy is not only aimed at the benefit of the business but must go hand in hand with the increase in the benefits of employees. Through employees, the organization is increasingly successful and this is the ultimate destination of Talent Management.
Talent management strategies
Enterprises need to rely on industry characteristics, corporate culture, strategic goals and current capacity of personnel to choose an appropriate Talent Management strategy. Here are 3 popular talent management strategies:
- Key employee strategy
- Strategies for recruiting potential candidates
- Combination strategy
Key employee strategy
With this strategy, businesses focus on recruiting qualified personnel with professional skills right from the start. Instead of recruiting young personnel or interns who need training. It is possible to apply for official recruitment or to hire a term contract depending on demand.
For this strategy to be effective, businesses need to build an attractive remuneration policy and be able to retain employees.
Advantage:
- No training time and costs
- Good personnel can meet the job right away
- Quickly take over work and create productivity
- They access expertise faster and are already familiar with the professional office environment
- Shorten the development process
Defect:
- The hiring process can be lengthy and complicated
- Large recruitment costs
- Need a large salary fund and benefits
- Need to compete with other businesses in recruiting and retaining talent
- May face challenges in management
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Strategies for recruiting potential candidates
Instead of hiring good people in the first place, a follow-up strategy of reaching potential candidates follows. They are individuals with sufficient expertise, knowledge and skills for the position.
Applicants may not meet the 100% criteria but have a 70-90% fit and need a short time to hone.
With this strategy, businesses need to build a promotion roadmap and appropriate training program to increase the effectiveness of the strategy.
Advantage:
- Easy to recruit, businesses have more choices
- They don't ask too much for compensation or benefits
- It is easier to retain talent if there is a corresponding training and development roadmap
- They are more open and receptive to contributions in management
Defect:
- Need to invest time and money to add capacity
- There is a risk that employees will not be up to standard even after training. Thereby causing businesses to lose time to re-hire and slow down the growth rate
strategycombination
Some businesses combine these two strategies in parallel in Talent Management. Specifically, the key employee strategy will be suitable for middle and senior management positions. Because these positions need people with appropriate capacity, expertise and qualities. They will be those who hold strategic positions and lead staff.
In contrast, the strategy of recruiting potential candidates will be suitable for the position of an employee or an intern. They don't have to be excellent, but just enough. It is the leadership from key employees that will help them fill the capacity gap.
Advantage:
- Requires less recruiting time than strategy 1
- Requires less training time than strategy 2
- Maintain the talent pool for the organization thanks to the potential employees in the strategic group 2
- Create development opportunities for strategic group 2 because they have the opportunity to learn from strategy group 1
Defect:
- Not suitable for personnel with urgent needs
- Not suitable for small-scale employees or small budgets
- Need a leader with good governance because each strategic group has different characteristics and interests.
In addition to using the above strategies, businesses can apply McKinsey's 9-cell Matrix in employee evaluation to identify potential candidates and talents.
The importance of Talent Management
What is Talent Management? Which brings many great benefits in the development of the business. Specifically:
Improve work performance due to quality staff
Competence, knowledge and experience of good personnel are higher than other colleagues, so the results they perform always bring higher performance.
Enhance competitiveness in the industry and labor market
Once your business has good personnel (whether short-term or long-term), your organization's ability to compete and dominate the market is significantly enhanced.
Promote quality improvement in work
Each industry tends to improve over time. However, to be able to fully utilize the benefits of these improvements in business practices, good employees are always the best performers.
Increase teamwork ability, encourage teamwork spirit
A good talent management policy will encourage good employees to share working experiences with the team. This creates a great work culture that contributes to high efficiency for teams.
Encourage the spirit of work for colleagues
Seeing good staff do good work, achieve high results, receive great rewards… all will encourage the learning and working spirit of the surrounding colleagues.
Prevent the brain drain of the business
- Good talent management will bring good personnel
- Peace of mind about the working environment
- Satisfied with benefits, salary and bonus received
- Belief in the advancement and development of the business…
Employer brand development
Candidates when choosing a company to apply for will be very interested in the policy and effectiveness of talent management. Where does this job well, candidates will always be trusted to choose to apply.
Ending
Through learning strategy What is Talent Management?, businesses have an overview and appropriate application orientation in their organization. This is forecasted to be the future trend, for both SMEs and large corporations.
To apply Talent Management effectively, businesses can use CoffeeHR Human Resource Management Software to improve the accuracy of candidate screening, provide comprehensive recognition and assessment, and build a training roadmap. Fit.
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