The talent management cycle is a 4 part process that employers can use when overseeing their employees. It covers many areas and is essential for promoting a motivated, high performing workforce.
The 4 areas of the talent management cycle are as follows:
- Selection – On boarding, talent acquisition and Orientation.
- Development – Performance management identification, agreement and setting performance measures, assessment of performance measures.
- Development (part 2) – PDP, coaching and training.
- Retention – Succession, planning, EVP, reward strategy.
Why is Talent Management Important?
Talent management is a priority to many employers who want to get the best from their teams. Talent management helps ensure that employees feel valued. It can also help employees feel focused and comfortable as themselves within a team.
Part 1 – Selection
The first stage of talent management deals with the beginning stages of employment. For example, recruitment, selection, onboarding and orientation.
It is easy to get caught up in a routine with selection. If an employee leaves a company, one might try replace them with the same type of people, through the same places, without a second thought. Is hiring a new employee always necessary? Perhaps there is someone else already in place who could benefit from changing positions?
When hiring a new employee, employers should ensure they have an induction plan. Ensuring a new employee feels at home amongst a workforce is important in ensuring that your business is one that cares about it’s staff. It will also help them adapt quicker to the new environment, increasing productivity.
Development of performance management
This section of development introduces reviews and annual appraisals. Employers may introduce self assessments for employees, to keep workers motivated and aware of where they can improve.
Reviews can be used as a good chance to let workers know where they have performed well. This is essential for well-being. Positive feedback is necessary to ensure workers feel valued for their hard work.
Another tool that can be useful for growth is 360 reviews. This is where a workforce comes together as a team to carry out reviews. This method is useful in ensuring workers are on the same page, working in line with the agreed values of a company.
Part 2 – Development
Another way of maintaining growth for employees is with ongoing coaching and mentorship. It is important for employers to ensure that their workforce have all the resources and knowledge they need to produce the best output.
Promoting the conditions for learning will ensure that any business doesn’t get stuck in old ways. There are many different ways one can implement training. For example businesses may use seminars, training sessions and one to one coaching.
Part 3 – Retention
Retention is the process of maintaining employees within a company. It is the final stage of talent management and requires employers to listen to and understand their workforce.
A part of retention is succession planning. One should consider their employees as individuals and keep an on their potential. Previously, we have mentioned placing workers into new positions and promotions. To allow workers the ability to advance within a company is essential to ensure that workers don’t get too bored within their positions. If an employee feels that they have hit a ceiling with where they can progress, they may leave. However, some employees may be happy in their positions and so employers should consider other types of reward. Thus, it is why it is important to keep close attention on worker values.
To find out more about talent management or for HR support, contact us.