Talent management is the process of acquiring, hiring, and retaining high level, talented employees. In the past, the Human Resources department have been the ones tasked with basic talent management. This approach works some of the time, but definitely not all the time, and in order to drive a business towards optimal levels of success, a business leader absolutely must have as many engaged, intelligent, high performing employees as they can find.
The key to catapulting an entire workforce to excellence is to couple talent management alongside company goals. Create and define a set of leadership criteria, and identify specific competencies of employees, such as technical, experience and education criteria, in order to cultivate continuous growth of the workforce.
It is important to note that business leaders and executives who create and apply the very best talent management processes are a step ahead of their competitors, and are more ready to quickly capitalize on new business opportunities in an increasingly competitive global economy. The underlying success of a company involves more than just staying on top of long term trends, but a business must also be able to predict, anticipate, and pounce on new opportunities before the rest of the market.
The first step towards implementing stronger talent management processes that will allow a company to retain the most talented employees available, is to create a strategic talent management plan.
– Stop being a “reactive” company and become “proactive”. Fill in the gaps of the talent management side of the business, and make sure to quickly address any industry changes or new developments as they occur.
– Identify and write down any and all essential skills that need to be developed by employees, new and old. Cut down on overall training costs by focusing on a few key developmental areas.
– Seek out high level employees and candidates by using job descriptions based off of the experience, skills, and expertise of current high performing employees. Constantly strive to improve the recruiting process.
According to Susan P. McGalla, the best talent management plan is one that aligns with the company’s business needs, goals, and with their long term strategic plan. A business who outperforms their closest competitor likely has a better understanding of talent management, and knows how it is an essential part of building a stronger workforce that is necessary for optimal business execution and precision. The unique ability to quickly train and retain a workforce based off business needs instead of wants, and to support that workforce with more precise training and expectations all play a part into a strategic talent management process that will steer a business to true success.
Someone who knows everything about creating a proper strategic management plan is the current founder of P3 Executive Consulting, LLC, Susan P. McGalla. McGalla is an experienced consultant to small and large businesses on branding, talent management, operational efficiencies, marketing and much more. McGalla began her talent management experience at American Eagle Outfitters, where, after several years of working at the predominantly male clothing store, she rose in the ranks and eventually became American Eagle’s President, where she oversaw the company’s newly launched branches of Aerie and the 77kids brands.