TALENT MANAGEMENT : a strategic & integrative approach
TALENT MANAGEMENT & HRM : the differentiators
- A focus on high impact positions. A talent management strategy requires managers and HR to determine which jobs, when filled with top talent, have the largest impact on a firm’s success.
- Cross Functional Approach. Talent management builds cooperation and integration between previously independent efforts of line/functional managers, through its heavy use of common goals, metrics and rewards. As a result, no independent function like marketing, production or IT can be considered successful unless the overall talent management effort is also successful.
- Accountability. Talent management gets managers’ attention by instituting a system of measures and rewards that ensures every manager is recognized and rewarded for excellence in people management (high workforce productivity). It simultaneously measures employee engagement to ensure that managers reach their productivity goals while using the appropriate management behaviors (two-way communications, empowerment, meritocracy, etc.).
- Focus on Internal Customer Service. Seamless service is the expectation of talent management. Customer satisfaction, process speed, quality, and responsiveness are continually measured. In our HRD EFFECTIVENESS AUDIT newsletter we have described how this arm of the talent management should be evaluated
Primary Principles of Talent Management
The four primary factors that make the talent management approach unique include:
- An integrated approach within HR. Talent management formally integrates ALL people management programs and functions so that they work as a continuous & complementing process.
- Integrating people processes into standard business processes. Talent management goes the next step and further repositions people management programs and processes into the company’s standard business processes, such as the corporate strategic planning process, budgeting, mergers, and new product development.
- Shifting responsibility to managers. Talent management pushes the accountability and the responsibility for executing people management down to the line management levels.
- Measuring success with productivity. Talent management shifts the success measures from the more traditional HR and recruiting functional metrics towards measuring the overall productivity of the
The Key Success Factor of Talent Management
- empowered, strategic human resources leaders;
- attentive Boards of Directors;
- unified, comprehensive and integrated approaches to focusing exceptional care upon top-performing executives. "We wanted to create an environment where people feel passionate about their work, where people feel inspired," the CEO often says
- Monetary rewards are not as strongly emphasized as motivators. Consequently, proactive employers are looking to a broader and more personalized range of non-financial motivators, including:
- personal coaches;
- individualized development programs;
- allowing employees to select how they are rewarded.
- These companies have ambitious succession plans with successful execution of high-potential employee development activities.
- HR departments tended not to have formal budgets for Talent Management - costs being mostly incurred and driven at line management level.
- The distinct presence of performance metrics and accountability around Talent Management programs contributes to concrete action in moving such programs forward.