The talent management process is a complex entity in which many different actors and processes must work together effectively. In order to succeed from the outset, you should proceed strategically when setting up your process. We show you in 5 steps how it can work.
1. Set goals
It’s virtually impossible to build a successful talent management process without first determining what your overall business objectives are. If you know in which direction the company wants to develop, then you can plan much better which specialists and talents are needed. This alignment also ensures that you have the support of the management level. After all, you are working to create teams that work towards the short and long term business goals. And which CEO doesn’t?
2. Determine key functions
Now it is time to identify which key functions are important for the implementation of corporate goals. It is such positions that contribute to the competitive advantage of the company. These do not necessarily have to be in top management. Positions in other areas, such as Research & Development, can also be critical.
The next step is to define the competencies and skills necessary for success in key positions. The more precise and detailed the job descriptions, the better you can search for suitable talents for these positions.
3. Identify talents
A talent pool is the right instrument to fill key positions should they become vacant. However, before you can include employees in your talent pool, you should define exactly what a talent is in your company, or what criteria must be fulfilled for someone to be given this status.
A two-phase process is recommended for identifying internal candidates for the Talent Pool. In the first step, employees are selected based on their performance. This is part of the annual performance management process. In the second step, a committee of managers and HR specialists assesses these candidates with regard to their potential and development capability. The most promising talents are then included in the talent pool.
Of course, it is also important to involve external talent, especially if the internal talent pool is not yet too full. They can bring valuable experience and a breath of fresh air to the company. Recruiting measures such as Active Sourcing and e-Recruitment help to find external high potentials.
4. Promoting talents
In personnel development, special attention should be paid to the promotion of talents, because you want to prepare them for higher tasks in the company. The selected measures should always be coordinated with the company goals and requirements of the key positions, as well as the career planning of the talents themselves. These measures can be suitable for talents:
- Further training and certifications
- Expansion of responsibility in the current position
- Assumption of special additional tasks and projects
- Coaching and mentoring by experienced managers
- Master’s degree and doctorate
5. Keeping talents
When talents fill positions in the company that challenge them and match their talents, then the first step towards loyalty to the company is taken. In addition to attractive remuneration, intangible incentives are particularly important for retaining talent in the long term. The corporate culture should promote open communication and relationships between employers and high potentials, in which the company listens attentively and understands what talents are important. This lowers fluctuation, which saves costs in the long run.