What is Talent Management?
ASPIRE Talent Management by 3P
“ASPIRE is the power to make confident people choices at all stages of organisational development and business growth.
ASPIRE by 3P is a lifecycle solution, featuring talent assessment and analytics that support the four pillars of the talent lifecycle of Acquisition, Succession Planning, Improvement, Retention & Engagement.
ASPIRE helps HR and Operational teams align their efforts and optimise the ROI for real results – fast.
ASPIRE, combined with the sophisticated-yet-simple Harrison Assessments & Talent Solutions analytics, brings the certainty that you have the right people in the right jobs and can keep them, so you spend less money on hiring and firing and more on growing your business.
So what is Talent Management?
It’s the science of using strategic human resources planning to improve business value and to make it possible for companies and organisations to reach their goals. (Source: Wikipedia).
Let’s take each element of this definition and explore in some more detail to define in lay-terms what Talent Management is and its practical application in any size company.
Science: Although not strictly a science in the pure form of Physics or Chemistry for example, the term science is used to refer to a data-driven basis and evaluation of people and their talents. Data brings a higher degree of certainty and objectivity to the process, so we do not rely solely on personal preferences and or judgements, and prevents us falling into the ‘recruit in my image’ trap. Data enables an informed decision to be made about critical events such as acquisition, succession planning, personal improvement and development, and retention and engagement.
How can we be objective without data? Science is a discipline of testing a stated hypothesis with the rigour of experiments, measurements and repeatable data sets. Applying this level of rigour to Talent Management brings the power to make confident people choices at all stages of organisational development and business growth.
Strategic Human Resources Planning
From the term strategy ensues an image of long term and high level thinking about human resource requirements aligned to other strategic requirements and objectives. We anticipate, rather than react to, leavers and/ or changes in demand, changes in capacity, changes in business environment; it’s a thoughtful plan to mitigate HR risk and to ensure talent management is an integral part of business continuity, and to ensure a business is HR fit at all times.
Improve Business Value
What is business value? In every business there is the balance of the value add and the non-value add activities. A fundamental principle of the LEAN manufacturing philosophy is to strip out and or minimise the impact of the NVA’s and maximise VA’s. So, from a strategic human resources planning objective it is vital to bring efficiency to the whole talent management lifecycle, to enable maximum VA for Acquisition, Succession Planning, Improvement and Retention & Engagement.
Make it possible for companies and organisations to reach their goals
In order for companies to grow, to develop, to downsize, to get involved in M&A’s, to bring about cultural change, to innovate in order to meet the changing needs of the customer and the market, Organisation Development and Planning will be key.
So what is this? Essentially it is the asking of these fundamental questions: has the organisation got the right people, of the right quality, in the right jobs be able to engage and retain them, or keep them long enough to meet the needs of the organisation? This must be a vital component of the success of any company.
Summary: The success of every organization is based on the performance levels and calibre of the employees. Hence it is of utmost importance to identify, acquire and manage the talent from the talent pool. With the advent of information technology, various software solution providers have identified the need for solutions which would enable easy and efficient management of the talent pool for the HR personnel. Furthermore these solutions not only help in management of talent but also cover other functionalities such as recruitment, performance and appraisal management, training and others.
In summary Talent management is more than just attracting and retaining talent. It is about building and enhancing employee potential. This in turn automatically supports the organization in meeting the goals and objectives. Building an organization’s capability to manage talent has allowed existing talent systems to be integrated and aggregated into one dashboard providing companies with a single view of their aspects related to talent.
So Talent Management is VITAL to the efficiency, culture and survival of a company.
Lindsay McGhie, MD