Is talent management really key or just a something spouted by the HR department? Well, with the burgeoning skills gap, keeping and developing home grown talent looks set to be growing challenge for Human Resources.
The crux of the matter is Talent. Is it those who offer a benefit to your company now, those with potential to add to your company in the future or a mix of both? How do you set up a system that maximises the potential of each type of talent? A perhaps over simplistic answer is to allow for both by offering coaching or mentoring that allows them all to grow. The key being that the growth is within your company. As said above, if the forecasts are true, there is a skills shortage coming to the UK. Just to clarify, we aren’t saying that the millennial generation is inadequate in terms of skills held. Rather, there just isn’t enough of them in comparison to the baby boomer generation. This means that in future the concept of simply attracting external talent will become far more difficult.
Perhaps this is where talent management can take a step back in time and foster environments where people feel dedicated to a company. This loyalty is perhaps the greatest tool in terms of talent retention. Until 2008, the UK had experienced a period of growth and economic success, in many ways echoing the boom of the eighties. This created an atmosphere in the recruitment world, of interchangeability of roles and packages designed to entice talent. However, with the economic collapse of the western world, the reality of the job market changed, with jobs becoming harder to find. Yet somehow the concept of interchangeability and that talent can demand better packages, seems not to have died. Perhaps this is the influence of the maligned Millennial generation; raised in the height of economy only to reach working age in its collapse.
With that in mind, perhaps that is why talent management (or perhaps retention) should be a governing force in all modern companies. By keeping and developing talent in house not only do you ensure that you have the skills that you foster, but it will go a long way in terms of becoming an employer of choice. Admittedly. We have just said that attracting outside talent, is perhaps not the key goal but it wouldn’t hurt to be attractive to potential employees.
So how do you align your talent management provision to the wider needs of your company? Perhaps the secret is to offer a balanced system of diversity. This means not just focusing on developing high employee individuals or creating inclusive systems that generate not just talent in all its forms but general sense of employee loyalty.
If you would like to find out more about the topic of Talent Management, then head over to the Chartered Institute of Professional Development (CIPD). If you work for a HR company and are looking for a partner to help with your onsite copy, click here.