As early as the 1990s, the idea of talent management was introduced in organizational studies, concerning aspects of talent and company overall performance.
Talent management is referred to as the human resource strategy within an organization to attract, identify, develop, retain and deploy talents. Whereby talents can be generally understood as individuals who can contribute to the organization’s performance and productivity.
Talent management strategy has now been seen as a crucial part of human resources development in Malaysian companies. Indeed, a study conducted by Sharmaine Sakthi Ananthan and colleagues (2019) on the development of talent in Malaysia’s public sector found that despite the effort, talented skillful people are still leaving and left Malaysia companies short of talents and even struggling to develop talents.
In this article, we have included a checklist for the development of talent management strategy for HR. Read on to find out the significance of talent management and tips to develop a good talent management strategy.
Why is talent management strategy important?
The goals of talent management strategy could be summarized into the following:
- Identifying vacancies.
- Hiring a well-fit candidate.
- Developing employees’ skills and knowledge.
- Retaining well-skilled employees to achieve long-term organizational goals.
Developing a good talent management strategy has never been easy, especially with the shift in the business environment due to covid-19. However, the significance of talent management is eminent as the workforce is expected to be kept up-to-date with new technology and any changes in the business trend.
What defines a good talent management strategy?
A good talent management strategy is expected to contribute to the company’s success, not limited to monetary profit, company value, business development, and the company’s day-to-day operation. The development of talent management strategy should align with the company’s vision and objectives. The aims of such strategy could be:
- Enhancing work performance and productivity at individual and team levels.
- Facilitating intrinsic motivation at work where opportunities for personal growth are given.
- Creating an inclusive and diverse workforce.
- Provide social support at the workplace.
- Encourage learning of in-role and out-role knowledge and skills.
Aspects of Talent Management Strategy
The Resourcing and Talent Planning Survey 2021 explores the ongoing trends in recruitment and talent management practices in the post-pandemic era. A few notable changes are made on recruitment strategy to cater the global shift.
✔️ Flexible working and Work-Life Balance
More organizations open up vacancies with higher proportions of flexible working hours and some with remote working locations available. As we are moving past the pandemic stage, people are looking at work-life balance from a different perspective. Indeed, the proportion of employers taking steps to retain employees through improving work-life balance has increased since.
✔️ High competition for talent recruitment
Although the market has been rather stagnant throughout the pandemic, the competition for recruitment as well as employment has increased. Many companies are facing difficulties to recruit well-qualified talent. That is followed by the rise of using technology and online platforms for recruitment.
✔️ Develop talent in-house
The struggle to fill the vacancies has enabled companies to seek other solutions to achieve organizational goals. Some held workshops and encouraged employees’ self-learning to combat the lack of expertise due to recruitment difficulties.
Managing and Retaining
The most common strategy against recruitment difficulties is to upskill current employees. Managing and retaining employees are equally important as recruitment, one is to ensure the continued growth of employees and the work remains intrinsically rewarding for them.
✔️ High engagement activities
Talent management strategy for managing and retaining could include team-building events and workshops – formal or informal activities for more engagement and learning opportunities from people they work with.
Establishing a network within the organization is helpful to increase employees’ work performance and productivity, moreover, could cultivate a sense of social belongingness among employees.
✔️ Break the hierarchical obstacles
A range of organizational events could be held including the board-level individuals or directors. This gives the employees a rather less burdening opportunity to communicate with their superior and exchange ideas on a lighter note.
How does HRIS help with talent management strategy?
HR software like GreatDay HR provides an easier and more efficient process in talent requisition and maintaining social support within the organization.
Mobile Recruitment via GreatDay HR
Firstly, the mobile recruitment process helps save the trouble of going through papers and allows review of applicants’ documents at ease. Candidate screening now could be done in less time and almost anywhere. By setting up the required information beforehand, GreatDay HR can help to gather the complete details of the applicant for the company’s viewing. With the use of data filtering, the HR department could easily analyze and compare the qualification and suitability of all candidates.
Moreover, setting up an interview could be done at your fingertips. A few pre-interview questions could be set up to speed up the decision-making process. Then, interviews could be scheduled and invitations could be sent directly from the application.
With built-in functions such as social feed and mood board, GreatDay HR application facilitates the interaction and engagement among employees. Employees could share valuable knowledge via the platform and help to motivate self-learning among one another.
Gamification and survey functions also help to build a reward and review feature within the company. Employees could be rewarded by earning tokens from completing their in-role and out-role tasks thus encouraging productive behaviors at work with a tiny sense of competition. Besides that, employees are also given liberty to express their opinion via company surveys.
In a nutshell, a good, fitting talent management strategy serves the purpose to help the company achieve long-term goals by acquiring new talent and managing current employees. HRIS software could be a good aid for HR to carry out steps of talent management, in addition, provide a stream-line hassle-free alternative to the old practices.