What are the processes to manage talent successfully?
The Human Resources function is a patchwork of several specialty functional areas of expertise each requiring a solid understanding and discipline. These functional areas are typically considered to be:
- Workforce & Succession Planning (Talent Attraction & Recruiting)
- Performance Management (Learning & Development)
- Compensation & Benefits
To manage talent successfully, all theses silos need to be fully integrated and have to work together.
At first Workforce and Succession Planning defines future talent needs by quantity and qualifying needs according to the business strategy of an organization. Performance Management delivers an overview of the already existing talent while Talent Acquisition and Recruiting should close the identified gaps in the „Talent map“. Talent Acquisition should also include areas like Employer Branding. As a best practice it is highly recommended that companies use the support of an RPO firm for their Talent Acquisition considering the specialized nature and expertise RPO providers use for finding the best external talent in a competitive market.
Learning and Development programs should coach and train existing talent to become the future leaders of an organization who are able to use their talent to deliver excellence in performance.
In line with all of these programs there has to be an effective compensation policy. High performance talent requires an adequate compensation package which demonstrates that their commitment and accomplishments (achieved results) is also being acknowledged through monetary benefits.
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