{"id":721,"date":"2014-01-17T10:46:04","date_gmt":"2014-01-17T10:46:04","guid":{"rendered":"http:\/\/blog.bullseyeevaluation.com\/?p=721"},"modified":"2014-08-18T11:44:33","modified_gmt":"2014-08-18T11:44:33","slug":"effective-talent-management-strategy","status":"publish","type":"post","link":"https:\/\/www.bullseyeengagement.com\/blog\/effective-talent-management-strategy\/","title":{"rendered":"Retain Your High Performers through an Effective Talent Management Strategy"},"content":{"rendered":"<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-722\" title=\"Effective Talent Management Strategy\" alt=\"\" src=\"http:\/\/blog.bullseyeevaluation.com\/wp-content\/uploads\/2014\/01\/Effective-Talent-Management-Strategy.jpg\" width=\"760\" height=\"360\" srcset=\"https:\/\/www.bullseyeengagement.com\/blog\/wp-content\/uploads\/2014\/01\/Effective-Talent-Management-Strategy.jpg 760w, https:\/\/www.bullseyeengagement.com\/blog\/wp-content\/uploads\/2014\/01\/Effective-Talent-Management-Strategy-600x284.jpg 600w, https:\/\/www.bullseyeengagement.com\/blog\/wp-content\/uploads\/2014\/01\/Effective-Talent-Management-Strategy-64x30.jpg 64w, https:\/\/www.bullseyeengagement.com\/blog\/wp-content\/uploads\/2014\/01\/Effective-Talent-Management-Strategy-300x142.jpg 300w, https:\/\/www.bullseyeengagement.com\/blog\/wp-content\/uploads\/2014\/01\/Effective-Talent-Management-Strategy-340x160.jpg 340w\" sizes=\"(max-width: 760px) 100vw, 760px\" \/><\/p>\n<p>A global research conducted by Boston Consulting Group (September 2010), suggests there are four critical HR topics and talent management is one of them. There is no single definition of talent management, the Chartered Institute of Personnel &amp; Development defines it as:<\/p>\n<p>\u201cThe systematic attraction, identification, development, engagement\/retention and deployment of those individuals with high potential who are of particular value to an organization, either in view of their \u201ehigh potential\u201f for the future or because they are fulfilling business\/operation-critical roles.\u201d<\/p>\n<p>Organizations need to invest in their people and to retain the best people, and for this an <a href=\"https:\/\/blog.bullseyeengagement.com\/test\/talent-and-performance-management-strategies\/\" target=\"_blank\">effective talent management strategy<\/a> is needed.<\/p>\n<h2>What does it Entail?<\/h2>\n<p>According to MIT\u2019s HR website, talent management includes the following:<\/p>\n<ul>\n<li>Department and workforce assessment<\/li>\n<li>Talent review<\/li>\n<\/ul>\n<p>So, a talent management strategy first seeks to understand the context and asses the needs of the various departments, and the skills and abilities needed by them to achieve business objectives. It then focuses on providing tools necessary for holding talent management reviews and discussion and then forming a strategy to close the gap. These reviews and discussions can be structured in multiple ways, such as:<\/p>\n<ul>\n<li>Talent inventory- Identifying the department\u2019s talent pool<\/li>\n<li>Succession planning- Increasing readiness of employees for future roles and responsibilities.<\/li>\n<li>Capability Analysis- Reviewing key tasks and competencies that need to be maintained.<\/li>\n<li>Knowledge Transfer- Transferring skills and knowledge through peer learning<\/li>\n<\/ul>\n<h2>12 Top Talent Management Tips<\/h2>\n<p>Civil Service UK suggests the following best practice approaches towards having an effective talent management strategy:<\/p>\n<ul>\n<li>Start with the end in mind &#8211;\u00a0Understand what is needed for success in terms of roles, skills, and behaviours before you implement a strategy<\/li>\n<li>Connect the big people with the process &#8211;\u00a0To set a culture which values talent management, the top leadership should be in the loop.<\/li>\n<li>Get senior executive buy-in &#8211;\u00a0Senior leaders need to actively participate in the process.<\/li>\n<li>Evaluate people &#8211;\u00a0Understand the people who perform critical roles and the people who have the potential to perform critical roles in the future<\/li>\n<li>Tell a compelling story about the organization\u2019s future &#8211;\u00a0Have a narrative, a mission statement about your organization that everyone believes in and then follow it<\/li>\n<li>Evaluate roles &#8211;\u00a0Know the difference between critical and important roles and then make decisions based on this.<\/li>\n<li>Get the talent connected and networked &#8211;\u00a0Make sure the talent is managed by good people and get the talent connected with each other.<\/li>\n<li>Provide career paths &#8211;\u00a0Provide clarity about expectations and the different capabilities required at different levels<\/li>\n<li>Align talent management with diversity management &#8211;\u00a0Talent Management strategies should include and reflect the positive values of inclusivity and diversity that the organization esteems.<\/li>\n<li>Don\u2019t lose sight of the exceptional performers &#8211;\u00a0One of the purposes of the <a href=\"http:\/\/www.bullseyeengagement.com\/solutions\/employee-performance-management-system.aspx\" target=\"_blank\">talent management system<\/a> is to retain talented employees, so high performers need to be appreciated and validated.<\/li>\n<li>Keep the talent pipeline in the functional and professional groups well primed &#8211;\u00a0As well as the general management and leadership pipeline<\/li>\n<li>Leverage the line managers of the talent &#8211;\u00a0Develop them so that they can develop their talent.<\/li>\n<\/ul>\n<h2>Integrated Talent Management Process<\/h2>\n<p>A holistic approach in which the whole company is involved as opposed to the traditional, linear approach towards <a href=\"https:\/\/blog.bullseyeengagement.com\/test\/power-of-employee-collaboration-on-business\/\" target=\"_blank\">talent management requires collaboration<\/a> of senior executives and using systems and technologies to share information across departments. The process also needs to be integrated in that it should encompass measurement, accountability and advancement.<\/p>\n<p>Effective utilization of analytics and tools can lead to a talent management strategy that promotes an engaged and productive workforce able to achieve business objectives.<\/p>\n<p>Image courtesy of Stuart Miles \/ FreeDigitalPhotos.net<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A global research conducted by Boston Consulting Group (September 2010), suggests there are four critical HR topics and talent management is one of them. There is no single definition of talent management, the Chartered Institute of Personnel &amp; Development defines it as: \u201cThe systematic attraction, identification, development, engagement\/retention and deployment of those individuals with high potential who are of particular value to an organization, either in view of their \u201ehigh potential\u201f for the future or because they are fulfilling business\/operation-critical roles.\u201d Organizations need to invest in their people and to retain the best people, and for this an effective talent management strategy is needed. What does it Entail? According to MIT\u2019s HR website, talent management includes the following: Department<span class=\"read-more\">[&hellip;]<\/span><\/p>\n","protected":false},"author":7,"featured_media":722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[126,127],"class_list":["post-721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-talent-management","tag-effective-performance-management","tag-talent-management-system"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Retain Your High Performers through an Effective Talent Management Strategy -<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.bullseyeengagement.com\/blog\/effective-talent-management-strategy\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Retain Your High Performers through an Effective Talent Management Strategy -\" \/>\r\n<meta property=\"og:description\" content=\"A global research conducted by Boston Consulting Group (September 2010), suggests there are four critical HR topics and talent management is one of them. There is no single definition of talent management, the Chartered Institute of Personnel &amp; Development defines it as: \u201cThe systematic attraction, identification, development, engagement\/retention and deployment of those individuals with high potential who are of particular value to an organization, either in view of their \u201ehigh potential\u201f for the future or because they are fulfilling business\/operation-critical roles.\u201d Organizations need to invest in their people and to retain the best people, and for this an effective talent management strategy is needed. What does it Entail? 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