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TALENT MANAGEMENT

TALENT MANAGEMENT

RETENTION OF TALENTS OCCURS WHEN THE MANAGEMENT
OF TALENTS IS EFFECTIVE.

Talent management is the process of ensuring that the organization attracts, retains, motivates and develops the talented people it needs.
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The talent management processes are:
*developing the organization as an ‘employer of choice’ ‑ a ‘great place to work’;

•using selection and recruitment procedures that ensure that good quality
people are recruited who are likely to thrive in the organization and stay with it for a reasonable length of time;

•designing jobs and developing roles which give people opportunities to apply
and grow their skills and provide them with autonomy, interest and challenge;

* providing talented staff with opportunities for career development ‑and growth;

* creating a working environment in which work processes and facilities enable
rewarding (in the broadest sense) jobs and roles to be designed and developed;

* developing a positive psychological contract;

* developing the leadership qualities of line managers;
recognizing those with talent by rewarding excellence, enterprise and achieve­ment;

* succession planning ‑ ensuring that the organization has suitable people to fill
vacancies arising from promotion, retirement or death;

* conducting talent audits which identify those with potential and those who might leave the organizations.

*good opportunities for development, training and career progression;

*a reasonable degree of security;

· enhanced future employability because of the reputation of the organization
as one that employs and develops high quality people,
as well as the learning opportunities it provides;

·better facilities and scope for creative employees.

· employment conditions that satisfy work‑life balance needs;

· a reward system that recognizes and values contribution,
and provides competitive pay and benefits.

All these reveal that the TALENT will thrive where there is
-freedom to show innovation
-facilities are made available
-creativity is appreciated
-creativity is given the opportunity, it deserves.
-creativity is given recognition
etc.
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Guidelines for Retaining TALENTED Employees

Develop a process to identify key individuals and positions needed in the
transition and in the new organization.

Focus on retaining the true “value creators” in the organization, not just top
management players.

Determine how long you need to keep various people on the basis of
business needs, and offer them stay bonuses as appropriate.

Assess employees against key competencies required for key positions. Use
these to objectively assess talents you will retain to meet important business
needs.

Remember‑when you dictate objectives, people show less commitment, but
when the process is collaborative, there is visibly more commitment. Involve
key talent in a “retention task force” where they can have input into
workforce planning and participate in discussions to help determine what it
will take to keep key talent in the new organization.

Determine which individuals will need to be relocated, if any, as early as
possible in the transition process.

Tell people what you know as quickly as you know it, and tell them what you
do not know.

Try to minimize the time that employees must endure a period of uncertainty
about whether they will be staying or leaving.

Consider developing a retention bonus plan for those considered absolutely
critical to the organization’s success during and after the transition.

Understand up‑front that retention bonuses can have unintended
consequences and limited success. Those who get stay bonuses may be
seen as “the anointed ones” by those who don’t receive such bonuses. Be
prepared to risk losing these people. Those who receive the bonuses will also
have a date by which they can voluntarily leave the organization and still
receive a bonus.

Approach all those you want to retain one‑on‑one and let them know they are
important to the organization’s success. The simple phrase “I need your help”
has a kind of magic in it. “Re‑recruit” these people by letting them know what
is in it for them if they choose to stay on.

Try to retain all star performers and high performers even though their jobs
may have been eliminated in the reorganization. This is the same principle by
which professional sports teams draft “the best available athlete.” However,
be mindful of the fact that if YOU cannot find a challenge that fits their talent,
you will not be able to keep them.

Posted in Books.


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