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Five Key Components of Talent Management The term, talent management (TM) encompasses the management of all traditional subfunctions of the HR department, from recruitment to onboarding to performance management and so on and so forth. In an integrated talent management system, the five building blocks are: Philosophy Talent management philosophy is a set of ideas and beliefs that define “talent management,” and is also a principle adopted by the company when handling matters related to the same. We have learned from organizational psychology that change within an organization can only happy if the efforts to effect it are supported by top management. Therefore, it is important that talent-related challenges and the ways to overcome them are expressed in the organization’s policy statement. Processes Transformations are possible through processes. HR managers should expand their perspectives and manage HR subfunctions as a route towards attracting, employing and retaining competent and loyal workers. Rather than viewing each process as an end, it must be considered a but a means to a sought end. It is critical that people behind the processes understand their collective benefits, rather than their individual advantages, so as to create an effect, well-integrated talent management system. The four steps of talent management processes are talent acquisition, talent engagement, talent development and talent retention.
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Various HR subfunctions are applied in various processes of talent management, and every HR subfunction generates data used to manage talent. Review Committees Responsible for talent management is line management, and HR supports line by giving them tools as well as training for the use of such. Board and executive committee meetings must cover talent management as resident agenda. Talent review committees function by keep talent management a high priority, spotting risks and devising strategies or solutions. Management Metrics “You can’t manage what you can’t measure” is an old yet meaningful adage, and it sure applies to talent management in organizations. There are plenty of ways to measure how effective or ineffective talent management initiatives are. Such ways or methods can be determined by first asking crucial questions. For instance, what is breadth of your talent? What’s the depth? What are foreseeable retention risks? Are you attracting the right talents? Do you have talent already in your ranks? In any case, an integrated talent management strategy must run parallel with that of the organization. A market of successful talent management is a full competency model that provides guidance to a talent management approach. Finally, all these can be done with greater efficiency using talent management software. There are so many options today, whether online or offline. The key is for you to get a free trial for every software you’re considering. You need to compare so as to know if a certain option is indeed the best among the rest.