The Talent Review meeting is an important part of the overall talent management process; it is designed to review the performance and career potential of employees, to discuss possible vacancy risks of current employees, to identify successors and top talent in the organization, and to create development action plans to prepare employees for future roles in the organization. "This is what talent management is all about — gathering information about talent, analyzing their career interests and organizational business needs, identifying top talent and successes, and developing these individuals to reduce the risk of losing the best people and experiencing extensive leadership gaps when turnover occurs."
TALENT MANAGEMENT
The skills of attracting highly skilled workers, of integrating new workers, and developing and retaining current workers to meet current and future business objectives.Talent management is also known as HCM (Human Capital Management).
Talent Review
To develop a clear talent management strategy and to increase awareness of available talent and successors, all organizations should conduct regular Talent Review meetings to be prepared for a variety of business changes, such as mergers, company growth, or a decrease in talent needs. In the same way that all companies have regular meetings and reports regarding their financial status and budgetary needs, the Talent Review meeting is designed to review the current talent status and future successor needs in the organization.
Competencies and Talent Management
This term "talent management" is usually associated with competency-based management. Talent management decisions are often driven by a set of organizational core competencies as well as position-specific competencies. The competency set may include knowledge, skills, experience, and personal traits (demonstrated through defined behaviors). Older competency models might also contain attributes that rarely predict success (e.g. education, tenure, and diversity factors that are illegal to consider in relation to job performance in many countries, and unethical within organizations). New techniques involve creating a Competency architecture for the organization that includes a Competency dictionary to hold the competencies in order to build job descriptions.
HR professionals and line managers need talent management insights to know more about their people and make better decisions faster. They have information that they need to know:
How can we align individual goals to team and organizational goals?
Who are my highest performers and what are their career paths?
What is my best source of hire and how can I better focus my recruiting efforts?
Who are my future leaders and how can I effectively foster their development?
Who requires a higher merit increase to avoid turnover risk and business disruption?
Who are my top internal and external candidates if my VP of operations leaves?
Who needs additional development before they can assume greater responsibility?
TALENT INTELLIGENCE KNOWS.
Talent management is the last major business function to be automated with comprehensive data capture and analytics. As a result, many companies know more about their laptops than their people. Taleo provides the talent intelligence required to precisely align people with the business.
According to the McKinsey Quarterly article Why multinationals struggle to manage talent, companies that have overcome this knowledge gap are out-performing their competitors by as much as 40 percent higher profitability per employee. The Bersin & Associates Talent Management Factbook cites 26 percent higher revenue per employee and 41 percent less turnover in high performing staff.
Talent intelligence is the insight companies need to capitalize on their most critical asset – their people. Talent intelligence gives companies the ability to capture meaningful information on people so managers gain the insight they need to act on it and drive better business performance.
TALENT MANAGEMENT SOLUTIONS AND PROCESSES
Workforce cost is the largest category of spend for most organizations. Optimization of your talent management processes provides the immediate workforce visibility and insights your company needs to significantly improve your bottom line.
Recruiting, performance, compensation, learning and development, and succession management solutions tied to analytics provide the processes and information to attract, engage, reward, and develop a high performance workforce.
Many organizations struggle to achieve talent intelligence because of disconnected HR processes and technology. Advanced talent management software uses integration on a single talent management platform to provide line managers with the information they need on a web browser.
LEADING ORGANIZATIONS USE TALENT MANAGEMENT SOLUTIONS
Leading organizations rely on talent management solutions and services to acquire, onboard, manage, engage, develop, and reward talent while significantly reducing process costs, improving quality of hire, reducing risk, and achieving higher levels of performance. Here is the bottom line:
Your organization’s success is powered by your people.
The quality of your people is a competitive differentiator.
Talent management software drives higher business performance.
Talent management systems and processes with talent intelligence provide the insights managers need to have the right talent doing the right work at the right time. That’s how talent truly drives better business performance.
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