What in the World is Talent Management?

You’ve heard the term talent management, it sounds interesting and important but maybe you're not entirely sure what it means or how it can benefit your company. At Mackin Talent, we have a robust selection of talent management services, so let’s dive in and we will give you a crash course.

What is Talent Management?

Simply put, talent management is the recruitment, retention and the development of staff within an organisation. For most companies, talent management forms a vital part of their overall business strategy. It ensures businesses retain an exceptional workforce and positions the organisation as an attractive proposition for talented applicants. Incorporating talent management is a crucial strategic decision to ensure businesses can compete and succeed. 

Is it different from Human Resource Management?

Talent management shouldn’t be viewed as an ‘alternative’ to human resource management, but as a separate function. Talent management looks at the long-term strategy of the business while human resource management handles the day-to-day aspects. Many times talent management companies partner with human resource management to assist in areas such as recruitment, employee retention programs, onboarding programs and other services that human resources may not have the bandwidth or resources to develop internally. That’s where a company like Mackin Talent can be a great business partner to elevate employee engagement and support.

How does the Talent Management process work? 

We're glad you asked.

1. Identify
   The first step is to identify gaps where employees will be required, both currently and for the future needs of the business. By doing so, you know what positions need to be filled urgently and which ones can wait.
2. Recruit
   Once Step 1 is completed, job descriptions must be created, pay scales identified and then the recruitment process can begin. Effective job descriptions will ensure that suitable individuals will apply for the job. Job listings can be posted on the company website, social media platforms and job websites to attract a variety of talent. 
   
   It is important that the job description isn’t generic and really speaks to the role with your company. Consider listing your company values and a summary of employee benefits in the job postings as well to give candidates an idea of what they can expect as an employee with your company. If you struggle with job descriptions and pay scales, a talent management company is a great resource for these items. They write hundreds of these every year and can provide advice and direction on how to write your job post to attract candidates.
3. Select
   Once applications are received, the selection process can begin. The candidates journey through the interview and selection process deserves just as much attention as the onboarding process. Their experience with your company and your brand, starts in the selection process. 
   
   Some questions to ask yourself: 
   
   How do you screen resumes? What do you look for? Do you look only for a skill match or do you also look at brand culture matches? 
   
   What is the interview process? Is it clearly defined upfront in your candidate screening so that candidates are informed and know what to expect? Is it a lengthy process that can take months? 
   
   How do you screen for a match with company values? Are their interview questions that assess the candidate’s alignment? 
   
   What about diversity? Are there parameters in place that help recruiters to avoid personal bias? Are recruiters trained to recognize personal bias? 
   
   There is a lot to consider when recruiting for company positions and because of these fluid elements, many companies find it is easier to partner with a talent management company, like Mackin, who has professional and trained recruiters as well as a clearly defined process for candidate selection. 
4. Development & Retention
   After hiring suitable candidates, steps need to be taken to ensure that retention levels are high. A strong onboarding process is critical - a study by Glassdoor found companies with strong onboarding processes improved new hire retention by 82% and early productivity by more than 70%.  
   
   Providing incentives and opportunities for growth ensures that employees will be less likely to leave the company for other opportunities. High levels of retention are also crucial for remaining attractive to future employees – they need to see a company that truly values their employees.
   
   What programs do you have in place that add value for employees? How invested are you in their learning and development? How many opportunities are there for advancement? All of these questions are a good starting point in evaluating your development and retention of existing employees. A good talent management partner can help you develop an employer branded onboarding program as well as employee retention programs that ensure your employees are invested and feel valued.