Best Talent Management Solutions

A talent management framework includes a strategic plan and the tools necessary for a talent management process to achieve business needs and success. The idea of a talent management framework is to help ensure you have a strategy in place to boost employee performance, increase efficiency levels, and improve retention rates.

The best way to set up a talent management system is to follow these steps:

• Specify what skills you need
• Attract the right people
• Onboard and organize work
• Organize learning and development
• Hold performance appraisals
• Strategize to retain your best talent
• Plan for successions

The 9 box talent matrix is a tool used by HR administrators to measure employee performance and to also identify employees who have leadership potential. It is helpful in highlighting where to invest in training and mentorship. The 9 box talent matrix is made up of nine boxes set up in a three-by-three matrix with the horizontal axis indicating performance and the vertical axis indicating potential from low to moderate to high.

There are many building blocks of talent management, some of which include:

• Defining talent
• Identifying and assessing talent
• Developing a communication plan and providing feedback
• Providing strategic developmental experiences
• Measuring success

The talent management life cycle is about taking a holistic view of your talent strategy to ensure that both you as an organization and your employees receive maximum benefits. The purpose of it is to develop a long-term plan for managing talent across its entire lifecycle - from attracting potential candidates, to tracking the development of employees, offering internal mobility opportunities, and engaging with your employees.

• Talent acquisition recruitment: This involves engaging candidates by connecting with them via interactive recruitment strategies, recruiting to find a person-organization fit as well as a person-position fit, providing a realistic job preview, including internal candidates in your recruitment plans, and creating and maintaining a talent pipeline of skilled candidates.

• Employment selection/assessment: This part of the lifecycle entails utilizing assessment methods that are considered to be relevant to the job, assessing candidate “fit” or the compatibility of the candidate with the organization as a whole as well as with the target job, and using a candidate-friendly mode of administration.

• Onboarding: During the onboarding stage, new hires are provided with a formal onboarding process and with the support needed to make a successful career transition.

• Training and development: Training and development include ensuring that employees acquire the knowledge and skills they need to perform their jobs. This is also an opportunity for employees to learn new skills and may be used as a possible opportunity to promote.

• Performance management: As part of the talent management lifecycle, employees receive feedback and recognition for their performance and accomplishments. Performance management also helps managers offer employees career support to help them achieve their professional goals.

• Succession planning: This planning is used for mentoring programs and formal staff development programs, along with cross-training opportunities.

Talent management focuses on an employee’s complete journey, from recruiting to onboarding, training, upskilling, and more. Performance management is one part of talent management, and refers to assessing employee performance based on metrics and feedback. Performance management is used to engage employees and increase productivity, as well as to accomplish organizational goals.

The top benefits of talent management systems are:

• Better recruiting: Without a talent management system, qualified candidates may get pushed to a lower position in the process, impacting your ability to hire the best people. Having a talent management system enables you to track and organize applicants and provide an easy way to see where they are in the hiring pipeline.

• Improved employee engagement: Talent management systems include functionality such as innovative performance management, which is essential to keeping employees engaged. Some systems also include annual employee engagement surveys that enable you to collect data and to easily connect it with other data to link employee engagement KPIs to financial metrics. This helps ensure efforts around employee engagement are working.

• Smooth onboarding experience: Some of the best talent management systems automate paperwork and help personalize the onboarding experience for employees, and may also include a way for employees to match with mentors, receive training, and more.

• Performance management: Talent management systems can help organizations shift to dynamic performance management. This way, feedback between a manager and an employee is more continuous and open. The systems aim to give employees helpful information that will further develop their strengths and improve their weaknesses.

• Increased retention rates: By using talent management systems, you are more likely to hire high performers. The systems are designed to ensure that you have the best talent on board, to nurture stakeholders and potential leaders in the organization. In addition, the systems usually offer benefit packages, training, and development initiatives, along with other measures to help improve retention rates.

Typical features of a talent management system include:

• Performance management
• Talent analysis
• Succession management
• Competency management
• Compensation management
• Staff development
• Recruiting and talent acquisition
• Learning management
• Career management