Talent management - what is it and what are the benefits?
In large companies and corporations, talent management is becoming more and more common. Mainly because there are huge discrepancies between the universities that let out graduates and the companies that admit them. Companies have to take care of their employees' development by investing in training for them.
What is talent management?
Nowadays, when the economy is awakening again, talents are the future of corporations - employers must realize this as soon as possible. Employees can be found virtually anywhere, and companies receive hundreds of applications for each advertisement. It is important to choose a candidate who quickly learns what the corporation requires of him. Therefore, the recruitment processes take longer and have more stages - recruiters hope that thanks to this they will be able to find the best employee. However, talent management does not end there.
It is important that the company is able to develop such talent and at the same time encourage him enough that when he spreads his wings, he does not want to change the employer. At the moment, the concept of talent management in Poland is so new that there is no one official definition yet. The most popular one is currently:
Talent management is a comprehensive strategy for managing the potential of all employees or a selected group with special development potential and competences.
However, according to research by RM partners S.A. talent management practices in Poland are only just beginning. In Poland, the majority of companies still perceive talent management as a process aimed at a narrow group of employees - only 2% of the respondents understand "Talent" as each employee of the organization.
What is talent management?
Correct identification and talent management ultimately helps to build a pool of potential managers, and thus - to ensure continuity of management in the organization. At the same time, it is a great way to build a positive image of the organization on the labor market as a company that cares about the development of its key staff.
By implementing programs for Talents in the company, organizations strengthen employee engagement, which ultimately increases the company's results and retains knowledge in the organization.
However, the most important goal of corporations and companies investing in talent management is to achieve business goals - both in terms of results and image.
Is talent management profitable?
As already mentioned, talent management in Poland is only at the implementation stage, on average about 30% of companies that have implemented Talent Programs achieve their goals. Why? This is most often related to insufficient involvement in the effective implementation of the implemented program. The basis for the successful development of the Program is the commitment of key managers and the management board. This ensures that the participating employees are educated in line with the organization's strategy and values.
Another very important factor that influences the success of a talent management program is the clear definition of the goals and principles of the Programs and their communication - unfortunately this is usually missing. Specialists emphasize that effective Talent Programs are those that are planned and implemented based on consistent messages and tools, where all elements constitute an integral whole leading to the achievement of clearly defined goals - participants know what is available to them and where their participation will lead in program.
The talent management program serves both participants and organizers. The corporation benefits from the development of key employees, while employees - on the other hand - derive great profits from the acquired skills and knowledge.
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