Many ask: is talent management necessary? Is it still important? The answer is yes. An effective talent management offers a variety of benefits. For one thing, attracting, developing and retaining employees is crucial for organizational success. Although there is no right way to practice talent management, poor decisions could be detrimental to the company. Placing an effective talent management process isn’t easy, but a good place to start is keeping up with the latest trends. Listed below are some of the most recent trends of Talent Management listed in the article “What are the 8 top talent management trends for 2016?”:
It’s not only about skills and background
With a large selection of candidates, employers are increasingly looking beyond just the skills and background workers bring to the table. Instead, they are hiring people who are motivated and have the right traits for professions from computer technology to customer service. A college degree is becoming less attractive, and employers are now evaluating people based on their ability to perform in the future.
Looking for talent within the organization
Companies are offering opportunities and additional programs for internal employees to grow as an individual and share their interests and abilities. Reason being, employers, are focusing on hiring internally. Sourcing internally has its benefits such as a shorter time to productivity; existing employees already have an understanding of the business and lower staffing costs. In addition, it provides a better level of employee retention, satisfaction, and positively affecting an organization’s employment value proposition.
It’s important for employers to understand that their employees shouldn’t feel “stuck” or “trapped” within the workplace. The outcome of employees feeling “stuck” or “trapped” are unmotivated and resentful employees. Avoid these situations by offering and allowing your staff to excel. After all, human capital is your greatest asset.
Organizations now understand the real value of minority groups, including women and veterans, and moving forward into the next couple of years will receive even further attention. Embracing diversity has many benefits. For example, with a diverse collection of skills and experiences (such as cultural understanding and languages), an organization can offer a broader service range. In addition, it is estimated that nearly 1 million active members of the military will be making the transition to civilian service within the next couple of years, bringing enormous skills to the market.
New data to source and develop talent
Today many companies are hiring full-time analysts to mine for more in-depth talent metrics. Older metrics such as time-to-hire, cost-per-hire and source-of-hire are no longer looking up to company’s standards. Companies are looking for an in depth- analysis that allows them to find candidates with the skills to bring them the highest ROI. Also, they want the analysis to be able to capture a whole-person analysis of candidates, which includes their competencies, experiences, traits and drivers to succeed.
With the changing job market, talent management is increasingly evolving with it. Employers don’t want good employees; they want great employees. If employers take care and nurture their employees, they can have a huge advantage over their competitors. Yes, it’s evident to hire workers with the right skills and background, however, without motivation and growth, the employees will not perform to their full potential. The organization’s success and competitiveness highly depends on the ability to recruit and retain the best employees.