Mastering Talent Management: Key Practices and Objectives for Success (Full Transcript)

Speaker 1: Hey everyone, welcome back to the channel. So we have learnt about so many management such as project management, contract management, cost management, procurement management and lot more. Let's learn today about talent management. So before moving ahead with today's topic have you learnt about project management? If not then don't worry. We provide you with an amazing book of project management. The link to which has been given in the description. So you can check out the videos on project management on our channel. Let's start with today's topic. So talent management is the selection, attraction and retention of high performance employees, which involves a combination of HR process across the employment life cycle. It involves the planning of work, engagement of employees, management of performance, learning and development, onwarding recruiting, retention and succession. The definition of talent management holds three keywords and they are, first the full scope of HR process. Talent management is a set of HR processes that are combined together. Second, motivate, attract, develop and retain. This involves the hiring of new employees and new talent and also retention of high performing employees. Third, high performing employees. The aim of talent management is to increase and enhance the performance of employees in the organization. It aims to motivate and retain those employees who have shown the best performance in the organization. The company have the competitive advantage to outperform the competition with the help of various talent management practices. What are the goals and objectives of talent management? You must be assuming right? So let's discuss it. Talent management objective can be described with the help of five questions. The questions are, what are the inspiration of organization and what are the goals that make it easy to major progress? The answer to this question is talent management metrics. This metrics helps us to keep the track of activities that are currently going on and also check how well it is going on. The example which can justify the point is unwanted turnover. If the organization can't retain the best employees, then it may not achieve the inspiration. Second, what is the focus of organization? The area in the talent management are very wide. Talent management gives you a wide choice of interest to focus on. For example, if you want to be an engineer, then your goal should be on development of a tech strategy. The HR talent management model enables you to select a specific activities to focus on. Third, how will you beat the competition? The competition is becoming tougher in the market in the present days. So to outperform in the competition, better employees branding better selection and better retentions are required. Fourth one, what capabilities do we need to develop to win the competition? The skills required for talent management are not always within HR. For example, if you want to be an employer in the marketing field, then your marketing skills, communication and convincing skill should be on the point. Fifth one, how to track progress and improve the same? The final step is tracking the progress in the talent management and improving the necessary action. It can be done with the help of talent management dashboard. The dashboard will show the key performance indicator that will improve the progress. Let's now discuss about various talent management practices. The first one, employer branding. A strong brand attracts candidate in the larger number. Second, employer reputation. Reputation does not mostly depend on what happens inside the organization. It depends on how the externals show the organization to the outside world. Third one, experience of candidate. The experience of candidate improves and develop the brand of organization. Then selection. Testing and finding out pure talent is a critical task in talent management. Referral. This type of programs helps to pick up the candidate who performs better. Sixth one, onboarding. The training given to candidate to speed up their task improves the productivity of the organization and also increases the employee retention. Seventh one, inboarding. When the people in the organization get promoted, then they also need cooperation and support to reach maximum productivity. Engagement. The most engaged employees are motivated to perform well and mostly stay with the company for longer duration. Ninth one, retention. Retention helps to keep the best performed employees with the company. Tenth one, succession planning. Succession planning is an important task as it depends on giving position to employees to fill the top position in the organization. Eleventh one, learning and development. Giving proper education to the employees to increase their performance and also increase the retention. Twelfth one, performance management. This is an important practice in the talent management. This keeps a track of performance level to improve the level further. Thirteenth, HR analytics. By collecting and analyzing correct information, the business outcome will result in success. The talent management practices help in building the brand value of company and also develop needed skill in candidate to get hired in a company. I hope today's video will help you to gain some knowledge about talent management. To know more about this topic and project management, subscribe to our channel and like this video. Thank you for watching this video.