Talent Management Philosophy Enhances The Organizations’ Competitiveness
The most essential resource for an organization is the employees, whose needs and wants constantly evolve. Therefore, their development is essential to building a workforce that will support the growth and progress of the organization. Knowing that by using a solid talent management philosophy, business leaders can attract, develop and retain talent to achieve the goals and strategies of the organization. Moreover, it aims to highlight specific principles for the talent that the organization needs to get to where we want to be in the future. In addition, it will ensure that the organization has a disciplined approach to making talent decisions. Furthermore, employees feel that decisions affecting their careers are made relatively unbiased. Thus, HR professionals must develop a flexible philosophy while achieving organizational effectiveness and productivity.
Reasons why organizations need a talent management philosophy
Organizations with a talent management philosophy can expand their business more effectively. Also, it positively impacts wherever implemented because it guides how organizations approach talent management practices such as recruitment, onboarding, and employee development. There are many reasons why organizations need a talent management philosophy:
1. Competition
There is intense competition for the best talent in today’s job market. A talent management philosophy can help an organization stand out and attract the best employees as it communicates its values and priorities to potential employees.
2. Retention
A talent management philosophy that considers employees’ needs will result in retention because they will remain caring and loyal.
3. Positive culture
If an organization’s talent management philosophy includes core values such as diversity and inclusion and employee engagement, it will create a positive culture.
4. Fill in the gaps
Through a talent management philosophy, managers and HR can identify and close talent gaps, ensuring the organization has the skills and capabilities to achieve its goals.
5. Decision-making
The talent management philosophy provides a framework for decisions related to talent management, including how to evaluate performance, compensate employees, and invest in their development.
6. Increased turnover
If the organization does not have a clear and transparent philosophy, employees will feel a lack of transparency about their future and will leave. Note that employee turnover can be reduced by leaders thinking about whom they want to hire and helping employees to move up in their careers once they join the organization.
7. Low engagement
Elements of talent management philosophy greatly influence the factors that create employee engagement. If managers take responsibility for developing their teams and employees, or if bad behavior is not checked or explained, the organization’s top talent engagement will improve.
Creation and development of a talent management philosophy
1. Define strategic goals and priorities
Must communicate with leadership and other stakeholders in the business to define goals, objectives, and KPIs. In addition, we are identifying and translating strategic priorities into talent management practices.
2. Reinforce the culture and values of the organization in your behavior
Organizations with strong cultures and values position themselves to attract and retain employees while their workforce is happier and more productive. As a future manager, the organization’s culture and values should be part of your conversations, behaviors, decisions, and employee experience, and then explore how they apply to your talent management practices.
3. Define your approach to talent management practice
This may include your recruitment, performance management, employee development, and retention approach. As a successful business leader, start by exploring the beliefs of senior leaders about talent management in terms of developing existing skills or attracting new ones to the organization. Or the focus of time, effort, and resources on a few or many high-performers in the organization. These beliefs depend on how the organization applies talent management practices, such as candidate sourcing, leadership development, total rewards, etc.
4. Explain the philosophy to managers and employees
Once you have developed a talent management philosophy and understand the organization’s expectations for managing talent, you must communicate the new guidelines transparently and frequently to managers, employees, and potential candidates. This can attract the best talent and ensure that everyone in the organization aligns with the talent management approach.
5. Regularly review and update the philosophy
As your business goals and strategy evolve, it is essential to regularly review your philosophy and make needed updates to ensure it remains relevant and practical. As a successful manager, build and modify HR and employee communication processes to enable them to support your new philosophy continuously.
A talent management philosophy is essential for acquiring and retaining the best talent and can help an organization achieve its goals and stay competitive.
