What Are Talent Management Processes?
Talent management processes are procedures related to workforce and employee career progression. Simply put, talent management processes are at the heart of company success because they deal with the biggest asset in every company: their people.
Talent management processes cover the following areas:
The company business plan. Here’s where the plans for growth and expansion of the company, revenue, and all other facets that will drive when and where talent is needed and in what capacity.
Workforce planning. At this stage, workforce planning determines the skills and future employees needed to execute the business plan. However, the execution and strategy to acquire the needed skills and employees are achieved by talent acquisition or talent management.
Onboarding. Processes that acclimatize and train new employees to company processes, systems, and culture.
Performance management. Traditional performance management focuses on the past and "monitoring" performance. However, companies are starting to shift toward performance enablement, a forward-facing approach designed to empower employees to drive their career progression. Performance enablement processes emphasize ongoing dialogue and development (continuous performance management), and a greater focus on building career experiences.
Training and performance support. Training, online learning, and other tools enable workers to reach their full potential, expand their skills and capabilities, and become ready for new career opportunities. Learning and talent mobility is especially critical for companies that want to keep their employees engaged and close the skills gap in their organizations through reskilling or upskilling. Amid the pandemic, virtual learning has expanded and become a vital resource for companies to reskill or upskill their workforce and adjust to the changing needs of the business.
Succession planning. This ensures that the company has capable managers and leaders moving up and through the ranks. Succession planning in Workday HCM lets users identify critical roles for succession, nominate internal and external candidates, assess readiness, target development needs, and create succession pools and plans. Once plans are active, Workday generates alerts and notifications to help teams monitor the health of such plans.
Compensation and benefits. Compensation and benefits attract employees to the company, and help ensure that top talent remains with the company.
Critical skills and gap analysis. Organizations are going through a transformation, particularly in the area of digital skills that are essential to become more agile. By assessing the skills of the workforce today, and the projected skills and capabilities needed in the future, companies can better plan for and prepare a workforce that fills the gaps and positions needed by the company to take full advantage of all opportunities. For instance, talent management technology such as the Workday skills cloud helps companies identify the skills gap in their organizations, and it empowers workers to find out the skills they need to grow in the organization.
Talent Management: A Competitive Differentiator
An agile, people-first talent management strategy will enable people to be their best selves, encourage career mobility via continuous learning and access to information, and better empower organizations to have the talent and skills they need to address both challenges and growth opportunities they face. Increasingly, talent management is a big differentiator in a competitive global economy.