Talent management: is your strategy right?

Every company wants to find and keep talented people who share the same corporate culture and thirst for success. Talent management has become a major preoccupation for corporate decision-makers, and it's one of HR's biggest challenges. Whether it's a question of recruiting, building loyalty or developing in-house skills, they are driving the digital transformation of companies. It covers a wide range of processes: recruitment, integration, mobility, performance management. Talent management is a strategic lever for staying competitive in an increasingly competitive environment.

Fabien R
AUTEUR Fabien R

Talent management: definition and challenges?

Definition

There is no general definition. Talent management is the implementation of actions by the human resources department to attract, retain and develop talent. Indeed, the more value-added employee skills are promoted, the more their well-being is guaranteed. It’s a win-win strategy: the employee flourishes within the structure, and the company reduces its turnover rate.

Objectives

The main objectives of talent management to generate profits and gain market share are as follows:

-Identify internal talent likely to evolve and develop skills;

Identify the talents the company needs but does not have in-house;

-Identify needs in terms of recruitment, internal mobility, training and skills development;

-prevent the drain of talent with skills that are essential to the company;

-ensure the development of talents and their quality of life at work

Talent management is a shared responsibility

Talent identification

The manager is ideally placed in the talent detection phase. The employee, too, can make the most of his or her career path, experience and skills. He or she must express his or her desire for development, mobility or training. Once the information has been collected, it must be made available to the human resources department. Talent” information must be properly reported. High potentials” will be clearly identified, enabling talent mapping. Finally, it’s vital to use and share talent information within the company.

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It's a question of investing in the development of each individual, rather than a specific population.

Talent management: benefits and obstacles

Financial benefits

A good HR policy reduces costs, especially in recruitment and training. In fact, a company that knows how to identify, promote and retain its talents maintains a low turnover rate. It reduces absenteeism and boosts employee performance.

Nearly 79% of HR managers believe that management is aware of the need for an effective talent strategy.

Managerial benefits

Good talent management enhances happiness at work, and it’s vital that managers and team leaders are committed over the long term. This undeniably leads to fewer conflicts between employees, and more cross-functional jobs and missions.

Competitive advantages

Companies are in constant competition to attract and retain the best talent, even more so since the covid crisis. With good talent management, they will perform better and therefore be more innovative. A good employer image attracts high-potential employees. Talent retention also involves compensation, corporate culture, quality of working life and recognition.

The risks

It’s essential to avoid certain pitfalls. A low turnover rate limits the number of applicants. Recruiting new talent revitalizes teams and brings about change. Also, a poor talent assessment means that a talent may be overlooked, or incorrectly positioned when the candidate lacks the necessary skills. Lack of budget can also be an obstacle, as can a lack of involvement on the part of managers. Lastly, talent management focuses only on identified talents, and this can lead to demotivation and frustration on the part of other employees.

How do you implement a talent management strategy?

Methods and practices

The talent must be used or it will fade or simply disappear. This would be catastrophic for both the company and the employee. For a company, talent management therefore takes place on several levels:

Identify and detect talent: find talented individuals externally for the positions to be filled and/or identify in-house employees likely to have broader skills than those for which they were previously hired.

Attracting and retaining staff: this is a strategic challenge for the HR function. A company’s values must be strong if it is to create a good brand image with candidates, and employer branding plays a major role in this. Ensuring the well-being of our employees is paramount.

Valuing talent: placing new talent in the right place and fostering collective intelligence, and/or recognizing and highlighting talent already present in the company.

A good talent management policy should be based on three pillars: identify-identify-valorize

Here are a few tips for a successful approach:

An authentic and attractive image: take care of your communications, especially your employer brand.

Good communication: by communicating calmly and regularly with their employees, managers are more likely to identify potential skills and competencies that are not yet recognized or valued.

82% of French companies use training to develop and retain talent

An adapted management style with strong, inspiring leadership : involving, training, adapting to individuals and situations to give greater meaning.

An engaging motivation policy: recognizing and valuing talent to enable it to express itself in the service of the collective and the company, and to develop, with appropriate remuneration and opportunities for advancement.

A few company examples

Some companies have succeeded in their talent strategy and have even been pioneers:

Google with the well-being of its employees at work and its working time management system, i.e. 80% of time reserved for daily activity and 20% for developing a personal project.

Danone prefers to focus on training its employees.

Facebook has decided to introduce a 6-week onboarding period, during which employees can work on a number of projects before choosing the one they really want to work on.

FlyTheNest organizes its job interviews over dinner for a more relaxed atmosphere.

Training remains the best way to develop talent within the company

Talent strategy assessment

Some companies use the Assessment Center, which is a method of evaluating skills, particularly behavioral ones, with the specific aim of selecting a definitive internal or external candidate for the position to be filled. This method is used in predictive talent assessment strategies. So, to validate a good investment in talent management, the HR function takes into account performance scores, the number of “high potentials” and succession plans.

So… Ready to unearth new talent and let your own shine?

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To sum up

En 3 Questions

  • What is talent management?

    It corresponds to the actions taken by the HR function to integrate and retain high-potential employees. The aim of talent management is to provide each employee with the conditions necessary for personal and professional fulfillment.

  • The benefits of good talent management

    The major benefits are: greater employee commitment and well-being, a better match between skills and business needs, and a better match between employee skills and job requirements.

  • How do you implement a talent management strategy?

    The 4 main steps to follow are: identify and detect talent, and measure the training, internal mobility and external recruitment actions to be taken into account. Attracting business needs, developing high-potential employees to develop their skills and competencies, and finally, retaining talent.