How is talent management different from Human Resources?
Comparing talent management to Human Resources is like comparing apples to oranges. Talent management is the complete system of designing, administering, implementing, and measuring the policies and processes related to employees. At its core, talent management is a mindset that influences management's interactions with employees. Human Resources is the organization in a company which typically owns the administrative aspect of people processes like compensation and benefits, staffing, and training. The Human Resources organization can help you implement your talent management strategies, but is not, in and of itself, your talent management solution.
Which department in a company should "own" talent management?
The primary owners of talent management are those who directly manage talent in the organization. However, because talent management is a complete system, management, human resources, and even employees play a role.
Where do I start if I want to implement a talent management strategy?The first step in implementing a talent management strategy may look different in every organization. The key is to start somewhere. Choose an area - staffing, compensation and rewards, performance management, training, etc - and identify one process or program to improve. Remember that processes in different areas are often linked together, so the scope of your project may naturally grow in size as you begin to make changes. Don't be frustrated when your company does not adopt a talent management mindset overnight. See change management as a process, and take it step by step, building upon small successes as you go.
How does considering employees a part of the talent management system benefit management?
All managers are ultimately concerned with contributing to the bottom line. In a white paper entitled, "Employee Engagement: The Key to Realizing Competitive Advantage" released by Development Dimensions International (DDI), authors cited a Gallup organization study which revealed that "business units that reported employee engagement above the median had a 70 percent higher likelihood of success than those below the median." When managers realize that engaged employees are the most critical component to the success of the company, the benefits of talent management become tangible.
Additionally, employees are often the best marketing tool in a company's toolbox. Employees who love their jobs and feel personally invested and connected to the company spread positive messages that can profoundly impact the image of the company in the marketplace. And the idea works in reverse: disgruntled employees can cause tarnish a company's reputation in the eyes of current and potential customers.
How do employees benefit from being a part of a talent management system?
When a company seizes the opportunity to invest in its human capital, employees receive both tangible and intangible benefits from a talent management system. Matching an employee's skills and interest to his or her job description increases employee satisfaction. Compensation and rewards aligned with performance actually motivates employees. The employee also gains competitive skills through training and experiences. An employee will begin to see work as more than just a paycheck, but a place of growth, challenge, and enjoyment.