Talent Management, as the name itself suggests is managing the ability, competency and power of employees within an organization.I believe that companies need to integrate their talent and succession planning with their strategic business plans and view talent management as a long-term, continuous process. I therefore propose the following:
1. Talent management requires a strategic perspective. What are the things that might impact your organization in the future? Will it grow and acquire other businesses, or is the market shrinking and therefore a different leadership approach may be needed.
2. Identify the requirements of the key roles. Effective talent management requires clarity on technical and behavioural requirements for the roles as well as specific experience, such as international or specific market experience. All key roles should have the necessary components and characteristics for superior performance clearly defined. These requirements can then be used as a basis to assess people, either internally via a promotion or externally via recruitment.
3. Define career paths for internal promotions Once your succession strategy is clear, establishing career paths and the ability to describe the requirements for pursuing the path becomes easier. Creating effective career paths requires two components, knowing the requirements for the next level .
4. Link talent management with performance management. Talent management and succession planning should become a part of the organization performance management and career development processes. Regular performance discussions are important to collect evidence of how potential successors have performed. In addition, the discussions also provide the opportunity for managers to coach talent to ensure ongoing development and readiness.
5. Provide ongoing development. Managers need to support the ongoing development of their talent to ensure that make the necessary progress.