The knack to recall, improve, stimulate and attract engaged employees in the pursuit of achieving productivity regardless of assisting an organization (and reaching its purposes) is known as talent management. A better understanding of talent management, including its essential tools and processes, lies in the employer’s capacity to build a successful group of individuals by means of organizational or business procedures.
Talent Management Myths
Despite what many are probably thinking, employee recall and motivation is not manifested by the desire for increased salaries and work stability.
The six myths stated below will tell you why.
Myth #1: Developing higher employee potential is too expensive
This is somewhat true since most supervisory development resources are pricey. However, they are very effective and important in identifying competency gaps and strengths which results to building “future leaders”.
TRUTH: There are various ways in developing potential employees that doesn’t require millions of money. As a matter of fact, the very crucial action here has something to do with giving stretch OTJ assignments to employees.
Myth #2: Succession planning is not necessary for retiring employees
Succession planning is the “heart” of a talent management. It is something an employer can follow on a regular basis, or something that employees need to work on in terms of planning for retirement.
TRUTH: Succession planning no longer works in any business or economic situation. In human resources (HR) management, this is defined as one’s ability to plan ahead for leadership positions his/her organization can fill up in a span of 5 – 10 years.
Myth #3: HR orders talent management
When things go wrong in any employer-related scenario (i.e. not hiring qualified individuals for a particular position), this myth is true. When an organization or company has HR executives, talent acquisition is necessary in solving employment issues.
TRUTH: HR is not only the one who can order talent organization. The latter is now a collaborative effort of organizational development, employee/leadership development and HR development/training.
Myth #4: Talent organization is exclusive for large organizations
Most small organizations wonder if succession planning is what they need because their “talent leaders” know a thing or two about how successful management works within their circles.
TRUTH: In small organizations, every individual needs to be more critical in portraying a role in cross-training employees. Because the vacancy risk is higher among employees, these organizations can provide and/or handle a multitude of job functions.
Myth #5: Classifying high successors and potentials is a biased process
In talent organization, making predictions, analyzing information and gathering data is a normal process.
TRUTH: Each process is biased. Organizations make decisions, analyze data and gather information to reduce the risk of employment downfall. This is what successful talent organization is all about – developing individuals and determining frontrunners who can fill in leadership gaps.
Myth #6: Organizations need to invest on talent acquisition budget than outward recruiting functions
Many mid-large organizations spend huge amounts of money in getting outside recruiters to fill their staff positions. They do this by either paying recruitment fees to external firms, having a staffing management office or creating a website to attract potentials.
TRUTH: Organizations with robust online-based recruiting systems and traditional recruiting teams don’t share a single source for succession planning and internal talent acquisition. However, some of them have a sufficient wealth they often use for cross-functional movement, desire development and advancement opportunities among employees.
The function of talent organization continues to grow and emerge. Talent and business leaders must go hand-in-hand in ensuring a closed-door agreement between communication, transparency and strategic talent-related policies/decisions. Additionally, putting top talents to develop employees is their job 24/7.