Talent management - The decisive factors

The 7 components of talent management

What are the 7 components of talent management?

The components of talent management can vary depending on different models and frameworks proposed by various experts. However, here are seven commonly recognised components of talent management:

1. Talent Acquisition: This component focuses on attracting and selecting individuals who possess the skills, knowledge and potential to contribute to the organisation's success. It involves identifying talent needs, developing job descriptions, sourcing candidates, conducting interviews, assessments and making hiring decisions

2. Talent Development: Talent development is concerned with nurturing and enhancing the skills, capabilities and potential of employees. This component includes activities such as training programmes, coaching, mentoring, job rotations, stretch assignments and individual development plans. The goal is to provide employees with opportunities to grow, learn and acquire new skills

3. Performance Management: Performance management involves setting clear performance expectations, providing regular feedback, conducting performance evaluations and recognizing and rewarding high performance. It focuses on aligning individual goals and performance with organisational objectives

4. Succession Planning: Succession planning is the process of identifying and developing potential successors for key positions within the organisation. It ensures a smooth transition when key employees leave or are promoted. Succession planning includes assessing the talent pool, creating development plans for potential successors and implementing strategies to fill critical roles

5. Career Development: Career development aims to support employees in planning and advancing their careers within the organisation. It involves providing resources, tools and opportunities for employees to explore career paths, set goals, acquire new skills and progress in their careers. This component helps in employee retention and engagement 

6. Talent Analytics: Talent analytics involves collecting and analysing data related to talent management processes and outcomes. It focuses on using data to make informed decisions, identify trends, measure the effectiveness of talent management initiatives and optimise talent strategies. Analytics can provide insights into areas such as workforce planning, talent gaps, performance trends and retention risks 

7. Employee Engagement and Retention: This component focuses on creating an engaging work environment that motivates employees to perform at their best and stay with the organisation. It includes strategies to foster a positive company culture, provide opportunities for growth and development, promote work life balance and recognize and reward employees' contributions

These components of talent management work together to:

• Attract
• Develop
• Engage
• Retain

talented individuals within the organisation. In fact there is an extra stage which is commonly used.

The 5 stages of talent management models

What are the 5 stages of talent management models?

Talent management models vary in their specific stages or phases, but here is a commonly recognised five stage model of talent management:

1. Attract: The first stage focuses on attracting and identifying talented individuals who have the potential to contribute to the organisation's success. This includes developing an effective employer brand, implementing recruitment strategies to attract top talent, conducting candidate assessments, interviews and selecting the best fit for the organisation

2. Develop: The second stage involves developing the skills, knowledge and capabilities of employees to maximise their potential and support organisational goals. This includes providing training and development opportunities, coaching and mentoring, job rotations and performance feedback. The development stage aims to enhance the skills and competencies of employees and prepare them for future roles and responsibilities

3. Engage: The engagement stage focuses on creating an environment that motivates and engages employees. This involves fostering a positive organisational culture, providing meaningful work assignments, recognizing and rewarding high performance, promoting work life balance and ensuring open and effective communication. Engaged employees are more likely to contribute their best efforts, be committed to the organisation and remain with the company in the long term

4. Retain: The retention stage is focused on retaining top talent within the organisation. It involves implementing strategies to understand and address employee needs and concerns, providing opportunities for career advancement and growth, offering competitive compensation and benefits packages and creating a supportive work environment. Retention efforts aim to reduce turnover and retain high performing employees

5. Succession: The final stage is succession planning, which focuses on identifying and developing potential successors for key positions within the organisation. This involves assessing the talent pool, identifying high potential employees, creating development plans to groom them for future leadership roles and ensuring a smooth transition when key employees leave or move to higher positions. Succession planning helps organisations maintain continuity and leadership stability

Now let's check out the three C´s.

The 3 C's of talent management

What are the three C's of talent management?

The three C's of talent management are a concept that highlights three critical elements in effectively managing talent within an organisation. These three C's are:

1. Competencies: Competencies refer to the knowledge, skills, abilities and behaviours that are essential for success in a particular role or within the organisation as a whole. Talent management involves identifying the key competencies required for different positions and aligning talent acquisition, development and performance management practices to assess and develop those competencies in employees. By focusing on competencies, organisations ensure that they have the right talent with the necessary skills to drive success

2. Commitment: Commitment refers to the level of engagement, loyalty and dedication that employees have towards the organisation. Talent management involves creating an environment where employees feel valued, motivated and committed to their work and the organisation's goals. This includes providing opportunities for growth and development, recognising and rewarding achievements and fostering a positive and inclusive organisational culture. When employees are committed, they are more likely to contribute their best efforts and stay with the organisation

3. Culture: Culture represents the shared values, beliefs, norms and practices that shape the work environment and organisational identity. Talent management recognises the importance of aligning talent strategies with the organisation's culture. This includes promoting a culture that supports talent development, innovation, collaboration, diversity and inclusion. A strong and positive organisational culture attracts and retains talent, enhances employee engagement and fosters high performance

To make the three C's effective we have to take a deeper look into the dimensions of talent management.

What are the 13 dimensions of talent management?

The 13 dimensions of talent management

While talent management frameworks can differ, here is an example of a model that includes 13 dimensions or components of talent management:

1. Workforce Planning: This dimension focuses on aligning the organisation's talent needs with its strategic objectives. It involves forecasting future talent requirements, analysing gaps and developing strategies to ensure the availability of the right talent at the right time

2. Talent Acquisition: Talent acquisition involves sourcing, attracting and selecting candidates who possess the skills and qualifications necessary for success within the organisation. This dimension encompasses recruitment strategies, candidate assessment methods and onboarding processes

3. Employer Branding: Employer branding refers to the organisation's reputation as an employer and its ability to attract and retain top talent. This dimension involves developing a compelling employer brand that communicates the organisation's values, culture and opportunities for growth

4. Competency Management: Competency management focuses on identifying and managing the essential knowledge, skills and abilities required for different roles within the organisation. This dimension includes competency modelling, competency assessments and competency based development plans

5. Performance Management: Performance management involves setting clear expectations, providing feedback and evaluating employee performance. This dimension includes performance goal setting, regular performance reviews and performance improvement processes

6. Learning and Development: Learning and development focuses on providing employees with the necessary knowledge and skills to excel in their roles. This dimension encompasses training programmes, development initiatives, coaching, mentoring and career development opportunities

7. Succession Planning: Succession planning involves identifying and developing potential successors for key leadership positions within the organisation. This dimension includes talent assessment, talent development plans and creating a pipeline of future leaders

8. Employee Engagement: Employee engagement refers to the level of emotional commitment and dedication that employees have towards their work and the organisation. This dimension includes strategies to enhance employee motivation, job satisfaction and a sense of belonging

9. Talent Mobility: Talent mobility emphasises the movement of talent within the organisation. This dimension includes job rotations, lateral moves, promotions and international assignments to provide employees with diverse experiences and career growth opportunities

10. Rewards and Recognition: Rewards and recognition focus on acknowledging and rewarding employee contributions and achievements. It includes: Compensation, benefits, incentive programs and formal and informal recognition initiatives

11. Diversity and Inclusion: Diversity and inclusion highlight the importance of creating a diverse workforce and an inclusive work environment. It encompasses efforts to attract and retain talent from diverse backgrounds and foster an inclusive culture that values different perspectives

12. Employee Retention: Employee retention involves strategies to keep talented employees within the organisation. Thereby you are creating a positive work environment, offering opportunities for growth, advancement and addressing employee needs and concerns

13. Talent Analytics: Talent analytics involves leveraging data and analytics to inform talent management decisions. This dimension includes the use of metrics, dashboards and workforce analytics to measure the effectiveness of talent management initiatives and identify areas for improvement

A good way to start your talent management is to look at: