The world of human resource management is full of complicated jargon and terms. Isn't "talent management" just another nice-sounding term to confuse people? As it turns out, it's much more than a term and it's important in business.
"Talent management" describes all the people, processes and systems an organization uses to recruit, manage and develop the most talented and highest quality staff members. It's important as a business strategy because it's designed to give a company an advantage over competitors with less talented staff.
Business managers play an important role in talent management. They have a big influence on how employees perceive and experience the workplace. They are key figures in ensuring employee engagement remains high. They must give talented employees space to operate in, and ensure that their development plans are adequate.
During our Twitter chat on Friday we asked, "Talented People: Growing or Going?" Participants from all over the world shared what talent management means to them and what they do to retain talented people.
Here are the questions and some responses from our participants:
Questions about "Talented People: Growing or Going?"
Question 1: How do you define "talent" in your organization?
@MicheleDD_MT: Employees with high potential to move up. Experts and "go to" people. Employees with scarce skills.
@AngelicaJonae: Talent is more than skill set(s). It's the passion an individual brings to my organization.
Question 2: Why do talented people leave?
The same things seem to irk talented people the world over.
@cdemgo: They don't feel valued or they don't feel challenged in their current situation.
@TwisterKW: To pursue the next challenge; find a place or a way to make a difference; grow themselves.
@ShereesePubHlth: Talented people leave when they become disengaged and disenchanted with an organization. It's a big deal costing US business $550 million per year.
Question 3: What is the role of the manager in retaining talented people?
@SAPTAonline: A manager's most important role is to identify who the high performers are, and then spend 80 percent of his/her coaching time on them.
@JOmutanyi: Managers must support talented people to set and accomplish professional development goals.
@eng_kyat: To provide adequate opportunity and provide an environment that will adequately stimulate talented people.
Question 4: What would a company/manager have to do to retain YOU?
As the saying goes, "Different strokes for different folks."
@yehiadief: Help me to become and feel successful.
@SayItForwardNow: It has always been important for me to be part of a diverse and inclusive team, one in which all voices are heard and valued.
@Dwyka_Consult: Flexible time, lots of space, not sharing an office, and the liberty to be creative will retain me.
Question 5: Do you think managing a talented team requires special abilities? If yes, please explain.
Our audience was divided on this one. Some said it takes special abilities while others felt that you simply had to be a good manager in general.
@NootsCaboots: Not really, I think it just requires time, attention and an active interest.
@tweetgayusri: The only talent needed is EQ, because you have to handle yourself and smart people. It's a tough combination.
Question 6: What difficulties have you experienced or observed in developing talented people?
@Yolande_MT: Organizations focus on visible skills rather than personal development skills. The latter is often more necessary.
@ZalkaB: Hiring talented people and then telling them to fit into a box "because it's how we do things."
Question 7: What's the biggest obstacle to retaining talent?
@hopegovind: Organization's ability to utilize them and meeting their expectation. Sometimes there is huge gap between organizations and their talent.
@TwisterKW: Not knowing they are dissatisfied or not listening or seeing signs. Perhaps complacency? Leaving the "good ones" alone.
Question 8: You discover that a key member of your team is looking for a new job. What do you do?
@Midgie_MT: Would have a chat to explore what might keep them engaged in their job; new challenges, more responsibility, new experiences.
@Ganesh_Sabari: Talk, help to open up, analyze. Guarantee smooth transition if moving out is good for the employee. Keep contact.
Question 9: What are the benefits of retaining talented people?
Saving time and money are the obvious benefits, but not the only ones.
@hopegovind: If you lose talent, you lose major opportunity to grow your organization. Talent is a scarce resource.
@CaptRajeshwar: Shared knowledge and experience will help your team gain confidence.
Question 10: What strategies have you used to retain talented people? Which of these were most successful, and why?
@ZalkaB: Company culture must promote a feeling of belonging and safety. Open, honest, real conversation and communication.
@JOmutanyi: Decoding and defining current and future demands. Grow internal talent or recruit externally.
Next time, on #MTtalk...
Do you feel employers are more lenient toward talented employees who are going through major life events such as illness or divorce? Cast your vote in our Twitter poll here.
You often hear people say that what happens in a person's private life shouldn't have an impact on his work. Do you think it's possible to carry on as normal while dealing with a major life event such as divorce or illness? In our next #MTtalk, on Friday November 25, we'll be talking about "Major Life Events: Impact on the Workplace." Join us at 1pm EST/6pm GMT.
To participate in "Major Life Events: Impact on the Workplace," type #MTtalk in the Twitter search function. Then, click on "All Tweets" and you'll be able to follow the live chat feed. To join the conversation, simply include #MTtalk in your tweet and it will show up in the chat feed.
In the meantime, if you'd like to read more about retaining talented people, here are some resources: