What is Talent Management
The following comes from an article on cbinsights (click here) and I really like the definition of “What is Talent Management” with reference to HCM.
I know it is a venture capital website, but if there is one thing VCs are good at it is making sense of the jargon so it is investable which supports me on my mission to help HR become more investable/commercial.
The definition breaks down different areas of Human Capital Management (HCM) into work streams that are easy for us to understand. I have put some of my own changes to the original quote in square brackets .
- [Talent Acquisition] Recruiting management – How do we identify, attract, screen, and track the best talent as quickly as possible?
- Talent management – Once applicants are hired, how do we onboard, train, teach, and retain our talent?
- [Talent Information Systems] Human resource management (HRMS/HRIS) – How do we manage payroll, compensation, and benefits? How can we utilize self-service solutions to give employees 24/7 access to their information?
- Workforce management – How do we help our employees set and attain performance goals? How do we manage employee scheduling, time tracking, and attendance? How do we use technology to aid in workforce planning and analytics?
From this there are 4 clear work streams that can be understood by the Board. As the board are invested in by the shareholders, helping them understand the nuances of HR in this way will enable them to have a better relationship with us, and be better able to communicate with the shareholders about value added HR activity. Try comparing how your current team is structured with this model, and then put numbers behind it so you can understand where your focus is. This makes it easier for the Board to know where the money is being spent, and what progress is being made.
Hope it helps, comments welcome.
About the author
Martin Knowles has worked in a variety of sectors in Learning and Development roles and Contracts for nearly 20 years (DSGi, PCWorld, Capital One, Linklaters, Veolia, Severn Trent, Rolls-Royce, Diageo, Selfridges). He has authored content, books and articles for managers and aspiring leaders, published work in multiple media and won awards for Best Training and Development in Europe.