The Battles Of Future Will Be Battles Of The Talent – Winston Churchill – Why Talent Management Is CTB (Critical To Business)
These words were spoken in the year 1943, by then Great Britain’s Prime Minister Winston Churchill during his visit to the prestigious Harvard University. Almost 80 years later, these words somehow hold more significance as businesses around the world continue to value and recruit top ‘talent’ for major roles in the organisation. Today, skills and talent define the role and responsibilities of an employee in any organisation, and has thus, given birth to the concept of Talent Management.
The Chartered Institute of Personnel and Development, UK, defines talent management as a “Systematic attraction, identification, development, engagement, retention, and deployment of those individuals who are of particular value to an organisation, either in view of their high potential for the future or because they are fulfilling business/operation-critical roles.” What is noteworthy here is that this definition of talent management establishes a direct relationship of the employee skills with business-critical roles.
A report by BetterWorks says that continuous talent management efforts by organisations increased employee engagement by 90%, helping them outperform their competitors by a 21% margin in profitability. But how does that happen? What really makes Talent Management critical to the business? This blog takes a detailed look at this.
What Makes Talent Management Critical to Business
- Employee Retention
When the onboarding process is well structured, it increases the chance of retaining your organisation’s top talent by at least 69%. Not only will you save on recruitment costs, but also on management and overhead costs in the longer run.
- Employee Engagement
Employee engagement is an important part of talent management as it tells you how involved the employee is with the organisation and its processes. Through a consistent effort to help develop necessary skills in the employees, you can ensure that they are engaged on all levels, thus further increasing your retention rate and meeting your operational goals at the same time.
- Improving Performance Levels
Instead of recruiting someone from the outside and try to fit them in the organisation’s structure, it is easier to identify an employee who will be a good fit and develop them through training. Not only will that solve performance management problems, but will also ensure that the company talent stays within the organisation for a longer period of time. On the other side, the continuously motivated and engaged employees with the necessary skills will consistently work towards fulfilling your business goals.
- Client Satisfaction
When business goals are met and employees find satisfaction in doing their jobs, the people most likely to be affected are your customers. The standardised operations and integrated systems reduce delays and increase product/service quality towards your clients, something that all consumers highly appreciate. Because of information not being siloed, customers have to talk to fewer people and can get what they wanted in significantly shorter periods.
- Covering Critical Business Roles
People leave their jobs all the time, but that does not mean that there should be a critical skill gap in the organisation in their absence. With talent management, you have a top tier plan to refill critical role and highly specialised openings in the company. This means that since the organisation has a continuous flow of employees to quickly fill important roles, things will continue to run smoothly to the full satisfaction of the clients and the stakeholders. All this without unnecessary burdening of your employees that may result in their burnout!
- Attracting Top Talent
Every business wants to hire the top talent and with the right talent management, you can position your business as an employer brand that organically brings you the right talent.
Talent Management is critical to business success as it helps you in growing your business’s potential in all spheres. It attracts employees who wish to work for the business and not just for the salary. And you can get this world-class level of talent management with the leading provider of corporate learning and development in India, DTCI. Get in touch with one of our expert consultants today and understand the impact of talent management on your business.