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Closing the Talent Gap with Talent Management

Talent management – is it just another buzz word? While the Human Resources function has been around for decades, talent management is newer to the scene. It can be described as a change in how we approach the selection, development, and retention of employees – and close the talent gap to increase organizational performance. It shifts the focus from “Does this individual align with our values, and is he/she a good fit for this position?” to “Does this individual align with our values, and is he/she a good fit for the role and for the organization as a whole for future growth?”

Here are three specific ways talent management is changing the focus of HR:

  1. It’s concentrated on helping and developing talent. In the former model, HR was more administrative-focused, dealing with compensation, benefits, employment laws, etc. While those things are and will always be important, talent management shifts the focus to professional development.
  2. It’s strategic. It goes beyond the tactical, day-to-day management of people to align with overall business goals.
  3. It engages leaders in the selection, development, and retention of employees. No longer are these responsibilities confined to just HR. With talent management, leaders are actively engaged in these areas, so that ultimately the entire organization is responsible for and has a stake in these processes.

At Faith Technologies, we recognize the importance of this paradigm shift. As we continue to develop a strategic talent management program, some of our areas of focus include:

  • Identifying and mapping talent. By creating talent profiles, successor summary sheets, and a formalized process to review and assess this information on a regular basis, we are able to identify critical positions, the leader- and role-specific competencies individuals need to be successful in those positions, and talent gaps that must be addressed to ensure business continuity.
  • Providing targeted development and training opportunities. By creating tailored development plans unique to each individual, providing mentoring programs, and utilizing internal training opportunities that address competency gaps, we are able to address specific talent challenges.
  • Providing ongoing performance management. By conducting regular 1:1 feedback sessions and annual performance reviews, we ensure employees understand their role in the organization, what is expected of them, and how they are performing against those expectations. This is critical in ensuring we are retaining our talent and helping them reach their potential.

While establishing a strategic talent management program does not happen overnight, by focusing our efforts on these areas and talent management as a whole, we start to close the talent gap – and ensure organizational success.