- Talent Management
- Knowledge Hub
- Human Resources
Human resources plays many roles in a company. The department manages employee relations, talent acquisition , payroll, onboarding , and much more. One more duty of HR is talent management.
This is key to keeping your organization moving ever closer to its goals.
What Is Talent Management?
The importance of talent management, talent management model, talent management strategy, building your talent management strategy, the talent management process, the 7 steps of a great talent management process.
Talent management is a constant process that involves attracting and retaining high-quality employees, developing their skills, and continuously motivating them to improve their performance.
The primary purpose of talent management is to create a motivated workforce who will stay with your company in the long run. The exact way to achieve this will differ from company to company.
Talent management in HR
Talent management naturally encompasses many of the responsibilities of HR.
All the same, it is not enough to expect that just because you have an HR department, you are managing talent.
You need to have a talent management strategy in place designed just for your company to gain optimal results.
The simple answer is because it capitalizes on employees — arguably, the most important asset of your company.
Talent management helps you maximize the value of employees.
Source: www.mckinsey.com
As you can see from the graph above, there is widespread agreement that talent management is effective (or even very effective) at attracting and retaining talent as well as improving overall performance.
There are a few main reasons why this is the case.
1. It helps businesses improve performance
With top specialists in your organization, you can reach any goal.
Talent management is most effective of all when it combines three key components: rapid talent allocation, positive employee experience, and a strategic HR team.
2. It allows companies to stay competitive
By hiring and developing talented employees, your organization becomes stronger and better prepared to face changes and risks.
3. It drives innovation
New technologies are always hitting the scene, whatever your industry. Talented employees are able to find ways to harness the capabilities of new tools and solve problems or come up with original ideas.
4. It helps form productive teams
The appropriate talent management strategy will allow you to form a more productive team. This is far more useful than just having a bunch of creative and talented people in your organization.
5. It decreases turnover
When employees feel valued at a company, when they know they will have plenty of opportunities to grow in the business, they are less likely to seek work elsewhere.
6. It leads to strong employer branding
Talent management brands your company as an employer. This helps you to attract the best candidates for future hires.
7. It motivates others to grow
Having inspiring talent on your team will motivate other employees and help them grow.
Source: expert360.com
Whereas there is no standardized model for talent management, some HR professionals have proposed excellent models that any company can use.
However you choose to develop your model, it must include the following.
1. Planning
Planning aligns your talent management model in line with the overall goals of your organization.
Only with the correct planning can you ensure that you seek talent with the right skills and experience. In addition, it assesses current employees to see what is working well for the company.
For instance, if employees with certain characteristics tend to stay at the organization for longer, you should plan to hire more workers like them.
2. Attracting
It is not always as simple as when one person leaves the company, you start a search for someone else to fill the role.
For instance, your needs may change or employees may take on new responsibilities. Talent management ensures that you always have sufficient staff to carry out all your operations and prevent heavy workloads that could cause demotivation.
The right strategy will attract just the kind of workers you want at your business. Such hires will be driven, skilled, and seeking to advance within the company.
Attracting talent is all about branding your company as an employer. You’ll need to find ways to increase visibility in ways that allow you to present company as a best place to work. The main consideration here is to make your business more approachable.
Even if you choose not to hire someone for a particular position, you still need to create a positive experience. This will give you the opportunity to hire these candidates for other jobs or use them as ambassadors to acquire other talent.
3. Developing
The development part of the model involves taking steps to help talent grow within the company.
It should be aligned with the employee development plan and includes identifying roles where particular employees could move to in the future as well as considering how to expand workers’ skills and knowledge to fulfill new challenges facing your organization.
Talent management also looks at what will keep employees at your company enthusiastic and willing to go the extra mile. It is necessary to provide employees with value.
Motivation also requires the correct onboarding — to give new hires a great impression of your company from the very beginning. This will increase the chance that they stay with the company and work hard.
4. Retaining
Another purpose of talent management is to keep people at your company for longer.
Employees need to continue feeling that the company is an enjoyable, meaningful place to work.
Through training and other types of engagement, employees have the chance to create a career without leaving the company. You may achieve this by focusing on compensation (monetary and otherwise) as well as company culture.
5. Transitioning
After hiring and developing their skills, you need to plan for employees’ transitions.
Your aim at this stage is to keep their knowledge within the company — this is called knowledge management .
You need to have a plan in place to promote employees or move them to another role, department, or office. If a worker does decide to leave, you need to know why.
A talent management strategy is based on the talent management model. It should match your organization’s goals and clearly define what type of talent you need.
You organize the talent management process based on the talent management strategy.
There are few different types strategies you can choose from.
Strategy #1: Hire Only Top Employees
The advantages of this strategy are obvious:
- You immediately receive top talent.
- The employees will perform well and probably reach high performance faster.
- You are able to grow your company faster.
- You are more prepared for challenges and risks.
However, there are some disadvantages:
- It’s expensive, and will cost you even more if you end up needing to hire someone else.
- It could be more difficult to retain top talent.
- The hiring process may take longer, as you’ll probably want to select from a wider pool of candidates.
- It can be challenging to manage team of top talent.
- Having too many top performers on a team can lead to competition and result in underperformance.
Strategy #2: Hire Promising Specialists and Develop Them
This second option has a couple advantages:
- You can find talent faster. This may be necessary if you are in urgent need for talent and have insufficient time to search for top employees.
- You will likely save money on salaries.
- The employee has the potential to become a skilled and loyal professional.
- You can hire two, or even three, promising specialists for the same amount as for one top performer.
The main disadvantages are:
- Your company may grow slower.
- Compared to top talent, these hires lack of knowledge. This can lead to lower performance.
- You may need to hire another specialist if the employee cannot handle the role.
- It requires a larger investment in development.
- The strategy may fail entirely and you’ll need to revert to option 1.
Strategy #3: Combine Strategies 1 and 2
This quote describes the strategy best:
“Your team’s strength is not a function of the talent of individual members. It’s a function of their collaboration, tenacity, and mutual respect.”
Finally, the pros of combining the two above are:
- It gives you the best of both worlds.
- It also allows you to take advantage of a combination of new hires and existing talent.
- Having top talent and potentially good specialists (e.g. young employees) will help the specialists grow faster and motivate them.
- It leads to knowledge transfer — top talent can teach other employees.
All the same, there is one con:
- If you have specific requirements (such as you are in urgent need of growth or if you are on a tight budget), sticking to a single strategy may be more appropriate.
Lastly, before you go ahead and launch your recruitment and talent management strategy, make sure you include the essential components of a talent management strategy.
1. Know What Is Your Talent Management Strategy Is For
Every organization has its own unique goals. Whether they relate to better performance or higher revenue, your goals need to be clearly stated and achievable. You also need to know exactly how employees will play a role in helping you meet your targets.
2. Measure the Results
You need to know how to measure results to see if your strategy is working. Define the metrics you’ll use and how often you’ll take measurements.
3. Assign Responsibilities
Much of the talent management strategy is down to HR, but other people at your company will also need to be involved. For instance, C-level executives are responsible for succession planning.
4. Communicate with Employees
Make sure your employees are clear about where they stand and know what is expected of them. Talk to them about their career goals to ensure that your company is creating the right opportunities.
Now you have an understanding of why you need talent management and what it involves. Next, you need to take a look at the talent management process itself and learn how to apply it to your company.
What Is the Talent Management Process?
The following steps cover what you need to do to develop a continuous talent management process for your organization.
It covers how to find the most talented people available and then help them stay in your company.
Step 1: Specify What Skills You Need
What is the first step in the talent management process?
Before you can go any further, you must determine what kinds of hires you need and what requirements they should fill.
Consider if it would be possible to teach existing employees to avoid the need to hire anyone new.
Step 2: Attract the Right People
There are several stages to attracting talent:
- Create targeted advertisements and post them on top job sites — HR branding is helpful here.
- Plan interviews and other means to identify the best person for the job. In addition to regular questions, consider using personality assessments, references, and tests that require candidates to perform in real-life situations.
- Hire your top choices.
Step 3: Onboard and Organize Work
Help new employees feel orientated by being ready for them as soon as they enter the company.
Know what tasks you will set them, have training sessions scheduled, and assign current employees to support new workers settle in.
Step 4: Organize Learning and Development
Remember, it is often easier to develop the skills of your current employees than to hire new talent.
Plus, even if you do hire top talent, they will likely want to learn something in their new role.
Plan ways for your workers to learn and grow, such as through conferences, courses, and a learning management system to create a learning environment.
Step 5: Hold Performance Appraisals
Checking employee performance regularly allows you to see if workers could manage additional responsibilities.
This could save you hiring new talent and it may help an employee prepare for a promotion.
Step 6: Strategize to Retain Your Best Talent
Keep employees satisfied at work through promotions, benefits, motivating tactics, ensuring job satisfaction, and improving company culture.
Step 7: Plan for Successions
Nurture employees for successions, such as for when a senior member of staff retires.
Enable employees to perform to their best through continuous learning opportunities, including knowledge management.
If an employee decides to leave the company, conduct an exit interview to find out what went wrong — this will help you prevent the same issue occurring again in the future.
You need to stop assuming that you already have talent management covered just because you have HR at your company. Talent management rarely happens naturally.
You need a strategy that is tailored to your business alone. Only like this will you obtain and retain top talent and gain a competitive advantage over other businesses in your industry.
Develop and maintain Learning Culture
In this workbook, we put together tips and exercises to help you develop your organisation’s learning culture.
Ivan Andreev
Senior Associate
Ivan is a Senior Associate at Valamis with over eleven years of experience in online marketing. Right now, he focuses on business development inside Valamis.
Hello, we need your permission to use cookies on our website. We use cookies for historical research, website optimization, analytics, social media features, and marketing ads. Read our Cookie Policy for more details.
Cookie Preferences
Valamis values your privacy. Please choose the cookie types you want to allow. You can read our Cookie Policy for more details.
Necessary cookies
Necessary cookies are crucial for the website's proper functioning and cannot be disabled without negatively impacting the site's performance and user experience. These cookies do not store personal information and are strictly necessary for basic functions. Without them, the website would not be operable.
Marketing cookies
Marketing cookies track website visitors to display relevant ads to individual users. These cookies do not store personal information. They measure the effectiveness of advertising campaigns and remarketing, relying on a unique identifier for the user's browser and devices.
Analytics cookies
Analytical cookies enable the website owner to gain insights into how visitors interact with the website by gathering and reporting data. These cookies do not store personal information. These data help optimize website's performance and user experience.
Winning with your talent-management strategy
The allocation of financial capital has long been recognized as a critical driver of an organization’s performance. The value of managing and allocating human capital, however, is less widely known. But the results from a new McKinsey Global Survey confirm the positive effects of talent management on business outcomes. 1 The online survey was in the field from November 14, 2017, to November 28, 2017, and garnered responses from 1,820 participants representing the full range of regions, industries, company sizes, functional specialties, and tenures. To adjust for differences in response rates, the data are weighted by the contribution of each respondent’s nation to global GDP. According to respondents, organizations with effective talent-management programs 2 We define an effective talent-management program as one that, according to respondents, has “effectively” or “very effectively” improved the organization’s overall performance. have a better chance than other companies of outperforming competitors and, among publicly owned companies, are likelier to outpace their peers’ returns to shareholders.
The survey also sought to uncover the specific practices that are most predictive of successful talent-management strategy. While there is no one-size-fits-all approach to the effective management of human capital, the survey results reveal three common practices that have an outsize impact on the overall effectiveness of talent management as well as organizational performance: rapid allocation of talent, the HR function’s involvement in fostering a positive employee experience, and a strategically minded HR team. The survey results also point to underlying actions that organizations of all stripes can take to cultivate these practices and thereby improve their talent-management strategy and organizational performance.
Why effective talent management matters
According to the survey responses, there is a significant relationship between talent management—when done well—and organizational performance. Only 5 percent of respondents say their organizations’ talent management has been very effective at improving company performance. But those that do are much more likely to say they outperform their competitors: 99 percent of respondents reporting very effective talent management say so, compared with 56 percent of all other respondents. 3 Figures were calculated after removing the 3 percent of respondents who answered “don’t know” when asked how their organizations’ performance over the past three years compared with competitors’ performance.
What is more, the effects of successful talent management seem to be cumulative. Like an overall effective talent-management program, the abilities to attract and retain talent appear to support outperformance (Exhibit 1). Among public companies, we see a similar effect on total returns to shareholders (TRS). At companies with very effective talent management, respondents are six times more likely than those with very ineffective talent management to report higher TRS than competitors.
Three drivers of successful talent-management strategy
To support these outcomes, the results suggest three practices that most closely link with effective talent management: rapid allocation of talent, 4 We define rapid allocation of talent as the fast or very fast movement of talent among strategic projects as priorities arise and dissolve. HR’s involvement in employee experience, and a strategically minded HR team (Exhibit 2).
Respondents who say all three practices are in place—just 17 percent—are significantly more likely than their peers to rate their organizations’ overall performance, as well as TRS, as better than competitors’ (Exhibit 3). They are also 2.5 times more likely than others to rate their organizations’ overall talent-management efforts as effective.
Rapid allocation of talent
Only 39 percent of respondents say their organizations are fast or very fast at reallocating talent as strategic priorities arise and dissolve —a practice that leads to a 1.4-times-greater likelihood of outperformance. And while it is well established that companies with rapid capital allocation are likely to see higher TRS , our findings show that the same holds true for talent allocation. At public companies that quickly allocate talent, respondents are 1.5 times more likely than the slower allocators to report better TRS than competitors. 5 Respondents who say their organizations have rapid talent reallocation are 2.2 times more likely than those who say their organizations have slow or very slow talent reallocation to report better TRS than competitors, as noted in Mike Barriere, Miriam Owens, and Sarah Pobereskin, “ Linking talent to value ,” McKinsey Quarterly , April 2018. The link between rapid allocation and effective talent management is also strong: nearly two-thirds of the fast allocators say their talent-management efforts have improved overall performance, compared with just 29 percent of their slower-moving peers.
Would you like to learn more about our Talent Match Solution ?
To allocate talent more quickly, the survey results point to three specific actions that meaningfully correlate with the practice (Exhibit 4). The first of these is the effective deployment of talent based on the skills needed , which has a direct impact on the speed of allocation. Respondents are 7.4 times more likely to report rapid talent allocation when their organizations effectively assign talent to a given role based on the skills needed.
Second is executive-team involvement in talent management. Respondents who say their leaders are involved in talent management are 3.4 times more likely to report rapid talent allocation at their organizations. The frequency of leaders’ involvement also makes a difference. At organizations that quickly reallocate talent, executive teams usually review talent allocation at least once per quarter (Exhibit 5). Finally, the results suggest that organizations where employees work in small, cross-functional teams are more likely than others to allocate talent quickly.
HR’s involvement in employee experience
A second driver of effective talent management relates to employee experience—specifically, the HR function’s role in ensuring a positive experience across the employee life cycle. Only 37 percent of respondents say that their organizations’ HR functions facilitate a positive employee experience. But those who do are 1.3 times more likely than other respondents to report organizational outperformance and 2.7 times more likely to report effective talent management, though our experience suggests that the HR function’s role is just one of the critical factors that support great employee experience .
Read our latest thinking on talent management strategy
A couple of key actions underlie the HR function’s ability to ensure better employee experiences. One is quickly assembling teams of HR experts from various parts of the function to address business priorities. Just 24 percent of respondents say their organizations employ this characteristic of an agile HR operating model , and they are three times likelier than other respondents to report a positive employee experience. Second is deploying talent and skills in a way that supports the organization’s overall strategy. One-third of all respondents say their organizations’ HR business partners are effective at linking talent with strategy in this way, and those who do are over three times more likely than other respondents to say the HR team facilitates positive employee experiences.
Strategic HR teams
The third practice of effective talent management is an HR team with a comprehensive understanding of the organization’s strategy and business priorities. When respondents say their organizations have a strategy-minded HR team, they are 1.4 times more likely to report outperforming competitors and 2.5 times more likely to report the effective management of talent.
The factor that most supports this practice, according to the results, is cross-functional experience. When HR leaders have experience in other functions—including experience as line managers—they are 1.8 times more likely to have a comprehensive understanding of strategy and business priorities. Also important is close collaboration among the organization’s chief HR officer, CEO, and CFO . 6 Dominic Barton, Dennis Carey, and Ram Charan, “People before strategy: A new role for the CHRO,” Harvard Business Review , July–August 2015, pp. 62–71, hbr.org. Fewer than half of all respondents say those executives work together very closely at their organizations, 7 The question “How closely, if at all, does your organization’s chief HR officer work with your CEO and CFO?” was asked only of respondents in vice president and C-level roles. but those who do are 1.7 times likelier to report a strategy-minded HR function. The findings also point to the importance of transparency with all employees about strategy and business objectives. Respondents who say their organizations’ employees understand the overall strategy are twice as likely to say their HR team has a comprehensive understanding of the strategy.
In summary, effective talent management—and the practices that best support it—contributes to a company’s financial performance. No one approach works for every company, but the survey results confirm that rapid allocation of talent, the HR function’s involvement in fostering positive employee experience, and a strategic HR function have the greatest impact on a talent-management program’s effectiveness.
The contributors to the development and analysis of this survey include Svetlana Andrianova, a specialist in McKinsey’s Charlotte office; Dana Maor , a senior partner in the Tel Aviv office; and Bill Schaninger , a senior partner in the Philadelphia office.
They wish to thank Laura Lee, David Mendelsohn, and Trevor Young for their contributions to this work.
Explore a career with us
Related articles.
An agenda for the talent-first CEO
The CEO’s guide to competing through HR
Linking talent to value
I am looking for…
I need support for…
- Login or other general help
- Paycheck Protection Program
What is talent management?
Need help attracting and retaining top talent? Talk to Sales
Talent management is how employers recruit and develop a workforce that is as productive as possible and likely to stay with their organization long term. When implemented strategically, this process can help improve the overall performance of the business and ensure that it remains competitive.
Table of Contents
Why is talent management important?
What does talent management include, benefits of talent management, what is the talent management process, talent management strategy, talent management planning and best practices, what does talent management mean.
Put simply, talent management means investing in an organization’s most important resource – its people. To this end, employers may recruit candidates with highly desirable skillsets, provide ongoing learning and development opportunities, and reward valued team members and encourage them to advance within the organization.
An example of talent management
Real-life examples of talent management happen every day. Consider, for instance, an apparel retailer that wants to transition its business model from simply supplying clothes to delivering customers a truly service-based experience. To achieve this goal, the organization’s leaders know they will need a new breed of associates and managers. They therefore implement assessment and applicant tracking tools to help them hire the right candidates and use real-time performance data to give supervisors the insights they need to make smarter decisions.
Reframing your talent strategy with a people-centered approach
Businesses that take the time to develop their employees and keep them engaged tend to be innovative and profitable. Conversely, those that are unable to source or retain talent generally have poor customer satisfaction and limited growth potential.
What are some key components of talent management?
Building the kind of talent strategy that drives an organization forward generally requires employers to:
- Align talent goals with larger business objectives
- Fulfill employee expectations and deliver on hiring promises
- Rely on data to make better workforce decisions
Equipping and engaging talent to optimize productivity and fuel growth is not a singular task. There are numerous employer responsibilities, such as the following, which must be fulfilled to excel at talent management:
- Workforce planning Most talent strategies begin with defining the skillsets that will be required to achieve the business’s objectives.
- Recruitment Acquiring talent consists of representing the employer brand effectively, determining where the right candidates can be reached, prescreening applicants and interviewing promising prospects.
- Onboarding A structured onboarding program that introduces employees to the workplace culture and helps them feel connected to and comfortable with their team and organization is essential to retention.
- Training and development While it was once considered the employee’s responsibility to seek learning opportunities, many workers today expect their employers to provide the tools, guidance, and support they need to further their careers.
- Performance management Reviews and check-ins with team leaders help employees build upon their strengths, thereby increasing engagement and reducing turnover and making it possible for employers to meet key business objectives.
- Compensation and benefits Fair compensation is important, but employers who want to attract and retain talent should take a holistic view of the perks and benefits they offer beyond a paycheck.
- Succession planning Preparing for the next step in the employee journey – whether it’s career advancement, retirement or resignation – can help people transition to new roles quickly and limit disruptions.
When people thrive, businesses thrive. Employers who create a culture that empowers employees to be their best may be able to:
- Recruit in-demand talent Businesses become employers of choice and attract talent organically by making their brand a central component of their talent strategy.
- Minimize disruptions Unexpected departures cause gaps in coverage, but with a talent pipeline, it’s possible to fill open positions quickly and keep operations running smoothy.
- Improve productivity Continuous strengths-based coaching helps employees develop skills and reach their full potential, thereby increasing efficiency.
- Reduce costs Retaining valued team members and keeping them engaged is usually more cost effective than sourcing and training new hires.
- Innovate Talented teams are more likely to develop new methods of problem solving and make the most of advancements in technology.
The talent management process consists of finding the right people and helping them discover and apply their strengths so they can work and lead more effectively. Employers who do it well generally follow these steps:
- Recruit Source candidates from outside or within the organization using the most appropriate method, i.e., employee referrals, social networks, job boards, etc.
- Hire Use analysis tools, prescreening questionnaires, skills tests and interviews to narrow the list of candidates and make an offer.
- Develop Make learning and development resources accessible and relevant to employee expectations and needs so they can do their jobs more effectively.
- Engage Keep teams connected and focused with engagement tools that help identify potential retention risks and retain top performers.
- Perform Monitor employee performance and collect data to make more informed workforce decisions.
- Recognize Manage compensation equitably and reward top performers.
- Plan Create succession plans that allow employees to advance their careers when openings become available.
The talent management model
ADP recognizes these pillars of a successful talent strategy:
Organizations today recognize the need for an evolved talent strategy – one that doesn’t just align to business goals, but also drives outcomes. Here are some examples:
- Make workplace culture a top priority When employees are happy and feel like they belong, they contribute more and stay in their jobs longer.
- Provide plenty of growth opportunities With very few exceptions, employees will leave their jobs unless they have visibility into their career progression options and the right support to pursue them.
- Ensure that employees are using their strengths Understanding what each employee brings to the table and matching individuals to the roles and assignments where they can contribute the most helps improve engagement and efficiency.
- Compensate workers fairly It’s critical for employers to have accurate, real-time benchmarks on compensation data specific to their industry and geographic region if they want to attract and retain in-demand talent.
- Hire diverse talent By providing broader perspectives and new approaches, diversity can improve problem solving and it shows that an organization represents the community it serves.
No matter where they are in their talent journey, employers can connect people and work better by following these tips:
- Make decisions based on data Having reliable, accurate and timely data helps employers deliver on strategic talent initiatives, like pay equity or workforce diversity, with confidence.
- Rely on technology Talent management systems make it easier to source talent, assess skills and qualifications, onboard new hires, manage employee strengths and recognize and reward top performers.
- Outsource payroll and HR With administrative tasks off their plate, business leaders have more time to focus on becoming an employer of choice. Some HR outsourcing providers can also help with recruitment and talent strategy.
Frequently asked questions about talent management
What is another word for talent management.
Other words used to describe talent management are personnel management and HR management, though there are nuances between the three terms.
What's the difference between talent management and talent acquisition?
Talent management deals with engagement and development throughout the employee lifecycle from hire to retire. Talent acquisition is the part of this process that focuses specifically on recruitment.
What is the difference between talent management and HR?
Talent management is commonly a responsibility of HR. It tends to be more strategic than tactical or transactional HR tasks, such as reporting or employee communications.
What is a talent management framework?
A talent management framework is the blueprint for how an organization will execute its talent strategy. It typically includes recruitment, hiring, engagement, development, performance management, recognition, and succession planning.
What is a talent management system?
A talent management system is software that streamlines talent processes. Features vary by provider, but many solutions can help with creating job posts, onboarding new hires, tracking employee performance and more.
What is the most important aspect of talent management?
No talent strategy will succeed unless it delivers what employees really want and need. If an organization’s talent strategy falls flat, it’s an indication of employer-employee disconnect.
This article is intended to be used as a starting point in analyzing talent management and is not a comprehensive resource of requirements. It offers practical information concerning the subject matter and is provided with the understanding that ADP is not rendering legal or tax advice or other professional services.
Develop high-performing leaders and teams with a talent management solution from ADP.
Related resources
Get pricing specific to your business
Your privacy is assured.
- United States (English)
- Australia (English)
- Belgium (English)
- Canada (English)
- Denmark (English)
- Deutschland (Deutsch)
- España (Español)
- Finland (English)
- France (Français)
- Hong Kong (English)
- Indonesia (English)
- Ireland (English)
- Italia (Italiano)
- Luxembourg (English)
- Malaysia (English)
- México (Español)
- Nederland (Nederlands)
- New Zealand (English)
- Norway (English)
- Österreich (Deutsch)
- Schweiz (Deutsch)
- Singapore (English)
- South Africa (English)
- Sweden (English)
- Taiwan (English)
- Thailand (English)
- United Kingdom (English)
Understanding the Basics: What Is Talent Management?
In this article, we give an overview of what talent management is, why it’s a key aspect of human resources, and how talent management systems help companies develop an engaged, skilled, and productive workforce.
This article was updated to reflect new information on January 5, 2023.
“Understanding the Basics: What Is Talent Management?” is part of a blog series explaining the technologies that help companies manage their people, budgets, and processes.
In this article, we discuss:
- What Is Talent Management?
What’s the Difference Between Talent Acquisition and Talent Management?
How has talent management changed, why is talent management important, what is a talent management system, what are the key benefits of talent management, what are talent management processes.
Managing talent—meaning, the workforce—has always been an important function of human resources (HR). But the rapid pace of change in recent years has shed new light on how talent management impacts every aspect of the business.
The widespread shift toward remote and hybrid work, the movement toward skills-based hiring, and the need to provide employees with greater flexibility are just a handful of the changes companies must consider when designing a talent management strategy.
But here’s what hasn’t changed: Employees, wherever they work, want to feel connected and engaged. They want the potential for career growth and to know they add value in their role. Employees still want to remain relevant in today’s changing world, so they seek continuous learning and development opportunities to acquire new skills. And companies, as always, want to hire the best talent and remain nimble amid changing business conditions.
Now more than ever, talent management strategies need to be flexible and agile—not only to best manage the talent life cycle but also give organizations instant insights into the power of the workforce.
That’s what talent management processes and systems help companies achieve. This article provides an overview of talent management and how it has changed, why it’s a key aspect of HR, and how talent management systems enable companies to develop an engaged, skilled, and productive workforce.
What Is Talent Management?
Talent management is about taking a strategic approach to attracting, retaining, and developing a workforce—because running a company requires more than just hiring people who can perform specific tasks.
Companies need to build a competitive workforce by sourcing in-demand skills, investing in continuous learning and skills development, and managing and optimizing performance.
The skills that a company needs evolve as the company grows. At Workday, we believe that applying a skills-based lens to optimize talent enables workers to meet changing business demands. At the same time, the approach to workforce management also needs to change.
Now more than ever, talent management strategies need to be flexible and agile—not only to best manage the talent life cycle, but to also give organizations instant insights into the power of the workforce.
In other words, talent management is less about management and more about enablement. Companies that invest in the employee experience , from retention to development and more, enable their employees to not only successfully complete tasks but also achieve business outcomes.
Talent acquisition and talent management are closely connected, but there are important distinctions.
Talent acquisition focuses on sourcing talent outside of the organization, and it involves everything needed to recruit, interview, hire, and onboard talent . Talent management, on the other hand, focuses on nurturing talent from within the organization and providing employees with skills development opportunities, as well as measuring their performance. A good talent management plan brings out the best in employees. It helps them build career paths that enable them to flourish, identifies needed skills with jobs and particular workers, and ensures that learning is targeted and continuous.
In other words, talent management shouldn’t be a separate business process—it needs to be integrated with most activities across the company. Talent management can include such things as connecting people to development opportunities, as well as companywide programs designed to elevate talent through training, learning, mentoring, and personalized workplace experiences. In other words, people don’t just want jobs anymore—they want an employee experience .
While retaining and growing talent is widely considered a top HR priority, that isn’t HR’s only function. At a foundational level, HR institutes workplace policies, benefits, and payroll. And although these tasks are sometimes considered transactional, they are foundational operations of every HR department at any company. Sometimes, depending on the company, HR responsibilities can also include talent acquisition, compliance tracking, and workforce planning. But when operating as a strategic function to the business, HR typically takes an active role in the organization’s people strategy, such as building the employee brand and engaging the workforce.
Despite having many responsibilities, HR collectively places a priority on growing talent and improving performance, increasing employee engagement, shaping company culture, and understanding business needs.
Business and human capital management (HCM) practices have evolved significantly over the past decade. A shift in the fundamental nature of work, new technology, and the demands of younger workers are changing how work gets done, how employees engage, and how organizations operate.
As a result, companies are reimagining performance management by moving past annual performance reviews and employee rankings. Instead of focusing on what employees have done in the past, attention is turning to what employees can do to increase their future contributions. At Workday, we believe this means a shift from managing performance to enabling performance .
Consider this: Unprecedented disruption in the past few years necessitated a huge shift to remote work . Then, as companies and workers adjusted, the shift became the new normal. Now, many workers continue to expect at least some flexibility to work remotely, reinforcing the outlook that career opportunities are no longer tied to geographic location.
When talent management and HCM are in the same system, companies get richer and deeper insights into their workforce.
That outlook is the same for companies: There are more opportunities to source talent from all over the world, requiring companies to revise their talent management strategy to engage and enable a remote or hybrid workforce. This likely includes providing more remote learning and development opportunities, and leaning into digital tools that foster remote collaboration.
People are the heart of a company. Without the right talent, companies risk a disengaged culture, low customer satisfaction, and most importantly, a lack of innovation. Employers today face a more complex talent management landscape than ever before, and those that manage talent well will have a competitive edge over those that do not.
Traditionally, expenses related to employees were viewed as a cost to the business. But to keep up with the rapid pace of change, companies must be able to nimbly leverage the skills of their employees for innovation and growth—so companies must continually invest in employee development. What’s more, investing in employee development helps to foster employee retention, which reduces the high financial cost of frequent employee turnover .
In other words, talent management matters because more engaged employees are more productive employees, and this improves the company bottom line. According to the “State of the Global Workplace: 2022 Report” conducted by management research firm Gallup, “Business units with engaged workers have 23% higher profit compared with business units with miserable workers.”
The level of employee engagement is one of the biggest indicators of high or low productivity, innovation, customer satisfaction, and profitability. But to strategically drive employee engagement, organizations need insights into the business, their people, and their skills.
Cue the modern talent management system. Historically, talent management systems focused on integrating talent practices around job competencies. However, a progressive talent management system supports and facilitates the employee experience and then connects those experiences to the business strategy. The employee experience is every interaction with the company—from the candidate experience to hiring, professional development, wellbeing programs, and more. Using the insights gained from supporting and facilitating the employee experience, companies can hone business strategies across the organization, including identifying skills gaps and retaining high-potential talent.
For instance, every company leader wants to strategically retain top talent and build high-performing teams across the organization. But where do you start? And how do you know if you’re on track? A talent management system empowers leaders with the insights they need to create an environment for employees to do their best work, and it provides the analytics to measure success. Some talent management systems may utilize employee surveys to measure sentiment on workplace culture and experience, which significantly contribute to employee retention and performance.
Strategic talent management helps an organization better understand, align, and develop its workforce. With detailed insights into the workforce—such as behaviors, productivity, skills, and aspirations—leaders can better drive company growth and help the organization realize the full value its workers can deliver.
When talent management and HCM are in the same system, companies get richer and deeper insights into their workforce. A single system allows companies to more easily align and analyze workforce trends and goals with an organization’s targets and initiatives. Workday Human Capital Management (HCM), for instance, incorporates talent analytics within transactions to provide relevant insight and inform decisions in real time. Workday HCM also combines talent data with other worker information, such as last promotion, vested stock, or management changes, to provide a more holistic view of retention risk, employee potential, or organizational health—and it even recommends appropriate actions.
With people, business, and talent data all in a single system, Workday HCM gives the insight and agility businesses need for a world-class workforce. In contrast, legacy and other cloud-based systems often include tools that are disconnected from central HR information, introducing another source of fractured talent information. Workday brings people data together to better manage HR, talent, and performance.
Strategic talent management helps an organization better understand, align, and develop its workforce. With detailed insights into the workforce—such as behaviors, productivity, skills, and aspirations—leaders can better drive company growth and help the organization realize the full value its workers can deliver. Good talent management also helps an organization:
Lead change . By understanding workers’ skills and capabilities, company leaders can better inform global business planning and achieve strategic objectives.
Empower employees to drive their careers . When people are enabled to do their best work and discover new opportunities, it has a positive effect on overall company performance and delivers the best results for colleagues, customers, and the organization.
Engage people . When employees feel connected to their work, their colleagues, and the wider business, they often perform well beyond their required duties and show a high degree of commitment.
As indicated in the Workday “Employee Expectations Report 2022,” the employee engagement score for employees who remain with a business is 13% higher than the average score of departing employees.
Continuous and periodic feedback, as well as regular check-ins, are talent management strategies that can drive engagement and enhance workforce development.
Talent management processes include any procedure related to attracting, developing, and retaining workers. These processes are at the heart of company success because they focus on the biggest asset for every company: its people.
Talent management processes are used in the following areas:
Onboarding . A process that acclimatizes new employees to company culture and provides training on various company procedures and systems.
Performance enablement . Traditionally, organizations have managed employee performance by focusing on the past and monitoring performance. However, companies are starting to shift toward performance enablement—a forward-facing approach designed to empower employees to drive their career progression. Performance enablement processes emphasize ongoing dialogue and development (continuous performance management) and a greater focus on building career experiences.
Training and performance support . Training, online learning, and other tools enable workers to reach their full potential, expand their skills and capabilities, and prepare for new career opportunities. Learning and talent mobility are especially critical for companies that want to keep their employees engaged and close the skills gap within the organization through reskilling or upskilling.
Succession planning . This ensures that the company has capable managers and leaders moving up and through the ranks.
Compensation and benefits . Often what attracts employees initially to a company, a robust compensation and benefits program helps ensure that top talent remains with the company.
Critical skills and gap analysis . Many organizations are going through a transformation, particularly in the area of digital skills essential for increased organizational agility. By assessing the skills of today’s workforce, and the projected skills and capabilities needed in the future, companies can better plan for and prepare a workforce that fills the gaps and roles the company needs in order to take full advantage of available opportunities. For instance, Workday’s skills cloud is a universal skills ontology that cleanses, understands, and relates job skills data. Built into the underlying framework of Workday HCM, the skills cloud foundation leverages machine learning and uses graph technology to maintain this growing list of skills and map how closely skills are related to each other. Companies can use the insight into skills data to identify the skills gap in their organizations, and workers can use the data to identify the skills needed by the company—knowledge that can be used to foster internal mobility and career growth.
Talent management processes contribute to workforce planning and strategic planning. While workforce planning determines the what, where, when, and cost of employees needed to execute the business plan, talent management addresses how a company develops and maintains the talent needed. The same goes for how talent management relates to the company’s strategic plans—talent management shapes the talent strategy to meet performance goals that will support company objectives.
Talent Management: A Competitive Differentiator
An agile, people-first talent management strategy will enable workers to be their best selves and encourage career mobility via continuous learning and access to information. Enabling that strategy requires the support of a talent management system that can access skills data. Then with the insight into their workforce, company leaders understand what talent and skills are needed for their organization to address challenges, seize growth opportunities, and remain competitive.
This report by Josh Bersin outlines three different approaches to building a skills strategy, along with pitfalls to avoid.
Read Report
This eBook explains how your organization can identify skills gaps, use skills to drive better outcomes, and build a skills foundation in five steps.
More Reading
What Is Workforce Management? What to Know When Choosing a WFM Solution
What does workforce management mean amid a landscape of evolving employee expectations and the changing nature of work? In this article, we explore what organizations need to consider when identifying workforce management solutions that enable deploying the right talent at the right time.
The Future of Banking and Capital Markets: 4 Trends to Bolster Resiliency
Facing a volatile environment, pressure from upstart competitors, and soaring customer expectations, the banking and capital markets industry will need flexibility and smart planning to succeed. Read on to learn the opportunities and technologies that can best prepare the industry for success.
To Remain Competitive, Higher Education Turns to Technology Collaboration
A groundbreaking partnership across higher education institutions is taking place in New Mexico, with six public colleges sharing a cloud-based platform to manage finances, payroll, staff, and student services.
What is Talent Management? Definition, Strategy, Process and Models
Let’s dive into the functional definition, strategy, process, and models of talent management, explore the domain and understand it a little better.
Talent management practices have evolved over the years to cater to people-specific trends much like all other aspects of work, and have changed in fast strides over the last few years. Strategic talent management is a necessity in today’s hyper-change environment. Global trends in talent and human capital management have led to a renaissance of the work-worker-workplace equation.
Table of Contents:
What is talent management, talent management process, talent management model.
- Top 5 Talent Management Strategies for 2019
Talent management is defined as the methodically organized, strategic process of getting the right talent onboard and helping them grow to their optimal capabilities keeping organizational objectives in mind.
The process thus involves identifying talent gaps and vacant positions, sourcing for and onboarding the suitable candidates, growing them within the system and developing needed skills, training for expertise with a future-focus and effectively engaging, retaining and motivating them to achieve long-term business goals. The definition brings to light the overarching nature of talent management – how it permeates all aspects pertaining to the human resources at work while ensuring that the organization attains its objectives. It is thus the process of getting the right people onboard and enabling them to enable the business at large.
Under the umbrella of talent management, there are a string of elements and sub-processes that need to work in unison to ensure the success of the organization. For example, analyzing the right talent gaps for the present and the future, identifying the right talent pools and best-fit candidates, getting them to join and then optimizing their existing skills and strengths while helping them grow are touch-points that are all equally important. They support each other and the whole structure would crumble even if one sub-process fell out of sync.
Learn more: What Is Talent Acquisition? Definition, Process, Strategies, and Best Practices
While often cyclical rather than a generic linear progression of events, the process of talent management could be considered, to begin with acknowledging the need for talent and leads to filling that gap and ultimately growing and optimizing the skills, traits, and expertise of employees, new and old.
The following image depicts the key points of the talent management process:
.aligmentchange p {display: inline-block !important; width: 100% !important;} .aligmentchange p {display: inline-block !important; width: 100% !important;}
Source: Business Jargons
Let’s get into these key steps in the process of managing talent effectively:
1. Planning: Like in any process with a set outcome, planning is the first step in the process of talent management. It involves the following identifying where the gaps lie – the human capital requirement, formulating job descriptions for the necessary key roles to help guide sourcing and selection and developing a workforce plan for recruitment initiatives.
Learn more: What is Talent Sourcing? Definition, Process, Strategy with Examples
2. Attracting: Based on the plan, the natural next step is to decide whether the talent requirements should be filled in from within the organization or from external sources. Either way, the process would involve attracting a healthy flow of applicants. The usual external sources include job portals, social network, and referrals. The talent pools that need to be tapped into must be identified in advance to keep the process as smooth and efficient as possible. This is where the kind of employer brand that the organization has built for itself, comes into play because that decides the quality of applications that come in.
Learn more: What is Talent Pipeline? Definition, Management with Examples
3. Selecting: This involves using a string of tests and checks to find the right match for the job – the ideal person-organization fit. Written tests, interviews, group discussions and psychometric testing along with an in-depth analysis of all available information on the candidate on public access platforms help in gauging an all-rounded picture of the person. Today there are software and AI-enabled solutions that recruiters can use to skim through a vast population of CVs to focus on the most suitable options and to find the ideal match.
Learn more: Candidate Screening and Selection Process: The Complete Guide for 2020
4. Developing: Quite a few organizations today operate on the idea of hiring for attitude and training for skills. This makes sense because while you would want a predisposition to certain skill-sets, it is the person that you are hiring and not the CV. Developing employees to help them grow with the organization and training them for the expertise needed to contribute to business success also builds loyalty and improves employee engagement. This begins with an effective onboarding program to help the employee settle into the new role, followed by providing ample opportunities for enhancing the skills, aptitude and proficiency while also enabling growth through counseling, coaching, mentoring and job-rotation schemes.
Learn more: What Is Onboarding ? Definition, Process, Templates, and Best Practices
5 . Retaining: For any organization to be truly successful, sustainably , talent needs to be retained effectively. Most organizations try to retain their best talent through promotions and increments, offering opportunities for growth, encouraging involvement in special projects and decision-making, training for more evolved roles and rewards and recognition programs.
Learn more: The Importance of Employee Retention – The Key to a Successful Business Opens a new window
6. Transitioning: Effective talent management focuses on a collective transformation and evolution of the organization through the growth of individual employees. This involves making each employee feel that they are a part of a bigger whole. Providing retirement benefits, conducting exit interviews and effective succession planning might seem like unrelated career points but they are all transition tools that enable the shared journey.
Over the years, there have been multiple models made for talent management that have been created b organization who have felt that they have finally cracked the code on the perfect model. The thing with talent management, however, is that it needs to morph to suit the latest talent trends, digital disruptions, and employee expectations.
The following diagram is that of the integrated talent management model which appears to be the most relevant one today.
.aligmentchange p {display: inline-block !important; width: 100% !important;}
Source: Hudson Research & Consulting
The primary components of the model are:
- Acquire – Employer branding, recruitment, onboarding
- Assess – Talent analytics, succession planning and assessments
- Develop – Workforce planning, culture at work, engagement and retention practices
- Deploy – Goal alignment, career-path planning, learning and development, and performance management
This structure of components is cyclical and goes on in a sustained loop while taking onto consideration the internal climate within the organization and the external environment in which it operates.
How can an organization ensure that this model is put to the best use? The following graphic enumerates the facets that need to be kept in mind.
Source: Corvirtus
The point to be kept in mind here is that no model of something as dynamic as talent management is writ in stone. It needs to be able to adapt to the changing needs of the organization the evolving talent expectations and the pace set by changes within the industry.
Learn More: Talent Acquisition Specialist: 10 Key Skill Requirements for 2020
Talent Management Strategy
Talent management is not a mere checklist of requirements that need to be sufficed – it is a strategy that needs careful implementation, regular checks, and continual improvement. The following are the six primary talent management strategies that serve as the pillars of people functions.
1. Detailed job descriptions
A well-informed, detailed job description helps the sourcer , the sourcing software, and the candidate understand the job-role better. Generic job descriptions only serve to confuse all parties involved in the talent acquisition process and lead to a wave of irrelevant applications. Information that must be a part of the job description includes the following:
- Job title and location
- Overall duties
- Skills required
- Reporting lines
- Tools and equipment used
- Salary and benefits
With these, candidates can make an informed decision on whether to apply or not and sourcers get CVs that fit the bill better.
Learn More: How to Become a Smart Recruitment Specialist in 2020
2. Person-organization fit
An employee that does not fit into the organizational culture can neither be the happiest employee nor the most sustainably productive one. While the culture can be difficult to define in words, it is prevalent in actions and quite easy to understand whether a candidate would be a good fit or not. Personal and organizational values need to have a certain degree of overlap for any employee to feel at home within the organization. Without a comfortable person-organization fit, the most amount of time, effort and energy would go into attempts at adjustment. Hiring candidate with the right P-O fit (or PE fit) thus greatly improves the chances of better employee engagement, higher employee satisfaction, and usually better performance.
3. Collaborate-coach-evolve
An important strategy to make talent management more effective involves creating a culture of coaching, mentoring (even reverse mentoring) and collaboration. Constructive feedback goes a long way when it comes to helping employees evolve and develop their skills and expertise. Managing talent is thus also about preparing them for the future of the organization – to be ready for changes down the path and to be able to rely on each other.
4. Reward and recognize right
The process of rewards and recognition forms an important part of the strategy to motivate, engage and manage employees better. This goes beyond financial rewards and bonus packages. Studies point towards the fact that employees often want R&R schemes that motivate them with “prizes” that are most relevant to them as individuals. This is a great opportunity for organizations to show their employees how much they care for them as persons and as integral aspects of the organizational machinery.
5. Opportunities for continuous improvement
Managing talent needs to be put in the context of the future that the organization has envisioned for itself. Thus, employees need to be equipped with the right tools to be able to maximize their own potential. For the continuous improvement of the organization, there needs to be the scope and opportunities for the continuous development of its employees. Moreover, this ensures that the cumulative skills within the organization is updated, upgraded and upscaled .
Talent management involves strategically planning career paths that make sense for every employee. We all tend to work better we know where we are headed and what the next stop is for our careers. This does not entail making empty promises of promotions but rather creating a career map in discussion with the employee, making sure that they relate to it and feel that it is realistic while also providing them with all the necessary tools to make the map a reality. Having a map to follow also improves retention scores since employees then know what they have to look forward to and work towards and can then collaborate effectively to achieve it.
What are the talent management strategies that you employ at work? Tell us all about it on Facebook Opens a new window , LinkedIn Opens a new window , or Twitter Opens a new window . We’d love to know!
Share This Article:
Copy Editor, Spiceworks
Recommended Reads
Key Reasons for Implementing Kubernetes Observability
How To Stop Performance Punishment In Its Tracks
Tools To Help HR Teams Thrive Amidst Uncertainty
Four Ways Technology Elevates Your Corporate Training Program
Betterworks and Visier Partner To Transform Employee Performance Analytics
Efficiency Amidst Uncertainty: Impactful Work Management
We encourage you to read our updated PRIVACY POLICY .
- SUGGESTED TOPICS
- The Magazine
- Newsletters
- Managing Yourself
- Managing Teams
- Work-life Balance
- The Big Idea
- Data & Visuals
- Reading Lists
- Case Selections
- HBR Learning
- Topic Feeds
- Account Settings
- Email Preferences
Is Project Management the Right Career for You?
- Antonio Nieto-Rodriguez
- Yasmina Khelifi
Use this guide to make an informed choice.
Curious about project management as a career option? What does this job entail? Is it for you? The authors have been in project management for about two decades and they answer some questions you might have before deciding if this is the right career for you.
- What does a project manager really do? In the broadest sense, project managers are responsible for planning, organizing, and managing the completion of a project, while ensuring that it delivers the expected results on time, on budget, and within scope.
- What basic skills do I need to have to apply for a project manager position? To be eligible for a project manager position, you need to have hard skills, soft skills, technical know-how, and an understanding of the business landscape you’ll be operating in.
- What kind of opportunities are available in project management? Project manager roles take different job titles: project manager, delivery manager, scrum manager, agile coach, product manager. The titles can vary depending on the country or region you’re in, but what’s important is for you to understand the requirements, responsibilities, and the impact of your role so you can make informed decisions.
- Do I have to specialize in one area or can I manage different kinds of projects? As a fresh graduate or early career professional, we recommend choosing a project in your area of expertise to maximize your success rate and increase your self-confidence. When you gain more experience as a project manager, you could stick to the same kind of projects, remain in the same industry but in a different technical field, or move from one domain to another.
Where your work meets your life. See more from Ascend here .
The Covid-19 pandemic has caused massive disruptions globally. According to several studies, governments will spend more than $10 trillion on reconstruction projects in the next 10 years. This means there will be millions of projects — more than ever — put into production within the decade, and each will require a project manager.
Project management jobs are already aplenty. Do a quick search on LinkedIn and thousands of roles will pop into your feed. To the point, we did a search while writing this article and found more than half a million openings in the United States alone. These are just a few indicators that the project economy is here to stay.
If you’re curious about this career, now is a great time to start learning about the field, what it takes to land a project management role, and if it is the right path for you.
Let’s start with the basics.
The role “project manager” is exactly what it sounds like: a person responsible for the day-to-day management of a given project. Think of this position as the chef d’orchestre , football coach, or a CEO of a temporary team who works to create, manage, and track a project from start to finish. Almost every industry — from tech to retail to publishing — requires people with this skillset. As a project manager, you could be employed by a startup or a big corporation. You could work full-time, freelance, or even be a consultant.
A big advantage of this career is that the skills required are transferable. Project managers often have the flexibility to easily move between industries. One of us (Antonio) spent 10 years in consulting, moved to banking, got bored, and ended up working in pharma. The other (Yasmina) stayed in the telecom industry, but managed a wide range of projects — from software to mobile delivery.
Knowing all this, you might be thinking, “But is this something I can actually do?”
The answer is, yes. You may not have all the skills right now, but with dedication, perseverance, and passion, anyone can learn to be an outstanding project manager. Based on our experience, we’ll answer some questions you may have, whether you are a fresh graduate or someone in the early stages of their career.
1) What does a project manager really do?
In the broadest sense, project managers are responsible for planning, organizing, and managing the completion of a project, while ensuring that it delivers the expected results on time, on budget, and within scope.
The exact duties of a project manager will depend on their industry, organization, and the types of projects that the manager is tasked with overseeing. But broadly, all project managers share responsibilities across what’s commonly referred to as the “project life cycle.” It consists of four phases:
- Initiating : As project manager you begin a project by defining its purpose, the business case, its benefits, and its high-level scope (i.e., requirements for what the project will deliver). This includes identifying the key stakeholders, or the individuals or groups who will be impacted by the project, including both employees and customers. All of this goes into creating what is called a project charter, a technical name for a detailed proposal.
- Planning : Once the project sponsor (usually your boss or someone from senior management) approves the project charter, you typically work with a team of experts (assigned by your company) to define the scope of the project and create the larger plan of action. You come up with key deliverables, deadlines, major risks or obstacles you may face, and you set a budget, among other details.
- Executing and monitoring : As a project manager, you need to ensure that your team members are motivated and complete the work identified in the project plan. Be careful not to confuse this role with being a people manager. Project management does require some people management skills, but only as it relates to creating a high-performing team and helping that team successfully complete the project at hand. Your team members may be made up of people from various departments who report out to others.
- Closing : Your role as project manager is to complete the project as planned and deliver the promised results. Looking back at the business case, thanking the team, providing individual feedback, and capturing lessons learned are all a part of this important last phase.
2) What basic skills do I need to apply for a project manager position?
You’ll need to have a mix of hard skills, soft skills, technical know-how, and an understanding of the business landscape you’ll be operating in.
Hard skills
You need a good understanding of basic project management concepts, methods, and tools that will help you make a reliable project plan, identify the stakeholders of your project, or manage the project risks.
More and more universities now offer project management courses, but you can also learn the basics by enrolling in online courses, listening to podcasts on the subject, and watching related webinars to keep up-to-date on any new developments.
You can also learn a great deal from people who are doing the job you want. If you’re curious about the role, reach out to project managers in your organization or those in your social circle for informational interviews . You can ask:
- How did you train as a project manager?
- How do you keep your knowledge up to date? Are there specific courses you would recommend?
- What are the most important things to pay attention to as a first-time project manager?
- Do you have any other advice for me?
Once you have a few years of experience, we recommend that you undergo a project management certification. Two good options are those offered by Project Management Professional (PMP)® from the Project Management Institute and Axelos, PRINCE2® Foundation Project Management Certification. Having a professional and well-known accreditation will open doors to more project management assignments and propel your career forward.
Soft skills
In this role, you will need to learn to communicate well, to actively listen to your colleagues and stakeholders, and to motivate your team. These are skills that we often pick up at school, for example by collaborating with peers on a presentation, leading a field trip, organizing an event, or participating in debates. Still, they can easily dull without practice, and so must be continuously honed.
Here is an overview of some of the most relevant ones and tips on how to practice them:
- Emotional intelligence is the ability to perceive your emotions and those of others. Make a regular appointment with yourself to examine some of the following questions : What motivates me to make progress? When negative thoughts arise, and how do I deal with them? Seek out the help of a coach or request 360° feedback to get powerful insights for your development.
- Critical thinking is rational, logical thinking. It helps you identify the root causes for any given problem. To hone this skill, pay attention to any assumptions you may be making when executing a project. Make sure you are drawing conclusions based on evidence (and not based on biased experiences).
- Decision-making is critical, too, as it can help you reason and select the best course of action. The best way to get better at this skill is to be thoughtful (and not impulsive) before deciding on which direction to take. Use questions like: Should the decision be made by me or by the team? If the latter, should the decision require a unanimous vote or a majority vote?
- Influence is the ability to inspire or persuade other people. As a project manager you will need to know how to motivate people without necessarily having authority over them. Take time to meet one-to-one with your teammates and understand their individual goals. Use what you learn to tie their contributions back to a purpose that will inspire them.
Remember that you won’t acquire these people skills overnight. It’s important that you’re patient and persistent.
Technical know-how
You will also need to have a minimum understanding of the technical aspects involved in the project. For example, if you’re implementing a new HR application, you must take the time to comprehend some of the technical aspects of the software, like the phases of the development, the configuration tools, or how it is tested and integrated.
You don’t need to become an expert; a certain level of understanding will give you credibility with the team and the stakeholders. It will also help you justify a course of action when talking with your sponsor. If you’re interested in a project that’s centered on a topic or industry you are less familiar with, you can take an introductory course, read literature on the topic, or talk to subject matter experts to learn more. For example, you might say: “I’m new to the field. I don’t intend to become a technical expert like you, but I’d like to get a general understanding of X so that I can be effective in my new role and helpful to my team. Would you mind meeting me to share some insights?’
This should not be a one-off exercise. Make sure that you have a plan on how to keep your technical knowledge up to date depending on what projects you work on.
A basic understanding of the business landscape
Last, but not least, being able to connect the project outcomes to concrete business challenges and the strategic goals of your organization is essential for project buy-in and success. Most of the stakeholders, including senior management, will be more supportive of the project when that connection is made because they will clearly see that the project contributes to an organizational priority.
For example, if your organization works in the social development field, and you’re asked to manage a project to increase access to education in Mauritania, you should have knowledge of the different educational systems — which are the most successful, why, and which alternatives will best fit the specific needs the project wants to address.
Doing this work will help you better define your project and how its purpose fits with your organization’s priorities. In addition, when you are able to make these connections and explain them to your team members, you bring much more purpose (and motivation) to their work.
3) What kind of opportunities are available in project management?
Project manager roles take different job titles: project manager, delivery manager, scrum manager, agile coach, product manager. The titles can vary, depending on the country or region you’re in, but what’s important is that you understand the requirements, responsibilities, and the impact of your role so you can make informed decisions.
According to an analysis of U.S. Bureau of Labor Statistics data, the largest and fastest project management oriented employment growth will be in software development — a projected increase of 14% between 2019 and 2030. Much of this growth will come from the development of mobile applications, IT security, and a rise in health care technology.
The current leading industries are manufacturing and construction, information and publishing, finance, and insurance. When it comes to growth by region , four-fifths of the project management employment growth will occur in China and South Asia alone.
There isn’t a unique playbook here. Career success doesn’t only translate into climbing your organization’s hierarchy . You could also consider exploring other development paths, like we have done, such as participating in strategic, frontline projects or leading a global project team. These experiences can be both enriching and rewarding.
4) How do I figure out which companies have the best opportunities?
You can find project management opportunities in all sorts of industries. But which one is good for you? Here are some questions you can as suring your interview to guide your decision:
- Do you provide training/certifications to help your project managers build new skills?
- Are project managers fully dedicated to projects, or does the role involve additional responsibilities?
- What type of projects will I be working/managing: strategic, technology, customers, internal?
- What is the usual scale of your projects — local, regional, global?
- What is the usual size of the teams and what are the budgets?
- Who are the project sponsors I would be reporting into?
- How do you evaluate project managers’ performance?
- What does a project manager’s career path look like at this organization?
- If I am successful, will I be offered the opportunity to manage larger projects or multiple projects at the same time?
5) Do I have to specialize in one area or can I manage different kinds of projects?
This is a question we get asked often. Our answer is: initially “yes,” but in the long term “no.”
As a fresh graduate or early career professional, we recommend choosing a project in your area of expertise to maximize your success rate and increase your self-confidence. When you gain more experience as a project manager, you’ll have the following choices: stick to the same kind of projects, remain in the same industry but in a different technical field, or move from one domain to another.
When you apply for a new job, your experiences on the ground, your technical expertise, a project certification will determine your success. The best way to grow and develop a career in project management is through continuous learning.
Becoming a successful project manager is not only about your experiences on the ground, your technical expertise, or a project management certification. It is about the opportunity to amplify your learning and to build strong relationships with your stakeholders. By embracing a career in project management, you’ll make your own small contribution to shaping a better future for humankind—which is more important now than ever before.
Good luck with all your projects and your career as a project manager!
- Antonio Nieto-Rodriguez is the author of the Harvard Business Review Project Management Handbook , the HBR article The Project Economy Has Arrived , and five other books. His research and global impact on modern management have been recognized by Thinkers50. A pioneer and leading authority in teaching and advising executives the art and science of strategy implementation and modern project management, Antonio is a visiting professor in seven leading business schools. He is the founder of Projects&Co and the Strategy Implementation Institute . You can follow Antonio through his website , his LinkedIn newsletter Lead Projects Successfully and his online course Project Management Reinvented for Non–Project Managers .
- YK Yasmina Khelifi is a French telecom engineer and project manager with 3 PMI certifications. She has been working in the telecom industry for 20 years. She is a passionate volunteer at PMI. She is also a regular volunteer blogger on projectmanagement.com and a volunteer international correspondent at PMWorld Journal. She is the host and founder of the podcast “ Global Leaders Talk with Yasmina Khelifi. ” Yasmina is the author of How To Become a Culturally-Aware Project Manager (ebook; Bookboon Learning). Yasmina can speak 6 languages and has a MSc in Mobile Telecommunications. You can connect with her on Linkedin and subscribe to her newsletter about global leadership.
Partner Center
- Main content
33 rising stars in influencer talent management shaping the future of the creator economy
This story is available exclusively to insider subscribers. become an insider and start reading now..
- Influencer-management firms help content creators grow their brands and businesses.
- The space is filled with new professionals who have quickly made an impact.
- Insider is highlighting 33 rising stars in management who are shaping the creator economy's future.
A big focus for many talent managers in the creator space is helping their clients move beyond their presence on social media: branch out into traditional media, launch physical and digital products, and start their own companies.
"The best managers are not just the ones that procure the highest-grossing brand deals, but the ones that help their creator monetize their personal brand," said Dominick Paielli, cofounder of talent firm Clementine. "Helping them launch Snap shows, start their own brand, equity deals with startups, taking PR seriously, having them appear at events."
Jordan Schwarzenberger, for example, cofounded Arcade Media, a talent firm that exclusively manages the Sidemen — a creator collective with over 240 million combined followers.
In the past two years, Arcade has helped the Sidemen launch a fast-food restaurant, a spirits brand, and a subscription platform for fans.
Amanda Marcovitch, who manages her husband Jon Youshaei, acts more as an operating officer than a talent manager — a model that she thinks will continue to gain traction as creators move beyond the definition of "influencer" to become full-fledged media brands.
"As creators get bigger, they want a dedicated partner who understands the nuances and opportunities of their business," she told Insider.
In our inaugural list of rising stars in influencer management, Insider is highlighting professionals who are making tangible change to make the industry more equitable and transparent, helping creators grow their personal brands, and exploring new ways to professionalize the space.
Insider chose these rising stars based on reader nominations, as well as reporting and conversations with industry professionals. To be considered, managers needed to either be 35 or younger, or have been in the space for fewer than five years.
Here are 33 rising stars in influencer talent management, listed alphabetically by company name:
Harley Jordan and Chase Mitchell, All Influence Mgmt
Jordan, 28, and Mitchell, 27, cofounded All Influence Mgmt in 2021.
Mitchell has a background managing podcasts with Upstarter Pods, a virtual podcast production and management studio. The two met when Jordan, a creator and influencer coach, was recording her own creator-economy podcast "Brand Meet Creator."
All Influence Mgmt, now with 30 clients and four total employees, focuses on creators who position themselves as entrepreneurs and lead with their technical knowledge, like coaches, medical doctors, and service providers.
The firm's approach is to not only help clients partner with brands, but also build a strong personal brand outside of social media.
"We are excited to lock in long-term deals for our roster, but we are over the moon after strategizing big moves for their own personal brands, whether that's self publishing a journal, locking in their first speaking gig, being invited as VIP guests to events, or launching their own workshops," Jordan told Insider.
Clients include: Broadway Husbands, Little Rae of Health, Dr Jenn Anders, and Darci Smith.
Jordan Schwarzenberger, Arcade Media
Schwarzenberger, 25, cofounded Arcade Media, the management company behind the Sidemen , Europe's biggest creators.
Since Arcade was created in 2021, Schwarzenberger and his company have helped the Sidemen launch three businesses: fried-chicken restaurant Sides; alcohol brand XIX Vodka; and the Sidemen membership club, Side+.
In the past year, Arcade also supported the creators in organizing a charity match that raised over $1 million for charity and amassed 2.6 million concurrent streams. They also launched a Christmas charity song , "Christmas Drillings," which topped UK charts around the holidays.
"Unlike horizontally scaled management companies with hundreds of clients, we're focused on an approach of 'less is more,' with only one client," Schwarzenberger told Insider. "The aim is to dig as deeply into their brand as possible, creating as many value-adding, credible ventures and ideas as possible."
Before Arcade, Schwarzenberger worked at Vice and LADbible, before becoming the first chief creative officer at the talent-management firm YMU Group.
Clients include: Sidemen
Gil Kruger, Best Regards Media
Kruger is the founder and solo manager of Best Regards Media.
After working in the entertainment industry as a producer and creative executive for over 15 years, Kruger decided to move into digital-talent management and founded his company in 2023, based on the idea that "the next great media businesses and IP franchises will be generated by creators," he told Insider.
He has a roster of nine exclusive clients who fall into two main categories: the "creator-entertainer" and the "creator-educator."
In just a few months as a manager, Kruger has helped one of his clients sell out their ad inventory for YouTube through Q3, supported another in launching a paid community, and advised a third one on evaluating and ultimately accepting outside investment in their content.
Kruger believes creators are the future of media.
"One day, a YouTuber will win an Academy Award, and I want to be part of their producing team," he said.
Clients include: Dodford, Wholesome Simon, Ryan Ng, and Eli Stone.
Bella Koenig and Tikiyah "Kai" Ivey, CFG
CFG is a talent-management firm for YouTube creators and Instagram stars, focused on diversity and equity, managing influencers from all backgrounds.
As senior coordinator, Ivey, 23, works on the company's weekly internal newsletter featuring platform news, trends, and client features; client event planning and facilitating; and executing brand campaigns.
Ivey is based in Virginia and has worked in influencer marketing for almost three years. Her background is in traditional PR.
Koenig, 23, serves as senior influencer coordinator. With only one year in talent management, Koenig already manages six clients spanning various content niches. Her recent projects include organizing NYFW events for talent, and she works out of New York City.
Ivey's clients include: Jamilla and Que, Beverly Coleman, Ricaela Bernard, Kaila Ford, Irishcel Beilin, and Christine Cruz.
Koenig's clients include: Mallory Hudson, Sierra Boudreaux, Monica Veloz, Tiffany Laibhen, Tolani Eweje, and Bianca Renee.
Dominick Paielli and Nic Campanile, The Clementine Group
Paielli and Campanile started The Clementine Group, a talent-management and influencer-marketing firm, in 2020, at the age of 19.
The two were sent home from college due to the pandemic, and ended up dropping out in 2021 to pursue talent management full time.
Clementine focuses on management with a select group of creators — their roster counts 35 clients — while also running music and brand campaigns. With their focus on music marketing on TikTok, they've helped songs like Toosi's "Favorite Song" and Peezy's "2 Million Up" go viral on the platform.
Campanile leveraged his background as a software developer to build an internal tech platform that helps the company run its campaigns by automating and organizing data, sending pitches, and allowing creators and brand clients to view all active campaigns and payments through a custom portal login. Brands also have access to a private marketplace to shop and request creators for campaigns.
The tech has sped up the pace of work significantly, and Clementine experienced 500% growth between 2021 and 2022, Paielli said. The company also launched a commercialized version of their software for managers and agencies, CreatorCore , in early 2023.
Clients include: Baylen Dupree, Eric Suerez, Rhegan Coursey, and Montana and Ryan.
Andrew Dinh, Clique-Now
Dinh, based in Los Angeles, is the director of talent at Clique-Now, a talent-management and production company devoted to building careers for digital talent and CEOs with a focus on AAPI representation.
Dinh works with clients day-to-day on landing projects and partnerships with companies like Sony, Dolby, Pantene, Bumble, and Nintendo.
He also helped sign the company's first LGBTQ+ client, and has focused on building out that division, as well as leading the company's junior management division.
Dinh, 35, previously led influencer-marketing campaigns with 5ive Talent such as #LearnOnTikTok, as well as hosting webinars and workshops. He has worked in digital-talent management for over four years. Coming from a teaching and consulting background of 10 years, he continues to apply that skillset to support his clients.
Clients include: Leenda Dong, Feed Meimei, Philip Lemoine, Sam Li, and Level4alpha.
Cameron and Nilou Ajdari, Currents
The Ajdaris, a husband and wife duo, started Currents in 2018 to represent a few creators with the aim of helping them expand or launch their YouTube businesses.
Nilou, who has a background in music management and digital-talent management, recruited Cameron as a cofounder, and they quickly expanded their management model to prioritize short-form-video creators with the explosion of TikTok.
The company primarily represents talent in the comedy, family, and technology verticals. Their boutique approach focuses on supporting creators in building personal brands and sustainable businesses that go beyond social media — they've helped their clients publish books, launch podcasts, and start apparel brands.
"The expansion of creators into traditional media will continue to push the envelope of what it means to be an influencer versus a celebrity," Cameron told Insider.
Clients include: Alex and Jon Bouffard, The Cordle Family, Krystal Lora, and Tank Sinatra.
Amanda Acevedo, G&B Digital Management
Acevedo, 35, joined the talent-management firm G&B Digital Management in 2020, and now serves as senior talent manager and associate director of talent.
Before joining G&B, she was working in luxury fashion sales and corporate recruiting.
Founded in 2015, G&B is a digital talent firm, partnering with influencers in Los Angeles, New York, San Francisco, Dallas, Miami, and other locations.
Acevedo, who lives in New York City, has recently helped her clients land partnerships with Walmart Fashion, Yitty by Lizzo, Amazon Fresh, and Longchamp.
She works with a wide range of creators in fashion, travel, food, family, and DIY.
Clients include: Noelle Downing, Steffy Degreff, Ria Michelle, Sam Ushiro, Courtney Halverson, Lizzie Darden, and Amber Kemp-Gerstel.
Natalie Amos, Gleam Futures
Amos, 25, is a talent manager and podcast lead at UK-based talent-management agency Gleam Futures. Having started as an intern at the company in 2019, she built her way up, and now also manages the podcast roster at the company.
As podcast lead, she helps established talent launch new shows, and also onboards new talent to help them grow their existing shows or produce new ones.
In 2022, Amos' client Gemma Styles won the Podcast of the Year award at The Blogosphere Awards with her podcast Good Influence.
Last year, Amos also helped creators Jake Boys and Fabio Bocca launch Pitstop, an F1-focused podcast. The podcast quickly reached over 2 million downloads, it charted at number one in the Spotify Sports podcast charts, and the hosts were able to interview F1 drivers such as Carlos Sainz and Charles Leclerc.
Clients include: Gemma Styles, Tanya Burr, Anna Newton, and Grace Victory.
Kayla Vaz, Kensington Grey
Based in Toronto, Vaz has recently worked with clients on meeting with Vice President Kamala Harris , attending the White House Easter Egg Roll , and booking her client TikTok creator Cedoni Francis her first Brand Trip with Disney.
Vaz has worked in influencer-talent management for over two years. She began her professional career working in events, and then transitioned into the communications and social-media space.
Kensington Grey aims to help creatives of color earn better pay and is focused on working with Black creators on every social platform, with an emphasis on lifestyle, parenting, fashion, and beauty.
Clients include: Cheryl Neufville, Lori (@nowitsclean), Sopha Rush, Marche Robinson, and Samo Frais.
Maria Chan, Influence with Impact
Venezuela-born Chan started working in the digital space as a fashion consultant and blogger in 2013. Now 35, she moved to Miami in 2016, and joined the Latina-founded influencer-management firm Influence with Impact in early 2021.
Having been a creator in the past, Chan gained an appreciation for the work of managers, and decided to focus and stay within the talent-management department. Because of her fashion background, Chan mainly manages creators in the fashion, lifestyle, and beauty space, and has a roster of six creators.
Influence with Impact focuses on working with micro and mid-tier influencers — the majority of whom are from underrepresented backgrounds — supporting them in building careers on social media.
Two of Chan's micro-influencer clients have already surpassed six figures in revenue in 2023, she said, breaking the stereotype that only creators with millions of followers can land lucrative business opportunities.
Clients include: Chelsea Henriquez, Aimee Kelly, Kelly Saks, and Emmalynn Cortes.
Stephanie Wahlers, Night
Wahlers, 28, has been working in influencer-talent management for four years. She began her career in esports in 2018, when she joined Night as the company's fourth employee at its Dallas headquarters.
Now based in Los Angeles, Wahlers has gone on to work with some of the biggest gaming and digital creators on YouTube, as well as livestreaming platforms like YouTube Gaming and Twitch. She has worked to expand Night's talent roster across growing verticals like chess, variety gaming, comedy commentary, and pop culture.
She began her role as director of digital in February, and within this position, she works with clients on brand deals, merchandise, and content syndication.
Wahlers also worked to onboard GothamChess, who is the most-subscribed chess streamer on YouTube with 3.8 million subscribers, to Night's growing roster.
Clients include: Chad Chad, GothamChess, Izzzyzzz, Top5Gaming, and ModernGurlz.
Parker Oks and David Rosemon, Nine Four Entertainment
Oks, 29, launched Nine Four Entertainment in 2022, working with content creators on talent management and business development. He serves as CEO of the company.
He has been in the creator and entertainment industry for over six years. Based in Las Vegas, his previous experience includes working with actors and creators at Brillstein Entertainment Partners and Daylight Holdings.
Rosemon, 28, has worked in the influencer industry for five years. Based in LA, he works as COO and talent manager.
Within their roles, they've focused their management business on launching physical products and other ventures with their clients including Habit (Drink Habit), a tea company with Canadian influencers Eamon and Bec; the "Brain Leak" podcast featuring Ethan Nestor and Jacksepticeye; and the chicken wing ghost kitchen concept "Wing SZN" with their client YouTuber ZIAS!.
Clients include: Berleezy, Eamon and Bec, Jacksfilms, Ethan Nestor, and Jennelle Eliana.
Briana Wilson, NYLA Influencers
Briana Wilson founded her talent-management company, NYLA Influencers, after spending years in traditional entertainment and working on the brand side of the creator business, primarily in influencer marketing.
She said she saw BIPOC creators being undervalued for their work and earning less than they deserved and wanted to help them scale their personal brand and brand-partnership positioning strategies to land bigger and better deals.
"There have been times in my life when I've felt ostracized, that I was not worth what I got," Wilson told Insider. "I wanted to work with people who feel like they need that, who want to be advocated for, and people, specifically women, who feel like they've been undervalued or underrepresented throughout their career."
Wilson established the company in 2018, and managed five influencers between then and 2022. She focused on building their personal brands and social-media presences during this time, generating over $5 million in revenue, Wilson said.
In 2023, NYLA is scaling its roster for the first time. In the past month alone, the company signed 8 creators exclusively, with plans to scale it to 30-40 creators by the end of the year.
Clients include: Raven Elyse, Maya Galore, Jo Placencio, and Yanique Duke.
Benji Sudmann, One Day Entertainment
Sudmann, 28, is head of business development for One Day Entertainment, a firm that manages YouTube star Airrack.
Sudmann, who is from New Zealand and Germany, relocated to Los Angeles two years ago to work with creators including Airrack, Yes Theory, and The Cheeky Boyos.
He's helped various creators build long-term partnerships with brands including Pizza Hut, PepsiCo, Shopify, Headspace, and SoFi.
He's also played a key role in scaling various YouTube channels from one to two employees, to fully-fledged media companies.
Now, Sudmann's main focus is on helping Airrack launch and scale businesses adjacent to his brands, like his second channel, Pizzafy, and "World's Largest Pizza" event in partnership with Pizza Hut.
Clients include: Airrack
Shaina Suk and Erin Convey, Outshine Talent
Convey, 26, has been working in talent management for three years at Outshine Talent within the sports, beauty, fashion, and lifestyle verticals. She is currently managing ten clients, the majority of whom have macro followings.
Based in New York, Convey has helped her clients land deals with Amazon Prime Video, Draft Kings, Verizon, and Dunkin'.
Suk, 30, has an array of digital-media and influencer-relations experience, specifically in the beauty, entertainment, and lifestyle categories. Before joining Outshine Talent in 2022, she led influencer relations on the brand side at FORMA Brands, specifically for Morphe, Morphe 2, and Bad Habit Beauty. Prior to that, she led talent partnerships at Murad Skincare.
At Outshine, Suk has helped her clients land brand partnerships with Sony, Amazon Freevee, DirecTV, Living Proof, amd Clinique.
Clients include: Carson Roney, Cristian Dennis, Jony Sios, Franklin Jonas, Tati Bruening and Meg Nunes.
Natalie Anastasia, Portrait Management
Natalie Anastasia is the director of talent at Portrait Management, where she represents a roster of digital creators including makeup and beauty influencer Leilani Green and family creators The McFarlands.
Anastasia began working in talent management at Whalar in Los Angeles, later moving to New York City and spearheading Portrait's expansion in the East Coast.
After moving, Anastasia said she noticed a lack of diversity in the NYC fashion influencer scene and prioritized signing and investing in creators such as Samira Ahmed, Isa Sung, and Dev Apollon.
Anastasia is responsible for negotiating the first year-long ambassador program with The Home Depot on behalf of The McFarlands, which was the first partnership of its kind for the brand.
Anastasia's guidance has also propelled Leilani Green's career from simple song promotions on TikTok to partnering with brands like YSL Beauty, Sephora Collection, Real Techniques, Kosas, and Pat McGrath, among others.
Clients include: Leilani Green, The McFarlands, Samira Ahmed, and Isa Sung.
Madeline McFerren, Range Digital
McFerren is an associate manager at Range Digital, the digital department of the management firm Range Media Partners.
This is McFerren's first job out of college, which she landed in 2020 after becoming passionate about the creator space as a teenager.
"When I was a senior in high school, I remember binge-watching Emma Chamberlain videos with my sister on a Sunday afternoon and realized I was super passionate about the way a creator lets you into their entire world, if it means getting to escape your own for a bit," she told Insider.
In 2022, McFerren signed creator Yesly Dimate and helped grow her following from 300,000 to 3.7 million followers on TikTok while helping her build a six-figure business in under six months. She also helped Dimate branch out of social media and land her first role in an indie feature film.
McFerren comanages lifestyle creator Victoria Paris, and has closed deals for her working with brands like Nike, Urban Outfitters, and Anthropologie. She's also produced actor Owen Thiele's live Spotify podcast "I'm in Hell," while helping clients across the Range Digital roster.
Clients include: Yesly Dimate, Victoria Paris, Owen Thiele, and Dylan Bleue.
Vanan Nguyen, Rare Global
Nguyen started as an assistant at Rare Global seven years ago, and has since moved up to managing talent.
Since joining the company in 2016 as its first employee, she has helped grow Rare's digital fashion and beauty talent, and expand its brands.
Nguyen, 30, manages talent business strategy and oversees brand partnerships.
She has executed campaigns for client collaborations and product lines, including: Chloe Morello's beauty line, Sireni Beauty, and Jenn Im's direct-to-consumer fashion line Eggie.
Clients include: Ellen V Lora, Jessica Vu, Sandy Bang, Jenn Im, Chloe Morello, and Christen Dominique.
Diana Vazquez and Matt Teng, Select
Vazquez, 29, has a focus on representing diverse talent, especially in the Latinx and AAPI spaces, and helping them navigate the digital side of entertainment through content strategy and brand partnerships.
As a bilingual Latina, she has helped her Spanish-speaking talent break into the US market, and has worked with her clients on landing brand deals with companies like ThredUP, Indeed, and Best Buy. Prior to Select, she worked in CAA's commercial endorsements department, Untitled Entertainment, live events for ESPN, and on documentaries for Showtime.
Teng, 28, is passionate about representing AAPI and queer talent, and has previous experience managing talent from RuPaul's "Drag Race" to BuzzFeed creators.
Prior to moving to LA and becoming a talent manager, he studied economics at NYU, and worked at Hulu where he specialized in sponsorships and emerging ad products.
In his three years at Select, he's helped clients land projects with P&G for AAPI Heritage Month campaign, Steve Madden, and Liquid I.V.'s mocktail line.
Vazquez's clients include: Albert Muzquiz, Bailee Henderson, Genesis Lagos, Hannah Elise, and Heyitsfeiii.
Teng's clients include: Andrew Zhan, Angie Yoo, Brandt Czerniski, Caitlin Lam, Casey Aonso, and Cedric Pham.
Amanda Hennessy, Settebello Entertainment
At Settebello Entertainment, Hennessy works with actors, writers, directors, hosts, production companies, and content creators to build careers within Hollywood's traditional and emerging ecosystems.
She serves as vice president for the boutique firm, which acts as a talent- and literary-management firm focusing on creators and filmmakers in both digital and traditional media.
Hennessy, 30, is based in Los Angeles, and aside from day-to-day business ventures, she recently has been working with her client YouTube and TikTok creator Adrian Bliss on preparing for the play he wrote, which he will preform this summer at the performance arts festival, The Edinburgh Festival Fringe.
Clients include: Adrian Bliss, Arden Rose, Connor Franta, Alix Traeger, and Natalie Joy.
Thomas Johnston, Shifted Digital
Johnston, 22, founded Toronto-based talent management firm Shifted Digital in 2021. Now with a roster of 12 creators, he has built one of the leading digital-talent-management firms in Canada.
Johnston's approach to talent management goes beyond finding and executing brand deals — he helps his talent build strategies, develop their branding, and create internal teams.
Johnston has helped his clients land partnerships with Amazon, Apple, L'Oréal, Lego, Mazda, Netflix, Starbucks, Universal Music, and Warner Bros., among other brands.
His aim with his work is to get Canadian creators more recognition, something that he still sees as lacking and that has pushed a lot of creators to move to the US to increase their chances of building a career on social media.
"I am fueled by getting Canada and the Canadian talent market on the map for this space," Johnston told Insider.
Clients include: Alex Yoannou, Arasteh Gatchpazian, Ben Grosskopf, and Morgann Book.
Madison Roy and Victoria Doran, Society 18
Roy, 24, started in the influencer-marketing industry at Society 18 in January of 2021 as an intern. Over the past two years, she has gained experience in talent management, campaign management, and influencer relations. She now manages a roster of 15 creators and works with brands and agencies across various social channels.
Based in Boston, Roy has helped her clients on Society 18's Coachella Creator House, Hermela Lamps' Dyson Press Trip, and Charlize Glass' Autotrader Commercial.
Doran has worked with her talent on landing partnerships with Dior, Garnier, Abercrombie & Fitch, and Amazon The Drop. Doran, 30, has more than a year's experience at Society 18.
Roy's clients include : Charlize Glass, Jake Miller, Lisa Ramos, Yasmine Simone, and Hermela Lamps.
Doran's clients include: Aysha Sow, Crystal Suggs, Franchelli Rodriguez, Janibell Rosanne, and Jessica Lewis.
Delaney Anderson, Team Sofia Franklyn
Anderson, 27, has played a role in the success of Sofia Franklyn's solo podcast, "Sofia with an F."
Anderson's career in media began as a radio host, but her passion for content strategy led her to transition behind-the-scenes, where she discovered her true passion in the creator management space.
In 2021, she began working with Franklyn as her social-media manager, but soon became her business manager. She now oversees all aspects of the business like podcast booking, marketing efforts, brand deals, hiring, YouTube monetization, budgeting, and overall brand direction.
Based in Las Vegas, Anderson worked to spearhead Franklyn's YouTube channel; landed Franklyn a deal with Snapchat's buzzy new Creator Program; and has helped book guests including Amber Rose, Yung Gravy, Jay Cutler, and Lala Kent for the "Sofia with an F" podcast.
Clients include: Sofia Franklyn
Amanda Marcovitch, Youshaei Studios
Marcovitch got her start in talent management "the same way Kris Jenner did," she said: by managing her husband's Jon Youshaei's career.
Youshaei quit his job in 2021 after eight years working at social-media companies like YouTube and Instagram to become a full-time content creator.
Marcovitch joined him as his manager, applying the skills and knowledge she learned while working in corporate America leading operations for Fortune 500 companies in tech and real estate.
In the past year, Marcovitch brought in, negotiated, and signed over six-figures in partnerships with blue-chip brands like American Express, Microsoft, Hubspot, Fiverr, Google, GoPuff and more , helping him triple his income. She aims to bring in eight figures in revenue in the next five years.
Clients include: Jon Youshaei
- United States
Get a quote
Check eligibility
Join our network
- For Companies
- For Employees
- For Partners
- Return on Wellbeing Study
- Help Center
What is Talent Management? Best Practices to Get Started
Talent management has become all the more important for organizations over the last several years. Worker expectations are high when it comes to salary, benefits, and workplace culture – 78% of US employees believe their wellbeing at work is just as important as their salary, according to Gympass’ latest State of Work-Life Wellness report . So it’s hard to attract and keep good talent.
According to a 2022 report by Work Institute, 69% of employee turnover is for more preventable reasons like job stress, compensation, work-life balance, and a lack of growth opportunities. And if you don’t have a plan to manage your workforce, you could be caught off guard when an employee leaves, or you’re ready to hire someone new.
So to manage your organization’s workforce needs and attract and retain skilled workers, every company benefits from a sound talent management strategy.
What is talent management?
Talent management is the system of attracting, hiring, developing, and retaining employees with the required skills and abilities to meet organizational goals and objectives. In other words, it’s all about ensuring that your organization has the right people in the right roles at the right time.
It differs from talent acquisition in that it’s a long-term strategy that encompasses the entire employee lifecycle, from recruitment to retirement. That means it’s not just about attracting and hiring the best and brightest. It’s also about developing and retaining existing employees for the long haul.
What are the benefits of talent management?
At a baseline, talent management is an essential human resources function for businesses because it ensures they have the workforce needed to meet their business goals and objectives.
When attracting new hires, talent management ensures you have the right benefits in place to attract workers. This might include competitive salaries, flexible work arrangements, generous vacation time and access to a selection of gyms, studios and apps through a wellbeing solution. And by considering the entire employee life cycle, you can improve employee engagement and retention rates. Engaged workers are more likely to stay with an organization . This reduces the cost of recruitment and training and increases profitability.
How does talent management work?
There are many different talent management models, but most include these key components:.
- Planning: Identify workforce needs based on business strategy and goals. It also involves defining roles so that you can determine the skills and experience required for each position. These job descriptions and role profiles form the basis for talent acquisition.
- Recruitment and selection: This involves attracting the best candidates for open positions through job postings and active outreach and developing a clear application process to hire the best person for the role.
- Training and development: Invest in employee onboarding , so new employees feel prepared for their roles. Offer training opportunities so that employees can acquire new skill sets or build on existing ones. This might include formal learning opportunities such as certification programs and informal ones such as mentorship programs .
- Performance management: Monitor and manage employee performance to keep them accountable and on track with company objectives. Goal setting and regular performance reviews can help employees improve skills or progress in their careers.
- Compensation and benefits: Ensure you’re offering competitive compensation and benefits packages to retain high-performing employees. Regular salary reviews also help employees feel valued and motivated in their roles.
- Succession planning: Plan for the next stage of an employee’s journey, including promotions, role changes, resignation, and retirement. This includes creating a plan for who will take over key roles when an employee leaves or is promoted. This helps to avoid disruptions to business operations and maintain continuity within the organization.
Talent management strategies and best practices
For your talent management system to be successful, you need to develop a comprehensive strategy that aligns with your organization’s goals. Consider these strategies and best practices when building your talent management plan.
Align with your business goals
The first step is to define what success looks like for your organization. What are your business goals and objectives? For example, it could be to increase your company’s share in the market or develop and launch new products. How can your workforce help you achieve these goals? And what metrics can you use to determine if your strategy is working?
Align talent management with your business goals to ensure that you’re attracting and developing employees with the right skills and competencies for your organization.
Build a data-driven approach
Your talent management process should be driven by data, not gut instinct. Use data to inform your talent decisions, from recruiting to retention . This includes things like determining the best recruitment channels based on the number and quality of applicants, using engagement surveys to track employee happiness over time, using performance data to identify top performers, and tracking employee churn rate.
Prioritize diversity and inclusion
A diverse workforce is critical for any organization. It brings different perspectives, ideas, and skills to the table. So when building your talent management strategy, make sure that you’re prioritizing diversity and inclusion .
This includes developing targeted recruitment programs for underrepresented groups, analyzing job descriptions for bias, evaluating the diversity of talent pipelines, offering unconscious bias training for managers, and ensuring that your compensation and benefits packages are equitable.
Provide generous and fair compensation
Generous compensation will help you compete in the job market and make your employees feel valued. Evaluate current salaries for each role in your industry and geographic region to ensure they’re competitive. Offer bonuses, stock options, and other incentives to attract and retain top talent as well.
Consider a salary formula to reduce bias in pay and ensure everyone is treated fairly.
Foster a healthy workplace culture
A healthy workplace culture will help employees feel valued, respected, and engaged. Cultivating a culture of open communication, trust, and collaboration is key. This might include regular check-ins with employees and encouraging employees to give feedback. It also means showing your employees that you care about their wellbeing. For example, you can promote reasonable work hours and encourage employees to unplug at the end of the day by providing access to virtual and in-person network of gyms, classes and wellbeing services to improve work-life wellness.
Offer generous PTO policies that include the ability to take time off for physical and mental health reasons. Help employees take the time they need by checking in with workers who seem to be struggling. Leadership can set a good example by taking time off as well.
Promote from within
Whenever possible, promote from within. This shows employees that there are opportunities for advancement and helps to retain the best talent. Companies with sufficient opportunities for internal mobility retain employees for twice as long as companies that don’t.
Plus, by promoting workers you’re already familiar with, you can be confident that they have the skills and qualifications needed for the role.
Invest in employee development
Investing in talent development is crucial for employee engagement and retention. Employees with professional development opportunities are 15% more engaged and 34% more likely to stay with your organization.
You can develop employee skills through organization-run certification programs, mentoring, and e-learning courses. And you can establish a budget for employees to take charge of their own development and attend industry events or purchase books relevant to their roles and interests.
Encourage feedback
Gather feedback from employees regularly to establish engagement and identify areas for improvement. This can be done through pulse surveys, 1:1 meetings, or an anonymous feedback tool.
To help employees feel heard, be transparent about your plan to address any feedback you receive. Then, take action.
This might include changes to your benefits package based on employee feedback, instituting new policies based on suggestions from employees, apologizing for mistakes, or changing the behavior of leadership and management, so employees feel like their voices are being heard.
Support your talent management goals with a wellness program
As you build out your talent management strategy, you may find areas of your employee experience that you want to improve on to increase retention. For example, offering a wellness program is one key to keeping employees satisfied and feeling supported. According to Gallup, employees experience 38% less stress and 50% fewer health problems when they’re thriving and engaged, but only 9% of global employees are thriving and engaged.
Investing in wellness initiatives is a great way to show employees that you care about their wellbeing while improving productivity and engagement, decreasing absenteeism, and reducing health care costs. By offering a variety of wellness activities, you can help employees find ways to improve their physical, mental, and emotional health.
Gympass gives your employees access to more than 50,000 gyms, studios, and wellness apps. Talk with a wellness specialist today to get started with a great wellness program.
The Gympass Editorial Team empowers HR leaders to support worker wellbeing. Our original research, trend analyses, and helpful how-tos provide the tools they need to improve workforce wellness in today's fast-shifting professional landscape.
- Online Degree Explore Bachelor’s & Master’s degrees
- MasterTrack™ Earn credit towards a Master’s degree
- University Certificates Advance your career with graduate-level learning
- Top Courses
- Join for Free
What Is Talent Management? 2023 Career Guide
Considering a career in talent management? Learn about different talent management jobs, skills you need to succeed, and talent management courses you can take.
![[Featured image] A person with gray hair and a beard wearing a gray sports jacket, black shirt, and glasses is sitting at a desk working on a laptop.](https://d3njjcbhbojbot.cloudfront.net/api/utilities/v1/imageproxy/https://images.ctfassets.net/wp1lcwdav1p1/5v9wYD5NLSrmgdr4Oyy50w/3408f32088e52d28bce85c32a6ac2d4a/Stocksy_txp864c768cCNv200_Large_2900743.jpg?w=1500&h=680&q=60&fit=fill&f=faces&fm=jpg&fl=progressive&auto=format%2Ccompress&dpr=1&w=1000&h= "Talent management")
As a talent manager, you'll be responsible for identifying, attracting, and retaining your company's best and brightest employees. The job market is competitive, and the search for top talent is fierce. The average cost for a company to recruit for an executive-level position is $14,963. Companies are turning to social media and artificial intelligence (AI) to help them recruit and retain talent.
To start a career in talent management, you’ll need to have a keen eye for spotting talent and be able to sell your company to potential recruits. You'll need to negotiate salaries and benefits and be able to handle difficult conversations with rejected candidates. If you’re interested in these responsibilities, then a career in talent management could be the perfect fit for you.
What exactly is talent management?
Talent management is the process of developing and retaining employees with high potential. It includes identifying, assessing, and developing talent within your organization. Talent management also helps your organization plan for succession by identifying future leaders and ensuring they have the necessary skills and experience in key business functions.
What are the responsibilities of talent management jobs?
As a talent manager, you’ll be responsible for recruiting, interviewing, and hiring employees for your company. Your goal will be to find the best possible candidates for each position and help them grow within the company. You’ll also work with managers to identify future leaders and help them develop their skills.
The high-level responsibilities of the role include the following:
Establishing a high-performance workforce: As a talent manager, you'll be responsible for establishing a high-performance workforce. This will involve attracting top talent, increasing productivity, retaining talent, and ensuring growth and innovation.
Attracting talent: To attract talent, you'll need to identify the skills and competencies that are most important to your organization. You'll also need to create a recruiting strategy that targets the best candidates.
Increasing productivity: To increase productivity, you'll need to develop systems and processes that help employees work more efficiently. You'll also need to provide training and development opportunities to improve employees' skills and knowledge.
Retaining talent: To retain talent, you'll need to create a work environment that's supportive and motivating. You'll also need to negotiate with new and existing staff and offer competitive compensation and benefits packages.
Ensuring growth and innovation: To ensure growth and innovation, you'll need to encourage creativity and risk-taking. You'll also need to invest time in research and development initiatives
Developing staff competencies: To develop staff skills and competencies, you'll need to identify your employees' training and development needs. You'll then create programs that help employees excel in their roles.
Read more: What Is a Human Resources Manager? | Your Guide
Why is talent management important and beneficial?
Talent management is essential because it helps identify, assess, and develop the skills and abilities needed to perform a job. By effectively managing talent, your business can ensure it has the right people in the right roles and that employees can reach their full potential. In addition, it provides these benefits:
You can align your company's talent management strategy with its business culture goals to create better staffing strategies.
Talent management can help your company identify and develop your internal talent pool, which is essential for long-term success.
Talent management can also help your company attract and retain top talent from outside your organization.
An effective talent management strategy can give your company a competitive edge in today's marketplace.
Talent management processes can also improve employee engagement, and motivation and reduce staff turnover.
Required skills for a career in talent management
Certain skills are necessary to build a career in talent management. Firstly, you need to have excellent communication skills. This is important because you'll be dealing with people from all walks of life, and you need to be able to communicate with them effectively. You'll need strong interpersonal skills to build relationships, as you'll be working closely with other coworkers.
Second, you must be able to think strategically. You’ll need to see the big picture and understand how different factors impact the overall goal.
Third, you must be highly organized and detail-oriented. You'll be responsible for managing a lot of data and information and have multiple streams of work running simultaneously.
Alongside these core skills , you'll need:
Proficiency with Microsoft Office Suite and HRIS software
Interpersonal, counseling, and negotiation skills
Presentation skills
Leadership skills
Analytical and critical thinking skills
Knowledge of recruitment methods, employment law, and regulations
Competency with full-cycle performance management programs
Read more: 9 Key Management Skills: How to Show Them on Your Resume
Talent management courses and programs
As a talent management professional, you'll find that the field is constantly evolving. To stay ahead of the curve and boost your resume, consider pursuing one or more of the following courses and programs.
Talent Management Practitioner (TMP)
This course is for those who want to learn the basics of talent management. You'll learn about topics such as workforce planning, recruiting, selection, and retention.
Exam fee: $625
Senior Talent Management Practitioner (STMP)
This course is good for those who want to take their talent management skills to the next level. You'll learn advanced topics such as succession planning and leadership development.
Exam fee: $850
Associate Professional in Talent Development (APTD)
This credential demonstrates your knowledge and proficiency in talent development principles and practices. To earn the APTD, you must pass an exam, have at least three years of experience working, and have completed 28 hours of professional development in talent development.
Exam fee: $499 (members); $699 (non-members)
Certified Professional in Learning and Performance (CPLP)
The CPLP is a comprehensive certification covering all learning and performance improvement aspects. To earn the CPLP, you must pass a knowledge exam, submit a "work product" for assessment, and have at least three years of experience working in the field.
Exam cost: $900 (members); $1,250 (non-members)
Online courses and professional certificates
Many online talent management courses are available that can help you boost your talent management skills. These courses cover topics such as job analysis, performance management, and training design and delivery. Many professional organizations also offer certification programs to help you demonstrate your expertise in talent management.
Read more: What Are Certificate Programs? A Guide
Job titles of talent managers
A career in talent management can be very rewarding. As a talent manager, there can be a variety of job titles; here are some positions and their annual US salary (base pay + bonuses, commissions, and other additional pay):
Talent acquisition manager: $110,678 [ 1 ]
Talent development manager: $99,862 [ 2 ]
Talent management consultant: $99,988 [ 3 ]
Organizational development manager: $108,175 [ 4 ]
Consider an online talent management course
If you're interested in taking the next step into a career in talent management, consider taking an online course on Coursera. The Managing Talent course, offered by the University of Michigan, is a popular option for those looking to learn more about this field. The course covers topics such as recruiting, selecting, and developing employees.
Managing Talent
In this course, you will learn best practices for selecting, recruiting, and onboarding talent. You will also learn about the key approaches to measuring ...
(2,231 ratings)
67,102 already enrolled
Average time: 1 month(s)
Learn at your own pace
Skills you'll build:
Onboarding, Talent Management, Coaching, Recruitment
Article sources
Glassdoor. “ How much does a talent acquisition manager make? , https://www.glassdoor.com/Salaries/us-talent-acquisition-manager-salary-SRCH_IL.0,2_IN1_KO3,29.htm.” Accessed November 27, 2022.
Glassdoor. “ How much does a talent development manager make? , https://www.glassdoor.com/Salaries/us-talent-development-manager-salary-SRCH_IL.0,2_IN1_KO3,29.htm.” Accessed November 27, 2022.
Glassdoor. “ How much does a talent management consultant make? , https://www.glassdoor.com/Salaries/us-talent-management-consultant-salary-SRCH_IL.0,2_IN1_KO3,31.htm.” Accessed November 27, 2022.
Glassdoor. “ How much does an organizational development manager make? , https://www.glassdoor.com/Salaries/us-organizational-development-manager-salary-SRCH_IL.0,2_IN1_KO3,37.htm.” Accessed November 27, 2022.
This content has been made available for informational purposes only. Learners are advised to conduct additional research to ensure that courses and other credentials pursued meet their personal, professional, and financial goals.
Unlock unlimited opportunities with Coursera Plus for RUB 1
- For a limited time—enjoy your first month of Coursera Plus for only RUB 1 and gain the skills you need to take the next step in your career.
- Get unlimited access to 7,000+ courses from world-class universities and companies like Yale, Google, Salesforce, and more!
- Join 77% of learners who reported career benefits including new jobs, promotions, and expanded skill sets.
Coursera Footer
Learn something new.
- Learn a Language
- Learn Accounting
- Learn Coding
- Learn Copywriting
- Learn Public Relations
- Boulder MS Data Science
- Illinois iMBA
- Illinois MS Computer Science
- UMich MS in Applied Data Science
Popular Career Paths Articles
- Business Analyst Career Guide
- Data Analyst Career Guide
- Data Engineer Career Guide
- Data Scientist Career Guide
- Product Designer Career Guide
- Project Manager Career Guide
- Scrum Master Career Guide
- Social Media Manager Career Guide
- UX Designer Career Guide
- UX Researcher Career Guide
Popular Resume & Cover Letter Articles
- A Guide for When to Add GPA on Resumes
- Check Out These Resume Length Guidelines
- Crafting an Impressive Project Manager Cover Letter
- Examples of Successful UX Designer Resumes
- How To Add a Resume to LinkedIn
- How to Craft a Resume With No Experience
- How to Show Management Skills on Your Resume
- Learn How Long Your Cover Letter Should Be
- Learn How to Include Certifications on a Resume
- Write a Standout Data Analyst Cover Letter
Popular Interviewing Articles
- Crafting the Perfect Follow-up Email After an Interview
- Data Analyst Interview Questions
- Data Engineer Interview Questions
- IT Interview Questions
- Marketing Interview Questions
- Project Manager Interview Questions
- Scrum Master Interview Questions
- SQL Interview Questions
- Strengths and Weaknesses Interview Questions
- UX Designer Interview Questions
- What We Offer
- Coursera Plus
- Professional Certificates
- MasterTrack® Certificates
- For Enterprise
- For Government
- Become a Partner
- Coronavirus Response
- Free Courses
- All Courses
- Beta Testers
- Translators
- Teaching Center
- Accessibility
- Modern Slavery Statement
- Educational Resources
- Business Solutions Articles
Human Resources
What Is Talent Management? Model, Strategy & Tips for 2020
Talent management empowers businesses to attract, develop and retain a workforce tuned to achieve business success. Here’s how to excel.
Finding the right workforce—and then keeping them—is an ongoing challenge for most businesses. There are many reasons why.
Some are demographic: Millennial and Gen Z workers tend to be more mobile than older employees. In fact, the average tenure of a worker in the 25-to-34 age group is just three years, according to the 2020 HR Systems Survey by consultancy Sierra-Cedar.
Some HR teams face economic challenges: Between the cost of health care and rising salaries for skilled workers, smaller firms may lose out to larger competitors with deeper pockets and more clout in the benefits department. Geography, the “cool” factor of your company or industry, inefficient recruiting, poor workforce planning—there are a number of gotchas that may trip up talent management teams.
And when you do successfully hire your dream workforce, you have to retain them. Fortunately, there are top talent management strategies and a model for success to help any-size business find the right people—employees, temps, interns and contractors—and develop them for future success.
What Is Talent?
The answer is unique to each company. A manufacturer might define its talent as a few key employees with specialized skills, such as the know-how to keep complex machinery running. An auto dealership might value salespeople with that certain something that enables them to connect with customers. Other firms might use the term to refer to the entire labor force.
Whatever the definition, companies that take a process-oriented, data-driven approach to their workforces throughout the employee lifecycle are more apt to derive value from their people investments.
What Is Talent Management?
Talent management is the process by which a company assembles the optimal workforce for its business needs and continually assesses the motivations, and addresses the needs of its people so that they not only stay, but remain engaged, productive and keen to advance within the organization.
For instance, many HR teams now use the term “early talent” in place of “entry level” to denote a focus on identifying, refining and perfecting skills.
The Society for Human Resources Management (SHRM) says formal talent management programs are designed to attract, develop, retain and deploy employees with the necessary skills and aptitude to meet a specific business’ current and future needs.
Broadly speaking, this process includes:
- Attracting people who are a good fit for the company culture and possess the skills required to succeed in the role.
- Developing the skills of those workers through continued education and training, as well as deploying employees in such a way as to ensure their skills are best utilized to advance business goals.
- Retaining high performers through not only compensation and total rewards packages, but by understanding what motivates them so that they become more deeply engaged in their jobs.
A successful talent management practice aligns individual employees’ goals with the goals of the business and identifies and develops people with leadership and technical potential, thus enabling succession and workforce planning.
Key Takeaways
- Talent management involves attracting, developing and retaining employees with the necessary skills and aptitude to meet a business’ current and future needs.
- Half the battle is finding the right candidates. When recruiters lack the data to define expectations and attract qualified applicants, the result is often expensive voluntary turnover.
- While the process falls under the human resources domain, responsibility for talent management success extends across recruiting, front-line departmental managers and executive leadership.
- Talent management experts help identify the individual motivators that encourage high performers to stay with the company.
Why Is Talent Management Important?
Any manager who’s made a bad hire and must deal with terminating a worker and starting from scratch knows how costly in time, money and productivity that process is.
And the costs of poor talent management extend far beyond fixing mistakes. Research from McKinsey & Co. shows what HR pros know instinctively: There is a straight-line relationship between talent management and organizational performance. Firms with effective talent management practices stand a good chance of outperforming competitors. For publicly owned companies, McKinsey finds they are likelier to outpace their peers in terms of shareholder returns.
It isn’t hard to understand why. Talent management helps bring in candidates with the right attitudes, skills and experience, who mesh from the get-go with the organization’s vision and culture.
Talent management strategies then ensure that these people have the tools and support to grow in their careers and the guidance to align job performance goals with business objectives. And, with deeper engagement, people stay and grow in their roles providing long-term value to the business. They may even help shape the culture of the company outside their job roles in tangible ways—by mentoring colleagues, serving as brand ambassadors and actively referring great candidates like themselves.
What Does a Talent Management Team Do?
While talent management is primarily a human resources function, the team doesn’t sit in one business domain. A typical large-company talent management team will operate under a VP- or director-level leader tasked with balancing support for the employee experience with customer priorities, business goals and financial realities.
On the HR side, the team will include specialists in workforce planning, recruiting and acquisition, onboarding, succession planning, performance management, talent development, and employee engagement and training.
A representative from finance will weigh in on budgetary realities; some firms will have human capital management (HCM) specialists with feet in both specialties. Finance teams will often help collect and analyze data on workforce metrics.
On the IT team, an HRIS analyst may put the information systems in place to help all stakeholders understand their workforce in ways that help them improve talent management processes and practices.
Business leaders from all departments weigh in on their talent needs and provide customer insights. Some companies may even bring in marketing to help develop materials to attract top candidates.
Some team-building best practices: Include someone who understands and can communicate the company culture. Survey employees who represent various demographics to learn what might attract, for example, Gen Z workers. Ensure that departmental leaders buy into the concept that employees should have the ability to apply for open positions to move up or even laterally within the company without fear of reprisals.
Talent Management vs. HR
Top HR Evaluation Priorities
Source: Deloitte Talent Edge 2020 Survey
A talent management lead reports to the chief human resources officer, and the function sits within HR. Talent management software falls within the HCM category. The terms “HCM” and “HRMS” (human resource management system) are often used synonymously to describe the technology, practices and processes HR professionals use to record, manage and analyze a workforce. If differences are to be had, HCM tends to lean more toward the strategic nature of quantifying a workforce into business value to help non-HR leaders make important decisions about the current employee base.
But talent management is only one part of the HCM function—and it isn’t solely the responsibility of human resources. To define how talent management is different from HR, it helps to think of it in the context of a full HCM software suite.
- Service delivery functions include an HR help desk and employee and manager self-service.
- Workforce management functions include time clocks, time-off and absence management and scheduling.
- Human resources management system functionality collects and stores personnel information, payroll and benefits data. HRMS software is invaluable in centralizing this information for analysis.
- Talent management functions include recruiting, onboarding, career planning, performance, training, compensation and succession.
Talent Management vs. Talent Acquisition
Talent acquisition is an intrinsic part of talent management—after all, if you can’t acquire the right people, there’s no one to manage.
Most of the legwork around talent acquisition falls to the recruiting team, working closely with departmental hiring managers and other stakeholders. Recruiting is the process of attracting via ads or actively searching for the right person for a role, vetting applicants and handing the best candidates off to begin the formal interview process. Additionally, you can create an attractive referral program for workers who refer candidates to recruiters to fill jobs faster and help manage talent.
Talent Management Strategies
While talent management starts with hiring the right people, the strategic goal extends to keeping them, and keeping them productive.
McKinsey’s research shows that the best talent managers move people to the most strategic projects as the need arises; the HR function ensures a positive experience across the employee lifecycle. All stakeholders work to ensure that the workforce aligns with the business’s goals.
When it comes to talent management priorities, performance management, developing leaders and retaining experienced talent rank high. World-class organizations take a strategic approach here, Deloitte Talent Edge research shows. They have retention plans, they align talent priorities with business strategy, they have KPIs in place to measure program effectiveness, they focus on generational issues as well as increasing diversity and inclusion and they leverage technology to enable it all.
Talent Management Challenges
A key facet of talent management is developing employees to fill future roles; that ties into a workforce planning function. Retention and the company’s financial outlook are linked. But PWC’s June 2020 Pulse Survey shows that fewer than half of CFOs feel very confident that their companies can build skills for the future.
One twist is the precipitous move to remote work driven by the pandemic. For many companies, culture and morale have been the tradeoff for flexibility. Nearly two-thirds of organizations surveyed by SHRM say that maintaining employee morale has been a challenge. A full one-third are struggling to maintain company culture while managing employees who can’t telework and shifting communications to meet the needs of remote workers.
Still, many talent management challenges are perennial.
In a global survey of 334 senior executives and talent managers at large companies across a range of major industries, Deloitte found the most pressing talent concerns: Competing for talent globally, developing leaders and succession planning and retaining employees at all levels of the organization. When it comes to where respondents are concerned about talent shortages, R&D, executive leadership and sales were the most pronounced.
And, given a complex business environment and the pending retirement of Baby Boomers, succession planning has shifted into sharp focus.
Talent Management Process
Talent management is a continuous process: Evaluate the company’s workforce needs. Attract and hire the right people to advance the company’s strategy. Manage the workforce so people stay engaged and productive. Rinse and repeat.
HR, leadership and technology industry analyst Josh Bersin defines the talent management process as the integrated steps for recruiting, training, managing, supporting and compensating the people who create value through their work and enable the organization to meet its business goal.
Bersin recommends that companies use a specific process that includes:
Planning your talent strategy, taking into account numerous factors to anticipate labor needs, such voluntary turnover rate, workforce demographics and succession planning, business priorities and budget. A workforce planning strategy involves identifying the skills needed now and pending changes in the organization’s structure, the strengths of the current staff and what it takes to nurture good performers for future roles.
Selecting and hiring the right person involves careful coordination among recruiting, human resources, finance and the business function to develop attractive rewards packages. Once an offer is extended and accepted, onboarding (typically an HR function) and training (a business function) begin.
Developing the people you hire begins at onboarding, includes immediate, job-specific training, goal setting and performance reviews and extends to developing competencies that advance individuals in a way that’s aligned with business objectives.
Retaining and engaging employees is about more than compensation. Companies need to encourage managers to give employees feedback that their work is forwarding business goals—a great way to boost morale. Compensation should be tied to performance and aligned with business success.
Transitioning involves proactive succession planning and leadership development. Promising leaders are identified, shuttled into management tracks and given the development opportunities necessary to progress and meet the needs of the organization long-term.
Talent Management Model
Research firm Hudson Research & Consulting recommends a four-step talent management cycle, also illustrated:
Acquire: Brand your company and recruit so you find the right people, then onboard them effectively.
Deploy: Make sure they have the right training to meet business needs, and continually track performance.
Develop: Identify talent and help future leaders progress within the organization. Foster an inclusive and positive culture. Incorporate workforce planning.
Assess: Continually map employee growth to succession plans, and use analytics to assess how well talent management strategies are achieving business goals.
Examples of Talent Management
Let’s take a look at a simple talent management process. An early-talent candidate, Chris, answers a job ad for a laborer role in an excavating and paving business, Pave the Way. The candidate is hired, onboarded and trained in the necessary job skills needed to carry out the immediate role.
Once Chris is on the job, his manager, Ann, observes that he is a hard worker and conscientious about being on time and customer service. Ann regularly communicates with Chris about his performance and career goals. She learns he’d like to move up to an equipment operator role.
This position requires a CDL license, so Ann enrolls Chris in a program in which the company pays for the CDL licensing process for promising workers. Once Chris completes that, he earns a compensation increase and health benefits.
Over the next year, he excels in his new role and earns the respect of his team. His manager intends to retire in the next year and starts development training for Chris to take over her role. His compensation is increased again as he takes on the additional training and development. When Ann retires, there is no interruption in the business process, and service quality remains high.
At a business with hundreds of employees, this talent management process can become incredibly challenging when completed manually. This is where software kicks in to automate many of these steps—as well as to make sure the organization is tracking to its own goals for key performance areas such as retention and promotions from within.
When considering HR software, ensure that training and development content can be linked to employee milestones, and that performance reviews are not conducted in a vacuum but linked to business and financial KPIs. Talent management software should also allow HR and direct managers to easily track all of this information.
Finally, talent management and employee engagement are closely linked. Look for capabilities that help managers find out what motivates employees and makes them feel more connected to their work, an important factor in retention.
Simplify HR and Payroll
7 Steps of Talent Management Processes
Talent management, at its core, is about finding and keeping the best people to achieve business goals. There are steps every company—whether a 20-person paving firm or an enterprise with 2,000 employees—can take to make sure employees start out on the right foot and become more deeply engaged as they progress.
- Ensure recruiters have the right information to identify candidates who are a good fit for both the organization and the role. Voluntary turnover is often linked to unclear expectations of the role and an improper fit in the talent sourced to fill it.
- Don’t overlook the importance of the onboarding process. For most employees, this is their first impression of the company’s culture. Don’t leave it to a day-long PowerPoint presentation, after which employees are handed badges and computers and sent on their way. Expand onboarding to help employees immerse themselves in the culture and strategy of the business. Help new employees connect with mentors, design workshops or shadowing days so they can get to know other departments and how their roles relate and, above all, make it extremely easy to get questions answered.
- Make sure managers buy in to talent management. If spending time with new employees, learning about their skills and career goals, is not a priority at the highest levels of the company, it will not be on top of the manager’s agenda, either. Providing space and time for managers to have authentic interactions with employees must be a priority—such that mentorship becomes linked to manager performance and bonus objectives. Conversations cannot occur only at predefined periods around performance reviews.
- Training and development are crucial, but they must be mapped to individual employee goals. The best companies leverage all training to improve the employee and the employee experience—whether the training is mandated companywide by law or unique to the individual’s career progression. Training is an exciting space in which technology can deliver higher competency levels and better business results. Among the training options in use by smart companies are massive open online courses (MOOCs), microlearning and gamification.
- Succession planning is absolutely crucial. People will retire, and people will resign. But many companies don’t plan for either. The Association for Talent Development, a professional trade organization, finds that only 35% of organizations have a formalized succession planning process. The group says mentoring and coaching is the most common way organizations develop succession candidates, but that “stretch assignments” that see whether an employee can achieve beyond expected skill levels are also popular.
- Treat the exit interview as equally important to the onboarding process. Part of talent management is more deeply understanding the reasons for voluntary turnover —and finding ways to fix problems that are addressable. Encourage employees to be honest in the exit interview by asking specific questions about their roles and the barriers and obstacles they faced and assuring them that their responses will be confidential and won’t affect how HR responds to requests to confirm employment.
Future of Talent Management
In a recent survey, Deloitte asked employees what would cause them to seek new employment. The top response was lack of career progress. Asked what an employer could do to get them to stay, financial incentives and job advancement topped the list, followed by flexible work arrangements.
Sierra-Cedar reports that organizations are currently rethinking recruiting, performance management and learning: Recruiting processes, the report says, are shifting to passive candidate tracking, including talent pool management, social outreach and marketing campaigns. Performance management is no longer a once-a-year activity but continuous. And learning technologies need to shift to accommodate personalization trends. The firm finds that 41% of companies plan to increase spending on technology, with close to 60% saying they’ll invest in talent management.
And, given technology advances and increased automation across the business, jobs will continue to change, so upskilling and reskilling the current workforce will be critical. Identifying people with the right competencies is a huge priority—including in the HR department itself. For instance, the SHRM Foundation—with a grant from the Department of Labor’s Apprenticeships: Closing the Skills Gap program—is developing a program to help employers develop the HR talent they need.
Work is changing. Flexibility is a priority in new roles and current ones. Younger employees have different expectations for work and the companies they work for. Remote work is becoming a necessity for many, and companies reluctant to embrace it will be at a disadvantage. Those that are open to hiring in any location widen the available talent pool but also face a host of challenges around keeping employees engaged. The answer is a smart mix of technology, process and attention to data.
Talent Management FAQ
What are the key components of talent management.
Talent management includes recruiting, selecting, onboarding and ongoing training, managing performance, identifying and supporting career-path goals, managing compensation and total rewards and succession planning.
What is the first step of the talent management process?
Successful talent management begins well before you post a position and start collecting resumes. How will you attract people who are a good fit for the company culture and possess the skills required to succeed in the role? That starts with branding your firm as a desirable place to work so you receive quality applicants and extends to thoughtfully mapping desired expertise and attributes to the role. A skills or cultural mismatch is a top contributor to early-hire churn.
Why is talent management important?
Talent management helps ensure the right people are recruited and hired and that they become invested in the company culture, understand business goals, are motivated to perform at their best and bring long-term value to the company.
What is talent management software?
Talent management software helps organizations manage the acquisition, performance, development, rewards and succession of their workforces. These applications, especially when they interface with finance systems, are strategic management tools in helping the organization achieve its business goals.
What Is a Talent Management Dashboard and Why Do You Need One? (Free Template)
Talent analytics has become a crucial business function, and now even small firms have the means to collect, analyze and act on talent data. What’s often missing is an understanding of what to include and how to interpret…
Trending Articles
Learn How NetSuite Can Streamline Your Business
NetSuite has packaged the experience gained from tens of thousands of worldwide deployments over two decades into a set of leading practices that pave a clear path to success and are proven to deliver rapid business value. With NetSuite, you go live in a predictable timeframe — smart, stepped implementations begin with sales and span the entire customer lifecycle, so there’s continuity from sales to services to support.
How is your business adapting to change?
Before you go...
Discover the products that + customers depend on to fuel their growth.
SUBSCRIBE CONTACT US
- Insights >
What Is Talent Management? Definition, Strategy, Processes and Models
Talent management is a strategic and organized approach to attracting, developing, and retaining top talent. A successful talent management strategy aligns employee engagement and growth with organizational results.
A talent management strategy is critical to every business. If your organization was one of the many impacted by the Great Resignation of 2022 (or if you're clued up on how workplace culture affects business profits ), you'll know how important it is. After employees across the U.S. realized how unhappy they were with the state of their workplaces, they went walking — and employers were left scrambling.
“The Great Resignation was a war for talent,” says Matt Bush, principal strategic advisor with Great Place To Work®. “And that talent was renegotiating what they expected from employers.
The bar has been raised. People now expect more equitable treatment, more flexibility, more care for their health and well-being outside of work. And as that norm changed, talent management had to change, too.”
What is talent management?
Talent management is the process of meeting employees’ needs at every stage of their life cycle with the company — not just at recruitment but through retention and their eventual exit from the organization. A successful talent strategy includes:
- Recruitment
- Compensation (pay, perks & benefits)
- Connection and community
- Employee engagement
- Training and development
- Company culture
- Succession planning and exit processes
And while talent management can be slotted into the overarching role of human resources (in some companies, those roles may even be one and the same), it’s also a separate entity that extends beyond the HR department.
“HR focuses a lot on the procedures and policies and paperwork or recruitment — that first step of talent management,” explains Seth Willis, senior culture coach with Great Place To Work. “But it’s really about how are we getting the right people in, and then having them grow at the organization.”
Employee growth can come in many ways, including how we might typically think ( professional development and promotions) and by fostering a sense of pride, purpose and well-being among employees . Talent management is holistic and forward-thinking.
“With talent management, there’s the potential to be more proactive,” says Shaun Aguilera, senior strategic customer success manager with Great Place To Work. “You’re looking at long-term sustainability versus just meeting employees where they’re currently at. How do we not only maintain our best talent but attract and predict what talent we might want to see in our organization in the future?”
Why is talent management important?
The benefits of a successful talent management strategy are a widened applicant pool, increased employee engagement, higher retention, and better employee satisfaction — all of which results in better employer branding .
“Talent management is looking at long-term sustainability versus just meeting employees where they’re currently at”
A July 2022 study of U.S. employees by Great Place To Work found that, across industries, 55% were considering quitting within the next six months. More employees, especially among the millennial and Gen Z demographics, are demanding fairness, diversity and a better sense of purpose in the workplace.
For talent managers, this means finding the right talent to join your organization and identifying what your workplace is missing. Otherwise, any talent you attract may turn around a few months later and walk back out the door.
“The focus for a lot of organizations is, externally, how to attract talent,” says Shaun. “But it’s important to figure out how you can maintain the best talent that you’ve got … Of course, it’s important to put your best foot forward externally, but don’t take the focus off what you could be doing internally.”
Focusing your attention internally has an undoubtedly positive impact on your hiring costs. According to data from the Society for Human Resource Management (SHRM), the average cost per hire was nearly $4,700. But Edie Goldberg, founder of the talent management and development company E.L. Goldberg & Associates, says the figure is closer to four times the position's salary (!).
How talent management has changed
World events like the COVID-19 pandemic and the Black Lives Matter movement of 2020 have overhauled what employees want. And with leaders managing multiple generations in the workplace , employers need to keep pace and meet shifting talent demands.
Here are five talent management trends worth watching:
- Hybrid/remote work — “Since COVID-19, many organizations have shifted to a hybrid or remote model ,” says Eliot Bush, senior manager and culture coach with Great Place To Work. “Employees, particularly employees from marginalized backgrounds, strongly prefer these models because of the increased workplace flexibility , time savings, and geographical freedom. Employers are having to shift their engagement, communication, benefits radically, and overall management strategies.”
- Purpose — “There’s been a shift in priorities for individuals,” says Seth. “Our research found that a connection to purpose and meaning for work is really important for employees.” (In fact, Great Place To Work research has shown that lack of purpose at work is a top predictor of workplace turnover .)
- Power shift — “We’ve got more open jobs than employees,” adds Seth. “Applicants have a lot of leverage and more negotiation power than they had in the past.”
- DEIB initiatives — “There are higher expectations to have more diversity overall,” says Matt. “More diversity in our leadership team, and more transparent and equitable policies around opportunities for fair promotions .”
- Culture of care — “COVID has really pushed people to transform how they think about the concept of caring for their employees,” says Matt. “What perks and benefits are people looking for? Do they seek more flexibility? Are unlimited PTO, sick leave, or childcare stipends more attractive now?”
How to create a talent management program
It’s easy to lump talent management in with your recruiting program and think that suffices. But that would be limiting to your organization. Talent management isn’t just about finding and hiring the right talent, it’s about keeping that talent engaged through their entire company journey.
Here’s how to develop a talent management strategy that hits all the right notes:
1. Assess your employee experience
“The first thing is a baseline for you to measure against, so you can create your goals,” says Seth. “What’s the strategy? Where are we starting? Where do we want to go? What’s the timeframe? What are the KPIs?”
Conduct an HR analysis and gather information on how your employees are experiencing your company culture right now. And don’t skim the surface — use robust employee surveys that break down results so you can understand cause and effect.
“Take time to listen to employees,” adds Seth. “Not just in a survey, but with something qualitative, whether it be totally open-ended surveys or focus groups or one-on-one interviews, and in a way that creates a sense of psychological safety.”
2. Ensure your EVP aligns with company values
Your employee value proposition (EVP), or what you are offering to employees, must align with your organization’s values. For example, if one of your values is growth and learning, ensure your EVP includes training or mentoring programs.
Target , which ranked first on the 2022 PEOPLE Companies That Care® List, demonstrates its commitment to learning via its Dream to Be program, which provides debt-free education assistance.
Tea Darden, who has been a loyal Target employee for 20 years, enrolled in the program after starting as a cashier as a teenager. She’s now studying business management and organizational leadership, which feeds into her role today as executive team leader at Target’s Lake Street store in Minneapolis.
“Leaders saw the potential there and helped me go through the motions,” Tea told the audience at Great Place To Work’s 2022 For All™ Summit. “From a team member, to a specialist, to a team leader and now to an executive team leader, it’s been an awesome journey at Target. Having these different leaders really care and dig deep and say, ‘You can do this.’”
3. Keep reviewing and adjusting
Good talent management is not a case of set it and forget it. Continue to assess what’s working and what isn’t via workforce analytics. Adjust your policies and programs accordingly.
“Look beyond what’s currently happening, because it’s always evolving,” says Shaun. “Make your predictions and invest in those predictions because if you’re ahead of the game, you will be ahead of your competitors. Look at market conditions. Look at what people are saying and predict what they might want in the future.”
4. Communicate as you change
Make sure you continually connect any changes back to the why: Why is this important to the company mission? Why is this new policy important to employees? Communicate changes to your organization with the “why” front and center.
The more you can tie the changes back to a positive long-term outcome for both individual employees and the company's prosperity, the better.
The 8 principles of talent management
A successful talent management process depends on these eight principles:
1. Fairness and equity
This doesn’t just apply to compensation, but to all aspects of the employee experience: recognition, development opportunities, promotions, etc. Employees must understand where they are within the team and organization, and what they need to do to progress.
“When talent thinks that things aren’t fair, find out why,” says Matt. “Conduct audits on compensation, make sure things are fair across gender, across race, across tenure. There needs to be trust that you’re treated fairly. And if you’re not, we need to know why so we can do better. If people don’t feel that, they’re more likely to leave.”
2. Strong people managers
Strong people managers are the lifeline for any organization.
“I like to think about it like a plumber,” says Seth. “Your executives are the water heater. And all your people managers are the pipes throughout the house. If your heater doesn’t work, you get cold water. But if your heater works, but your pipes are broken, it doesn’t matter how hot the water gets if it can’t come out the spout.”
3. Innovation by all
Employees need to have the chance to contribute new ideas and not feel like decisions are being made for them, or that things are only happening to them.
“Even if those ideas can’t be implemented, the fact that you were asked and communicated as to why they can or shouldn’t be implemented is a huge piece of talent management,” says Seth.
4. Culture and purpose
“What makes your organization your organization?” says Seth. “What’s your unique selling point? What keeps people at your company and differentiates you from all the other people in your industry and vertical?”
5. Openness and acceptance
If your workplace doesn’t accept people as they are — whether that’s disabled, queer, Latinx, a non-native English speaker, or any other identifier — your talent management is dead in the water.
“Oftentimes, what prevents people from coming in the door is they say, ‘I don’t see where I fit in here. I don’t see anyone who looks like me, behaves like me. Can I really be myself?’” says Matt. “Maybe they’ll pretend for the paycheck for a while, but that’s not sustainable to pretend to be someone else.”
6. Measurement
“Start with data,” says Eliot. “You need to understand what is and isn’t working with how you’re currently managing your talent — because even if you don’t have a formal talent management program, you are doing talent management if you have employees. You need a comparison point so that after you’ve implemented your new programs, you can measure their impact.”
However, don’t get caught up in “fixing” the low scores — successful talent management isn’t just about repairing what a workplace is getting wrong, but also leaning into what it’s getting right.
7. Personalization
“Make sure your talent management is as personalized as possible,” says Seth. “Everybody’s different. What they bring to the table is going to be different. How do you get the most out of each individual?”
This doesn’t just apply to the programs, but to your measurements as well. Top-level scores can give you a guideline, but they don’t show the full picture.
“Instead of just sharing the high-level overall score, take a specific experience, maybe even a specific group within your organization,” says Shaun. “One group might be experiencing a completely different experience than another group.”
“This is not a one-person job,” says Matt. “This is not something where you can say, ‘You’re in charge of all of talent, call me if you need something.’ Talent management needs resources. They need teams. They need buy-in on company culture from the business .”
Your talent management today impacts your company’s tomorrow
Whether you’re in a hiring blitz or a hiring freeze, how you manage your talent will affect the success of your organization. Not only does proper talent management help you find the right talent in the first place, but it also helps ensure that talent stays with you for the long haul.
“It’s not just strategy for how to bring them in, it’s also how to keep them happy and empower their growth,” says Matt. “Only focusing on pure recruiting strategy is always short-sighted. It matters when they come through those doors, how they’re treated and what they experience.”
Manage your talent with data and deep insights
Manage your workforce with Great Place To Work Certification™. Understand your workforce, improve your employee experience and earn Great Place To Work Certification as a result.
Learn how to create the kind of culture that makes people excited to come to work.
Claire Hastwell
Latest Articles
written by Ted Kitterman
written by Lizelle Festejo Hsu
Get fresh culture insights straight to your inbox!
You can unsubscribe at any time. See our Privacy Policy for more details
SAP SuccessFactors Awarded the IDC SaaS Customer Satisfaction Award for Talent Management
The results are in for the International Data Corporation (IDC) 2022 SaaSPath survey!
The survey ratings recognize the leading software-as-a-service (SaaS) vendors that receive the highest customer satisfaction scores. We are excited to share that SAP SuccessFactors was among the highest scoring group for vendors serving the SaaS talent management application market and SAP has been awarded the 2022 IDC SaaS Customer Satisfaction Award for Talent Management . According to the survey, SAP SuccessFactors received top ratings in every metric , including product innovation, user experience, ease of implementation, and fast time to value.
“This award helps to validate that we are on the right path to supporting our customers in achieving not only their goals, but the needs and requirements of their most valuable assets: their people. Product management is not just about creating a great product. It is about creating great products that meet the needs and exceed the expectations of our customers. Ultimately, they are the ones who determine the success of our efforts,” shares Sam Passman, vice president, Product Management, Talent and Ecosystem Applications.
We are proud to achieve this award for our unified SAP SuccessFactors Talent and Learning solutions that offer solution capabilities to help build the skills needed for the future while empowering individuals to create a career that’s completely their own. SAP SuccessFactors continues to enhance and provide new innovations across talent management and learning to help meet these needs for today’s workforce and for the future. New innovations include, for example, providing visibility into the skills and capabilities of employees for greater talent transparency; giving personalized recommendations for learning activities, mentors, or temporary assignments to encourage employee development; and facilitating continuous coaching between managers and their team members with aligned activities and achievements.
The SaaSPath survey is IDC’s premier benchmarking survey with more than 30 different customer satisfaction results and was completed by 2,400 organizations across the globe by both IT and line-of-business leaders. To ensure the greatest quality in survey data, respondents went through an extensive screening to establish familiarity with the technologies as well as confirmation that they are influencers in their organization’s buying decisions.
With the survey results also comes the opportunity to gain feedback on customer expectations where additional value can be added. On average across all talent management vendors evaluated, customers believe vendors are delivering innovative solutions with strong data security that can be implemented with relative ease. However, customers desire easier integration, more verticalization, and some enhancements around data management capabilities.
Check out the award report and findings .
Rebecca Hamilton is global director of SAP SuccessFactors Solution Marketing.
More in Human Capital Management
SAP SuccessFactors Helps HR Solve Skills Gap with Generative AI
AI Built for Business
SAP and Microsoft Collaborate on Joint Generative AI Offerings to Help Customers Address the Talent Gap
Spectrum Talent Management IPO: Check issue dates, GMP, other key things to know
Spectrum talent management ipo is an sme ipo and a book building issue. the company plans to raise ₹105.14 crore from the public issue of 60.77 lakh shares..
The initial public offering (IPO) of Spectrum Talent Management, a human resource and staffing services provider, will be open for subscription on June 8. Headquartered in Delhi, the company offers services like Payroll, Recruitment, Onboarding, and flexible staffing.
The company is a global staffing company enjoying niche play with many verticals. It also added new lines of businesses and started exporting Mobile Phones of various brands from India to the UAE.
Spectrum Talent Management IPO is an SME IPO and a Book Building Issue. The company plans to raise ₹ 105.14 crore from the public issue of 60.77 lakh shares.
Also Read: IKIO Lighting IPO : Issue oversubscribed on Day 2; NIIs steal the show
Here are 10 key things to know about Spectrum Talent Management IPO:
- Spectrum Talent Management IPO subscription opens on June 9 and closes on June 14.
- The issue size of Spectrum Talent Management IPO is ₹ 105.14 crore. It comprises a fresh issue of 51.85 lakh shares and an offer for sale of 8.92 lakh shares.
- The price band for the issue has been fixed at ₹ 169 to ₹ 173 per share. The face value of shares is ₹ 10 each.
- The lot size is 800 shares. The minimum investment value for retail investors is ₹ 138,400.
- The company has reserved 50% of the IPO size for qualified institutional buyers (QIBs), 15% for non-institutional investors (NII), and the remaining 35% is reserved for retail individual investors (RIIs). The NII reservation includes Market Maker portion of 304,000 equity shares.
- Promoters Sidharth Agarwal and Vidur Gupta will participate in the OFS and sell 4.46 lakh shares each.
Also Read: Sonalis Consumer Products IPO: What does GMP suggest ahead of issue opening?
- The basis of allotment of Spectrum Talent Management IPO shares will be fixed on June 19 and initiation of refunds will take place on June 20, while the shares will be credited to eligible investors’ demat accounts on June 21. The shares of Spectrum Talent Management will be listed on June 22 at NSE SME Emerge.
- Sarthi Capital Advisors is the Book Running Lead Manager to the issue, while the Registrar is Skyline Financials Services.
- The company purposes to utilize the net proceeds from the fresh issue towards funding working capital requirement, acquisitions of businesses in similar or complementary areas, general corporate purposes and offer expenses.
- The promoter shareholding in the company after the IPO will reduce to 73.68% from 100%.
Spectrum Talent Management IPO GMP today
Spectrum Talent Management IPO GMP or grey market premium is ₹ 35 as on June 7, as per IPOWatch website. It means that Spectrum Talent Management shares are trading at a premium of ₹ 35 in the grey market, according to market observers. This is unchanged from the previous day, but is higher than the GMP of ₹ 20 on June 5.
Considering the GMP today and the upper end of the issue price band of ₹ 173, the shares of Spectrum Talent Management can be listed at ₹ 208, giving a return of 20% to the investors.
Read all Market related news here:
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile !
Wait for it…
Log in to our website to save your bookmarks. It'll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
Congratulations!
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
Subscribe to continue
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp
IMAGES
VIDEO
COMMENTS
Article [email protected] In good times, it can be easy to take your company's talent for granted. But do so at your peril—investing in talent management, or the way that your organization attracts, retains, and develops its employees (sometimes referred to as "talent" or "human capital") can give your company an edge.
How does it work? In this article, we'll walk you through everything you need to know about talent management. Advertisement Find Your Next Great Hire Through ZipRecruiter's Online Employment...
Talent management is a constant process that involves attracting and retaining high-quality employees, developing their skills, and continuously motivating them to improve their performance. The primary purpose of talent management is to create a motivated workforce who will stay with your company in the long run.
Why effective talent management matters According to the survey responses, there is a significant relationship between talent management—when done well—and organizational performance. Only 5 percent of respondents say their organizations' talent management has been very effective at improving company performance.
Talent management encompasses all HR processes to attract, develop, motivate, and retain high-performing employees. It is primarily the responsibility of HR professionals to lead talent management efforts and align with organizational goals, culture, and values.
Talent management is the process of recruiting and developing a workforce that is as productive as possible and likely to stay with the organization long term. It involves aligning talent goals with larger business objectives, fulfilling employee expectations, relying on data to make better workforce decisions, and more.
What Is Talent Management? Talent management is about taking a strategic approach to attracting, retaining, and developing a workforce—because running a company requires more than just hiring people who can perform specific tasks.
Talent management is defined as the methodically organized, strategic process of getting the right talent onboard and helping them grow to their optimal capabilities keeping organizational objectives in mind.
What is talent management? It is the integrated process of attracting, developing, motivating and retaining great employees. This includes finding the right talent and giving them the tools they need to succeed and thrive. Talent management ultimately drives performance, allowing your organization to fulfill its mission and achieve its goals.
The answer is, yes. You may not have all the skills right now, but with dedication, perseverance, and passion, anyone can learn to be an outstanding project manager. Based on our experience, we ...
CFG is a talent-management firm for YouTube creators and Instagram stars, focused on diversity and equity, managing influencers from all backgrounds. As senior coordinator, Ivey, 23, works on the ...
Talent management systems may also be referred to as or paired with an applicant tracking system (ATS) in either standalone application or as a suite of products. According to Bersin, talent management may be defined as the implementation of integrated strategies or systems designed to improve processes for recruiting, developing, and retaining ...
What is talent management? "Talent management is the strategic deployment of HR resources to help reach business goals, specifically by hiring, developing and retaining the best employees in the market for a specific industry," says Alex Robinson, HR and hiring manager at Team Building Hero.
Talent management is the system of attracting, hiring, developing, and retaining employees with the required skills and abilities to meet organizational goals and objectives. In other words, it's all about ensuring that your organization has the right people in the right roles at the right time. It differs from talent acquisition in that it ...
Talent management is an HR strategy that aims to develop and retain high-performing employees. Mind the word 'strategy' in the talent management definition above. Talent management is not a one-off effort; it's an ongoing process that puts people first so that they can achieve business goals.
Talent management is essential because it helps identify, assess, and develop the skills and abilities needed to perform a job. By effectively managing talent, your business can ensure it has the right people in the right roles and that employees can reach their full potential. In addition, it provides these benefits:
Talent management is the science of using strategic human resource planning to improve business value and to make it possible for companies and organizations to reach their goals. Everything done to recruit, retain, develop, reward and make people perform forms a part of talent management as well as strategic workforce planning.
Talent management seeks to attract, identify, develop, engage, retain and deploy individuals who are considered particularly valuable to an organisation. To be effective, it needs to align with strategic business objectives.
Talent management is the strategic process of attracting, motivating, developing and retaining high-performing employees. Talent management is an ongoing, strategic process that involves identifying the right talent, bringing them onboard within your company and helping them develop and grow their abilities while simultaneously keeping the ...
Talent management is the process by which a company assembles the optimal workforce for its business needs and continually assesses the motivations, and addresses the needs of its people so that they not only stay, but remain engaged, productive and keen to advance within the organization.
Talent management is the process of meeting employees' needs at every stage of their life cycle with the company — not just at recruitment but through retention and their eventual exit from the organization. A successful talent strategy includes: Recruitment. Compensation (pay, perks & benefits) Onboarding.
What is talent management? Talent management is a process used by companies to optimize how they recruit, train and retain employees. Through human resources processes, such as strategic workforce planning, companies can anticipate their needs and goals and attempt to hire a workforce that reflects those needs.The plans for managing talent may include talent acquisition, local parameters ...
We are excited to share that SAP SuccessFactors was among the highest scoring group for vendors serving the SaaS talent management application market and SAP has been awarded the 2022 IDC SaaS Customer Satisfaction Award for Talent Management. According to the survey, SAP SuccessFactors received top ratings in every metric, including product ...
JSC Mashinostroitelny Zavod. Manufacturing · Russian Federation · 6,177 Employees . Founded in 1980 and headquartered Moscow, Russia, JSC Mashinostroitelny Zavod manufactures FAs (fuel assemblies) for marine fleet reactors, nuclear fuel for research reactors, special containers for nuclear fuel transportation as well as special equipment and tooli ng.
The Situation Context Framework (SCF), an evolution of the Software Development Context Framework (SDCF), defines the contextual factors to consider when selecting and tailoring a situation-dependent way of working (WoW). The SCF is used to provide context for making decisions about how to organize your WoW to be fit-for-purpose.
Find company research, competitor information, contact details & financial data for AVANGARD, OOO of Elektrostal, Moscow region. Get the latest business insights from Dun & Bradstreet.
Legal Services Business Support Services Management, Scientific, and Technical Consulting Services. Printer Friendly View Address: d. 30b pom. 6, ul. Krasnaya Elektrostal, Moscow region, 144000 Russian Federation Revenue: ...
Spectrum Talent Management IPO is an SME IPO and a Book Building Issue. The company plans to raise ₹105.14 crore from the public issue of 60.77 lakh shares.
Approval of the April 17, 2023 Performance, Compensation & Talent Management Committee Meeting Minutes (PDF) Draft Agenda for the September 19, 2023 Performance, Compensation & Talent Management Committee Meeting (PDF) Revisions to the Board's Compensation Policy for Executive and Investment Management Positions.