Talent identification and management is very important for a business in identifying the talent within their business, retaining that talent, and putting that talent to good use. It is important for a business to have a system in place for many different reasons. For one, recognizing that talent will make the employee feel appreciated; therefore that appreciation may retain the employee within the company. No reward is better than letting an employee know they are valuable and that their unique contributions to the company have been recognized.
However, recognizing these special employees for their contributions must take place after ‘identification’ is accomplished. Identification is the primary step in managing a business’s in-house talent pool. Having a system in place to keep track of the individual performance of employees can make the identification process a lot easier. It makes it easier than walking rounds around the workplace all day looking for those who are unique within the business. A simple walk through makes identification almost impossible and too many companies rely on such a method.
What must be done to cultivate that talent?
All leaders within the company must be involved in the talent management process in that they can present ideas regarding how to develop the talent pool within the company. The process starts from the top and works its way down, so a mutual understanding and teamwork is key in identifying and managing that talent. Creating a system in which each leader reports their findings, such as a computer database, can keep everyone on the same page regarding the performance of each individual.
As for the management aspect, once the talent is identified it is good to divide each level of talent up into groups such as employees, lower management, middle management, upper management, those with high potential, and list the other positions within your company. Each employee is already in a category from the start, but at this point place them within the category in which their potential fits from the performance numbers and observations of company leaders. From there, manage this by placing employees within the positions that matches their potential as the positions need filling.
Effective talent identification and management can make an employee feel wanted and place them where they really belong in the company as those positions need filled. This can result in less turnover, more satisfied employees, better work efficiency, and increased profitability because important positions are filled with the right talent.