- Posted by Vidcruiter
- On November 23, 2012
- 0 Comments
- applicant hiring system, applicant recruiting system, recruiting platform, recruiting technology
Talent management is not just a new term but a new way of doing things in HR. It is a hybrid HR management thinking that not only focuses on the effective utilization of people in organizations but also on increasing profits – especially on increasing profits. Talent management covers effective hiring processes, placement, training and development, even retention. It is simply maximizing the association between people and profits. So how can talent management specifically impact profitability?
Talent management and the “profit picture”
Talent management can only work if the organization and its leaders let HR see the whole picture of the who, where, how, and when of increasing profits. HR must be able to identify profit generating business units, key profit driving positions, and profit generating talent. If this information is made available, effective talent management can be executed through employing hiring best practices, better pooling of applicants for key positions, and even developing the right people through the provision of learning opportunities inside and outside the organization. Top caliber talent can be maximized and business units are empowered to reach profit targets fast and easy. Talent management starts from effective hiring. It believes that profitability can be derived from careful human capitalization.
Talent management and targeted hiring
Targeted hiring is a good way to strengthen the organization and weaken the competition. Knowing about profitable units, positions, and people give HR the ability to spot talent from the competition and get them on-board, place them into key functions, and drive profits up in one sweep. This does not only add high performers to the organization, it also disrupts the business of competitors propelling profit increase into new heights. Targeted hiring is not just limited to “pirating” people from competitors it is also exploring other related industries that has high caliber talents that could draw in new profit making knowledge to the organization. Targeted hiring is a strategic and specialized HR undertaking that is more fitted to talent management interventions. Talent management also embraces recruiting best practices like profit motivated sourcing and hiring.
Talent management and profit-driven training and development
Training and development are often across the board learning programs that is more about compliance than profit driving interventions. In today’s tough business environment, intentional training programs are a must. There is nothing nobler than training programs that is specifically designed to drive profits up. Talent management and its holistic approach to HR functions can easily identify this link and act on it. These learning activities can start as early as orientation sessions and the induction of people to their functions. They can be swiftly introduced to the idea of profits and how they can contribute to it regardless of their positions. Ideally there must be a 10% increase of generated profits right after these trainings giving the organization a good lead in rallying their workforce towards tangible increase in profits.
Effective talent management enables the HR to complement the major success drivers of the organization and this of course includes sales-up initiatives. In business this is what matters most.
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