HR talent management: what is it and why is it important

HR talent management (Human talent management) is considered a necessary variable to achieve success in the business world by increasing the economic value of organizations. Human talent’s attraction, retention, training and development are relevant to boost competitiveness.

In a changing business world immersed in a technological revolution altering work paradigms, it is more necessary than ever for you to know what HR talent management is and why it is so important.

What is HR talent management?

Human talent management (HTM) is the set of necessary policies and practices developed by the Human Resources (HR) area to capture and manage the talent of the members of an organization.  

Some techniques of GTH are applied directly to people -such as training or specific retributions- and others are used indirectly through the positions they occupy or through global or particular programs.

Among the objectives pursued by HR talent management, we highlight:

• Greater involvement in talent protection policies by company managers.
• The specialization of those in charge of talent management.
• The development of specific tools to improve business management in its entirety.
• The application of new technologies to provide reliable, objective, complete and secure information.
• A significant dedication to training and education as a formula for investment in human capital.

For talent management policies to be successful, you must pay attention to the competencies of your teams and the employee experience.

What is competency-based human talent?

To process talent management, companies seek, on the one hand, to match people with different jobs and, on the other, to link people according to their competencies or KSAs – Knowledge, Skills and Abilities – in addition to considering their motivations.

The HTM by competencies seeks to detect the capabilities required to develop a specific activity by enhancing employees’ knowledge, skills and abilities in the best conditions.

Why is talent management important in companies?

Human capital and talent management

The importance of HR talent management lies in its influence on the strategic direction of organizations at different levels and globally. If stimulated, it will increase the performance of employees and their commitment to the company.

The crucial value provided by the protection, specialization and development of human capital has a positive impact on the organisation’s value, as well as on the improvement of its image as an employer, not only retaining talent but also attracting new talent. 

HR talent management in companies is a process of continuous improvement focused on results that also offers a series of strategic advantages:

• Specialization of teams through skills development and talent management strategies.
• Reduced staff turnover.
• Improved work environment.
• Productivity enhancement and management processes.
• Strengthening of interpersonal relationships.
• Support for wellness program policies.

In order to implement these improvements, it is necessary to design a tailor-made talent management system that respects the business strategy and addresses the employees’ career development.

Human talent management system

The human talent management system places the person at the center of the company as an essential asset. In this way, the employee actively participates in the process by expressing their needs and the goals they would like to achieve. 

Thus, the human talent management system is developed from a technical and social perspective. 

The technical means must allocate the necessary personnel to develop talent management policies. For its part, the organization’s social policy must promote the learning and development of the required conditions for talent management in line with the labour market requirements.

This method is based on the following six aspects:

1. Intake: talent recruitment.
2. Application: team orientation, performance appraisals.
3. Compensation system: salary, benefits, incentives.
4. Development and training: training programs, training and experiences to improve the employee’s skills and abilities.
5. People maintenance: hygiene, safety and quality of life, in addition to taking care of employee interaction. 
6. People monitoring: supervision of activities, performance, attitudes, etc.

To be effective, it must be constantly updated and supervised using control criteria such as those discussed in the following section.

Human talent management indicators

Monitoring talent management can be done by HR professionals thanks to key performance indicators (KPIs), which must be specific, measurable, achievable and relevant to contribute to your project’s success.

Some of the KPIs that can help you are:

1. Staff turnover rate.
2. Talent retention rate (attract and retain).
3. Absenteeism levels.
4. Training period.
5. Average time to achieve objectives.
6. Time to fill vacancies and talent acquisition.

Thanks to the monitoring of the methods HR department puts in place for managing human talent in your company, you will know the level of satisfaction and commitment of your employees and the points of improvement by motivating your teams with appropriate resources.

At Smowltech, we have developed a series of flexible and efficient proctoring products that adapt to all your company’s supervision needs. 

Do not hesitate to request a free demo so we can explain all the possibilities offered to you when it comes to boosting your talent management.