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| https://arcoro.com/blog/5-current-trends-in-talent-management-were-seeing-in-2019/ |
Overview of modern talent management
An introduction to talent management has been discussed in previous articles, and the traditional approaches to talent management have been challenged due to changing project models due to competitive market behaviour, new technical methods entering the market, and the thoughts and needs of modern employees.
In addition, despite the fact that many occupations have suffered permanent changes as a result of COVID 19, the fundamental goals of talent management remain the same. Culture, tools, and innovation are necessary for effective talent management. In this article, I hope to discuss some new principles of modern talent management.
According to Holiday, M. (2023), there are several trends in modern talent management. Let's discuss some of them.
01.Talent analysis by utilising technology
Software for human capital management (HCM) can increase efficiency for small organisations by logging, compiling, and reporting data. It has capabilities including new recruit requisition approvals, automation of time-off requests, budgeting and planning, linkages to application tracking systems, tracking of all employees' records globally, onboarding workflows, real-time data access, built-in dashboard, and reporting.
02.Education, training, and reskilling of employees
According to Holiday, M. (2023) by 2030, technologies such as automation and AI will transform only one-third of the world's billion jobs. Can reduce hiring costs and improve productivity by training and retraining. Businesses use training and retraining to keep up with new technologies.
03.Diversity, equity and inclusion(DEI)
According to the Mckinsey Company's article (2022), many organisations striving to support many groups of people, including those of different races, ethnicities, religions, abilities, genders, and sexual orientations, share the principles of diversity, equity, and inclusion, which are three concepts that are strongly related to one another. DEI is a tactical and financial advantage for firms, and it's quickly gaining importance among candidates for jobs. According to statistics from McKinsey, diversified organisations were 33% more likely to outperform their rivals. Start by improving your communication. Get a sense of how your business is doing, put DEI metrics in place for hiring and retaining staff, and work to diversify your candidate pool. Send surveys to employees, form employee resource groups, and host town halls to discuss the issue.
04.Performance will be driven by empathy
It is crucial to know that empathy and performance are not mutually exclusive after the pandemic. Empathy motivates individuals, and people motivate businesses. Every job now involves some level of uncertainty and worry, and HR directors will turn to empathy as one of the most important remedies. The epidemic provided opportunities for people managers to learn more about a worker's personal and professional life and, as a result, move in that direction. It is not unexpected to see that empathy ranked first as the most important motivator of total work performance in some leadership skills research.
05.Experience of the Workforce
The interactions and observations workers have while working for a company make up the employee experience. In essence, it describes how a worker feels about their employer. It begins with the initial point of contact throughout the recruitment process, continues through onboarding, and concludes with offboarding and exit interviews. It covers everything, from interpersonal interactions to actual locations and business culture. HCM software may considerably assist you in enhancing the employee experience through activities including outlining career pathways, enhancing onboarding, requesting employee input, and monitoring surveys and reviews. Employee engagement goes beyond the experience and examines how you may collaborate with staff to match their objectives with desired company results.
06.Promote wellbeing
According to the CIPD 2022 survey report, half of organisations (51%) take a strategic approach to employee wellbeing. These firms are much more likely to list numerous successful outcomes of their work, both at the individual and organisational levels. Well-being and health The majority of initiatives make some attempt to promote values or principles, group or social interactions, good work (for instance, job design or work-life balance), and physical health, but they most frequently focus on mental health because it is the primary reason for long-term absences. The most ignored aspect is still financial well-being. The extent to which firms offer specialist wellness services for particular employee categories (like carers) or challenges (such as grief, suicide risk and prevention, chronic health conditions, or excellent sleep hygiene) varies widely. Only a small percentage of them make provisions for things like men's and women's health.
07.Directing a remote workforce
When employees don't come into a physical office, remote work occurs. They continue to work regular hours, but from home. Many businesses rejected the idea of enabling employees to work from home for a long time. Employers wanted to keep their personnel in the office, probably out of concern that they would be completing errands, watching TV, or doing laundry while they were there. Business owners and managers also anticipated that productivity would collapse and collaboration would become obsolete. But nowadays, maintaining and motivating employees who work remotely presents new challenges. Additionally, some employers assert that it is harder to create and preserve a company culture. Your plans for how to manage a workforce where some employees work remotely and some cannot, such as file sharing, communication tools, and time management software, can benefit from new collaboration tools and methods. Being flexible can benefit both firms and employees. Redesigning personnel management techniques should begin with attracting the best candidates and providing recruiters with the tools they need to screen them. Think about how to modify your performance management, training, and remote onboarding programmes. HCM software is more important than ever since it helps with each of these activities, making it simpler to track and report, giving employees access to a user-friendly interface, and enabling them to operate more productively from remote locations.
08.Greater hiring integration will increase HR's flexibility and agility
Executive leadership, human resources, hiring managers, and training are just a few examples of departments that frequently work separately from one another. Common objectives are needed to break down these barriers. Understanding what you want to achieve as a firm will help you make decisions based on insightful data. Real-time analytics and dashboards provided by HCM software can assist you in evaluating success and making adjustments in response to changing conditions. By locating the issues, remedies can be developed for problems like high staff turnover or sluggish new recruit training.
Summary
References
Holiday, M. (2023) 15 Top talent management trends for 2023. (online) USA: Oracle netsuite. Available at https://www.netsuite.com/portal/resource/articles/human-resources/talent-management-trends.shtml (Accessed 12th April 2023).
Talent management is essential to build a stable workforce for any business or organization. It looks into the development of the individuals, team or organization as a whole. With new job opportunities coming up, developing staff potential within the company is essential for business profitability and sustainability.
ReplyDeleteHi Kaun! I agreed with your point. The pandemic and how HR professionals are responding to the new work paradigms it has generated have had an influence on modern talent management trends. To make sure that you fully comprehend what this implies and how to compete for talent that is becoming more and more difficult to find, keep the talent you currently have and make sure that employees are motivated and have clear career paths inside your company.
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