The talent management model
In the planning phase, your organization engages in aggressive planning - 1) assesses existing talent and what’s working or not working for you 2) identifies skill gaps 3) aligns hiring plans to business goals.
In this phase, your organization strives to attract the right talent with the right skills and experience. These efforts are usually two dimensional - one, understanding who you want to hire, two, crafting the right messaging or story to attract them.
The development phase allows you to create an atmosphere where your employees can thrive within the organization. This can mean adding skills and certifications to their profile, moving them to more appropriate roles, planning out their career within the organization, giving them time-worthy challenges to solve and finding new ways to keep their spirits high at work.
A study by SHRM suggests that the cost of replacing an employee is about 6-9 months salary on average. After you have invested hours and years in an employee, why let them go for nothing? One of the top goals of talent management is to retain valuable talent by giving them meaningful work, the right roles or teams, competitive compensation and benefits and, opportunities to learn and grow.
In this phase, you focus on helping your employees progress in the organization. Your objective is to retain their expertise within the organization while also providing them a place to keep growing, This can be achieved through various means such as internal promotions, team changes, role changes, location changes, etc. More importantly, if the best employees leave the organization, you need to identify why and make course corrections.