Talent Management: How Should It Be Done?

In recent years, labour force participation has been steadily declining, particularly in countries with ageing populations. Similarly, the balance between supply and demand for skilled labour is observed to be increasingly out of kilter. If this imbalance continues at its current rate in EU countries, it is projected that by 2020, global demand for skilled workers will not be met and sufficient job opportunities will not be created for low-skilled workers. In Turkey, however, alongside the need to support the labour force participation of young people and women, the gap between employers’ skill expectations and, in particular, the preparedness of recent graduates is one of the key factors shaping labour market dynamics.

Furthermore, empirical studies have established that one of the primary factors determining a company’s value stems from the difference created by its talented employees, rather than merely the company’s tangible assets.

Another factor that makes all these dynamics even more complex is the change in employee profiles and expectations that has taken place over the years. Employees expect to feel that they are creating added value, to be able to realise their personal potential, to work in a happy working environment, to enjoy their work and to have their efforts recognised; and their sense of belonging to their companies is now weaker and more fragile. In this sense, talent has become a more valuable asset than ever before, and in studies conducted on a global scale, selecting, developing and retaining the right talent has become the top priority for company CEOs.

So, what principles should you bear in mind when establishing your talent management processes?

• – Talent management is regarded as a fundamental responsibility of all managers and is taken into account as a criterion in performance appraisals.
• – Talent management activities are designed at the start of the year as part of the strategic business plan; the necessary resources are allocated and implementation is monitored.
• – The talent management approach is addressed within an integrated framework encompassing all human resources processes.
• – The necessary promotional activities are carried out to attract the most suitable talent from outside the organisation.
• – Performance criteria designed to measure each employee’s success in their role are shared transparently. Clear, transparent and regular feedback is provided regarding individual performance.
• – The individual development needs of all employees being prepared for key future roles are identified and monitored in accordance with a plan.
• – Reward mechanisms are implemented to recognise individual and team achievements, as well as appropriate behaviour within the organisation.
• – The company takes the necessary measures to ensure that the employees it is preparing for the future have a competitive salary and benefits package compared to other companies.

Emine Ebru Arslan