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The Human Resources Institute of New Zealand

Human Resources Institute of New Zealand (HRINZ) is the professional body for those involved in Human Resource Management and the development of people.

HRINZ represents the interests of 3,400+ individual members who make up around 45% of the known New Zealand HR market. Read More

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Talent Managment

What is Talent Management?

The definition of talent management is misunderstood. Too many organisations limit their talent management focus to ‘high potential candidates’ when in fact the definition of talent includes the entire organisation’s human capital.

Talent management should be used as a business strategy. Establish a business case; align systems, communication and talent pools with the business objectives. Address the factors an organisation can control, how it attracts and recruits new talent, how it develops that talent, how it builds a performance focused workforce, engages people at all levels and provides opportunities for learning and advancement. Educating business leaders in a framework they understand. The Balanced Business Scorecard is well accepted by organisations worldwide, where it communicates and translates a strategy, such as a talent management strategy, into an actionable set of objectives and measures and how the strategy is viable for all areas of the company, including financial, process, customer and workforce.

Establishing a quality HR team is critical. HR practitioners need to have the capability and focus to achieve bottom line business outcomes as well as the ability to connect with business leaders. HRs today need to strive to become well rounded management advisers, who have a strong knowledge of all company functions. Creating an all encompassing talent management platform, including accurate and objective talent selection, rapid on-boarding and core skills training, management and leadership capability development, effective performance management, retention and succession planning. By applying a systematic framework which evaluates employee attributes at any stage in their career, organisations can build a real time snapshot of the overall capability of its workforce and tailor business and HR strategies accordingly by aligning the organisation with best practice external partners in areas where you need support.

Having well designed talent management applications, and supporting policies and processes, are only as effective as their application across the organisation, to levels deemed to be appropriate, or right practice, for each unique organisation. When examining how to improve talent management within an organisation, organisations should first consider their internal capabilities – who has what skills, knowledge and experience in an area. There may be a need for externally benchmarked best practice to enable your organisation to maintain its competitive edge. If a decision has been made to seek external assistance, locate the experts in this particular field, assess their capability, accessibility and flexibility.

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Disclaimer: This information has been written for and submitted to HRINZ for publication and has been published in good faith for the general information of HRINZ Members of the Institute. HRINZ accepts no legal responsibility for the contents of the Knowledge Base and appropriate professional advice and assistance should be sought in particular cases.

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