Talent Relationship Management in Companies
Personnel agree: in the face of the pronounced lack of specialists and managers, it is increasingly important to reinforce staff loyalty to the company. It turns out that finding new employees can be difficult: it takes time, costs money and in some areas, the job market has been swept clean of certain professional profiles. In this situation, Talent Relationship Management can offer solutions.This is what IUBH-professor Dr. Nicole Richter is working on.
The goal of Talent Relationship Management is to retain staff who are particularly good and highly motivated. It is not about the “watering can principle” that treats everyone the same; rather, it is about targeted training and education of a few. Talents, in the corporate context, are employees who are highly motivated and disciplined, as well as enthusiastic about the work they do. They have an above average potential to improve their skills and to be even more efficient in the future. The importance of retaining exactly such employees and thus making full use of their potential is obvious.
Expand horizons, open perspectives and strengthen networks
Within the framework of Talent Relationship Management, talented employees are identified and a potential analysis is used to identify which training courses and further education programmes would best enhance their further development. Experienced executives in the company offer individual coaching and mentoring, and opportunities to work on cross-divisional projects allow the talented employee to expand their personal horizons and improve their leadership and social skills. This integrated relationship management approach gives talented employees higher visibility within the company, exposes them to tangible prospects, and strengthen their loyalty to the company through internal networks. In the area of marketing, for example, one could involve a talented staff member in a cross-functional international project in order to strengthen his/her international and cross-functional networks and competences. Through individual coaching, the employee can get support to deal with specific challenges of the project work. Depending on future positions and responsibilities, an assignment to work abroad for several years might be useful.
Challenges for midsize companies
However, the Talent Relationship Management approach can only be effective if resources and responsibilities are clearly allocated, communications are professionally organised and structured and executives are closely involved. It is also important to have a continuous monitoring of business performance in order to present the benefits of Talent Relationship Management, also to executives, with key measurable figures.
Most large companies already successfully use professional Talent Relationship Management approaches. It is much more difficult for midsize companies to realise such extensive programmes due to their limited resources. It is important for researchers to look for a practical solution to this challenge.
You can find more about this topic here: Richter, N.: Talent Relationship Management, in: WISU, Heft 8-9, 2017, S. 926-930.