As more businesses realize that the talents and skills of their employees are the core of the company's success, they're paying increased attention to human capital management. The concept is also known as talent management, and refers to the process of attracting and retaining talented workers.

Today's professionals are looking for more than a paycheck; they're also seeking a company that values their individuality, encourages them to grow as an individual and as an employee, and offers unique incentives and benefits. If you want to attract, and keep, the most skilled employees out there, your talent management policy needs to address all of these issues.

Some talent management solutions include:

1. Creating a comprehensive talent management system that emphasizes personal and professional development
2. Attracting the most qualified applicants, and those who will be the best fit for the company
3. Offering competitive salaries
4. Providing opportunities for training and development
5. Giving promotions, raises, incentives and opportunities for transition and transfer
   

Action Steps
The best contacts and resources to help you get it done

Consult with talent management groups

Many consulting firms specialize in creating a talent-driven company, and these talent management agencies can help you create new talent management systems or streamline your existing processes. Many talent management companies will also assess your current methods, so you can learn what you're already doing right, and how you can improve.

I recommend: Accenture offers specialized workforce performance management by industry, for everything from aerospace to the travel industry. The Rainmaker Group offers customized talent management solutions for attracting, retaining and helping employees grow.

Simplify the process with talent management software

Maybe you don't need a complete overhaul of your talent management system, just a way to make it easier to administer. Talent management software integrates with your existing processes, and gives your HR department more time to interact directly with employees.

I recommend: StepStone Solutions offers software for nearly every aspect of human capital management, including attracting and screening employees, compensation, performance management, career succession and planning, and skills and competency management. SuccessFactors offers employee performance management software for small and mid-size businesses, for enterprise-level businesses, and for large corporations.

Find information on talent management at online human resource publications

Several human resource websites and publications offer free advice and tools you can use to enhance your talent management system.

I recommend: Download free talent management tools at HR World, or sign up for free talent management newsletters from Talent Management magazine.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Your talent management system should benefit both the company and the employees, and the best way to do that may be to simply ask them what they need. Organize formal or informal discussion groups, or send out a survey, and ask your employees what kinds of opportunities and incentives would encourage them to stay with your company.