Effective talent management is an important key to long-term business success and development. Therefore the CEO always pay close attention to talent management strategies and plans.

So why is talent management always getting the CEO’s attention? What is the CEO’s role in corporate talent management? Let’s answer these questions with Ms. Uptalent through the following article!

CONTENTS:
1- What is talent management?
2- Why should talent management be taken over by the CEO?
3- What is the CEO’s difficulty in managing talent?
4- What is the CEO’s role in talent management?

>>> Find out more: CEO jobs

1- What is talent management?

Talent management is part of a company’s HR strategy. The main objective of this activity is to create a quality workforce and motivate them to stay in the company for a long time.

The talent management process includes many different tasks such as attracting and retaining talent, developing their skills, and constantly motivating them to improve their job performance.

In general, talent management is a combination of a series of business processes that must be performed synchronously and unified to ensure business success.

However, you can only manage talent successfully when you properly realize its importance and invest time and effort in changing old views related to talent management and human resources in business. .

2- Why should talent management be taken over by the CEO?

Effective talent management can help CEOs maximize the value of talented employees. From there, companies will get better work results and achieve certain success in production and business.

Here are some reasons why CEOs should care about talent management:

2.1- Talent management helps companies improve their performance at work

By effectively managing talent, companies will achieve important talent allocation goals and leverage their real-world experiences to build a strategic team.

With real talent in its human resources team, companies can certainly achieve any goal, both short and long term.

2.2- Talent management helps companies maintain a competitive position

A good talent management strategy will help companies recruit talented people and can continue to develop their capabilities to perfection.

Thanks to the talented team, the company will develop, grow rapidly and have the best preparation to face risks and market fluctuations in order to maintain its position.

2.3- Promote innovation in the company

Today, the ability to apply technology to work is of great value to companies in all fields and industries.

Meanwhile, the talented staff are always pioneers in learning and applying modern technology to the work process. As a result, they can effectively solve existing problems in the business and come up with appropriate improvement ideas to help businesses innovate comprehensively.

2.4- Create teams of people able to work more efficiently

Adopting the right talent management strategy gives companies the foundation they need to build much more productive teams.

This indeed has much more useful value than having only a few individuals with exceptional creativity and skill in the business.

2.5- Good talent management helps retain good employees

Talent management activities often include developing appropriate compensation and benefits policies and creating development opportunities for talented employees.

Thanks to this, employees will feel recognized, respected and have opportunities for advancement. Therefore, they will expect to stay with the company for a long time.

2.6- Helping companies build their recruiting brand

The right talent management strategy will help companies gradually build a strong recruiting brand. From there, companies can attract many quality employees to apply for jobs in the future.

2.7- Promote the development of talented staff

Talent management is an effective tool to inspire and motivate employees. As a result, employees have a more progressive spirit as well as efforts to develop to be more perfect.

3- What is the CEO’s difficulty in managing talent?

Talent management is not an easy process to do. In fact, the CEO will have to face many different difficulties and challenges to be able to achieve the set talent management goals.

3.1- Talent shortage

Human resources are often very abundant, but the number of talents is always insufficient. Indeed, the CEO does not have an appropriate recruitment and staffing strategy.

In addition, the talent shortage is also due to the delay in the recruitment process. This is a very difficult fact to avoid because the HR department always needs some time to collect recruitment needs as well as to find and hire the right staff.

Another fact is that companies have not yet defined basic criteria to help assess the knowledge, skills and work capacity of candidates. At the same time, the training and evaluation of staff is still very basic, without a solid foundation, which makes it more difficult to recruit and develop talent.

3.2- Difficult to meet talent compensation and well-being needs

Remuneration and social protection policies are very useful in attracting and retaining talent. However, many CEOs still struggle to shape and develop these policies.

On the other hand, the CEO also faces difficulties because the salary and bonus analysis, evaluation and calculation system has many errors and is not reasonable, so the good employees are not satisfied. .

3.3- High staff turnover rate

Inappropriate compensation, no opportunity for advancement, career advancement easily leads to an increase in employee turnover rate in the company. This is very common in small businesses.

If old employees constantly ask for time off and new employees are constantly recruited, the company will face a very worrying problem.

First of all, recruiting is time consuming and expensive. Then there is an additional cost for training new staff.

The most worrying thing is that the company’s image will be damaged if the above problem persists for a long time. If this problem occurs in the long term, the company will bear the loss of revenue and business profit.

3.4- Difficulty maintaining harmony in the relationship between talent and the company

The question of maintaining a harmonious relationship between companies and talents is strongly influenced by corporate culture. If the company has a strong corporate culture, the CEO won’t have too much trouble with that.

Additionally, CEOs face many challenges in understanding the needs and aspirations of talent. Consequently, they encounter certain difficulties in building solidarity between employees.

4- What is the CEO’s role in talent management?

The talent management process requires the synchronization and unification of a series of related activities. Throughout this process, the role of the CEO is very important.

So what is the CEO’s role in talent management success?

For the talent management process to succeed as intended, the CEO will need to fulfill the following important roles:

4.1- Talent management planning

You will only get the best results from doing anything if you have a clear and specific plan. The same goes for talent management.

It is the responsibility of the CEO to establish a talent management plan that aligns with the overall business goals of the company.

From there, they can help companies find the right talent for job requirements and accurately assess each person’s ability to assign tasks accurately and efficiently.

4.2- Attracting talent

Once a specific talent management plan is in place, the CEO will need to decide which talent criteria must be met and find ways to attract them to join the company’s staff.

To be successful in attracting talent, CEOs must have the proper direction and guidance to identify reputable recruiting sources. Only then can they ensure that companies can access and exploit the most potential employees.

>>> Most Interested: The CEO’s Role in Enterprise Risk Management

4.3- Set up a talent assessment and testing system

The CEO should set specific goals and requirements and direct relevant departments to develop a testing system and talent assessment process.

Some assessment methods you may consider are developing written tests, group discussion situations, interviewing candidates, psychological tests, personality, and conducting in-depth assessments of relevant information in Mandarin.

4.4- Talent development

The best way to help retain and engage companies with talent is to create opportunities for them to grow.

The CEO will need to provide the necessary guidance and direct the development of onboarding programs to help new employees integrate quickly into the job, and then create opportunities to improve employees’ knowledge and skills through refresher courses. training, coaching and consulting for them.

4.5- Retain talents for a long time

The ability to retain talent is a decisive factor for the success and sustainable development of a company in the future.

In order to effectively retain talent, the CEO must ensure that they establish a promotion roadmap, a salary increase policy, increase training and development opportunities, and ensure fair and equitable rewards for deserved recognition.

I hope the above sharing from Ms. Uptalent has helped you understand what is the role of CEO in talent management. At the same time, you also understand the importance of talent management for CEOs as well as the challenges they face while implementing this business.

Please continue to follow Uptalent for more up-to-date career insights and other useful HR management resources. Good luck!

HR Channels – Headhunter – Premium Recruitment Service