What is talent management, really?

Recruitment, hiring and retention strategies need to change with the times.

“Talent management” is a key buzzword in credit union land today, but do we truly understand what talent management means to our credit unions? Is it retaining the best employees? Is it finding the best potential employees? Is it effectively hiring the best employees? The answer to all of these questions is a resounding “yes.” The trouble is, we may be thinking about what defines the “best employees” in an outdated way. We may be thinking solely about banking or retail experience when we navigate these waters. We need to add to our wish list “employees who think outside of the traditional financial services box and help us change.”

How will you recruit and hire employees who break out of the traditional mold? Do you, like many credit unions, place ads asking for banking or financial services experience? Are you looking for applicants who are very technical or applicants who have people skills? I’ve always believed that you can teach the basics of financial services in most areas, but you can’t teach personality.

Also, does recruiting start when you have an open position or is it part of your strategic initiatives to build your bench of talent for the future? Asking your high performers to help recruit can be effective. In most cases, talented people are interacting with other talented people. Leverage them to bring in potential employees to start creating a deeper file for future talent.

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