What is Talent management?
Talent management is a process of anticipating the need
for human capital and then setting out a plan to achieve the same. The process
starts from identifying high potential individuals who are valued to
organizations. Then develop them to deliver future expectation of the
organization whist engaging them in the process to retain in
organization (Momtazian, 2020).
Attracting and maintaining
high-quality employees, expanding their abilities, and consistently motivating
them to enhance their performance are all part of talent management (valamis,
2021).
Importance of talent management to an organization
The best tool for winning the battle for talent is talent
management.
The term "war for talent" describes the battle
that HR professionals experience in firms while trying to fill many available
positions with a small number of high-quality candidates. As a result, hiring
has become an expensive and time-consuming process.
A solid talent management plan is required to attract and
retain top performers in the organization. Otherwise, the organization will
lose its most valuable staff.
If the firm has a comprehensive talent management process
in place, it will assist individuals in progressing to higher positions within
the organization, as well as reduce unnecessary costs associated with high
employee turnover and the expense of acquiring and training new employees
(Brooks, 2019).
Talent management process model
Source: (Jason,L, 2018)
According to the above model, the talent management process will have six parts, Planning, attracting, selecting, developing, retaining, and transferring are the steps involved. There will be unique management requirements at each stage of the talent management process to guarantee that talent is handled effectively.
- Planning stage:
This is a crucial stage in the talent management process
since it is here that the initial talent identification and understanding of
the current and future talent gap will be examined in depth to manage future
talent demands. The major management duties in the planning stage are the
identification of human capital for strategic fit, the compilation of job
descriptions, and the preparation of a workforce strategy for recruitment
activities.
- Attracting stage:
At the attracting stage, more and more talent pools will
be targeted to go through the selection process to determine the strategic
match. The attraction stage is where the vacancy is communicated, as well as
the sources used to create the job advertisement and the signing of contracts
with third-party headhunting companies.
- Selecting stage:
When it comes to the selection stage, it will be built to
handle all the screening and recruitment to find the best candidates.
- Developing stage:
After the hiring process is completed, the next phase is
talent development, which includes initial onboarding as well as experiential
learning and development programs to help the team progress.
- Retaining stage:
Retaining talent is critical because developed talent should be carefully cared for to keep the top talent. Promotions and the acquisition of new skills. Increments and recognition for new tasks and leadership abilities are important components of this.
- Transitioning
stage:
This is where employment transformation takes place.
Managing retirement benefits while managing the exit through constructive
feedback and exit interviews to identify gaps is critical when retiring or
leaving the organization.
Responsibility of Talent Management
Both the employee and the
organization benefited from talent management. Employees can improve their talents
to attain their career goals while also providing the finest service to the
organization to achieve their business objectives. Every firm should set a
higher priority and devote more resources to developing stronger talent
management strategies.
The responsibility starts with Human resource department. But Directors, all department heads and senior managements should be on board with the talent management process to achieve ultimate goals of the organization. However, depending on the size of the business there can different designations, committees, or units to overlook the talent management process (Brooks, 2019).
References
Brooks, A., 2019. Rasmussen University. [Online]
Available at: https://www.rasmussen.edu/degrees/business/blog/what-is-talent-management/
[Accessed 02 May 2022].
Jason,L, 2018. Talent Management Cycle. [Online]
Available at:https://businessjargons.com/talent-management.html
[Accessed May 02,2022].
Momtazian, M., 2020. Expert 360. [Online]
Available at: https://expert360.com/resources/articles/talent-management-important
[Accessed 02 May 2022].
Saraswat, Anannya, 2019. feedough. [Online]
Available at: https://www.feedough.com/talent-management-definition-importance/
[Accessed 02 May 2022].
valamis, 2021. valamis. [Online]
Available at: https://www.valamis.com/hub/talent-management
[Accessed 02 May 2022].
Employees are more engaged, skilled, and motivated when they are part of a talent management program, which allows them to work toward the company's business goals, increasing customer satisfaction, and business performance. Good Luck.
ReplyDeleteThank you for your feedback Venushka.
DeleteTalent management enables employees to feel engaged, qualified, motivated and work towards the company's business goals, thereby improving customer satisfaction and business performance. All above facts clearly described in this blog.
ReplyDeleteThank you Chathura
DeleteIt is the responsibility of the organization to identify the proper people and develop a strong team of skilled employees by offering suitable training. Employees that are knowledgeable and competent will create a high-performing workplace, which will have a direct impact on the company's financial performance. good article
ReplyDeleteYes exactly, Thank you Niluke
DeleteAs discussed, talent management enables to keep staff motivated and engaged. It will also help to develop skills of employees. This in turn will increase productivity levels. Good article Anuradha.
ReplyDeleteTalent management helps employees feel engaged, skilled, and motivated, allowing them to work in the direction of the company's business goals, which in turn, increases client satisfaction and business performance. Good blog
ReplyDeleteThank you Amila
DeleteIt is the organization's obligation to identify the right people and establish a strong team of skilled employees by providing appropriate training. Knowledgeable and competent employees generate a high-performing workplace, which has a direct impact on the company's financial performance. excellent article
ReplyDeleteYes ,of course Achala. Thanks for the feedback.
DeleteYou have clearly explained and elaborated the importance of managing the talent pool in any organization. It helps to effectively recruit, manage, develop and retain the human capital to achieve the organizational goals. All the Best !
ReplyDeleteYes,I agree with your comments. Thank you Zaman
DeleteEmployees that are engaged, skilled, and motivated are better able to work toward the company's business goals, which improves client happiness and performance. All the best
ReplyDeleteThank you Nishantha for your valuable feedback.
DeleteUltimately, talent management consultants exist so that organizations can more effectively address their goals and business needs to improve business performance in the long run. A talent management plan will enable your business strategy through your people.
ReplyDeleteexcellent article.
Thank you Suranga for your feedback.
DeleteYou have clearly stated and commented on the importance of managing a company's talent pool. It aids in the proper recruitment, management, development, and retention of human resources in order to meet corporate objectives. Good job
ReplyDeleteThank you Suresh
DeleteTalent management involves in attracting , identifying , developing, engaging , retaining and deploying individuals” who are considered particularly valuable to an organization or the skills of an individual towards an organizational goals. You have nicely define what is a talent and importance of talent management. Well written article. All the best.
ReplyDeleteThis comment has been removed by the author.
DeleteThank you for your valuable feedback Amila
ReplyDelete