Importance of Talent Management for organizations

 What is Talent Management?

                                   
                                                    Figure 1: Talent Management

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).

                                           

                                                                 Video 1: Talent Management(GreggU, 2016)

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Objectives of Talent Management.

1) Performance Improvement.

The goal of the talent management process is to improve employees' present performance and prepare them for advancement to the next level. It presents them with challenges, allows them to demonstrate their abilities, and allows them to contribute significantly to the company's success (Saraswat, Anannya, 2019).

2) Making Correct Decisions.

A good talent management approach helps in making important decisions about employee hiring and advancement based on his contribution to the company's success. The organization now has a clear view of all of its employees' performance and can plan future business development strategies based on the current scenario (Saraswat, Anannya, 2019).

3) Attracting top talent.

Recruiting the best and brightest individuals allows building an employer brand that attracts the best talent resulting in greater business performance and results (Saraswat, Anannya, 2019).


What includes the talent management process?

I. Planning

It involves deciding the human resource needs, determining the skills required of the perfect candidate, creating an exceptional job description, and offering a comprehensive workforce recruitment strategy (kissflow, 2020).

II. Attracting talent

It is necessary to determine whether to hire internally or elsewhere to replace the vacant position. It's ideal to fill the position internally if there are currently individuals in organization who are qualified for the role. Internal hiring not only saves money and time for the organization, but also enhances employee morale and helps to retain talent. If it is not possible to find any eligible internal applicants with the needed abilities, employers should go outside and find fresh individuals to start the onboarding process (kissflow, 2020).

III. Selecting

Depending on the type of position and the number of individuals who applied, the selection process may involve numerous stages. Shortlisting resumes, written tests, and face-to-face interviews may all be part of the process. After that, the final shortlisted candidate will enter the negotiation round, where he or she will negotiate his or her expected compensation and benefits (kissflow, 2020).

IV. Developing

As the chosen applicant enters the organization and begins working, his or her abilities must be enhanced in accordance with the job responsibilities. It usually begins with an onboarding program in which new workers become familiar with the company's work culture (kissflow, 2020).

V. Retaining

Employee retention methods, such as awards, increments, promotions, and offering growth opportunities for employees (kissflow, 2020).

VI. Transitioning

The final step in the talent management process is transitioning, which involves people leaving the organization and being replaced by newer employees. This includes performing exit interviews and determining who will replace them (kissflow, 2020).

Conclusion

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.


References


GreggU, 2016. GreggU. [Online]
Available at: https://www.youtube.com/watch?v=R7MYMVTQ_rg
[Accessed 1 May 2022].

kissflow, 2020. kissflow. [Online]
Available at: https://kissflow.com/hr/talent-management/talent-management-guide/
[Accessed 1 May 2022].

Saraswat, Anannya, 2019. feedough. [Online]
Available at: https://www.feedough.com/talent-management-definition-importance/
[Accessed 30 April 2022].

valamis, 2021. valamis. [Online]
Available at: https://www.valamis.com/hub/talent-management
[Accessed 30 April 2022].

Comments

  1. Chamila Thilakaratne (LMU, ESOFT MBA Batch #24)May 1, 2022 at 12:02 AM

    As you mentioned, Employee recruitment, training and development, performance reviews, and compensation are all goals of talent management in an organization.you have well described.well done

    ReplyDelete
  2. Lakshitha MBA 2022 FEBMay 1, 2022 at 2:10 AM

    The purpose of the talent management process is to improve employees' current performance while also preparing them for growth. You clearly address the Talent Management Objectives.

    ReplyDelete
  3. Uditha ArawpolaMay 1, 2022 at 2:44 AM

    As you have indicated, talent management is critical in educating and growing personnel to a higher level within the organization. This will encourage employees to contribute more and prevent staff turnover. Excellent article. Best wishes!

    ReplyDelete
  4. Venushka BandaranayakeMay 1, 2022 at 9:25 AM

    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.

    ReplyDelete
  5. ZamanMay 1, 2022 at 5:54 PM

    Talent management and its objectives are well explained. Its important to manage the entire HR process from recruiting to retention while providing necessary platforms for employees to grow and develop. Good article Gayan!

    ReplyDelete
  6. Niluke SirimannaMay 4, 2022 at 1:02 AM

    Managers do have a huge role and obligation in the recruitment process, as well as the continued development and retention of exceptional personnel.  In a talent management system, every member of the business, especially managers are responsible for attracting and retaining talented personnel. good one

    ReplyDelete
  7. Amjad AboobakarMay 6, 2022 at 1:03 PM

    Talent management, this can have competitive edge over the rivals. Great work.

    ReplyDelete

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