Talent Management & HRM
What is talent management?
Talent
management is a constant process that involves attracting and retaining
high-quality employees, developing their skills, and continuously motivating
them to improve their performance. There
must be a talent management strategy in place designed just for the
organization to gain optimal results.
(valamis.com, 2023)
As per Prarthana Ghosh, “talent management is defined as the
methodically organized, strategic process of getting the right talent onboard and helping them
grow to their optimal capabilities keeping organizational objectives in mind”.
(Ghosh, P. 2021)
Why is talent management important?
Businesses that take the time to develop
their employees and keep them engaged tend to be innovative and profitable.
Conversely, those that are unable to source or retain talent generally have
poor customer satisfaction and limited growth potential.
(adp.com, 2023)
It allows
companies to stay competitive
By hiring and developing talented employees, your organization
becomes stronger and better prepared to face changes and risks.
It drives
innovation
New technologies are always growing all around the world,
whatever your industry. Talented employees are able to find ways to harness the
capabilities of new tools and solve problems or come up with productive ideas.
It helps
form productive teams
The appropriate talent management strategy will allow the organization
to form a more productive team. This is far more useful than just having a
bunch of creative and talented people in your organization.
It leads to
strong employer branding
Talent management brands your company as an employer. This helps
you to attract the best candidates for future hires.
It
motivates others to grow
Having
inspiring talent on your team will motivate other employees and help them grow.
(valamis.com, 2023)
It minimizes disruptions
Unexpected departures cause gaps in coverage, but with a
talent pipeline, it’s possible to fill open positions quickly and keep
operations running smoothy.
(adp.com, 2023)
What is a talent management framework?
A talent management framework is the
blueprint for how an organization will execute its talent strategy. It
typically includes recruitment, hiring, engagement, development, performance
management, recognition, and succession planning.
(adp.com, 2023)
The talent management model
I am currently working for a software development company, where all the employees are "working from home". My staffs are working at multiple global locations as consultants, like Aramco and Aircraft, Ship engine maintenance popular companies. These clients are brought in and retained past many years by a team which is really expert in the field and very good personalities. These talents are highly paid. We have a department called talent acquisition department, they really focus on the best in the market and recruits by paying very good salary. One of my friends is working in a similar type of company, which is encouraging "work from home" concept and they go through multiple hassles with the employees. They don't perform well or work for multiple organizations during office hours and the marketing team doesn't have much capacity to bring best clients. It clearly shows that identifying talents in the market and paying them accordingly is crucial part for sustainable competitive advantage.
References
adp.com, (2023).
What is talent management? [online]. Available from https://www.adp.com/resources/articles-and-insights/articles/w/what-is-talent-management.aspx.
[Accessed on 11 August 2023].
Ghosh, P. (2021). What is Talent
Management? Definition, Strategy, Process and Models. [online]. Available
from https://www.spiceworks.com/hr/talent-management/articles/what-is-talent-management/.
[Accessed on 11 August 2023].
valamis.com, (2023). Talent Management. [online]. Available from https://www.valamis.com/hub/talent-management. [Accessed on 11 August 2023].
Talent management is a developed method of managing human resources and this scope covers an employee's cycle from recruitment to the resignation. A company having effective talent management practices is highly potential to improve performance and competitive advantage in the industry.
ReplyDeleteTalent management enables companies to attract, develop and maintain a workforce prepared to succeed. Uncovering the right workforce and retaining them is an ongoing challenge for many enterprises and this blog post discusses talent management thoroughly.
ReplyDeleteAs I understand it, the main job of talent management is to control the recruiting process, therefore if talent management is successful, most employees will be promoted internally, lowering the company's costs.
ReplyDeleteIt is important that HR professionals take the lead in helping to create and integrate talent management initiatives within their organizations because these initiatives are extended to all employees.
ReplyDeleteAn effective talent management strategy builds an organisation's talent pool so that the organisation's competitive advantage in its industry is maintained over time. Therefore, it is an important part of Human Resource Management (HRM).
ReplyDelete