Talent Management

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Introduction

Talent management has become a vital aspect of an organization as recruiting and retaining high-quality employees is a very difficult one. Once the recruitment takes place, developing their skills through identified training programs is a must to improve their performance. Therefore, organizations need to have a strong process of recruiting & retaining talented people as they make the organization profitable.

 

What is Talent?

“Talent can be defined as a set of unique abilities inherited by individuals” (NOTES LEARNING, 2022). Different types of talents, such as leadership, creativity, time management, decision-making, communication, and persuasion, can be found in a single person. It takes effort and proper practice for a talent to become a long-lasting ability, but it also depends on the individual's capacity and capability.

 

What is talent management?

“Talent management is the systematic attraction, identification, development, engagement, retention and development of those who are of particular value to an organization. This may be through their potential or because they fulfil critical roles” (CIPD, 2021).


Why is talent management important?

Organizations require talented individuals, and in order to acquire talented employees, they must implement a proper talent management strategy, which determines how well the business functions and achieves its ultimate objectives or goals. Staff that is engaged performs well and, if given the opportunity, can work to their talents. It will have a direct impact on the company’s financial performance, but it will be costly if an organization hires inefficient staff without first choosing the right candidate. Talent management helps in the formation of a talent pool, which consists of a list of talented individuals. (Valamis, 2021)

 

Talent Management Model

The HR initiatives listed below should be aligned with one another in order to maintain a proper talent management strategy in an organization. (Momtazian, 2021)

§  Planning

§  Attracting

§  Developing

§  Retaining

§  Transitioning

 

Figure 01: Talent management model. Source (Momtazian, 2021)

The planning process should be in line with the organization's strategies and objectives. To recruit staff, marketing and having a well-known brand are essential. Required trainings to develop skills should be provided by the organization, and these should be evaluated through performance appraisals. Organizations require talented and motivated employees, and it is the responsibility of not only HR, but also each and every department inside the organization to retain talented employees by offering attractive benefits.

 

Who is responsible for talent management?

Despite the fact that talent management is one of the HR department's primary concerns, every leader in the organization has a responsibility to identify, develop, and coach the talents of their employees as they're the ones who work with them. HR can assist with talent acquisition, retention, and development. HR is responsible for investing in or having a strong talent management plan in the organization. (Heathfield, 2021)

 

Consequences of failure of talent management (NOTES LEARNING, 2022)

Ø  Increase in employee dissatisfaction and turnover.


Ø  Decline in productivity for organization and employees.

Ø  Decrease in work efficiency and resources are wasted

Ø  Demotivated work environment talent gap.

Ø  Bad company reputation due to employee turnover and work-culture ethics arising as a result of talent mismatching.

Ø  Lack of cooperation and coordination both inside and outside the company

 

Benefits of talent management

One of the most important management roles in every organization is talent management. It boosts individual and group productivity while keeping staff motivated. It is necessary to have a knowledgeable and professional HR team in order to identify and recruit talented individuals.

The benefits of talent management for an organization are listed below. (CIPD, 2021)

ü  Creating meaningful work & growth opportunities for staff

ü  Building a high-performance workplace

ü  Contributing to inclusion & diversity

ü  Encouraging continuous learning

ü  Adding value to the employee value proposition

ü  Accessing people analytics for better business decision making

ü  Increasing productivity

 

Conclusion

It's understandable that every organization's leaders have a role to play in identifying the right people and building a strong talent pool. This could include acquiring new talent as well as developing and keeping existing talent. The talented group of employees will help the organization succeed by increasing productivity.

 

References

CIPD, 2021. CIPD. [Online]
Available at: https://www.cipd.co.uk/knowledge/strategy/resourcing/talent-factsheet#gref
[Accessed 21 April 2022].

Heathfield, S. M., 2021. Why Talent Management Is an Important Business Strategy to Develop. [Online]
Available at: https://www.thebalancecareers.com/what-is-talent-management-really-1919221
[Accessed 26 April 2022].

MindTools, 2022. MindTools. [Online]
Available at: https://www.mindtools.com/pages/article/newTMM_59.htm
[Accessed 21 April 2022].

Momtazian, M., 2021. EXPERT360. [Online]
Available at: https://expert360.com/articles/talent-management-important
[Accessed 21 April 2022].

NOTES LEARNING, 2022. TALENT MANAGEMENT : DEFINITION, TYPES AND IMPORTANCE. [Online]
Available at: https://noteslearning.com/talent-management/
[Accessed 26 April 2022].

Valamis, 2021. Talent Management. [Online]
Available at: https://www.valamis.com/hub/talent-management
[Accessed 26 April 200].

 

 

 

Comments

  1. Uditha Arawpola27 April 2022 at 10:48

    Businesses may recruit the smartest and brightest employees by implementing a thorough people management program. It will have a direct impact on the organization's business performance and outcomes. In this essay, you have clearly explained how to handle talent management. I wish you the best.

    ReplyDelete
  2. Vajira Rajapakse 2 May 2022 at 19:45

    You are described here properly importance of Talent management & it helps employees engaged, skilled, and motivated are allowing them to work in the direction of the organization business goals.All the best..

    ReplyDelete
  3. Venushka Bandaranayake2 May 2022 at 19:46

    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
  4. Zaman3 May 2022 at 06:59

    Managing the talent in an organization is critical as described above. You have clearly explained the importance, TM model, consequence of bad TM and the benefits. Well written article. All the best !

    ReplyDelete
  5. Dilini MBA4 May 2022 at 06:30

    As 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

    ReplyDelete
  6. Tharindu L Bandara4 May 2022 at 08:37

    Hi, Hiring high quality employees is a must for an organization. It has a profound effect on the growth of the organization. Finding such good and right employees is not an easy task. Therefore, talent management is an essential part of an organization. You have well explained how to do it right. All the best!

    ReplyDelete
  7. ShashithaMBA245 May 2022 at 00:53

    Talent management is the important process for organization development and success.you have clearly explained that all importants well.good luck

    ReplyDelete
  8. Amila Perera5 May 2022 at 11:49

    Talent 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 importance and models of talent management. Well written article. All the best.

    ReplyDelete
  9. Dharshana HR MBA5 May 2022 at 20:18

    Talent management is an important function of human resources. Thank you for making this material available.

    ReplyDelete
  10. AparnaMBA20228 May 2022 at 09:12

    You explained the talent management well.it's very important for an organization.TM will helps to improve the organization's performance and it will be success.good luck!

    ReplyDelete
  11. Jaliya Rajaguru8 May 2022 at 10:25

    The purpose of talent management is to improve productivity. Its goal is to improve employee performance by motivating, engaging, and retaining people. This is why talent management is so crucial.

    ReplyDelete

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