For last few years the term Talent Management is getting much attention in the world of corporate business. Today we will know what’s Talent Management is and why it’s so important .
Talent management is the integrated process of ensuring that an organization has a continuous supply of highly productive individuals in the right job, at the right time. Rather than a one-time event, talent management is a continuous process that plans talent needs, builds an image to attract the very best, ensures that new hires are immediately productive, helps to retain the very best, and facilitates the continuous movement of talent to where it can have the most impact within the organization.
The goal of the talent management process is to increase overall workforce productivity through the improved attraction, retention, and utilization of talent. The talent management strategy is superior not just because it focuses on productivity, but also because it is forward-looking and proactive, which means that the organization is continuously seeking out talent and opportunities to better utilize that talent. It produces excellent results because it overcomes the major problem of traditional recruiting, which is isolation.
As Talent management is an organization’s commitment to recruit, retain, and develop the most talented and superior employees available in the job market it comprises all of the work processes and systems that are related to retaining and developing a superior workforce. In some organizations, only top potential employees are included in the talent management system. In other companies, every employee is included in the talent management processes. Talent management is a business strategy and must be fully integrated within all of the employee related processes of the organization.
An effective talent management strategy also involves the sharing of information about talented employees and their potential career paths across the organization. This enables various departments to identify available talent when opportunities are made or arise. In larger organizations, talent management requires Human Resources Information Systems (HRIS) that track the career paths of employees and manage available opportunities for talented employees.
A talent management system must be worked into the business strategy and implemented in daily processes throughout the company as a whole. It cannot be left solely to the human resources department to attract and retain employees, but rather must be practiced at all levels of the organization. Analyst research has proven that organizations using talent management strategies and solutions exhibit higher performance than their direct competitors and the market in general. The talent management strategy may be supported by technology such as HRIS (HR Information Systems) or HRMS (HR Management Systems).
Characteristics of Good Talent Management
• Ownership and involvement
• Business objectives permeate every aspect of the system
• The system is measured in real business terms and results are acted upon
• Hire the right people.
• Acclimate new employees
• Discuss career interests with employees
• Identify developmental opportunities
• Identify training opportunities
• Offer appropriate rewards and recognition
• Help employees to advance
• Create a workplace that has meaning and purpose