Talent management is the systematic process of identifying the vacant position, hiring the suitable person, developing the skills and expertise of the person to match the position and retaining him /her to achieve long-term business objectives
Importance of talent management
Like human capital, talent management is gaining increased attention.
Talent management harmonizes a number of crucial human resources and management plans.
Organizations managing their talents usually undertake a plan of action to analyze their present human resource activities in order to ensure the use co-ordinated, and performance oriented method
Many times, organisations using a Talent Management approach will focus on co-ordinating and integrating:
- Recruitment – attracting, shortlisting, selecting and appointing suitable candidates
- Retention – designing, developing and operating practices that reward and support employees.
- Employee development – putting in place a continuous informal and formal learning and development.
- Leadership and “high potential employee” development – specific development programs for existing and future leaders.
- Performance management – clearly defined processes that enhance and support performance, including feedback/measurement.
- Workforce planning – designing plans for business and broad changes, including the older workforce and current/future skills deficiencies.
- Culture – development of a positive, continuous and high performance “way of operating”.
A crucial action is to identify the staff or employees (people and positions) that are important to the organisation. These do not necessarily have to be in senior staff positions. Too many organisations lost a lot of “organisational knowledge” because they did not have people with the knowledge and skills to either foresee problems or solve those that showed up.
As it may not be difficult to simply go out and recruit new people to meet operational needs. Some high profile companies have resolved to develop their own people, rather than trying to hire fully skilled workers.
In conclusion, organizations need to implement talent management strategies and approaches to fortify their human resource plan.