1. Introduction to Talent Management in Human Resource Management
Introduction,
Talent management is the process of developing and retaining
employees with high potential. It includes identifying, assessing, and
developing talent within your organization. Talent management also helps your
organization plan for succession by identifying future leaders and ensuring
they have the necessary skills and experience in key business functions.
(Coursera, 2023) further Talent
management is the systematic attraction, identification, development,
engagement, retention, and deployment of those individuals who are valuable to
an organization. (CIPD,2023) therefore it is one of the core duties of Human Resource
Management to acquire the best talents in to the organization and retain them.
It is essential to maintain better talent management strategy which is dealing with recruiting new talents and provide them proper learning and development and measure and increase the performance, recognition, rewards, employee engagement and retention of employees all these processes will leads towards organizational success.
Why talent management is important?
According to (ADP) 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. Therefore, talent
management plays a major role in company’s success by retain and recruit the
best employee on right time for the right job with right position.
Types of talent management
1. Recruitment
It’s is the starting process of talent management
as we have to choose the right candidate to the right place on right time therefore,
we should develop a strategy to attract the talented people in to the
organization. There are several Stages of recruiting process starts from
understanding the requirement to final stage as onboard the employee to the
organization.
2. Performance Management
Once the employee is on board and doing his
duties should measure his performance, how accurate he is on his duties and efficient
and enthusiasm, it is responsible of HR to measure and improve the performance of
employees towards organizational goal, further rewards and appreciation to be
provided based on their performance.
3. Learning and Development
Learning and development will increase the
ability of employees by creativity, skills, motivation towards work, high
performance, adoption to new technology and attitude towards work by providing performance
of the individual and team will increase towards goal, this will motivate and
satisfy the employee.
4. Retention
Employee retention is ability to prevent
employee turnover, HR contribution is most needed to retain the best employees in
the organization, this will definitely improve the performance, engagement and
profitability. by supporting work life balance, motivation, development, learning,
employee engagement, flexibility and recognition and rewards. According to
(Marc Holliday,2021) Employee retention is defined as an organization’s ability
to prevent employee turnover, or the number of people who leave their job in a
certain period, either voluntarily or involuntarily. Increasing employee
retention has a direct impact on business performance and success
by evaluating we understood talent management is important element of human resource management will Discuss further in following posts.
List of References
1. ADP (nd) Why is talent management important [online]. Available at: https://www.adp.com/resources/articles-and-insights/articles/w/what-is-talent-management.aspx#:~:text=Talent%20management%20systems%20make%20it,recognize%20and%20reward%20top%20performers [Accessed 18-11-2023].
2. CIPD (2023) What is talent management [online]. Available at : https://www.cipd.org/en/knowledge/factsheets/talent-factsheet/#:~:text=All%20locations-,Talent%20management,align%20with%20strategic%20business%20objectives[Accessed 18-11-2023].
3. Coursera (2023) What is Talent Management [online]. Available at: https://www.coursera.org/articles/talentmanagement?utm_medium=sem&utm_source=gg&utm_campaign=B2C_EMEA__coursera_FTCOF_careeracademy_pmaxmultipleaudiencescountrymulti&campaignid=20665163467&adgroupid=&device=c&keyword=&matchtype=&network=x&devicemodel=&adposition=&creativeid=&hide_mobile_promo&gclid=Cj0KCQiA3uGqBhDdARIsAFeJ5r1-a4k7Nppyx0k50xuNHbO-UFVvGeuUAev6o6aDSEXAbU_0y8Tz8kQaAlW4EALw_wcB[Accessed 18-11-2023].
4. HR Exchange Network (2023) Talent Management Pillers [online]. Available at: https://www.hrexchangenetwork.com/hr-talent-management/articles/talent-management-guide[Accessed 18-11-2023].
5. Marc holiday (2021) What is employee retention [online]. Available at: https://www.netsuite.com/portal/resource/articles/human-resources/employee-retention.shtml#:~:text=Employee%20retention%20is%20defined%20as,on%20business%20performance%20and%20success[Accessed 18-11-2023].
Thanks Mahesh for your comment, yes absolutely talent management includes the measure and manage performance of the employees, by measuring the performance correctly can manage to improve the perfect skills and knowledge required for the position. Motivation is one of the main key to help employee improve their skills, According to Jalagat (2016) The more motivated employees, the better performance and higher productivity they will prove.
ReplyDeleteThe organization bears the responsibility of formulating strategies to enhance the competencies of its workforce. Prioritizing the acquisition of talent aligned with organizational objectives stands as a paramount agenda for any entity. This strategic focus serves to fortify the attainment of organizational goals. During the recruitment process, the human resource team must remain cognizant of business priorities. The discerning selection of employees yields manifold advantages, encompassing the augmentation of their competitive acumen, instigation of innovation, enhancement of team productivity, reduction in turnover rates, improvement of the employer's brand, and provision of a potent source of motivation for fellow employees to pursue career excellence within the organization. Human Resource Management, therefore, necessitates a conscientious approach to talent management, diligently identifying and retaining personnel possessing commendable skills.
ReplyDeleteGreat article on talent management. This points to one of the most important aspects of the tasks performed by HR. As it describes on the main types of talent management, retention is found to be the most difficult aspect. As per your opinion, what would be the best practice by HR to increase retention?
ReplyDeleteRetention can be increased by employee engagement, culture recognition, rewards and compensation. As per harvard business review magazine, employee satisfaction and company environment is the 2 main factors of employee retention (Vincent S Flower and Charles L Hughes, 1973)
DeleteHi Sadik, Good article from you...Organizations that successfully integrate talent management and HRM not only have the right people in place, but they also advance toward continuous excellence in a constantly changing business environment.
ReplyDeleteYes absolutely correct the companies following best HR practices by valuing their employees are making significant growth, According to Galssdoor (nd) Google is consistently ranked the best companies to work in the world, it headquarters is USA offers, gym, sports complex, indoor stadium, garden and many more facilities to attract the best talents, they believe with right tool best talents can be attracted and develop a satisfied and productive employees.
DeleteGood article. This article provides a solid introduction to talent management in HR, emphasizing its critical role in recruiting, retaining, and developing employees for organizational success. It effectively highlights the importance of talent management strategies in fostering innovation, growth, and profitability within businesses.
ReplyDelete