Five Essentials Of Talent Management And Business Goals Management Essay
Most organisations today understand the significance of their human capital and the value of their talent to meet business goals and objectives. Talent management focus on providing strategic assistance to organisation in the accomplishment of long term enterprise goals with respect to human capital. The term Talent management gained popularity in the late 1990s.
Talent management involves development (both organisation as well as individual) in response to changing and complex operating environment. It includes the creation and maintenance of organisation culture.
Talent management brings together a number of important human resources and management initiatives. Organisations that formally decide to “manage their talent” undertake a strategic analysis of their current HR processes. This is to ensure that a co-ordinated, performance and oriented approach is adopted.
A conscious, deliberate approach undertaken to attract, develop and retain people with aptitude and abilities to meet current and future organisational needs. It is implementation of integrated strategies or systems designed to improve processes for recruiting, developing, and retaining people with the required skills and aptitude to meet current and future organisational needs.
It refers to the skills of attracting highly skilled employees, of integrating new employees, and developing and retaining current employees to meet short term and long term objectives. Companies engaging in a talent management strategy shift the responsibility of employees from the human resource department to all managers throughout the organisation.
Talent management is also known as Human Capital Management.
It refers to the process of developing and fostering new workers through on boarding, developing and keeping current workers and attracting highly skilled workers at other companies to come work in their company.
Talent management decisions are driven by a set of two factors- organizational core competencies and position-specific competencies. The competency set may include knowledge, skills, experience, and personal traits. Talent management is the recruitment, development, promotion and retention of people, planned and executed in line with organisation’s short term and long term business goals.
Why Talent management….??
The fundamental significance of successful talent management practices:
The key enabler of any organisation is talent
The quality of people – last true competitive differentiator
Talent drives performance
FIVE Essentials of Talent Management:
Organisations adopting a talent management approach will focus on co-ordinating and integrating:
Recruitment – ensuring the right people are attracted to the organisation. Right people at right time in right place.
Retention – developing and implementing practices that reward and support employees, which enables employees to retain in the organisation.
Employee development – ensuring continuous informal and formal learning and development.
Leadership and “high potential employee” development – specific development programs for existing and future leaders.
Performance management – specific processes that nurture and support performance, including feedback/measurement.There can be both positive and negative performance.
Workforce planning – planning for business and general changes, including the older workforce and current/future skills shortages.
Culture – development of a positive, progressive and high performance “way of operating”. Organisation culture enables employees to perform efficiently and effectively.
Talent management as a Strategic Approach
Talent management is viewed as a strategic approach to managing human capital through ATTRACTING, RETAINING, DEVELOPING, and TRANSITIONING of employees.
ATTRACTING TALENT: Creating Assessment and Selection Strategies and Processes
RETAINING TALENT: Reducing Turnover and Aligning Talent with Organisational Goals
DEVELOPING TALENT: Challenging your people with Executive Coaching and Leadership Development Programs
TRANSITION TALENT: Creating Goodwill through Career Transition Programs
Four Steps to making talent management a core competence
Step 1- Identify Key Roles: . Analyze the key steps in the talent life cycle (identification and attraction, hiring and inculcation, motivation and development, appraisal and reward, building and sustaining relationships) and map the key players, their roles in each stage.
Step 2- Take an Inventory of Your Talent Management Skills. Identify the critical skills needed to play the key roles.
Step 3- Measure the Right Things. Assess the measures to evaluate the performance of your talent management process at each life cycle stage.
Step 4- Set Up a Process-Wide Feedback Loop. Everyone managing talent needs to understand the big picture and to connect their role and responsibilities to the overall objectives of the process.
The management should be innovative and proactive to win the war over the distinctive competitive advantage of the competitors. With the next-generation predictive modeling systems, talent management and workforce planning can be transformed from reactive administrative functions to proactive systems which are capable of accurately forecasting talent demand right to the individual job. Attracting and nurturing talent has become the call of the hour, attracting brains has more difficult than foreign direct investment. However, talent management is what will make India enduringly competitive. Strategies are to be framed for overcoming talent shortages, to bring them to companies and to retain them. Obstacles are to be identified and overcome. Talent could flourish if the enabling social and physical infrastructure is in place.
“Talent is footless and youth will seek a better quality of life where ever and whenever” – Anil Ambani.