Talent Management - Definition, Process, Development, Important, Components


Talent Management

Talent Management 

Meaning - Talent management refers to the anticipation of human capital needed by an organization and the plan to meet those needs. Talent management is the conscious and deliberate effort to attract, engage, develop and retain people with the abilities and potential to meet current and future organization needs. Talent management has become imperative in the face of today's business challenges. 

Companies are increasingly realizing that successful talent management is the key to high performance by assessing available talent, placing the right people in their best roles and ultimately retaining them, organizations can survive and thrive in today's increasingly competitive markets. Employer branding and internal branding are also important tools to attract and retain the best talent from a talent pool.

Talent- Talent is a set of unique abilities posered by individuals.

Talent is aquire of human 

  • Skills, knowledge, intelligence, and experience
  • Ability to learn and grow
  • Judgement, attitude, character

Definition -

  • Talent management is the full scope of HR process to attract, develop, motivate, and retain high-performing employee.
  • Talent management is 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 to achieve long-term business objectives.
  • Talent management involves effectively recruiting, developing and retaining employees within the organization, so as to ensure the availability of an adequate talent pool within the organization and to facilitate the removal/development of underperformers.
  • Talent Management is a kind of business strategy that needs to be integrated with all employee-related processes of the business. Attracting and retaining talent is not only the responsibility of the HR manager but also of every employee in the company.

Purpose of Talent Management 

  • • To compete effectively in a complex and dynamic environment 
  • to achieve sustainable growth 
  • To develop leaders for tomorrow from 
  • To maximize employee performance as a unique source of competitive advantage 
  • To empower employees Cut down on high turnover rates Reduce the cost of constantly hiring new people to train.

Important of Talent Management

  • Right person in the right job
  • Retaining the top talent
  • Better understanding employees
  • Better professional development decision
  • Employee satisfaction
  • Employee productivity
  • Increase company revenue

Process of Talent Management

Planning - 
  • Identifying the human capital requirements
  • Developing the job description and key role
  • Proposing a workforce plan for recruitment

Attracting - Deciding weather the source of recruitment should be internal or external
  • Job portal such as Naukri.com
  • Social Network such as LinkedIn

Selecting - In this step the organisation select talent acording job description.

Developing - In this stage, the talent is prepared according to and for the organisation and the profile.

Retaining - Employee retention is essential for any organization existence and survival.
  • Promotion and increment
  • Providing opportunities for growth by handling over special projects
  • Participative decision making
  • Teaching new job skills
  • Identifying the individual contribute and effort
Transitioning- Talent Management aims at the overall transformation of the employee in achieve the organisational vision.
  • Successions planning or Internal promotion
  • Retirement benefits to employees.

Talent Development System 

  • Career Management
  • Training and Development
  • Succession Planning
  • Performance Management
  • Compensation and Benefits
  • Recruitment and Selection
  • Strategic HR Planing

Components of Talent Management

  • Talent Acquisition
  • Retention
  • Performance Management
  • Learning & Motivation
  • Compensation
  • Career Development
  • Succession Planning

Consequence of Failure in Talent Management

  • Fail to make a team of players of priority
  • Pay below, market value for talent
  • Fail to maintain a long hiring process
  • Hire based on interview skill 
  • Lack of defined career planning
  • No out sight agency (no job based for visit)

Suggestive/Essential Tools Of Talent Management

  • Manpower Planning
  • Recruitment Effectively
  • Leadership Development
  • Recognition Program
  • Diversity/Inclusion and Productivity
  • Engagement (incourage employee fully involve.
  • Retention
  • Strategic Plan and Goal Alignment
  • Executive Coaching (relationship provide inspiration and motivational)

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