Introduction
Different management practices are being adopted by various organizations in the current, quickly evolving business climate and one of them is talent management. Talent management methods may only serve as a tool for accomplishing organizational objectives given the rapid changes in the economic and business environment. This article will therefore articulate what talent management is and how it impacts businesses.
What is Talent Management?
Talent management is the process through which businesses find and train employees who will be as productive as possible and likely to stick with their company for a long time. This procedure, when deliberately put into place, can help the company perform better overall and maintain its competitiveness. Talent Management is a systematic process for developing, acquiring, combining, learning, sharing, and utilizing talent, knowledge, and experience (Rostam 2019). Talent Management can be viewed as the strategic use of HR resources to support the achievement of company objectives, particularly through the recruitment, training, and retention of the best workers available for a certain sector of the market.
Therefore, one can see that the above definitions have two core components in them namely:
- Attract, develop, inspire, and keep employees:
This is not a complete list. All-important HR areas are impacted by talent management, including hiring, employee onboarding, performance management, and retention.
- Employees who perform well:
The goal of talent management is to improve performance. It tries to inspire, engage, and keep workers to improve performance. The significance of talent management is due to this. An integrated system of personnel management methods that are challenging to replicate and/or imitate can help businesses create a sustainable competitive advantage and outperform their rivals.
Fundamental Elements of Talent Management:
The following components serve as the foundation for talent management and can be viewed as elements of talent management:
- Attract
Locating and persuading the appropriate individuals at the appropriate moment for the appropriate cause.
- Engage
The degree to which employees are dedicated to the objectives and ideals of their company, motivated to contribute to the success of the organization while also having the capacity to improve their personal wellness.
A methodical approach that is not only aimed at keeping the organization’s top performers but also to establish a friendly workplace and high retention culture. A company that runs more successfully and efficiently as a whole will be a fantastic place to work.
- Recruiting
Finding and recruiting the best candidate for a job position quickly and affordably, either from within the business or from outside it. A thorough examination of the job’s requirements is necessary, as is finding candidates to fill it.
- Interviewing
A style of a job interview that entails a chat between the applicant and an organization representative. This is the selection method that is most frequently employed.
- Selecting
A procedure for shortlisting potential employees for employment and evaluating candidates for a particular position. The selection procedure is determined by the job under consideration.
Orients new employees and make sure they feel appreciated and valued by the company. Gives new hires the knowledge of expectations and job responsibilities they need to become productive employees. This goes beyond customary orientation exercises.
How it affects businesses
Through his research on importance of talent management, Amiri (2015) emphasized the value of talent management stating that every person has talent, but frequently management is unaware of this potential or how to use employee talent to further organizational objectives. Therefore, it becomes crystal clear that managers have a duty to recognize an employee’s talent because talent management has great effects on organizations.
Employers who foster a culture that encourages employees to perform to their highest potential may be able to experience the following effects:
Businesses become employers of choice and attract talent organically by making their brand a central component of their talent strategy. Employees will be wishing to join the team because there will be great Talent Management.
- Minimizes disruptions
Unexpected departures cause gaps in coverage, but with a talent pipeline, it’s possible to fill open positions quickly and keep operations running smoothly.
Additionally, talent management increases workplace productivity. This is because talent management programs make sure you hire motivated workers who are well-equipped to accomplish their jobs. Employee development also requires that you improve upon what you already are. Your employees will ultimately be the greatest since they will be more productive, imaginative, and motivated in their work. This is a great technique for the business to increase staff productivity.
- Reduces costs
Retaining valued team members and keeping them engaged is usually more cost-effective than sourcing and training new hires. There won’t be a need to recruit and hire new employees. A study states that employers find it costly when hiring new employees and these costs include both experience and money.
- Innovate
Talented teams are more likely to develop new means and ways of problem-solving and make the most of advancements in technology. Employees can come up with new ideas which can be beneficial to the organization as a whole.
Conclusion
In conclusion, talent management can be defined as the capacity to develop and apply talent to accomplish organizational goals. Recruitment, interviewing, choosing, and on-boarding are all included in this process. The term talent management means different things to different organizations. To some, it is about the management of high worth individuals or the talented, whilst to others, it is about how talent is managed generally on the assumption that all people have talents that should be identified and liberated.
References
Amiri, M. (2015). Talent Management: A Case Study of IT Organizations. Indian Journal of Fundamental and Applied Life Sciences, 5, S4. Retrieved from http://www.cibtech.org/sp.ed/jls/2015/04/189-JLS-S4-191-AMIRI-TALENT.pdf
Rostam. A.F (2019). A Review of Talent Management as a Key in any Organizations. International Journal of Indian Psychology, 7(3), 78-83. DIP:18.01.010/20190703, DOI:10.25215/0703.010
Emmanuel Tarusarira is a consultant at Human Capital Experts
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