Talent Management in
organizations is not just limited to attracting the best people from the
industry but it is a continuous process that involves sourcing, hiring,
developing, retaining and promoting employees while meeting the organization’s
requirements simultaneously.
Significant of Talent Management
- Understanding Employees skills and talent better
- Better professional development within the organization
- Establishing a high-performance workforce
- Attracting individuals with high potential and retaining them through proper training and refreshment
- Increasing the productivity of the organization
- Proper time management, as untrained and unskilled workforce lead to wastage of time and commitment of errors, which is not cost-effective
- Retain talented and high-performing employees
- Ensuring growth and innovation in the organization
- Developing skills and competencies in employees
Part from this having a strong talent management culture also determines how organization rate their organizations as work places. In addition, if employees are positive about the talent management practices of the organization, they are more likely to have confidence in the future of their organization. The resultant is a workforce that is more committed and engaged determined to outperform their competitors and ensure a leadership position in the market for their organization.
By sustaining talent employees through a better talent management system organization will have following benefits.
- New employees cost the company 30-60 % more than the existing employee in terms of compensation only.
- There is an additional cost incurred on training and developing the new individual.
- The process of recruitments itself costs an organization in a big way, right from advertising a post, to attracting talent and finally short listing and hiring someone for the job.
Conclusion
Talent is the most important factor that drives an organization and takes it to a higher level, and therefore, can not be compromised at all. It won’t be exaggerating saying talent management as a never-ending war for talent.
References
Ongori. H & Nzonzo. C, (2011). ‘Training and development
practices in an Organization: an intervention to enhance organizational
effectiveness’. International Journal of engineering and management science.
Botswana, V.2 (4) P: 187-198
ec.europa. 2020. Talent management in public employment
services. [ONLINE] Available at:
https://ec.europa.eu/social/main.jsp?catId=89&furtherNews=yes&newsId=9543&langId=en.
[Accessed 16 December 2021].
cerveausys. 2018. Talent Management Strategies for Rapidly Expanding
Organizations. [ONLINE] Available at:
https://www.cerveausys.com/blog/top-7-talent-management-strategies-rapidly-expanding-organizations/.
[Accessed 15 December 2021].
Talent management works to keep current employees and advance them to higher positions in the organisation. Talent management helps to reduce employee turnover as well. Good blog
ReplyDeleteEmployee talent should be very well be accommodated by any HRM Division in order to assure growth,retention and improve productivity from an organizational perspective. On the employee perspective, employee satisfaction and employee growth can be enhanced while building a good employee brand. Thus it is evident that talent management is of utmost priority for any organization at any context.
ReplyDeleteIt is essential to understand the talents and skills of each of the employee in an organisation as it helps allocate them to the right tasks which suits their skills and talents. This ultimately help increase the organisational performance, since the organisation is able to get the best from their employees. Thank you for sharing this interesting article.
ReplyDeleteTalent management helps the organization prepare a future-ready and skilled workforce. It not only improves team productivity and employee satisfaction but also helps in talent retention.
ReplyDeleteIn an organization we have different people with different talents which are very useful in certain ways thorough the journey to achieve the organizational goals. So managing them effectively will lead towards the success.
ReplyDeleteTalent management is vital to build a stable workforce for any organization. It looks into the development of the organization as a whole. With new job opportunities coming up, developing staff potential within the company is essential for organization’s profitability and sustainability.
ReplyDeleteI have been heard ' big fish in small tank and small fish in big tank..' This is good topic as we are missing much of over here.
ReplyDeleteBecause it manages your organization's most significant asset—its individuals management is critical when developing business strategies. It is one of the foundation's guiding principles that gives businesses a competitive advantage in order to stay ahead of the curve in a speculative environment.
ReplyDeleteSkills management is the ability and competence of employees in an organization.
ReplyDeleteThe hidden abilities and innovative ideas of these employees should be honed by the corporate management through training and development programs.