What is Talent Management
Talent management involves recognition of the talents in
employees, developing and managing them and compensating the
employees throughout the organization (Armstrong, 2003). ...
Talent
management is a modern topic of HR. This
basically deals with the query “How could we recruit the best people?”
Talent management is the full opportunity of
HR methods to interest, progress, inspire and hold high-performing employees.
High-performing employees: The
purpose of talent management is to escalate performance. Talent management is intended
for motivating, engaging, and retaining employees for improved performance.
Through this companies will be able to face competition with their rivals in a
more effective manner.
Thus Talent management is a progression for escalated performance
aimed at steering performance through combined practices of management of
people. In modern HRM talent management
is a key function.
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In implementation of talent management
strategies we could look at
-Unwanted staff turnover- we need to look
after and retain our brilliant employees
-Focus on becoming a sought after employer /
to be nominated as a great place to work
Recruiting will be easy with a specific
employee profile.
- In searching for top talent there will be
competition with other organizations. To
overcome stiff competition employer branding, better selection and retention
methods could be utilized.
-Organization should become attractive as an
employer. Through the existing
population, different capabilities should be developed.
Effective talent management
practices
1.
Employer branding: Having a solid brand would entice good job seekers.
2.
Employer branding is the
process of managing and influencing your reputation as an employer among job
seekers, employees and key stakeholders.
3.
Employer
reputation: Employer branding and reputation are
interconnected.
4.
5.
Selection: This process is
critical.
6.
Referrals: Through referral
programs potential candidates could be selected more effectively.
7.
Onboarding : for new
employees
8.
Inboarding: for internal promotees support is given to achieve maximum
productivity
9.
Engagement: through
this employees will be highly motivated with better performance and sticky to
the organization..
10. Retention: These strategies will assist best employees to
remain without moving to another organization..
11. Succession planning: Organizations design
talent pipelines that later lead to succession planning.
12. Learning and
development: To ensure the best talent acquired to the organization are
well educated and enriched L&D is key. This will boost their
performance
13. Performance management: Pursuing and refining the performance
is a key aspect in Talent Management.
In a nutshell we could say that effective talent management and
its best supporting best practices contribute in a big way to the bottom line
i.e. to a company`s financial performance.
There is no hard and fast rule or a concrete approach that will work for
any organization. But with the quick
provision of talent, HR function`s contribution in nurturing an optimistic employee experience
with a strategic HR function will have a major impact on talent management
program`s efficiency.
Good article, considering your effective talent management practices.. I can suggest Employer Branding is the most powerful tool, (use to attract job seekers) for FMCG organisations. Is it a similar thing in Banking Sector as well?
ReplyDeleteAs per my knowledge employee branding and talent management equally important for the banking sector
DeleteYes, both methods are frequently utilized in the banking sector.
DeleteGood article about talent management.
ReplyDeleteThank you. I strongly believe that this is an effective method.
DeleteAre these theories effectively adapted in your organization? If so how effective are they? what are the steps taken to continues development of the talent management process?
ReplyDeleteOn boarding, In boarding, Succession Planning, L & D are commonly used in our organization. HR departments could take action to promote a talent mindset across the entire organization.
Deletethank you for the information i assume these have given your organization positive impacts on profits. Please correct me if i am wrong.
DeleteIndeed Nisha,
ReplyDeleteTalent management helps organizations to inspire their employees and motivate them to achieve company goals. However, there can be a negative impact implementing such a performance-driven environment since the employees who are underperforming might get dissatisfied without having incentives, bonuses.
Yes, it is possible. However by adapting a proper engagement method, we might be able to get even the under performing employees on track.
DeleteRajith, replying to your comment, yes Employer Branding is utilized in the banking sector and in my opinion, it is very effective.
ReplyDelete