Why Talent Management is important in any organization


By

Ruchi Gupta
MBA–HR
Admin Executive
HP Gas
 


Content

  • Introduction
  • Current application of Talent Management
  • Talent Review
  • Benefits of  Talent Management

Introduction:-

To begin with Talent management let me ask to you what actually do you understand by the term management .In common parlance it means to manage something,but if we change our direction and focus as corporate fellow Management comprises planning, organizing, staffing, directing, and controlling an organization  or an effort for the purpose of accomplishing a goal .management in every business and organizational activities is the act of  binding people to achieve preferred goals and objectives using existing resources competently and successfully.while the term talent management illustrate the anticipation of required human capital the organization desires at the time then setting a plan to meet those desires.Many companies following talent management policy reallocate the responsibility of workforce from the human resource department to all managers all over the organization. This phrase was originally used in 1990 to incorporate the developments in Human resource Management.  which placed more of importance on the management of human resources or talent. The term was coined by David Watkins of Softscape published in an article in 1998. Now the question arises is why the Talent Management is important ? William Heisenberg  stated " An expert is someone who knows some of the worst mistakes that can be made in his subject and who manages to avoid them." There is an old saying that goes, "Stand for something or you'll fall for anything.The problem with many companies today is that their organizations place tremendous endeavor into attracting employees to their company, but use little time into retaining and developing talent.The next question arises is that How to practice Talent Management in any organization? The answer is that , A talent management system must be established into the business tactic and implemented in daily processes throughout the company as a whole. It cannot be left exclusively to the human resources department to attract and retain employees, but rather must be experienced at all levels of the organization. The business plan must incorporate responsibilities for line managers to build up the skills of their immediate subordinate. Divisions within the company should be explicitly sharing information with other departments in order for employees to increase awareness of the overall organizational objectives. It means Talent management is all about — collecting information about talent, analyzing their career interests and organizational business requirements, identifying top talent and successes, and developing these individuals to decrease the threat of losing the best people and experiencing extensive leadership gaps when turnover occurs.

Current  application of Talent Management:-

In current monetary environment, many companies have felt the need to cut expenses. This should be the ultimate environment to implement a talent management system as a means of optimizing the performance of each employee and the organization. Selection offers are large return on investments. Job analysis and assessment validation help to improve the predictive power of selection tools. However, within many companies the concept of Talent Management has just begun to develop. only 5 percent of organizations state they have a clear talent management policy and operational programs in place.

Talent  Review:-

To develop a clear talent management policy and to enhance awareness of available talent and successors, all organizations should perform regular Talent Review meetings to be arranged for a variety of business changes, such as mergers, company expansion, or a decrease in talent needs. In the same way that all companies have regular meetings and reports regarding their financial status and budgetary needs, the Talent Review meeting is intended to assess the current talent status and future successor needs in the organization.The Talent Review meeting is an vital part of the overall talent management process; it is considered to analysis the performance and career potential of employees, to discuss possible vacancy risks of present employees, to identify successors and top talent in the organization, and to build development action policy to prepare employees for future roles in  organization.

Companies that center on developing their talent integrate strategy and processes to track and manage their employee talent, including the following:

  • Sourcing, attracting, recruiting and retaining qualified employees
  • Conduct Training and Development programmes
  • Conduct Performance Appraisal Programmes
  • Promotion Programmes

Benefits of Talent Management are:-

    1.  Minimized loss of talented employees.
    2. Employees recommending organization as a "preferred" place to work.
    3. Maintenance of core competencies.
    4. Increased productivity & profitability.
    5. Increased employee retention.
    6. Highly ranked for Employer Attractiveness.
    7. Increased level of staff engagement.
    8. Lower recruitment costs.
    9. Employees committed to organizational goals.
    10. Shorter recruitment time.
    11. Ensured long-term competitiveness.
     


Ruchi Gupta
MBA–HR
Admin Executive
HP Gas
 

Source: E-mail August 4, 2012

 

         

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