Concept, Meaning & Objectives of Talent Management
Talent management is the 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 Process Model
- Planning: Planning is the initial step in the process of Talent Management. It involves the following:
- Identifying the human capital requirement.
- Developing the job description and key roles.
- Proposing a workforce plan for recruitment.
- Attracting: Deciding whether the source of recruitment should be internal or external and seeking for the suitable individuals to fill in the vacant positions through:
- Job Portals such as Naukri.com, Timesjob.com, etc.
- Social Network such as LinkedIn and Twitter.
- Selecting: Recruiting and selecting the personnel. It involves the following steps:
- Scheduling written test and interviews.
- Scrutinizing the most suitable candidate for the profile.
- Developing: In this stage, the employee is prepared according to and for the organisation and the profile. Following are the steps involved in the process:
- Carrying out an onboarding programme or an orientation programme.
- Enhancing the skills, aptitude and proficiency of the personnel to match the profile.
- Counselling, guiding, coaching, educating, mentoring employees and job rotation.
- Retaining: Employee retention is essential for any organisational existence and survival. Following are the ways of employee retention:
- Promotions and increments.
- Providing opportunities for growth by handing over special projects.
- Participative decision making.
- Teaching new job skills.
- Identifying the individual’s contribution and efforts.
- Transitioning: Talent management aims at the overall transformation of the employees to achieve the organisational vision. It can be done through:
- Retirement benefits to employees.
- Conducting Exit interviews.
- Succession Planning or Internal Promotions.
Talent Management Initiative
The managers and the higher authorities need to take the initiative to pave the way for the personal development and long-term association with the organisation. Some of the ways in which a manager can motivate and retain employees are as follows:
- Recognition: Recognising employees’ contribution and their work on individual grounds, boost up self-confidence in them.
- Remuneration and Reward: Increasing pay and remuneration of the employees as a reward for their better performance.
- Providing Opportunities: Giving the charge of challenging projects to the employees along with the authority and responsibility of the same, makes them more confident.
- Role Design: The role of employees in the organisation must be designed to keep them occupied and committed, it must be flexible enough to inculcate and adapt to the employee’s talent and knowledge.
- Job Rotation: Employees lack enthusiasm if they perform the same kind of work daily. Thus, job rotation or temporary shifting of employees from one job to another within the organisation is essential to keep them engaged and motivated.
- Training and Development: On the job training, e-learning programmes, work-related tutorials, educational courses, internship, etc. are essential to enhance the competencies, skills and knowledge of the employees.
- Succession Planning: Internal promotions helps identify and develop an individual who can be the successor to senior positions in the organisation.
- Flexibility: Providing a flexible work environment to the employees makes them more adaptable to the organisation and brings out their creativity.
- Relationship Management: Maintaining a positive workplace where employees are free to express their ideas, take part in the decision-making process, encourage employees to achieve goals and are rewarded for better performance leads to employee retention.
- Self-motivation: Nothing can be effective if the employee is not self-determined and motivated to work.
Benefits of Talent Management
Benefits of talent management for the organisation
- Strategic talent management results in the accomplishment of organisational vision.
- Filtration of talented employees and retaining of the finest ones is possible.
- Talent management strengthens the organisational structure by building strong human capital.
- It helps the organisation to succeed over its competitors and establish a strong presence in the market.
- It builds up a good reputation of the company among the job seekers.
- It leads to improved participative decision making by the management.
- It directs continuous improvement in organisational performance making it more efficient and effective.
Benefits of talent management for employees
- Talent management initiates a positive environment in the organisation where employees experience job satisfaction.
- Employees get a chance of learning and improving themselves which motivates them to perform better.
- The training and development programmes help the employees to learn something new, enhancing their personal skills and knowledge.
- The organisation focuses on an individual’s growth and betterment hence employees develop a feeling of being cared for and belongingness for the organisation.
- The employees remain associated with the organisation for a long-term period.
- Recognition and rewards lift up the employee’s confidence level.
- The rigorous learning, adds on to the experience of the employees.
In today’s global scenario, the human resource has been a very effective tool for the company’s growth and success. Thus to make the best possible utilisation of the employee’s talent and skills, talent management is essential.