It could just include a simple interview of all employees conducted yearly, discussing their strengths and developmental needs. This could be utilized for mapping people against the future initiatives of the company and for succession planning.
The main benefits of talent management are:
- Right Person in the right Job:Through a proper ascertainment of people skills and strengths, people decisions gain a strategic agenda. The skill or competency mapping allows you to take stock of skill inventories lying with the organization. This is especially important both from the perspective of the organization as well as the employee because the right person is deployed in the right position and employee productivity is increased. Also since there is a better alignment between an individual’s interests and his job profile the job satisfaction is increased.
- Retaining the top talent persons: Despite changes in the global economy, attrition remains a major concern of organizations. Retaining top talent is important to leadership and growth in the marketplace. Organisations that fail to retain their top talent are at the risk of losing out to competitors. The focus is now on charting employee retention programs and strategies to recruit, develop, retain and engage quality people. Employee growth in a career has to be taken care of, while succession planning is being performed those who are on the radar need to be kept in loop so that they know their performance is being rewarded.
- Better Hiring: The quality of an organization is the quality of workforce it possesses. The best way to have talent at the top is have talent at the bottom. No wonder then talent management programs and trainings, hiring assessments have become an integral aspect of HR processes nowadays.
- Understanding Employees Better: Employee assessments give deep insights to the management about their employees. Their development needs, career aspirations, strengths and weaknesses, abilities, likes and dislikes. It is easier therefore to determine what motivates whom and this helps a lot Job enrichment process.
- Better professional development decisions: When an organization gets to know who its high potential is, it becomes easier to invest in their professional development. Since development calls for investment decisions towards learning, training and development of the individual either for growth, succession planning, performance management etc, an organization remains bothered where to make this investment and talent management just make this easier for them.
Apart 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.
(https://www.youtube.com/watch?v=R7MYMVTQ_rg)
References
What is Talent Management. (2016). YouTube.
Managementstudyguide.com. (2015). Benefits of Talent Management. [online]
Ajith, you have published some important facts in modern HRM. It is highly recommended that the allocation of works should be depended on the skills and talents of a human. This will be a major fact for the development of an organization.
ReplyDeleteYes. Mahesh, I totally agree with you.
DeleteHi, What are talent management strategies?
ReplyDeleteTalent management is the full scope of HR processes to attract, onboard, develop, engage, and retain high-performing employees. This means that talent management is aimed at improving business performance. ... A talent management strategy is the plan of action to optimize employee performance.
DeleteWhat are the measurable point to identify " The right person at the right job"?
ReplyDeleteKey steps to finding the right person to fill a position in your company include:
DeleteDetermine your need to hire a new employee.
Conduct a thorough job analysis.
Write a job description and job specification for the position based on the job analysis.
Dear Ajith, DO you think organizations in Sri Lanka focuses on Talent Management?
ReplyDeleteThere are few MNC'S and some leading organizations do focus the talent management.
DeleteDear Ajith : Trends That Influence Talent Management In 2020??
ReplyDeleteEmployee experience remains a top focus.
DeleteCompanies become more cost-conscious.
Data and analytics will drive innovation.
More programmes will be tailored for millennials.
Talent managers will need a more integrated and agile approach.
How talent Management used for Banking sector ?
ReplyDeleteKey findings suggest that talent management initiatives are well developed in private sector banks compared to public sector banks in terms of rewards, remuneration and selection procedures. Public sector banks compensates in terms of job stability due to life time employment with post employment pension.
DeleteWhat are the methods that can be used to select the right person?
ReplyDeleteApplication forms and CVs. The traditional approach to applying for jobs is to complete a fairly lengthy application form (online or hard copy).
DeleteOnline screening and shortlisting.
Interviews.
Psychometric testing.
Ability and aptitude tests.
Personality profiling.
Presentations.
Group exercises.
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ReplyDeleteHi Ajith, I think a Talent manager is a long-term process that combines several human resource management activities. That is, recruitment, selection, training, and promotion of individuals to suit the position.
ReplyDeleteYes. Eranga, I agree with you.
ReplyDelete