Talent management is an integral part of human resource management. Talent management can be defined as a deliberate approach implemented to recruit or hire, develop and retain people with the required aptitude or skills to meet the present and future goals or needs of the organization. It is the creation and maintenance of a supportive and pro-people organizational culture. Talent management is, therefore, the commitment of an organization to recruit, develop, and retain the most talented and qualitative employees available in the job market.
Talent management has become almost an inevitable management process in modern days. Due to tough competition in every sphere of the business world today, organizations are vying for the best people from the job market. However, attracting the best talent from the job market is not everyone’s cup of tea. It requires a lot of competence, expertise, and experience on the part of the organization to recruit the best in the industry. A major part of the Human Resource Department is devoted to talent management, which is mostly dedicated to the purpose of recognizing, sourcing, and poaching the best talent.
Talent means aptitude, skill, or the ability to perform a particular work or job. According to the lexicon of management, talent refers to the identification, inculcation, utilization, and retention of a set of skills or abilities of the employees in the interest of the organization. Talent is a composite state made up of various elements. MBA course in Bangalore
An Individual is said to be talented when he/she possesses or acquires the following elements.
- Skills, knowledge, intelligence, and experience
- Ability to learn and grow
- Judgment, attitude, character
- Perseverance and self-motivation
Talent is a set of unique abilities possessed by individuals. There are two types of talent found in an organization. They are unidimensional and multidimensional. Both types of talent have the same objective, however, with different perspectives. MBA college in Bangalore
Talent management refers to the skill of attracting and nurturing highly skilled employees, integrating new employees, and developing and retaining current employees to meet the current and future business objectives. It is also known as Human Capital Management. Human capital management involves the following important processes:
- Sourcing, attracting, recruiting qualified and skilled people
- Managing and defining competitive salaries
- Training and development opportunities
- Performance management processes
- Retention programs such as promotion and transitioning
Benefits of Talent Management
Talent management is integral to modern businesses and is one of the crucial management functions in an organization. Here, we have listed down the major benefits that Talent Management has to offer:
- It helps the organization fulfill its vision with the help of efficient and promising talented people.
- Talent management also assists the organization to build a talent pool comprising a list of talented people to meet future exigencies.
- It makes the organization more competitive and progressive.
- It paves the way for future leadership.
- It helps automate the core processes and helps capture data for making better decisions.
- Automates repetitive tasks like creating salaries thereby releasing time and Resources for making strategies and more critical decisions.
Benefit for Employees The following points explain how Talent Management can be beneficial for employees:
- Promotes long-term association with the organization.
- Persistent and higher productivity of employees.
- Keeps the employees motivated which helps in career development.
- Helps the employees get job satisfaction from their work.
Employees are the key to success only when they are satisfied, and motivated when they find growth and opportunities in the working environment. Thus, talent management can be beneficial for both organizations as well as individual employees.
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