Talent management indicates the skills of attracting highly skilled workers, integrating new workers, and improving and retaining current workers to meet the current and future business objectives.
Companies involved in a talent management strategy shift the duties of employees from the human resources department to all managers throughout the company. It is also called Human Capital Management (HCM).
Talent management is basically concerned with coordinating, collaborating and managing the different talents people have to offer within a company. This is done by studying and examining each individual on the basis of their skills, talent, personality and character in relation to filling a particular vacancy within the company.
Every individual has different skills to offer and the difficult part for a company is choosing those individuals who fit in with the existing company culture. Effective HR procedures will be able to identify these individuals and appoint them appropriately.
Functions of Talent Management
After gathering all the skilled people required for the job, we need to handle them. This is not possible without specifying the operations that need to be undertaken in talent management. Various functions that organizations should perform with the help of HRM and other departments are given below −
- Talent requirement analysis
- Allocating the talent resources or sources
- Influencing talents towards the organization
- Recruiting or nominating the in house or outsourced talents
- Managing combative salaries or professional fees
- Training and progress of talent pool
- Performance examination of talent
- Career and prosperity planning
- Withholding management
We can conclude that talent management or human capital management is a set of business practices that manages the planning, acquisition, development, retention and growth of talent in order to achieve business goals with optimized performance.
Advantages of Effective Talent Management
If talent management is done properly, it would lead the organization prosper wonderfully, as all the employees in the firm would be masters in their own department and will give their best to achieve the goals and objectives of the company. That way, the competency gap between necessary competencies by the industry and available competencies minimizes significantly.
The main advantages of effective talent management are −
- Continuously grooms the organization’s effectiveness and efficiency.
- Helps in achieving the targeted business goals with superior performance.
- Improves organization’s overall culture and work climate.
- Provides people with high level of satisfaction with their jobs.
- Improves withholding of talent and reduces people turnover.
- Manages better overall growth of people associated with the organization.
It is essential that the right candidates having the required skillset are recruited in order to make use of their skills and utilize them for the development of both the individual as well as the company. This is possible only with the help of talent management.