MANAGING TALENT IN A COMPETITIVE BUSINESS ENVIRONMENT
Description of Issues and Concepts
What is Talent Management?
Talent Management refers to the anticipation of the required human capital the organization needs at the time of setting up a plan to meet those needs. The term “Talent Management” is a relatively new terminology which was not initially the focus of early research but in the 1990’s it was identified as a major component linked to succession planning, assessment, development and high potential management, recruitment (talent acquisition) and performance management. Companies in talent management are strategic and deliberate in how they source, attract, select, train, develop, retain, promote and move employees through the organization. There is a deliberate move in modern organizations to seek to hire and retain most qualified employees. More attention is now being focused on employee future performance and equipping them with the requisite skills and increased responsibility. Talent management is a term that is associated with competency based management where competency refers to a set of knowledge, skills, experience and personal traits. Most companies have now formulated new sets of requirements in their competence dictionary in bid to build job descriptions. The main aim of talent management is for companies to focus on the need to cut expenses, hence the need to optimize on most valued asset: - the performance of the employees. Selection of employees offers large returns on investment, but most companies have not clearly executed this new strategy and sadly, fewer companies are practicing it. To Understand the Background
Talent Management has become the most important buzzword in corporate HR and Training today. It is specifically critical for the HR because this Department is charged with a responsibility of hiring people, pay them and check their benefits and rewards. To complement this function is the Finance Payroll System which...
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