Talent Management

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Index
1.Intoduction ……………………………………………………………………………………………..3 2.History ……………………………………………………………………………………………………..4 3.Defination …………………………………………………………………………………………………5 4.Explaination ………………………………………………………………………………………………5 5.Importance of Talent Management ………………………………………………….6 6.Primary Principal of talent management …………………………………….….8 7.Element of Talent Management …………………………………………………………9 8.Key Element of Talent Management ……………………………………………….15 9.The new H.R Mission and Talent Management process …………….17 10. Summry ……………………………………………………………………………………………………17

Introduction of Talent Management
Talent management refers to the process of developing and integrating new workers, developing and retaining current workers, and attracting highly skilled workers to work for a company. Talent management in this context does not refer to the management of entertainers. The term was coined by David Watkins of Softscape published in an article in 1998. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as "the war for talent." In present talent-hungry marketplace, one of the greatest challenges that organizations are facing is to successfully attract, assess, train and retain talented employees. Talent Management is the end-to-end process of planning, recruiting, developing, managing, and compensating employees throughout the organization. The 4 pillars of talent management are: recruiting, performance management, learning management, and compensation management. As larger Human Resource Management System (HRMS) vendors have shied away from providing rich functionality in these areas, numerous best-of-breed technology solutions have evolved. These 4 industries have now begun to converge, providing end-to-end talent management solutions that enable organizations to better recruit, get more out of the employee appraisal process, manage learning to develop employees' strategically-critical competencies, and compensate employees fairly. Talent management implies recognizing a person's inherent skills, traits, personality and offering him a matching job. Every person has a unique talent that suits a particular job profile and any other position will cause discomfort. It is the job of the Management, particularly the HR Department, to place candidates with prudence and caution. A wrong fit will result in further hiring, re-training and other wasteful activities. Talent Management is beneficial to both the organization and the employees. The organization benefits from: Increased productivity and capability; a better linkage between individuals' efforts and business goals; commitment of valued employees; reduced turnover; increased bench strength and a better fit between people's jobs and skills. Employees benefit from: Higher motivation and commitment; career development; increased knowledge about and contribution to company goals; sustained motivation and job satisfaction. History

In 1997, a McKinsey study coined the term: war for talent. Now in the new millennium, we find ourselves in the talent age. During the agricultural age, the economy was based on land, a truly physical and very tangible asset. The industrial age followed with a manufacturing-driven economy. Higher business performance was derived through the most effective use of factories and distribution networks. Talent management is a process that emerged in the 1990s and continues to be adopted, as more companies come to realize that their employees’ talents and skills drive their business success. Companies that have put into practice talent management have done so to solve an employee retention problem. The issue with many companies today is that their organizations put tremendous effort into attracting employees to their company, but spend little time into retaining and developing talent. A talent management system must be worked into the business strategy...
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