Talent Management: An Introduction
In today‘s challenging business environment of going global and competition becoming intense, organizations have mounting pressure to perform better than before. Over the years, creation and preservation of knowledge has become a key tool in accelerating competitiveness and enhancing organizational capabilities to respond to market changes (Bryan, 2004)1, wherein employees‘ skills and personalities are appropriately deployed to optimize performance, is a critical and difficult task. Furthermore, identifying and developing executives who have leadership potential, like every other vital strategic function, is a demanding process that is equal parts of Arts and Science (Judy Klein and Stephen A. Miles, 2003).
To carry out this mission, organizations should develop and deploy talented people who can articulate the passion and vision of their organizations. Though operating excellence, technical competence, marketing savvy, energy and drive are always important, talent-intensive organizations also require soft skills that facilitate execution across departments.
Talent management involves individual and organizational development in response to a changing and complex operating environment. It includes the creation and maintenance of a supportive, people oriented organization culture.
Meaning of Talent Management
The term Talent Management is being used to describe sound and integrated human resource practices with the objectives of attracting and retaining the right individuals, for the right positions, at the right time. Organizations are run by people, and the talent of these people will determine the success of organizations. So, talent management is management‘s main priority (Michaels, Handfield-jones, H. & Axelrod, 2002). Today‘s businesses face increased global competition, shifting markets, and unforeseen events. No wonder they are finding it more difficult than ever to attract, develop, and retain the skilled workers they need (McCauley & Wakefield, 2006). Talent management is ―a conscious and deliberate approach undertaken to attract, develop and retain people with the aptitude and abilities to meet current and future organizational needs‖ (Derek Stokley). Need for Talent Management
Talent Management is on HR professionals‘ minds these days, as HR works to obtain, retain and develop manpower. For talent management to be effective, what is important is to hire employees who seem to be the best fit in the organization. Organizations are taking steps to manage talent most effectively and also to develop their own employer brand. These brands simplify decision-making and communicate the value they create for their customers. Likewise, employees also identify themselves with certain organizations (Shravanthi and Sumanth, 2008)9 especially in the light of forecasted labour shortage. Organizations that formally decide to "manage their talent" undertake a strategic analysis of their current HR processes. This is to ensure that a co-ordinated, performance oriented approach is adopted. Strategies of Talent Management:
Talent management strategies are being focused on by managers for changing the existing strategies for building a work force. These strategies can be categorized as follows: 1. Cultivating existing talent.
2. Improving employee satisfaction.
3. Planning ahead for succession.
4. Acting on performance reviews.
5. Gaining talent visibility.
Benefits of Talent Management
Talent management can be a discipline as big as the HR function itself or a small bunch of initiatives aimed at people and organization development. Different organizations utilize talent management for their benefits. This is as per the size of the organization and their belief in the practice. It could just include a simple interview of all employees conducted yearly, discussing their strengths and...