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.
In these days of highly competitive world, where change is the only constant factor, it is important for an organization to develop the most important resource of all – the Human Resource. In this globalized world, it is only the Human Resource that can provide an organization the competitive edge because under the new trade agreements, technology can be easily transferred from one country to another and there is no dearth for sources of cheap finance. But it is the talented workforce that is very hard to find.
HISTORY OF TALENT MANAGEMENT
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...