THE IMPORTANCE OF TALENT MANAGEMENT

THE IMPORTANCE OF TALENT MANAGEMENT

The term talent management is one of the most important buzzwords in corporate HR and top organizations. This involves in hire, manage, develop and retain the most talented and excellent employees in the industry. Hence talent management plays significant role in business strategy since it manages one of the key assets in the company – the people

Discussing talent management, the term “talent” must be clearly defined. S. Borkowska clearly defines talent as a “creative, enterprising person with high development potential, being the lever of growth in shareholder value” (Borkowska,2005).

As per (Pocztowski, 2008). the characteristics of talent management are

·         Strategic thinking
·         Leadership traits
·         An entrepreneurial Attitude
·         A performance oriented approach
·         The ability to persuade
·         Team work
·         Emotional intelligence
·         Flexibility
·         A high tolerance to change
·         Highly developed Specialist technical skills

        

A TALENT MANAGEMENT MODEL

CURRENT APPLICATION OF TALENT MANAGEMENT

Current monetary environment most organizations are trying to minimize the expenses and this will create an ultimate atmosphere to implement talent management system in order to optimize the performance of the employees and the organization. Selection offers are large Return On Investment while job analysis and assessment validation help to improve the predictive power of selection tools.

TALENT REVIEW

To develop a clear talent management policy and to enhance awareness of available talent and successors, every organization must perform a talent review meeting in various business changes such as merges, company expansions or decrease in talent needs. This plays a vital part in overall talent management process as it’s analysis the performance and carrier potential of the employees, to identify the top talents and successors of the company, to converse the possible vacancy risk on present employees and to establish a clear development action policy to prepare employees for future roles in the organization. The companies which are in process of developing a talent integrating strategy are focus on the following key areas.

1.Sourcing, attracting and recruiting and retaining qualified employees

2.Implement training and development programs

3.Performance appraisal reports

4.Promotions

BENEFITS OF TALENT MANAGEMENT

1.Increase employee retention

2.Minimize the recruitment cost

3.Increase employee commitment to organizational goals

4.Increase level of staff engagement

5.Long term competitiveness

6.Increase productivity and profitability

7.Minimize the risk in loss of talented employees

8.Recommend the “preferred place to work” by employees

REFERENCES

http://www.toknowpress.net/ISBN/978-961-6914-16-1/papers/ML16-153.pdf

Asia Pacific journal of research Volume no 2 – by Dr.M.Nishad Nawaz

https://www.academia.edu/26053166/Role_of_Talent_Management_Importance_in_any_Organization

https://www.humanresourcesonline.net/the-importance-of-talent-management-and-why-companies-should-invest-in-it/

http://c2research.com/employee-research/

Borkowska, S. (2005). Zarządzanie talentami (Talent Management), Warszawa [in:] Ingram, T. (ed.). (2005 ). Zarządzanie talentami. Teoria dla praktyki zarządzania zasobami ludzkimi (Talent Management: Theory for Human Resources Management Practice). p. 14. Warszawa

 Pocztowski, A. (ed.). (2008). Zarządzanie talentami w organizacji (Talent Management in Organisations)

HRM IMPACT ON ORGANAIZATIONAL PERFORMANCE

Human resource is the most powerful asset in an organization and it becomes a challenge to create a positive bond between the employees and the organization in terms of job satisfaction, job security and financially well being etc.,

DEFINITION OF HRM

“According to Byars & Rue 2006 Human resource Management is defined as a system of activities and strategies that focus on successfully managing employees at all levels of an organization to achieve organizational goals. It is the philosophy, policies, procedures, and practices related to the management of people within the organization.

HISTORY OF HRM

During 1920, jobs which carries tittles as ‘Labor Manager’ or ‘Employment Manager’ were introduced where there were large factories, the role involved handling absence, recruitment dismissal and queries over bonuses. And during 1945 employment management and welfare work had become integrated under the broad term “Personal Management” where the role consists of implementing the rules demanded by large scale. And this also lead to the result of developing poor industrial relations. Around the mid – 80s, the term ‘Human Resources Management “arrived from the USA, it seemed to suggest that employees were an asset and at the same time HR also appeared to emphasize employee commitment and motivation.

HRM IMPACT ON ORGANIZATIONAL PERFORMANCE

At present HRM is not limited to manage and positively exploit human intellect it also focuses on managing physical and emotional capital of employees. Satisfied employees can do immense contribution in terms of enhancing the productivity, efficiency which will pave  the way to high performance of the organization. So the HRM must play a major role and should be more proactive in activities such as recruit more talented and skilled individuals and develop their skills through proper training and emphasize the ultimate retention by ensuring their financial well being through proper compensation methodology and appraisal towards the performances. This would create a brilliant workforce who will fit the company cooperate culture and bring the higher productivity, innovation and flexibility to the organization which will lead to establish higher profit margin.

Training, Development and education can have a positive influence on the performance of business entity by enlarging the proficiency foundation and develop the levels of competence essential in the employees, encouraging flexible leaning that takes place when people dynamically seek to gain the knowledge and skills that support the goals of the company and mounting a climate of learning, a growth medium in which self- managed learning in addition to training and mentoring thrive.

(Armstrong,2009).

Creating a ‘happy to work’ environment within the organization will increase the motivation and commitment of people and create a positive impact on performance of the organization which ensure that people are aggressively pay attention to their expected KPIS and they are decisive to accomplish organizational objectives.

References

https://www.uniassignment.com/essay-samples/business/the-impact-of-hrm-on-organizational-performance-business-essay.php

http://consensushr.com/the-history-of-human-resource-management-hrm/

http://samples.jbpub.com/9781449653293/27829_CH01_003_032.pdf

https://www.managementstudyguide.com/importance-of-hrm.htm