Talent management is tresured by employers everywhere

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The process of managing talent within an organization is the capacity to manage the power and competency of employees. Talent management is not restricted to just recruitment of the right candidate at the right time for the right job. It encompasses a much larger area such as initiatives undertaken by HR for improving employee skills, developing and nurturing them effectively so that the desired results are obtained.

This is challenging for modern organizations to recruit the best available talent in a specific region. It is due to extreme competition and various other factors that impact the labor market. Apart from recruitment, getting the desired business and undertaking effective transactions of the employees to suit the organizational culture is also a major concern for organizations globally.

This blog, written by an expert at All Assignment Help will shed light on the talent management process. It will explain it in such a way that concepts associated with it are clearly understood by students.

What is Talent Management?

Students have to know what is talent management to get a clear idea about it.

Here is a simplified definition: Talent management is a systematic method of determining the various vacant positions within an organization, hiring suitable candidates for the vacant positions, and developing the major skills and expertise of the candidates to match the desired job positions, such that that candidate can be retained in the business for a long term and at the same time the business objectives are achieved satisfactorily.

Various stages in the talent management process are implemented by an organization known as the talent management process model.

Various Stages of the Talent Management Process

The process of talent management consists of various stages for effectively running an organization and becoming employee-centric.

Let us look at it:

Planning

In this stage of the talent management process, the objective determines the requirement of the human capital within the business. Here, HR develops the various job descriptions and formulates the key roles and responsibilities of the candidates. At this stage, a workforce plan for recruitment is proposed by the HR department of the organization.

Attracting

In the second stage, the source of recruitment is determined by the HR department. Candidates can be attracted to the various vacant job positions from internal or external sources by undertaking strategies. One of the sourcing channels is the job portal offering information about candidates’ skills, expertise, and experience.

Social networking sites can also be considered important resources from which candidates can be selected. One of the internal methods of attracting candidates toward various vacant job positions is employee referral.

Selecting

Recruitment and selection of candidates is a major strategy of the HR department that needs to be conducted effectively. Several stages in the selection process can be undertaken by a business organization.

Written tests and interviews can be conducted for selection. A scrutinization process takes place to select the most desirable candidates for the various job profiles.

Developing

The candidate selected for a particular job position is trained to meet the organizational criteria and the job profile. It consists of first undertaking an onboarding or an orientation program. It is followed by developing the skills, proficiency, and aptitude of the candidate selected to match the job profile.

Thereafter, mentoring, counselling, and coaching sessions are provided to the incumbent to make them suitable for the organization.

Retaining

Retaining the selected employees within the organization is of utmost importance for the long-term sustainability of the organization. There are various methods in which HR can achieve effective employee retention. These are increments, promotions, undertaking participative decision-making, and offering growth and career development opportunities to the employees.

Additionally, offering effective training and employee development plans, recognizing individual contributions and performances, and rewarding them accordingly are other ways of employee retention.

Transitioning

An important objective of talent management in any organization is achieving a holistic employee transformation. This way, the organizational vision and objectives can be attained effectively.

This phase is materialized by undertaking several strategies. These are offering retirement benefits, undertaking exit interviews, and developing succession planning and internal promotions ethically and prudently.

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Talent Management Initiatives

The managers have a major role to play to ensure that there is the effective personal development of the candidates that have been selected for various job positions within the organization. There needs to be the development of a long-term association of the organization with its employees. Successful talent management initiatives are necessary to achieve effective employee motivation and retain them within the business.

Some of the major talent management initiatives that can be undertaken by the HR managers within an organization are enumerated as follows:

Having ethical and effective rewards and recognition strategies for all employees.
Offering enough opportunities for all employees to grow and develop within the organization.
Achieving an effective role in designing for the selected candidates within the organization.
Undertaking effective job rotation of the selected candidates within the organization.
Undertaking effective training and development of all the employees including the new candidates who have joined recently.
Formulating effective succession planning for all job positions within the organization for the selection of proper candidates in the future.

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Advantages of Talent Management For a Company

There are several benefits of talent management that an organization can receive by successfully undertaking the process.

Some of the key advantages of talent management are enumerated as follows:

A sensible strategic talent management policy results in the achievement of the organizational vision, mission, goals, and objectives.
Talent management contributes to filtering out the employees that are proving to be non-rewarding for the organization and at the same time it helps in retaining the best employees to ensure the long-term growth and sustainability of the business.
Effective talent management policies enable an organization to gain a competitive edge over its rivals and develop a strong market presence that contributes towards enhanced revenues and profitability through an enhanced reputation of the company.
Ethical and effective talent management strategies enable an organization to achieve enhanced participative decision-making from the management.
One of the most important factors for a business is to be able to retain top talent to compete successfully with the key rivals in the market. So, there should be an effective reward and recognition system for the employees based on individual performance along with incentives bonuses, and promotions.
An organization can identify the most talented employees and they can invest time and money in nurturing and developing them further so that they can be considered for future leadership positions within the organization.

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Advantages of Talent Management For Employees

Talent management provides some exceptional opportunities to the employees.

Some of the major benefits of talent management for the employees are as follows:

Prudent talent management strategies within an organization create a positive environment that motivates employees through enhanced job satisfaction.
Employees can enhance their skills and knowledge through the various training and development programs that are undertaken by the HR department for all the employees working in different departments of the organization.
Effective talent management strategies lead to long-term employee retention as the employees feel the desire to remain associated with the company for a substantial period.
Recognition and reward policies form an integral part of talent management strategies of an organization that contribute towards enhancing the confidence level of the employees and keep them highly motivated at work.
Rigorous training and development and guidance and mentorship from the managers lead to the addition of quality experience and knowledge of the employees that develop their skills and competence manifold within the organization.

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Challenges Faced by An Organization in the Process

A business establishment might face various challenges in the process of talent management both at national and global levels.

The key areas of challenges faced by an organization in the domain of talent management are enumerated as follows:

Recruiting the right talent

It is a major challenge for a business due to economic phenomena such as financial downturns that lead to the rise in the number of global job cuts. At this stage, a company has to retain the best talents and let go of the others. There might be you’re shuffling of the various job positions in the top leadership in the management. At this point, the process of recruitment can be extremely costly as each of the interviewers’ costs centres on the company and the business needs to pay for the various processes related to recruitment in such an unfavorable economic condition.

Training and development of new candidates along with existing ones

It is another major challenge for a business. If the organization is not able to provide training and development to the employees continuously and be successful in updating their knowledge and skills then the productivity of the employees will not be increased over some time and this could be a negative impact on the organization.

Retaining talented employees

This is a key challenge for an organization. When a business has to reduce employee overheads that are considered to be unessential in a short period, then this situation creates a scenario of lack of motivation among the employees that are retained by the business.

Developing and nurturing effective leadership capabilities within the business at a time of crisis

It is another major challenge for an organization. Therefore, one of the major objectives of HR should be to identify talent and develop and train them for future leadership positions.

Developing ethical culture

Last, but not least, it is another major challenge that many organizations face in the process of employing talent management. Often organizations are held to abide by (industry-basis) the business code of conduct and incidents such as discrimination and lack of tolerance towards diversity. These incidents often lead to unsatisfactory talent management procedures by an establishment.

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Conclusion

The talent management process is an extremely essential human resource function that manages and controls an employee from recruitment till exiting the organization. Many organizations are now using modern integrated software applications for performing various talent management functions effectively and with the least possible errors.

Frequently Asked Questions

Question 1: What are the four components of talent management?
Answer: Talent management applications are built on four pillars: recruitment, corporate learning and development, performance management, and compensation management.

Question 2: What role does talent management play?
Answer: Talent management encompasses all HR processes aimed at attracting, onboarding, developing, motivating, and retaining high-performing employees. The goal of talent management is to improve business performance by implementing practices that increase employee productivity.