Some people say Talent is god's gift for a person. A person is said to be talented if he possess awesome ability in a particular activity or field. Every one is talented in one or another way. Nourishing the talent and utilizing it to the best is a challenge. Talent levels will vary from person to person. There is a scarcity of talents in all areas. Competition is always there for getting the talents between organizations, that is why the talent management attains significance.
Every organization needs talented persons in different levels to enhance the efficiency of the company. In this globalized era talented personals are having demand and are offered good remuneration. For discharging specific tasks talented and work ethic specialists are needed. In every field the case is same. It is not easy to find the right talent needed for the organization, it takes a wholesome effort involving lot of human resource to find the talents and recruit them.
Talent management is simply a process of recruitment of talents, developing the skills of existing workforce, promoting and retaining the employees, attracting highly talented and rated employees from other companies etc. Talent management is practiced by human resources department of each and every company.
Performance management is directly linked with talent management. In every organization the challenges as well as strategies are entirely different. Hence the focus is mainly on getting and connecting the talent with the organizational set up as well as making sure that the person can cope up with the organizational challenges and deliver the might.
For a successful organisation team of talented dynamic executioners, passionate leaders in right roles will make sure effective execution of strategies and correction if needed as per the situation. That means talent should be there in executive, middle and lower level of the organization. But setting up and maintaining this kind of persons for longer periods is not easy.
Senior human resource executives are dealing with the talent management and it is very important for companies as there is practice of rival companies luring away the talents. So motivation and retention of talents in an organisation is a real challenge for HR officials. With companies becoming global with overseas acquisitions, keeping the upward growth will depend on cost effectiveness, internal execution of strategies precisely with existing workforce as well as integrating new talents.
In good olden days the talent management was not a priority and hence it was taken care by personnel management departments in the organization. However in this new era talent management has become one of the top priorities of the organizations. Impact of talent management is directly visible as many companies are spending a chunk of their revenues to disburse wages as well as benefits. Wages are increasing every year rapidly for maintaining the talents in the organization.
Talent management best practices are competency based and some of the competencies are skills, personal traits, experience as well as knowledge. Talent management is for the optimisation of the resources in the organization, henceforth achieving good business results. Always there is chemistry between better talent in workforce and better business outcome. Leaders are developed through the talent management system.
Keeping the workforce satisfied is an important aspect which can't be neglected by any organization. Success profiles should be the main criterion for promotion. There should be some planned strategy for talent management since human resource is an asset for the organization in this new age business world.
Top level management including CEO and senior leadership should support the efforts of human resource department for developing talent pool. Line managers have a proactive role in talent management. They are the ones who can spot talents within organization for higher levels. Developing the talent within the organization is cost effective than really recruiting new ones in some cases and it can be termed as one the talent management best practices.
The demographics of the workforce across the world are changing as many companies are turning global and cheaper workforce with talent. This process is one of the talent management best practices. Hyper competition is the main factor which drives companies to have talent management best practices to keep the competitive edge.