Principles and Practices of Human Resource Management in Global Context

 08.Talent Management in HRM


    Figure 1 : Talent Management

08.01 Introduction of Talent Management


  Talent management is a topic that interests and used by every company. Companies understand that it takes more practice to engage employees with the knowledge, skills, abilities, and connections to achieve strategic business goals. According to a resource-based perspective, one of the key facilitators of corporate sustainability is their unique, valuable, and irreplaceable human capital gives them a competitive advantage (Yildiz &; Esmer, 2022) (Zhongliang et al., 2021). There is still a need to create a valid and effective methodology for assessing the potential of individual talents (Vecchi et al., 2021).


08.02 Talent Management Process 

Figure 02 : Talent Management Process

The process of talent management could be viewed as, though often cyclical rather than a generic linear progression of events, starting with acknowledging the need for talent and ending with growing and optimizing the abilities, characteristics, and knowledge of both new and existing employees.

Planning

The initial stage in the talent management process is planning, just like in any process with a predetermined result. It entails determining the areas in which shortages exist in terms of human capital requirements, creating job descriptions for essential tasks that will aid in sourcing and selection, and creating a workforce plan for recruitment campaigns.

Attracting


Determining whether to source external talent or fill internal talent requirements within the organization is the logical next step, depending on the plan. In either case, drawing in a steady stream of candidates would be part of the process. Referrals, social media, and employment websites are examples of common external sources. 

Selecting

This entails employing a range of examinations and assessments to identify the best candidate for the position—that is, the person-organization fit. Assessing a candidate's overall character requires a thorough examination of all material on public access platforms, as well as written exams, interviews, group discussions, and psychometric testing. Recruiters may now scan through a large number of resumes using software and AI-enabled technologies to narrow down on the best candidates and make the perfect match.

Developing


Building loyalty and increasing employee engagement also involves preparing staff members for the skills necessary to contribute to the success of the company and helping them advance within it. This starts with a well-designed onboarding program to facilitate the employee's transition into the new position. It then offers a wealth of chances to improve the individual's abilities, aptitude, and proficiency while fostering growth via job rotation, coaching, and mentorship programs.

Retaining


Talent retention is an essential part of any organization's long-term success. Most companies work hard to keep their top employees by rewarding and recognising them, providing growth opportunities, promoting participation in special initiatives and decision-making, providing training for more advanced roles, and offering incentives and recognition programmes.

Transitioning


The goal of effective talent management is to help the organization evolve and change as a whole through the personal development of each employee. This entails giving each worker a sense of belonging to a larger entity. Though they may appear like unrelated career points, offering retirement benefits, holding exit interviews, and having a strong succession plan are all transitional instruments that facilitate the shared journey.


08.03 Talent Management Strategy


Detailed Job Descriptions
Person Organization fit
Collaborate Coach evolve
Reward and Recognize right
Opportunities for continuous right

08.04 Talent Management Cycle

Figure 3 : Talent Management Life cycle

08.05 Importance of Talent Management


Attracting top talent
Motivating employees
Continuous coverage of critical roles
Increasing employee performance
Engaging employees
Retaining top talent
Improving business performance
Increasing client satisfaction 




Conclusion


For any organization to develop a steady staff, talent management is important. It evaluates how the organization has evolved overall. As new positions become available, it becomes important for the organization to enhance its employees' potential in order to maintain profitability and sustainability.

References

Amelia, E. and Rofaida, R. (2023) TALENT MANAGEMENT IN ORGANIZATIONS, Airlangga Journal of Innovation Management. doi: 10.20473/ajim.v4i1.44981.[Accessed 12 April 2024]

Ghosh, P. (2023) What is Talent Management? Definition, Strategy, Process and Models, Spiceworks.[Online] Available at: https://www.spiceworks.com/hr/talent-management/articles/what-is-talent-management/.[Accessed 12 April 2024]

Nolan, S. (2011) “The Value of Talent. Promoting Talent Management Across the Organization,” Strategic HR Review. Emerald, 10(4). doi: 10.1108/shr.2011.37210daa.011.[Accessed 12 April 2024]

The Importance of Talent Management | Washington State University Article. Available at: https://onlinemba.wsu.edu/blog/the-importance-of-talent-management.

[Accessed 12 April 2024]



Comments

  1. Dhanushka PathiranaApril 15, 2024 at 4:34 AM

    This blog post provides an insightful overview of talent management in HRM and highlights the critical role of HR managers in identifying and developing top talent.

    ReplyDelete

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