Why Talent Management Is an Important Business Strategy

Introduction 

Talent Management is a unified strategy designed to assist organizations to build the most effective potential use of their capital currently and within the future, to use their human capital to achieve the organization’s vision and to make sure the utmost come back from their talent by making a pretty structure culture that encourages happiness and commitment.

 “ Talent Management is about ensuring that the organization has the talented people it needs to attain its goals. Talent is what people must have to perform well in their roles. Talent Management is based on the proposition that those with the best people win’. It emerged in the late 1990s when McKinsey and Company coined the phrase” the war for talent”. It involves the systematic attraction, retention, identification, and development of individuals who are of particular value to an organization (Amstrong,2016,81)”

So, talent management is a helpful term once it describes an associate organization's commitment to hire, manage, develop, and retain proficient staff. It contains all of the work processes and systems that are associated with retaining and developing a superior workforce. Talent management is a business strategy that will attract high talent for an Organization in competition with other employers.

To implement the strategic talent management method in an organization, it's the role of Human Resource (HR). HR plays an associate informatory and support role within the company. They manage the company specified leaders run the company.

 When you tell a prospective employee that you just dedicated to a talent management strategy that will make sure that he or she's going to have the chance to develop professionally, you attract the most effective talent.

 According to research done by Deloitte, there is 40% lower turnover rate and 38% higher employee engagement in firms that enforced strategic talent management methods.

 What Processes are part of a Talent Management System?

when an Organization uses a business strategy to recruit and retain proficient staff, the subsequent processes will embrace once approach talent management,

 • Recruitment designing meeting

• Job description development

• Job post writing and recruiting location placement for the posting

• Application materials review

• Phone or online screening interview

• In-house interviews that may involve multiple conferences with several of current staff

• Credential review and background checking

• Making the job offer to the selected person

• Agreeing on the amount of the offer

• Employee beginning day and onboarding method

• New employee welcome information and introductions

• On-the-job coaching

• Goal setting and feedback

• Coaching and relationship building by the manager

• Performance management method

• Ongoing employee development

• promotions, transfers

• Employment termination 

As mentioned above the employee's manager will responsible for the majority of those processes. HR can provide support, training, and backup however the day-to-day interactions, make sure the new employee's success comes from the manager. Developing and coaching the new employee comes from his active, daily interaction with the manager.

Global Context 

Most of the leading firms such as First Merit Bank, Microsoft Corporation, Wachovia Corporation, and Southwest Airlines follow talent management strategies. Microsoft Corporation is one of the largest and most successful computer software and hardware firms in the world. One of the reasons that the Microsoft has been successful in its talent management strategy. Microsoft is very keen when managing its pool of talents. Microsoft Corporation has developed a culture of pooling the talents to know how to assign employees various tasks. The human resource unit has developed a unit that identifies the special skills and capabilities of the employees from each hierarchical level. This strategy assists the human resource to match task needs and employee capabilities. This method has been used to identify individuals who can be assigned to various posts when vacancies occurred. This method disregards the situations that people are promoted based on their time at the corporation without considering their ability to hold the posts.

 

Sri Lankan Context

When it comes to the Sri Lankan context, HNB's talent management strategy has been recognized as Best in Asia at Asia's Training and Development Excellence Awards 2014 held in Singapore, having completed with a host of global brands.

Conclusion 

Talent management is very complex and very difficult to handle. The real purpose of the whole process is to position the right person at the right place at the right time. The main issue of concern is to determine the right fit between the job and the individual.

 

 

Reference List

 

·       Michaels, Ed., Handfield, Jones. and Axelrod, Beth. (2001). The War for Talent. USA: Mc Kinsey & Company, Inc.

·       Berger, A., and Berger, Dorothy. (2011). The Talent Management Handbook. 2nd ed. USA: McGraw-Hill Companies, Inc Publications, pp.145-151.

·       Armstrong, M.(2016) Armstrong’s Handbook of Management and Leadership for HR.4^th edition.India: Replika Press Pvt Ltd.