Talent Management

 

Talent Management

Talent management is the systematic process of identifying the vacant position, hiring the suitable person, developing the skills and expertise of the person to match the position and retaining him to achieve long-term business objectives.

Talent Management Process Model

 

⦁ Planning: Planning is the initial step in the process of Talent Management. It involves the following:

Identifying the human capital requirement.

Developing the job description and key roles.

Proposing a workforce plan for recruitment.

⦁ Attracting: Deciding whether the source of recruitment should be internal or external and seeking for the suitable individuals to fill in the vacant positions through:

Job Portals such as Naukri.com, Timesjob.com, etc.

Social Network such as LinkedIn and Twitter.

Referrals.

• Selecting: Recruiting and selecting the personnel. It involves the following steps:

Scheduling written test and interviews.

Scrutinizing the most suitable candidate for the profile.

⦁ Developing: In this stage, the employee is prepared according to and for the organisation and the profile. Following are the steps involved in the process:

Carrying out an onboarding programme or an orientation programme.

Enhancing the skills, aptitude and proficiency of the personnel to match the profile.

Counselling, guiding, coaching, educating, mentoring employees and job rotation.

⦁ Retaining: Employee retention is essential for any organisational existence and survival. Following are the ways of employee retention:

Promotions and increments.

Providing opportunities for growth by handing over special projects.

Participative decision making.

Teaching new job skills.

Identifying the individual’s contribution and efforts.

⦁ Transitioning: Talent management aims at the overall transformation of the employees to achieve the organizational vision. It can be done through:

Retirement benefits to employees.

Conducting Exit interviews.

Succession Planning or Internal Promotions.

Talent Management Initiative

The managers and the higher authorities need to take the initiative to pave the way for the personal development and long-term association with the organization. Some of the ways in which a manager can motivate and retain employees are as follows:

 

Benefits of Talent Management

⦁ Strategic talent management results in the accomplishment of organisational vision.

⦁ Filtration of talented employees and retaining of the finest ones is possible.

⦁ Talent management strengthens the organisational structure by building strong human capital.

⦁ It helps the organisation to succeed over its competitors and establish a strong presence in the market.

⦁ It builds up a good reputation of the company among the job seekers.

⦁ It leads to improved participative decision making by the management.

⦁ It directs continuous improvement in organisational performance making it more efficient and effective.

            In today’s global scenario, the human resource has been a very effective tool for the company’s growth and success. Thus, to make the best possible utilization of the employee’s talent and skills, talent management is essential.

C.Santhosh

V.Gugan

I B.Com