Improve Your Talent Management Skills
Talent Management
Talent management is a strategy that organizations hope will
enable them to retain their topmost talented employees within the organization
which is a key element of success and sustainability of the business. This
refers to the skill of identifying, attracting, developing and retaining the
individuals desired for making an organization successful either through
immediate contribution or their potential to do so in the future.
Considering
the complex and dynamic environment in which businesses nowadays operate,
utilization of the best talent management skills is extremely important for
competing in the global economy as well as capitalizing on new opportunities.
This
is because talent management essentially involves developing individuals and
organizations according to the challenges faced by the changing environment.
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Why is talent management important
The connection between talented employees and organizational
performance has always been the heart of any human resource related decisions.
However, the following factors have contributed to the growing importance and
demand of talent management skills:
·
Development of a skilled workforce.
Every organization needs a skilled workforce.
So, many industries are becoming more and more competitive, and big changes are
occurring on a daily basis. Having access to staff who are well-trained, able
to adapt and knowledgeable in their roles ensures you can maintain high levels
of performance, no matter what the current challenges of your industry may be. In
the face of the problems such as population getting older and lack of skilled
workers, talent management has become a necessity for every organization.
Leaders with talent management skills are able to create and maintain a
supportive as well as people-oriented organizational culture where employees
learn and develop along with the development of the organization.
·
Value creation.
Employees’ talent is rapidly becoming one of the chief
sources of value creation. In a research conducted by Brookings Institution in
1982, it was discovered that only 38% of
an average company’s value was attributed to intangible assets such as
intellectual property, brand and most importantly, people. The remaining credit
was all given to tangible assets. However, by 2013, a backflip was seen with
80% of the value being attributed to intangible assets, making talent management
more significant than ever.
·
Changing employees’ expectations.
With employees
becoming increasingly dedicated to their professions and demanding more
challenging and meaningful work, capturing both the ‘hearts’ as well as ‘minds’
of the workforce has become extremely difficult without leaders having
exceptional talent management skills.
How to improve your talent management
skills
Business leaders who implement the
best talent management processes are more prepared than their competitors to
compete in the global economy and capitalize quickly on new opportunities. True
success is only available when companies do more than adapt to long-term
trends; they must be able to anticipate and jump on new opportunities before
the rest of the market.
Bearing in mind the importance of talent management
for almost every organization, following are the ways in which you can attempt
to improve them:
- Begin by identifying the people and positions in an organization that are critical to its success.
- Undertake a thorough analysis of the current situation to pinpoint any mismatch of task with talent and then ensure that right people are attracted to organization for the right job.
- Employee development. It may, sometimes, be extremely difficult to find new workers who are fully skilled according to the organization’s requirement. In such cases, it is better to invest in and develop your own people who seem to have the potential. Processes must be designed in a way that they help support as well as nurture the performance of employees e.g. through incorporation of honest feedback or progress tracking mechanism etc.
- Retention. Most important of all, after hiring new skilled workers or developing the existing ones, is your ability to retain them. This tends to be the major test of one’s talent management skills. Implementation of an appropriate support and reward system for employees can help to a great extent.
Talent management is a business strategy and you must
fully integrate it within all of the employee related processes of the
organization. Attracting and retaining talented employees in a talent
management system is the job of every member of the organization, but
especially managers who have reporting staff (talent).
An
organization that does this kind of effective talent management makes sure
that the best talent is trained and ready to assume the next position in their
career path which benefits the employees and as well as to the organization. Through your talent management skills, you can
successfully create a sustainable and well-performing organization that
achieves all its strategic goals and objectives.
References
·
SAP Success Factors (nd), Talent Management Strategy
to Create a Higher Performing Workforce. [online]. Available at: https://www.successfactors.com/resources/knowledge-hub/educational-articles/strategic-talent-management-training.html
[Accessed on 08 June 2019].
·
Heathfield, S., The Balance Carriers, (2019). Why
Talent Management Is an Important Business Strategy to Develop. [Online].
(Last update 11 January 2019). Available at: https://www.thebalancecareers.com/what-is-talent-management-really-1919221
[Accessed on 08 June 2019].
·
Ortiz, F., (2017, November 07), Blue Collar People. Why
having a Skilled Workforce is Essential. [Online]. Available at: https://www.ukessays.com/referencing/harvard/
[Accessed on 08 June 2019).
Rangana, it's one of the most important aspects currently practiced in modern HRM that you have discussed in your article above regarding talent management and most importantly retaining skilled human resource within the organization. I completely agree with you and looking forward for more articles from you in the related field.
ReplyDeleteDear Gayan.
DeleteThank you for your comments. 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. As you mentioned, talent management is most important for a business to get the maximum return to the investment on the human capital.
Rangana, you have published some important facts in modern HRM. It is highly recommended that the allocation of works should be depended on the skills and talents of a human. This will be a major fact for the development of an organisation.
ReplyDeleteDear Sachintha, I agree with your view of allocation of jobs for the employees according to their talents. So, identifying the employee talents is also important to accomplish the same.
DeleteDear Rangana. You have discussed the most important factors in Talent Management. However talent management is not correctly and timely practiced in organizations. This has affected high employee turnover and retention of low performing employee segment in organizations. Identifying the talent is the most important factor. In an organization each employee will possesses a different talent and some times they may have not directed to the correct department in which he or she can use his talent in optimum level. Not only HR Manager but also other junior Management people who are directly connected with employees should carefully observe and identify the useful talents of employees and and make actions to develop it under processes you have discussed above.
ReplyDeleteDear Janaka,
DeleteThank you for sharing your ideas. As you highlighted, identifying talents of each individual is the most crucial part of talent management process. In some parts of the organization, being able to demonstrate positive attitudes or effective communication may be the driving factor, while in others, innovative or creativity skills might rank first. Finding ways to identify these characteristics of individuals is an important factor. As you said, higher responsibility goes to the junior Managers who are directly connected with employees to identify such skills.
Dear Rangana,
ReplyDeleteEmployees are the greatest strength in the organization and wants to be invest on them for empower them to stay ahead of competition by providing regular exposure to learning and knowledge enhancement. The skilled people who staff in organization bring the greatest competitive advantage. But finding the right fit talent is just the first step. Hence Identify an managing talent is very critical for every organization
Dear Dilmi,
ReplyDeleteAppreciate your valued thoughts. As you said, finding the right fit person is the initial step of talent management. But, Unfortunately, organizations are not very good at identifying their hidden gems. Most companies attempt to tackle this with formal identification programs, but with limited success. They focus too much on past performance and technical skills, and rely on manager nominations that may be contaminated by politics which effects of the organization’s future performance.
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ReplyDelete