It is an ability of organisations to recruit, develop and retain most skilled employees in the workplace. Talent management helps the business in identifying vacant positions, hiring high skilled candidates and retaining people to achieve long term objectives in marketplace. In addition, it is a strategic human resource planning that improves the value of a business to accomplish the goals and objectives.
Importance of Talent Management
- Strategic talent management builds up the reputation and goodwill of the business in the marketplace.
- It builds a strong human capital to strengthen the organisational structure.
- It encourages a positive environment in the workplace by providing job satisfaction to employees.
- Talent management encourages organisations to conduct training and development programs to enhance their knowledge and learning skills.
- It supports the business to gain competitive advantage and establish an effective presence in market.
- Employees have a feeling of belongingness and being cared because talent management focuses on the betterment and growth of employees.
Process of Talent Management
The talent management process involves various steps such as planning, attracting, selecting, developing, retaining and transitioning.
- Planning – The initial step of the talent management process is planning. In this step, human capital requirements and key roles of employees are identified. Moreover, a plan for recruitment of employees is proposed in the planning step.
- Attracting – There are a number of job portals that attract job seekers such as timesjob.com, naukri.com etcetera. Apart from job portals, referrals and social networks such as Twitter and Linked attract a number of job seekers. An organisation must decide the source of recruitment whether it is external or internal.
- Selecting – In order to select highly qualified employees, an organisation must focus on:
- To schedule interviews and written tests
- To scrutinize a suitable candidate for a particular job profile
- Developing – Developing is a step in which skills and knowledge are developed among employees according to the job profile and organisations. The skills and proficiency of employees are matched with the requirements of business.
- Retaining – It is essential for a business to retain employees for the long term survival of business. There are various methods that retain a large number of employees such as promotions, incentives, participative decision making, vacations, paid leaves etcetera.
- Transitioning – The primary aim of every organisation is to transform the position of employees to achieve objectives. For this purpose, businesses provide retirement benefits and internal or external promotions to their employees