Why Talent Management is Important?
The term "Talent Management" isn't
only a buzzword in the HR world. It is also dedicated to hiring, managing,
developing, and retaining the best and brightest individuals in the industry.
Indeed, talent management is critical to a company's business strategy since it
oversees one of the company's most valuable assets (Bhattacharya, et
al., 2008). That
is why, to retain employees, firms should try to successfully manage them and
assist them in developing their skills and competencies. Here are some of the
reasons why businesses should put money into talent management.
Attract the best people: Having
a comprehensive people management program in place allows businesses to attract
the best and brightest personnel. It aids in the development of an employer
brand that can attract new employees, hence improving the company's business
performance and outcomes (Baqutayan, 2014).
Employee motivation is important: Strategic talent management assists firms in
keeping their personnel motivated, which gives them additional reasons to stay
in the company and complete their tasks (King &
Vaiman, 2019).
Coverage of important responsibilities is
always maintained: Talent management provides businesses with
the tools they need to plan and handle the crucial and highly specialized jobs
in the workforce to their employees. This means the company will have a
consistent stream of employees to handle critical tasks, allowing firms to run
smoothly while minimizing added stress for others, which could lead to
exhaustion (Bolander, et al., 2017).
Boost employee productivity: Companies will be able to identify which
employees are most fit for the position with the help of talent management,
which will result in fewer performance management concerns and grievances. It
will also ensure that the best talent is retained (Belisle , 2013).
Employees who are enthusiastic about their work: Talent
management enables businesses to make systematic and consistent decisions about
employee development, ensuring that individuals' skills and growth are
protected. Furthermore, when there is a fair system for development, employees
will feel more involved, which will assist organizations to meet their
operational requirements by raising retention rates (Bolander, et
al., 2017).
Retain top performers: In the
long run, well-structured onboarding methods lead to higher levels of
retention, saving the organization money on recruitment and performance
management costs (Belisle , 2013).
Boost your
company's performance: Employees are
more engaged, skilled, and motivated when they are part of a talent management
program, which allows them to work toward the company's business goals,
increasing customer satisfaction and business performance
Client satisfaction
is higher: A systematic approach to talent
management entails organizational integration and a standardized management
style. Client satisfaction is usually higher when systems are more integrated
since they deal with fewer individuals and their demands are handled more
quickly
References
Baqutayan, S. M. S., 2014. Is
Talent Management Important? An Overview of Talent Management and the Way to Optimize
Employee Performance. Mediterranean Journal of Social Sciences, 23(5),
pp. 2290-2295.
Belisle , W., 2013. How
to Improve Employee Productivity: An Owner’s Guide to Building Profits and
Management Systems Easily!. 1st ed. s.l.:Working Light Publications.
Bhattacharya, C.,
Korschun, D. & Sen, S., 2008. Using Corporate Social Responsibility to
Win the War for Talent. MIT Sloan Management Review, 49(2), pp. 37-44.
Bolander, P., Werr, A.
& Asplund, K., 2017. The practice of talent management: a framework and
typology. Emerald lnsight, 46(8), pp. 1523-1551.
King, K. A. &
Vaiman, V., 2019. Enabling Effective Talent Management through a
Macro-Contingent Approach: A Framework for Research and Practice. BRQ
Business Research Quarterly, 22(3), pp. 194-206.
Ramonyai, J., 2021. Leadership
Hacks: Business Technology, Social Recruiting, Strategic Finance, Stress
Management, Survey Management, System Automation, Talent Management,
Technical Support.. 1st ed. s.l.:Kindle Edition.
Further to your statement Isuru, Talent management is a rapidly growing area, although there is a serious debate on the conceptual framework, the definition, context, and criteria about talent management practice. Talent management is a primary driver for organisational success (Lockwood, 2006). Also , talent Management exists to support the organisation’s overall objectives(Cappelli, 2008).
ReplyDeleteThank you, Nirmika for your valuable thoughts. Yes, I agree with you also. Businesses may attract the best and brightest employees by implementing a thorough people management program. It helps to build an employer brand that can attract new personnel, hence increasing the company's business performance and outcomes (Baqutayan, 2014).
DeleteAgree with your writeup Isuru. Further, talent management can be described as the activities and processes that involve the systematic development, attraction, identification, engagement, retention, and deployment of those talents which are of particular value to an company to create strategic sustainable success (Boudreau and Ramstad, 2005).
ReplyDeleteThank you, Dileep for your valuable thoughts. Yes, I agree with you also. Senior executives usually have specialized knowledge that is critical to the successful fulfillment of important business tasks (Anwar, et al., 2014). The organization could be in significant difficulty if there isn't a documented system for passing this information, thus succession planning is critical (King & Vaiman, 2019).
DeleteHi isuru, agree with you, adding to your point, Talent management is the systematic attraction, identification, development, engagement, retention and deployment of those individuals who are of particular value to an organization, either in view of their ‘high potential’ for the future or because they are fulfilling business/operation-critical roles. (CIPD, 2012).
ReplyDeleteThank you, Dineth for your valuable thoughts. Yes, I agree with you also. Automation is critical in the onboarding process to speed up the benefits enrollment process. The best talent management solutions, on the other hand, go beyond simply automating paperwork to genuinely personalize the onboarding process, making it simple for employees to locate mentors, training, and other resources (Chitsaz-Isfahani, 2014).
DeleteAgree with you Isuru, Modern businesses have learned that their ability to attract, develop, and retain the proper talent is critical to their success in today's competitive business environment. Talent management ensures that firms have the right people with the right skills in the right position to implement their business strategy (Ibrahim and Daniel, 2018).
ReplyDeleteThank you, Janakan for your valuable thoughts. Yes, I agree with you also. To maintain business continuity, talent management solutions make it simple to see where skills shortages exist, allowing the organization to identify individuals and connect them to training opportunities (Ashi, 2019).
DeleteHi Isuru, well explained. One approach might to be focus development on critical roles, high performers and high potentials, and at the same time create clear pathways for all employees to have opportunities to develop based on their situation and the organizational needs (Mona M,2021).
ReplyDeleteThank you, Upeksha for your valuable thoughts. Yes, I agree with you also. When training and development opportunities are tied to performance goals, employees are more engaged in their work and stay with the company longer. Using talent management systems, employees can simply track their goals and be matched with the right opportunities to help them progress in their careers (Bibb, 2016).
DeleteHi Isuru, agreed with your points and adding to that Cappelli (2008) describes that four principles for ‘talent on demand’ were make and buy talent to manage the demand-side risk, Reduce the uncertainty in talent demand, earn a return on investment in developing employees and Employee interests should be balanced by creating an internal labour market.
ReplyDeleteThank you, Lakshan for your valuable thoughts. Yes, I agree with you also. All of these strategies work together to improve the overall employee experience, which is an employee's overall feelings toward a firm that determines whether or not they want to pursue a longer-term connection with it (Bibb, 2016).
DeleteNicely line up Isuru, adding to that, organizations increasingly focus on talent management, because the implementation of a talent management process is expected to create an environment for people to develop their skills in preparation for a range of future possibilities thereby preparing the workplace for changing roles (Innovation & Growth, 2013). Thus, systems should be put in-place that enables talented individuals to excel and develop successful careers as well as positive working environment within the organization (Blass, 2007).
ReplyDeleteThank you for sharing your useful insights, Ganith. Yes, I concur with you. To ensure business continuity, personnel management tools make it simple to understand where skills gaps exist, allowing the company to identify individuals and connect them to training opportunities (Ashi, 2019).
DeleteHi Isuru. Nicely written article. Would like to add more to your points. With the effect of globalization, it was necessary for business organizations to be more focused on talent management approaches, namely identifying, attracting, recruiting, developing and retaining talent to navigate the challenges. (Claus, 2019). According to Sparrow & Makram (2015) the organizations use talent management to capture, leverage and protect the talents of employees.
ReplyDeleteThank you for sharing your useful insights, Gihan. Yes, I concur with you. To speed up the benefits enrollment process, automation is essential during the onboarding phase. On the other hand, the finest talent management solutions go beyond simply automating paperwork to truly customize the onboarding process, making it easy for workers to find mentors, training, and other resources (Chitsaz-Isfahani, 2014).
DeleteGreat explanation on why Talent management is an important aspect, well written article. Talent management works to keep current employees and advance them to higher positions in the organization. This saves money that could otherwise be lost to high employee turnover(Brooks,2019).
ReplyDeleteThank you for your helpful input, Manoj. Yes, I concur with you. By developing a comprehensive people management program, businesses can recruit the best and brightest personnel. It aids in the development of an employer brand that attracts new employees, hence improving the company's business performance and outcomes (Baqutayan, 2014).
DeleteHi Isuru, agree with your post, however talent management is important for an organization to examine the relationship among the attraction, retention and employee engagement that have impact on the organization performance, competitive advantage and the talent position of the organization (Hughes & Rog, 2008). Considering these facts in the practical context organization should identify the talent of the employees to develop accordingly, initiates activities to improve customer engagement and the working culture was also impact on the organization performance (Hanif & Yunfei, 2013).
ReplyDeleteThank you for taking the time to share your valuable ideas. Yes, I concur with you. Employees are more involved in their work and remain with the organization longer when training and development opportunities are linked to performance goals. Employees may easily track their goals and be matched with the correct chances to help them advance in their careers using talent management tools (Bibb, 2016).
DeleteTalent management is the process of identifying, developing, recruiting, retaining and deploying those talented people. Some organizations need people with highly specialized technical competencies, and skills and these talented people are a priority; without them, the organization will not move forward (Meyers and Van Woerkom, 2014). Therefore, organizations need to attract talented employees, improve their talents, provide opportunities for talent development, and retain talent through human capital management (Du Plooy and Roodt, 2010).
ReplyDeleteDu Plooy, J. and Roodt, G. 2010. Work engagement, burnout and related constructs as predictors of turnover intentions. SA journal of Industrial Psychology. 36(1), pp.1-13.
Meyers, M.C. and Van Woerkom, M. 2014. The influence of underlying philosophies on talent management: Theory, implications for practice, and research agenda. Journal of World Business. 49(2), pp.192-203.
Thank you for your helpful input, Ijaz. Yes, I believe that talent management ensures that firms hire competent people with the necessary skills and job responsibilities (Siadat, 2021).
DeleteHi Isuru, Agreed with you, Talent management refers to the process of developing and integrating new workers, developing and retaining current workers, and attracting highly skilled workers to work for a company, ( Anupam, R., & Upasna, J. 2012).
ReplyDeleteThank you so much for taking the time to offer your insightful thoughts. Yes, I completely agree with you. When training and development opportunities are tied to performance goals, employees are more engaged in their work and stay with the company longer. Using talent management systems, employees can simply track their goals and be matched with the right opportunities to help them progress in their careers (Bibb, 2016).
Delete