Benefits of Talent Management




Talent management aims to guarantee that firms hire the best personnel for the position, then appropriately onboard, develop, challenge, and compensate them. Software should collect data to help drive developments and emphasize the positive aspects of working for a company
 (Sims, et al., 2007).

Businesses that use effective personnel management are more likely to outperform their competition, and public businesses that have a proven talent management strategy even outperform their peers in terms of shareholder returns (Spies, 2016). Even I as a manager for a leading fast food outlet global chain, we also get many benefits through “Talent Management”.

 

Benefits of Talent Management for Companies

Improved recruitment:  There is still fierce competition for qualified candidates in certain roles and businesses. Communication breakdowns with quality prospects as well as a lack of tools to move the best candidates through the process have an influence on the ability to hire the best people (Anwar, et al., 2014). An agile recruiting process requires processes and technologies that aid in workforce planning, sourcing, applicant monitoring, and analytics  (King & Vaiman, 2019). Recruiting software allows businesses to keep track of and organize applicants, as well as understand where they are in the recruiting process (Sumarto & Rumaningsih, 2021). It allows recruiters to find and monitor prospects who applied through several employment portals, as well as collect feedback on those applications in a simple manner (Anwar, et al., 2014).

Diversity, equity, and inclusion: It gives companies a strategic and financial advantage, and it's becoming a top priority for job seekers (King & Vaiman, 2019). For example, now allows current and past employees to score their satisfaction with companies.

Deeper employee engagement:  Good onboarding, learning, and development processes increase employee engagement. Talent management functionality, such as creative performance management, is crucial for deepening employee engagement (Anwar, et al., 2014). Fast pulse and annual employee engagement surveys, as well as data collection and easy integration with other data to correlate employee engagement KPIs to financial measurements, are examples of related technology that can help ensure the effectiveness of employee engagement programs (Sumarto & Rumaningsih, 2021).

Minimize attrition: Turnover metrics are crucial because they reveal a plethora of flaws across the talent management process (Anwar, et al., 2014). By being able to view, for example, turnover by manager, demographic trends, and more, talent management systems assist in collecting and making it simple to track and analyze data that will point to causes of attrition (King & Vaiman, 2019).

Better succession planning: Senior executives frequently possess specific knowledge that is crucial to the successful completion of key business activities (Anwar, et al., 2014). Without a codified mechanism for passing this information, the company could be in serious trouble, thus succession planning is essential (King & Vaiman, 2019). Everyone in a corporation will retire or leave at some point. By leveraging data to display bench strength, link skills to open positions, anticipate areas where requirements will arise, and more, a talent management system can assist with succession planning (Sumarto & Rumaningsih, 2021).

Benefits of Talent Management for Employees

Better onboarding experience: According to Bibb (2016) onboarding should not begin and conclude with a PowerPoint slide because it is the employee's first true impression of life with the organization. By including mentors and exposing the recruit to key individuals in other departments, organizations that regard onboarding as an important component of the talent management process make onboarding personalized and engaging. It has a significant impact on personnel (Sternberg & Turnage, 2017). To expedite the benefits enrolment process, automation is essential in the onboarding process. However, the finest talent management systems go beyond simply automating paperwork to truly customize the onboarding experience, making it simple for workers to find mentors, training, and other resources (Chitsaz-Isfahani, 2014).

More opportunities for training and reskilling: Training programs that are effective help to recruit the top individuals. When it comes to looking for a new job, after being employed, training programs can assist employees to progress their careers, which is especially crucial for more experienced professionals (Sternberg & Turnage, 2017). Talent management systems make it simple to understand where skills shortages exist, allowing the company to identify individuals and connect them with training opportunities to ensure business continuity (Ashi, 2019).

Career advancement: 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).

Improved performance management: Only around a quarter of workers believe that receiving feedback enhances their performance (Chitsaz-Isfahani, 2014). Talent management software can assist firms in transitioning to dynamic performance management, in which managers and employees receive more open and ongoing feedback. It acknowledges that employees desire feedback but that much of what they get isn't useful, and it seeks to provide them with information that will help them address their deficiencies while also enhancing their strengths (Al-Dalahmeh, et al., 2020).

Employee experience: All these techniques work together to improve the entire employee experience, which is an employee's overall feelings toward a company that decides whether they want to have a deeper relationship with it (Bibb, 2016). Companies with outstanding employee experiences attract and keep great people because their goal is reflected in every aspect of their business, from the benefits and rewards they provide to how day-to-day operations are run to how milestones and major events are recognized  (Ashi, 2019). This isn't something that just start-ups and newer businesses can do.

 

References

Al-Dalahmeh, M., Héder-Rima, M. & Dajnok, K., 2020. "The effect of talent management practices on employee turnover intention in the Information and Communication Technologies (ICTs) sector: case of Jordan”. Problems and, 18(4), pp. 59-71.

Anwar, A., Nisar, Q. A. & Khan, N. Z. A., 2014. alent Management: Strategic Priority of Organizations. International Journal of Innovation and Applied Studies, 9(3), pp. 1148-1154.

Ashi, A. S. M., 2019. Talent Management as a Source of Competitive Advantages: A Review. International Journal of Business and Social Research, 9(4), pp. 2164-2559.

Bibb, S., 2016. Strengths-Based Recruitment and Development: A Practical Guide to Transforming Talent Management Strategy for Business Results. 1st ed. London: Kogan Page.

Chitsaz-Isfahani, A., 2014. Effects of Talent Management on Employees Retention: The Mediate Effect of Organizational Trus. International Journal of Academic Research in Economics and Management Sciences, 3(5), pp. 2226-3624.

King, K. A. & Vaiman, V., 2019. Enabling Effective Talent Management through a Macro-Contingent Approach: A Framework for Research and Practice. Sage Journal, 22(3), pp. 194-206.

Sims, D., Gay, M. & Morris, C., 2007. Building Tomorrow's Talent: A Practitioner's Guide to Talent Management and Succession Planning. 1st ed. Indiana: AuthorHouse.

Spies , D. S., 2016. The Talent Review Meeting Facilitator's Guide: Tools, Templates, Examples and Checklists for Talent and Succession Planning Meetings. 2nd ed. Escondido: Talent Benchstrength Solutions.

Sternberg , L. & Turnage, K., 2017. Managing to Make a Difference: How to Engage, Retain, and Develop Talent for Maximum Performance. 1st ed. New Jersey: Wiley.

Sumarto, L. & Rumaningsih, M., 2021. THE IMPACT OF EMPLOYEE ENGAGEMENT ON TALENT MANAGEMENT ANDKNOWLEDGE MANAGEMENT ON EMPLOYEE PERFORMANCE IN THE SOCIAL. International Journal of Economics, Business and Accounting Research (IJEBAR), 5(1), pp. 2622-4771.

 

  

Comments

  1. Hi Isuru.. Apricate your valuable points. Talent management practices ensure that the right people want to join the company and effectively bring new, talented workers into the company. Moreover, talented workers are identified and valued, and incentives exist to retain them (Ringo et al., 2008; Brundage and Koziel, 2010).

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    1. Thank you, Indika for your valuable thoughts. Yes, I agree with you also. In certain roles and industries, there is still considerable competition for skilled applicants. Communication failures with qualified candidates, as well as a lack of tools to move the best candidates through the process, have an impact on your ability to hire the greatest people (Anwar, et al., 2014).

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  2. Hi Isuru. agreed with your comment. Furthermore Talent consist of those individuals who can make a difference to organizational performance either through their immediate contribution or , in the longer - term by demonstrating the highest level of potential (CIPD,2012).

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    1. Thank you, Upeksha for your valuable thoughts. Yes, I agree with you also. Employee engagement is increased via good onboarding, learning, and development processes. Employee engagement requires talent management functionality such as innovative performance management (Anwar, et al., 2014).

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  3. Hi Isuru, agreed with your points and adding to that according to Armstrong & Taylor (2014) Talent management is concerned not only with obtaining and keeping the number and quality of staff required but also with selecting and promoting people who ‘fit’ the culture and the strategic requirements of the organization. Further, objective is therefore to ensure that a firm achieves competitive advantage by recruiting, retaining and developing more capable people than its rivals.

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    1. Thank you, Lakshan for your valuable thoughts. Yes, I agree with you also. The importance of turnover metrics is that they highlight a slew of faults in the talent management process (Anwar, et al., 2014). Talent management systems assist in collecting and making it simple to track and analyze data that will point to causes of attrition by allowing users to see, for example, turnover by the manager, demographic patterns, and more (King & Vaiman, 2019).

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  4. Well explained Isuru, also talent management is a strong plea for better business performance. Psychologically, when the employee is placed in the right position surely, he/she will have a better business outcome. The Process Perspective focuses on practices needed to optimize workers’ accomplishments within organizations. The core belief is that future success depends on an organization having an appropriate process for talent to achieve its potential (Shadiya M. 2014).

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    1. Thank you, Ganith for your valuable thoughts. Yes, I agree with you because according to Bibb (2016), talent management is a powerful argument for improved business results. When an individual is positioned in the appropriate situation psychologically, he or she will almost certainly have a better business consequence. The Process Perspective focuses on the processes that are required to maximize the accomplishments of employees within businesses. The basic concept is that an organization's future success is contingent on having a proper mechanism in place for talent to reach its full potential.

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  5. Hi Isuru, Farndale et al. (2014) mentions that Talent is identified as a key success factor for increasing and sustaining organizational performance because it includes an individual’s capabilities, experience, knowledge, intelligence, and qualifications, ability to learn and grow. Aina & Atan (2020) states that the benefits which can be achieved through talent management is accomplishing organizational goals efficiently and effectively with outstanding performance, increased employee commitment and motivation with competitive advantage and increased productivity and profitability.

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    1. Thank you, Gihan for your valuable thoughts. Yes, I agree with you because it encompasses an individual's capabilities, experience, knowledge, intelligence, and qualifications, as well as their potential to learn and improve, talent has been identified as a crucial success element for enhancing and maintaining organizational performance (Sims, 2007).

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  6. Hi Isuru, it is well explained. Thus, the manager needs to transform into a leader, which helps potential talent to progress employee skills and inspiration (Mujtaba, 2009). Mujtaba and Sungkhawan (2009) recommend four types of key competencies a leader should possess to manage a diverse talent including organizing ability, persuading skills, intellectuality and inspiring outlook.

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    1. Thank you, Thiloka for your valuable thoughts. Yes, I agree with you because the manager must evolve into a leader who can assist potential talent in developing their talents and inspiring others (Mujtaba, 2009). Mujtaba and Sungkhawan (2009) suggest that a leader should have four important characteristics in order to manage a diverse workforce: organizational ability, persuasion skills, intellectuality, and an inspiring outlook.

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  7. Hi Isuru, agree with your post, further talent management benefited to the organization as well as employee benefits. As such Increase productivity and capability, reduced turnover, committeemen to valued employees, provide training to improve the job and skills of an employee can be consider under the organizational benefits, where Career development, job satisfaction and motivation, commitment towards the job can be categorized under the employee benefits that give a positive impact towards the company on talent management (Garg and Rani, 2014).

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    1. Thank you for your valuable thoughts. yes, it is true Talent has been highlighted as a critical success ingredient for boosting and maintaining organizational performance since it incorporates an individual's capabilities, experience, knowledge, intelligence, and qualifications, as well as their capacity to grow and improve (Sims, 2007).

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  8. A pool of talent ensures a continuous supply of high performers in key roles. Talented people possess special gifts, abilities and aptitudes which enable them to perform effectively. Hiring and maintaining these talented people is expensive, so existing talent must be developed through training and mentoring by developing and executing talent retention strategies (Vaamonde et al., 2018).

    Vaamonde, J.D., Omar, A. and Salessi, S. 2018. From organizational justice perceptions to turnover intentions: The mediating effects of burnout and job satisfaction. Europe's journal of psychology. 14(3), p554.

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    1. Thank you for sharing your useful insights, Ravi. Yes, I concur with you. Turnover metrics are important because they reveal a host of flaws in the talent management process (Anwar, et al., 2014). By allowing users to view, for example, manager turnover, demographic tendencies, and more, talent management systems assist in collecting and making it simple to track and analyze data that will point to causes of attrition (King & Vaiman, 2019).

      Delete

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