Introduction
Human Resource Management a distinctive approach to the employment management consist of two main forms of existence – one is in academic discourse and activity and other is in form of practice in organizations to employ people and have employment relationships. Human Resource management gains a competitive advantage where the value of the service is determined by the quality or how close it fits into customer needs. Establishing the human resource practice has a positive influence on company’s bottom line. Human Resource management builds a commitment, productive workforce and takes up the responsibility in increasing the employee engagement and reduce cynicism.
Talent management a Human capital managementis a crucial process applied across industries in their human resource management which involvehighly skilled workers who have the ability, aptitude, endowment, genius, and exceptional ability. The main objective of talent management is to acquire talent employees at strategic positions in an organization.Talent management is a set of business practices that includes five phases planning, recruiting, developing, positing and compensating to achieve the business goals and it isnot just a content that refers to the management of entertainers. They integrated, developed and retained the workers to meet the business goals and objectives with optimized overall performance. In today’s competitive world to sustain them the organizations are engaging in talent management and shiftthe Human resource department responsibilities to the entire manager’s throughout the company. The purpose of attracting and retaining skilled employees is due to increasing competitive between the firms. The purpose of the talent management is to coordinate and manage different talented people to offer within an organization which is possible only through studying and analyzing the skillsets of the employees and evaluate their abilities, potential, motive, personality and qualities. Dependency on the size of the business, their commitment to the employees and the future predicts how the company is involved in talent management.
A system should be in place to clearly identify the performance results of the employees such as higher rewards should be presented to the high achievers and reward to reflect their performance should be provided to the deemed average employees.
Importance and Effectiveness of Talent management to a company
It is utmost important for an organization to select the right candidate for the right job profile hence its Human Resource management responsibilities to identify the talent of new hires and place them in right job in their organization as the person who stuck in the wrong job would results in new hire, re-training, increase of attrition within the organization. So, it is not as simple as it sounds also, apart from the usual activities of Human Resource Management the talent Management also plays an essential role in identifying a person’s natural skills personality, traits and talents.Talent Management is utmost important and effective process as the company puts up their best effort to acquire talented employees who are hunted by other competitors as well. Without an application of Talent management, the organization can easily lose the talented employees as they may be seized by other competitors. Below are the top three tremendous benefits that a company can avail through applying talent management in their human resource management.
Talent management enforces company to be more competitive in business competitions as they produce better products or services through talented employees when compared to their competitors
Helps to sustain most valuable assets who are valuable super talented employees.
Increases company’s revenue efficiently and effectively with their highly talented employees, the company can produce effective penetration to the market and gain larger market share.
Challenges faced by Talent Management
Talent management faces two challenges in this extensive competitive world. Primarily Human resource management should identify new talents to fit into the job profile and secondary should retain the existing employees. As employees keep changing the job for multiple reasons such as unhealthy working, better opportunities, the gap between the organizational goals, personal goals and good compensation package.
Effective measures for Talent Management
Today’s competitive world demands organizations to retain the existing talents and makes it vital to encourage the talent management effectively for Human Resource department since it is beneficial for both the organization and the employees. Following are the effective measures to hire and retain talents through talent management;
Hire Right People
Keep up the Promises
Good Infrastructure and Environment
Learning Opportunity
Time to de-stress
Recognition of Merit
Functions of Talent Management
Following are the various functions that an organization should introduce to achieve their organization goals and objectives through talent management.
Need analysis on Talent
Attracting talents towards Organization
Locating/ Recruiting/ Appointing the talents
Managing competitive salaries
Training and development of talent pool
Career and growth Planning
Retention Management
Advantages of Effective Talent Management
Talent Management that refers to systematic planned strategic list outs the below the advantages apart from developing global markets.
Competency gap analysis between the organization and employees
Use the practice of improving global competitiveness
Prepares employees for global assignment
Improve organization’s effectiveness and efficiency
Supports in achieving business objective
Improves organization’s culture and working environment
Improvement in retaining the talent within organization
Betterment of overall growth of the people associated with the organization.
Issues affecting talent management
Global Talent management has emerged as a critical element of human resource management cross industries but the empirical and theoretical insights have explored into talent management. India and China’s emerging market has given attention to their strategic importance but their distinctive culture affects the talent management in those countries.
Dynamics of the employment relationship
Employment relationship establishes an economic change and it is an acceptable fact that Reward could be centric of the employment relationship. Return of payment and reward could be the compensation for the employees who engage in physical or mental related works and this could influence the employee’s attitudes and behavior. The most prescriptive approach is to reward the employees could be the best practice or best fit models. A controversial issue in reward management is to which extends the rewards can influence the employee’s attitudes such as commitment. Social factors, political ideology, economy could strong influence the design of reward system so the main goals of the rewarding management are to provide a conceptual model for reviewing and understanding the key developments out of this process. New Technologies, customer demands, competitors are the changes that result out of Employment relationship. The degree to which the employment gets involved in the company represents the strength and their commitment to their job.
Importance of strategic alignment towards Talent Management
The strategic understanding of the talent issues in relation to the organization’s business strategy not only helps to meet the specific talent demands that are derived from business strategy but also points towards transformational dynamic possibilities of multiplying talent to organizational value and competitiveness. To achieve the business goals and objectives it is obligatory that the related process and capabilities are aligned and integrated to work towards the same end. To achieve the strategic alignment towards talent management the talent should be properly defined on the clear understanding of the business strategy, and integrate all the possible option and sources to discover the talent. Later, develop and deploy talent in the right way at the right time.
Conclusion
Talent management is core agenda of top executives in an organization where talent is the source of the competitive advantage and sustainability. Asurvey by the Economist Intelligence Unit and Development Dimensions International states that organization’s top executive spend 20% of their time on people-related issues. Also, a survey from Business Week denotes that Human Resource Management are provided high importance within an organization as the organization faces most of the important issue in maintaining and sustaining the high performance. Talent should be considered as strategic by the management and have to routinely and consistently understand and communicate the importance of talent to the organization.
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