Talent Management - Need of the Hour..

Talent Management

"Talent Management" has become one of the most important buzzwords in Corporate HR and Training today. 

The purpose of TM is to ensure that the right supply of talented workforce is ready to realize the strategic goals of the organization both today and in the future.

Talent management includes a series of integrated systems of:

ü  Recruiting,

ü  Performance management,

ü  Maximizing employee  potential, managing their strengths and developing 

ü  Retaining people with desired skills and aptitude

What is Talent?

According to McKinsey; talent is the sum of:

ü  A person’s abilities,

ü  His or her intrinsic gifts,

ü  Skills, knowledge, experience ,

ü  Intelligence,

ü  Judgment, attitude, character, drive,

ü  His or her ability to learn and grow.

Assessment Tools for TM

The five assessment tools should be linked to ensure that each assessment is consistent:

ü  Competency Assessment

ü  Performance Appraisal

ü  Potential Forecast

ü  Succession Planning

ü  Career Planning

Talent Management Model

Benefits of Talent Management

ü  Right Person in the right Job: Through a proper ascertainment of people skills and strengths, people decisions gain a strategic agenda. The skill or competency mapping allows you to take stock of skill inventories lying with the organization

ü  Retaining the top talent: Despite changes in the global economy, attrition remains a major concern of organizations. Retaining top talent is important to leadership and growth in the marketplace. Organizations that fail to retain their top talent are at the risk of losing out to competitors. The focus is now on charting employee retention programs and strategies to recruit, develop, retain and engage quality people.

ü  Better Hiring: The quality of an organization is the quality of workforce it possesses. The best way to have talent at the top is have talent at the bottom. No wonder then talent management programs and trainings, hiring assessments have become an integral aspect of HR processes nowadays.

ü  Understanding Employees Better: Employee assessments give deep insights to the management about their employees. Their development needs, career aspirations, strengths and weaknesses, abilities, likes and dislikes. It is easier therefore to determine what motivates whom and this helps a lot Job enrichment process.

ü  Better professional development decisions: When an organization gets to know who its high potential is, it becomes easier to invest in their professional development.

Talent and performance management is all about engaging, developing, and inspiring your organization’s most important asset — its people — to deliver on business strategy. It is estimated that most organizations achieve only 60% of their projected value from business initiatives because of major gaps in how managers and employees deliver their talent management planning strategy. Thus the need for talent management in the modern day world is very evident.