Talent management means the process of anticipating need for human capital and the ways and means which the need is fulfilled. Process is kickstarted by identifying employees with high potential within the organization. The identified individuals are then developed further to be able to deliver future expectations of the organization
Importance of talent management to an organization
In order to attract and retain experienced, well qualified quality employees the organization should have a strong talent management strategy to avoid losing its best employees.
If an organization has a sound talent management strategy which encourages the employees to reach their full potential and reach higher positions within the organization it will ultimately reduce employee turnover and helps reduce cost of rehire and training
Talent management model
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Responsibility of talent management
The responsibility of talent management stems from HR. However all of corporate management, senior management should be actively involved in talent management process to achieve the desired outcomes of the organization. Also, there can be different committees appointed to overlook the talent management process depending on the scale of the organization (Brooks, 2019).
Thank you very much for your insights Lasni
ReplyDeleteGreat post on talent management! According to Momtazian (2023), talent management involves anticipating the need for human capital and developing identified individuals to meet the future expectations of the organization. Brooks (2019) argues that a strong talent management strategy involves all levels of corporate management, and can help reduce turnover and promote employee development. Overall, an effective talent management process benefits both the employer and the employee, and should be a key priority for any organization.
ReplyDeleteThank you so much for your valuable insights Praveen
DeleteTalent management has several potential drawbacks, including cost, time-consuming nature, limited resources, subjectivity and bias, talent retention challenges, inconsistent implementation, and lack of alignment with business strategy. These challenges may impact the effectiveness and fairness of talent management initiatives and require careful planning, monitoring, and mitigation strategies to ensure successful implementation and outcomes. Organizations need to be aware of these drawbacks and proactively address them to maximize the benefits of talent management practices.
ReplyDeleteThank you so much for your valuable insights Manoj
DeleteThank you for sharing. This seems a good artical to each and every people.
ReplyDeleteThank you so much for your valuable insights Ramya
DeleteI agree with the author's perspective on the importance of talent management in organizations. As Briscoe, Schuler, and Tarique (2012) suggest, talent management is the process of identifying and developing high potential employees to meet future organizational needs. This process is crucial to attracting and retaining quality employees, and it ultimately reduces costs associated with rehire and training (Brooks, 2019). Furthermore, effective talent management requires the involvement of not only HR but also corporate and senior management (Brooks, 2019). In today's competitive business world, organizations need to adopt innovative approaches to talent management to stay ahead of the game (Pedler, Burgoyne, & Boydell, 2013). Overall, talent management is a win-win situation for both employees and employers, as it allows individuals to advance in their careers while helping organizations achieve their business objectives.
ReplyDeleteThank you for your valuable insights Hassaan
DeleteTalent management can help businesses to be innovative and profitable. Your article defines it very well and it is very useful for the employee as well as the employer.
ReplyDeleteThank you for your valuable insights Asif
DeleteAdding to your post, I would say that the effective talent management is essential for an organization's success, but it can be challenging to implement. These include identifying and attracting top talent, retaining top talent, developing employee skills, managing employee performance, and succession planning. To overcome these challenges, companies need to develop a comprehensive talent management strategy that includes clear goals, ongoing training and development, and regular performance evaluations. Additionally, they need to create a positive work environment that values employee engagement and provides opportunities for growth and advancement.
ReplyDeleteThank you very much for your valuable feedback Jothi
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