What is talent management?
Talent management basically refers to the organization of human resources in a company. There are strategies that are put in place to make sure the human power is utilized the way it is supposed to. Management of talent involves the sourcing, attracting and training of human resources in a company or organization. It also involves developing the talents to their full potential. Talent management is what makes sure that the human factor in an organization is up to task. It makes it possible for a business to achieve its objectives.
Talent management contributes largely to the direction a company takes. The strategies developed for talent management must therefore incorporate other business strategies. There must be effective communication for any of it to work. Talent management is also about understanding people. It is about knowing when they need help and when they need to be pushed. It is about encouraging and supporting the growth of skills and knowledge in a company or organization.
Who is Responsible?
Organizations and companies have always had this norm of sourcing and attracting employees and then leaving things at that. It has however, become obvious that there is need to develop employees and maximize their skills. This is the best way to make sure a company or organization meets its goals. Over the years, this responsibility has been left to the human resources department. This is however not right. The development of talent should be a responsibility of everyone involved in the company.
The employee is also as responsible as everyone else to make sure they grow in their field. Granted, the human resource department is largely responsible. There should also be encouragement from all the other sectors of the company or organization. When everyone contributes a little bit in the development of the human force, it makes the management that much easier.
Why is it needed?
Talent management is needed in any organization or business. Some of the benefits that come with proper talent management are felt in these fields;
• Customer satisfaction
• Market Capitalization
• Cycle time
Any company or organization knows that the talent must be used to its full potential for any kind of success. Talent management should therefore be a priority for any company. It is through talent management that an employer gets to know who the top talents are. This comes in handy when giving out promotions. Effective management will also ensure that the average talents develop to better levels. An employer also knows where and how to invest in a talent. With effective management, the employer has an easier time when it comes to decisions on professional developments.
Talent management also helps the employer understand the employees better. The management gets insights into what the employees are like. They learn about their different skills and fortes. This way they get to utilize them better. They also get to understand about the short comings and the weaknesses of employees. It makes it easier to provide motivation and incentives. The management can also develop ways to build on the weaker points of the human force.
Talent management also makes it possible to tell who stays and who goes. It is easier to assess the benefits that the company gets and the losses. With effective management, the company does not have to worry that they will accidentally lose their top talents. They also know who to cut lose or who to train better and harder.
There are a lot of strategies that are developed to ensure effective talent management. The bottom line is to make sure the talent is working just fine. The way the talent is managed will determine a lot of outcomes in a company or organization. That is why sufficient resources should be set aside to facilitate proper talent management.