Thursday, August 31, 2017

Talent Management- A strategy for the Aspiring Organizations

Organizations are required to make continuous efforts to ascertain that there are right people, at the right place, at the right time to accomplish its mission. Locating, recruiting, hiring, and developing the best talent is crucial, not just to support organization’s strategic planning, but also to contribute to a thriving work culture. Talent management is an organization's commitment to recruit, retain, and develop the most gifted and trained employees available in the job market.

While HR has been around since the dinosaurs, talent management is a relative newcomer. It is an important term as it comprises of the entire work process and systems that are related to retaining and developing a superior workforce. Failures in talent management are an ongoing foundation of pain for executives in modern organizations. Over the past generation, talent management practices, have by and large been dysfunctional, leading corporations to lurch from surpluses of talent to shortfalls to surpluses and back again.

An organization is able to attract and retain its best talent by entrusting its employees that they will have enormous opportunities to develop professionally within the organization. However, well before that an organization needs to be sure that it has the right pool of talent. Organizations, in order to never go wrong with the choice of talent and its management, need to follow simple process of Talent Management that is -

Step 1- Firstly, the organization needs to be aware of the type of talent that it requires to reach the goal of the organization. It is essential to align the talent management strategy with the business strategy of an organization.

Step 2-The Next step is to identify the essential skills set that each profile working for the organization requires. This step is achieved by structuring the levels of the organization and creating clear and coherent job profiles for each level.

Step 3-Later, the organization is required to identify the talent gaps within the system and to fill these gaps with the best suited talent.

Step 4-Once the right talent has been identified, the process of performance management needs to be applied, where the organization monitors the performance of each contributor and recognizes the achievements of its members.

Step 5-The last and the most important step of the entire process is managing the talent and retaining them with the organization. For this process to be effective, the talent needs to be provided with developmental opportunities and structured career paths.

Organizations with right set of tools and good talent management practices often have employees who are actively engaged and more satisfied with their roles. A strong and well aligned talent management culture also favorably impacts on how employees rate their organizations as places to work.

By:
Ms. Priyanka Trakroo-Faculty
INLEAD 

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