How to use Talent Management concept in an organization

 Success through the precise Talent Management

Introduction

Talent management aims to attract, identify, develop, engage, retain and place individuals deemed to be of particular value to the organization. To be effective, it must align with strategic business objectives. Through strategic talent management, companies can build high-performing workplaces, foster learning environments, add value to employer brands, and improve diversity management  (Vulpen, 2022).

What is Talent Management

Talent consists of those individuals who can make a difference to the performance of an organization, either through their immediate contribution or, in the longer term, by demonstrating the highest levels of potential.

Talent management is the systematic attraction, identification, development, engagement, retention and deployment of those individuals who are of particular value to an organization, either in view of their 'high potential' for the future or because they are fulfilling critically important roles in the organization  (CA, 2020).

These definitions emphasize that it is not sufficient simply to attract talented individuals with high potential. It is equally important to develop, manage and retain these individuals as part of a planned strategy, as well as adopting systems to measure the return on this investment.

The importance of Talent Management

• Help to improve the performance of the organization

• with top talent or a high performers could make any task of  the organization

• Help organization  to stay competitive

• Recruiting and developing talented people makes an organization stronger and better prepared for change and risk.

• Helps to   drives innovation

• Whatever the industry, new technologies are constantly emerging. Talented workers can use new technologies' capabilities to their advantage to solve problems and generate new concepts.

•  Helps to form productive teams

• company can create a more effective team with the right talent management plan.  This is  more useful than just having a bunch of creative and talented people in the organization.

• Help to Minimize the  turnover

• Employees are less inclined to look for employment elsewhere when they feel valued at a company and when they are confident they will have many prospects for career advancement.
• It leads to strong employer branding
• Managing talent builds a company's reputation as an employer. This aids in drawing in the top applicants for potential future jobs.
• It motivates others to grow
• Having inspiring talent on your team will motivate other employees and help them grow.

Talent Management Model

figure 01:Talent Management Model (Valamis, 2021)

However there isn't a single model that all businesses can utilize for talent management, some HR professionals have offered excellent models.

Whatever method  use to create the  model, it needs to have the following components.

1. Planning

Planning brings the talent management model into alignment with the organization's objectives and long term goals.

by  correct planning can  ensure that  what are the talents, skills and experience we are seeking. In addition, it assesses current employees to see what is working well for the company.

2. Attracting

It is not always as easy as finding  for a replacement when one employee departs the organization.

suddenly, business requirements could alter or workers might be given new duties. Talent management makes ensuring that the company always has enough employees to handle all of its operations and avoids overworked employees who can become demotivated.

The appropriate approach will help the company to  recruit the precise kind of employees  need for the company. These new workers will be motivated, skilled, and eager to develop in the organization.

Branding the business as an employer is key to attracting talent. company  need to figure out how to enhance visibility in order to position the  business as the finest place to work. Making the company more approachable is the major factor to be taken into account here.

Even if you choose not to hire someone for a particular position, you still need to create a positive experience. This will give you the opportunity to hire these candidates for other jobs or use them as ambassadors to acquire other talent.

3. Developing

The development stage of the model involves taking steps to help talent grow within the company.

It should be in line with the employee development strategy and include defining potential future responsibilities for certain individuals. Also think about ways to increase employee ability and expertise to address emerging issues that company is facing.

Motivation also play a major role for the correct onboarding — help create a positive first impression of the business in the minds of new employs. This will raise the likelihood that they'll stick around and put in hard work..

4. Retaining

Long-term employee retention is another goal of talent management. 

Employees must continue to feel that working for the company is fun and satisfying.

The opportunity to build a career without leaving the company is available to employees through training and other forms of involvement. This can be accomplished by emphasizing business culture in addition to monetary rewards.

5. Transitioning

After hiring and developing their skills, company need to have plan for  transitions. Keeping their expertise within the organization is the  goal at this point; this process is known as knowledge management.

company  must have a strategy in place before  promote personnel or transfer them to a different position, division, or office. You must know the reason for a worker's decision to depart if it occurs.

Talent Management Strategy

A talent management strategy is based on the talent management model. It should clearly state the kind of talent require and align with the objectives of  the organization. 

1: Hire Only Top Employees

Advantages:

• Top talent is delivered immediately.
• The individuals will work hard and most likely achieve high performance faster.
• Your business is able to grow more quickly.
• You are better equipped to face hurdles and threats.

Disadvantages:

• It’s expensive.
• It could be more difficult to retain top talent in the organization.
• The recruitment  process may take longer
• It might  be  huge challenge to maintain team of  having top talent.
• Having too many top performers on a team can lead to unnecessary competition  and result in stagnation or under performance.

2: Hire Promising Specialists and Develop Them

Advantages:

• Talent can be found more quickly. If you have an urgent need for skill and don't have enough time to look for excellent candidates, this may be necessary.
• Most likely, you'll spend less on salaries.
• The worker has the capacity to develop into a knowledgeable and trustworthy professional.
• For the cost of one great performance, you can recruit two or even three potential professionals.

Disadvantages :

• Your business's growth could be slower.
• These hires don't know as much as top talent. The performance could be affected as a resualt
• If the individual is unable to do the position, you could need to acquire another expert.
• A bigger development budget is needed.
• The plan can completely fail, in which case you'll have to go back to stratergy 1.

3: Combine Strategies 1 and 2

Advantages:

• Additionally, it enables you to combine the talents of recent hires and current employees.
• The new comers will develop more quickly and be more motivated if they have access to top talent and possibly good specialists 
• Knowledge transfer -   top talent can instruct other workers.

Disadvantage:

Adhering to a single approach could be more acceptable if you have special needs (such as a pressing need for expansion or a limited budget).

Conclusion :

Having a human resources department in the organization, it is difficult to call it an organization that uses talent management. Rarely find that  talent management occur naturally.

The talent management system suitable for the organization should be developed by the organization. Basically, short-term and long-term applicants of the organization should be identified precisely for that. All strategic plans should be made in view of the goals. It is essential to use appropriate talent management strategies

 

References :

 CA, 2020. Stratergic Management & Leadership. In: Study Text. s.l.:BPP Learning Media (pvt) Ltd, pp. 303-313.

CIPD, 2022. CIPD. [Online]

Available at: https://www.cipd.co.uk/knowledge/strategy/resourcing/talent-factsheet#gref

[Accessed 10 11 2022].

Valamis, 2021. Valamis. [Online]

Available at: https://www.valamis.com/hub/talent-management

[Accessed 10 11 2022].

Vulpen, E. V., 2022. Academy to innovate HR. [Online]

Available at: https://www.aihr.com/blog/talent-management-process/

[Accessed 10 11 2022].