Talent Management starts with identification of the appropriate skilled people required for the organization and then there is proper selection of people with requisite potentials and skills in desired job.
After identification and selection of the right kind of people, Talent Management implements competitive compensation that may include attractive pay-package, periodical increment, health insurance, paid leaves, etc. for the employees. The selected workforce is provided with training and regular refreshment programs so as to match the emerging requirements of the organization.
The basic purpose of talent management is to recruit, develop, and retain best talent in the organization. The HR Department always endeavors to ensure that employees with the right skills and qualities stay with the organization for a long time.
The most important functions of Talent Management are as follows −
Establishing a high-performance workforce.
Attracting individuals with high potential and retaining them through proper training and refreshment.
Increasing the productivity of the organization.
Proper time management, as untrained and unskilled workforce lead to wastage of time and commitment of errors, which is not cost-effective.
Retain talented and high-performing employees.
Ensuring growth and innovation in the organization.
Developing skills and competencies in employees.
A requisite pool of qualified and talented employees can simplify the process of achieving the organizational goal and help focus on issues that really matters in the interest of the organization. Therefore, the overall purpose of talent management is to maintain a skilled and efficient workforce for the organization.
In modern-day organizations, the importance of talent management is second to none. Unless an organization has the required talented workforce, it cannot succeed in attaining its goal even if it possesses other factors such as natural resources, infrastructure, and technology. In fact, it is people who take an organization to its next levels of success.