Talent Management is an intricate as well as a crucial process and is, therefore, very difficult to handle. Every organization needs to address the talent gap that affects its growth prospects. It is the responsibility of HR managers to identify the talent gap and forecast the pitfalls based on the changes taking place in the organization.
They need to focus their plans and initiatives to help improve the availability of the needed talent pool. While devising a plan for talent management, they have to keep in mind certain factors due to which employees change their job abruptly and frequently.
Some such factors are −
Liberalization, Privatization and Globalization (LPG) restructuring the job market.
Unforeseen rapid changes in the world economy.
Strong and incessant economic growth.
Most competitive job market.
Rapid progress in science and technology diversifying the skill requirements of the employees.
Rise in outsourcing and off-shoring.
Abrupt economic slowdown and recession.
Cascading effect of the above on employment potential resulting in wage cuts, layoffs, pink slips, etc.
The various stages of Talent Management are as follows −
Identifying the goals − This is the cardinal stage and pivotal to the success of the entire talent management process. The first step is to identify what the organization aims to achieve and what characteristic qualifications and skills the recruits should possess to realize the goals.
Attracting the talent − The main aim of talent management process is to hire the best talent for an organization. Organizations at this stage make effort to attract the best talented people from the job market.
Sourcing the talent − In this stage, the talent management personnel looks for appropriate sources in the job market or industries where the targeted people can be hired or recruited.
Recruitment − This is the first stage of hiring the best talented people for the organization. Skilled and qualified people are invited to join the organization.
Selection − This is the stage where the objective of talent management becomes a reality. It is when truly talented people are recruited or hired in various roles.
Training and development − At this stage, the selected recruits are provided with necessary training to make them productive and efficient to work towards the goals of the organization.
Retention − The notable objective of talent management is not only hiring talent but also ensuring their retention in the organization. Factors upon which the retention rate depends are attractive pay package, job specification, safety and security of the employees, personal development of an employee, recognition and culture of the organization, and the fit between the job and talent.
Assessment − Periodical assessment of employees’ skills, abilities, improvements and competencies enable the organization to know if they are fit for continuation and promotion.
Performance appraisal − It is a measurement of the actual performance of the employees in the job. It enables the organization to ascertain if the person can be loaded with extra responsibilities.
Promotion − It refers to job enrichment. It keeps the energy level high of the employees and they are inspired to continue to work for the organization.
Career planning − If an employee is found befitting to handle work pressure and extra responsibilities well, the management needs to plan his/her career so that he or she feels elevated and rewarded. Such recognition and rewards inspire the employees to remain with the organization for a long time.
Succession planning − This deals with the replacement of people within the organization. Employees who have given their best to the organization and have been serving for long deserve to hold higher positions.
Exit stage − This is the final stage of talent management process that ends in the retirement of the employees and they are no more a part of the organization.