Talent management includes within its fold those individuals who can make a difference to the organization’s goals, either through their immediate contribution or in the long run.
Talent is a composite state made up of various elements. An Individual is said to be talented when he/she possesses or acquires the following elements.
Talent is a set of unique abilities possessed by individuals. There are two types of talent found in an organization. They are unidimensional and multidimensional. Both types of talent have the same objective, however, with different perspectives.
In an organization, we observe that some employees are best in a particular skill and ability. For instance, some employee may be best in administration, some of them best in sales, while some employees may be best in their respective functions. When individuals possess a singular talent in any particular field, it is called unidimensional talent.
On the other hand, in an organization we also observe that employees are adept at multiple skills and abilities. For example, one employee is best in administration sales, accounting and production at a stretch. Such an employee is said to possess multi-dimensional talent.
Multi-dimensional talent is much sort after by organizations. Every organization seeks to retain employees with multidimensional talent as they prove highly beneficial in bridging the gap between organizational objectives and goals.
Skill and knowledge both are the abilities of individuals. Knowledge is information-based and skill is the ability to perform a particular task in the required time frame.
Knowledge − It is the theoretical and practical understanding of any subject. It provides the foundation to gain skills on any subject or action. For example, an employee having good knowledge of English language and grammar may not be able to speak in good English, because communicating in English is a distinct skill.
Skill − One can develop skills through experience, training, and continuous effort. For example, an employee can develop communication skills while continuously practicing and communicating with colleagues or subordinates.