What is Talent Management?

What is Talent Management?

Talent management is how employers enroll and evolve a workforce that is as fruitful as possible and suitable to stay with their organization long term. When executed critically, this process can help improve the general performance of the business and make sure that it remains competitive.

Talent management is defined as the carefully organized, planned process of accepting the right talent in transit and helping them grow to their distinguished abilities keeping organizational objectives in mind.

For example, Managers hold uniform talent review meetings with employees to make sure that they talk to them about certain opportunities, such as supervising a temporary project, job following a position of interest, or moving into a rotating assignment to support their experience.

Six Principles of Talent Management

Following are the six major principles of Talent Management −

• Principle One: Alignment with Strategy

• Principle Two: Internal Consistency

• Principle Three: Cultural Embeddedness

• Principle Four: Management Involvement

• Principle Five: Balance of Global and Local Needs

• Principle Six: Employer Branding Through Differentiation

Let us try to understand the principle in detail below.

Principle One: Alignment with Strategy

The first principle of global talent management is to ensure that the talent department knows and is focused on the combined policy.

For example, if the talent department is just impulsively hiring and training people, there is no arrangement with the general corporate strategy. If a company is focused on customer service, then the talent department needs to be focused on that aspect when recruiting, hiring, and training. The talent department leaders will ensure to engage the right candidates with customer service in mind. They will also train with the organization’s strategy as the focus beneficial to help the company achieve its overall target.

Principle Two: Internal Consistency

There also needs to be internal consistency when it comes to talent management. The talent department will not be able to run on its own without taking into account the other fields of a company.

For example, there has to be a basis for competitive and fair reimbursement in the company. The talent department cannot just hire people for the same position at all different rates of pay. It also has to focus on retaining employees. If there is no stability, then it will be difficult to retain high-performing employees.

Principle Three: Cultural Embeddedness

The third principle is to combine the culture into the talent management process. It is important to keep the culture in mind when engaging and retaining employees. Every organization has a culture that is embedded into its employees.

For example, Google has a distinctive company culture; it has been known to look for 'Uprightness' during the hiring process. This makes sure that the new candidates will be a great fit into the company culture.

Principle Four: Management Involvement

Successful organizations know that the talent management process needs to have wide ownership-not just by HR, but by managers at all levels, as well as the CEO. Senior leaders need to be actively involved in the talent management process and make recruitment, sequence planning, leadership growth and detention of key employees their top priorities. They must be ready to assign a huge amount of their time to these activities.

The authority for talent development expands beyond managers. Employees need to play an active role themselves by discovering challenging assignments, multi-functional projects and new positions.

Principle Five: Balance of Global and Local Needs

For organizations operating in multiple countries, cultures and established environments, talent management is intricate. Companies need to work out how to respond to local demands while maintaining a logical HR strategy and management approach.

For example, Oracle highlights global incorporation, with a high degree of concentration and little local preference. A firm decision about how much regional control to allow depends to some extent on the industry; for instance, customer products need to be more reconciled to the local market than medication or program.

Principle Six: Employer Branding Through Differentiation

Attracting talent means marketing the corporation to people who will fulfil its talent requirements. In order to influence employees with the right skills and attitudes, organizations need to find ways to transform themselves from their competitors.

For example, in one year it was able to attract about 500,000 applicants all over India - of whom it hired about 2,800 - by highlighting opportunities for great careers and promotion from within.

Conclusion

As explained above, talent management in a firm is direct at certifying employee recruitment, training and evolution, performance reviews and their compensation. Working towards increasing a good talent management system in the organization ensures these elements of the workforce come up with the success of the organization.

These make sure the organization attracts highly certified employees and finds it easy to keep them and in consequence of improving their workforce element. Talent management increases reviews that prove vital in developing employees.