What is Talent Management...?
Present day, talent
management is not just a term that relates to HRM. It is a process that many
organizations trying to rely on when it comes to recruiting the best of the
best for their company.
Therefore, first, it is
important to identify what is talent management in a company environment. A
process will help the organization to recruit, retain and develop the most
suitable people for the right job. Many people will say talent management and
human resource related to the same area of interest, but few points can
differentiate talent management from the HRM.
Before going into
details about the differences between two points of views, what HRM can achieve
in an organization?
When a business is
started growing, many departments add to the organization to improve
productivity. Therefore, HRM has a vital part in the organization by correctly
managing staff resources.
It is important to talk
about how talent management and HRM differ from each other. First, we can look
into a few key features.
In both scenarios, it is
true that those two are sharing the same structure, but HRM is more into
managing people within the HR department. Using talent management method will
help the company to take the process to the relevant department. Therefore, the
company will be able to identify the potential staff members and train them
within each department. This will help the organization to grow strong.
Most of the time HRM
will manage only a limited number of areas related to company employees like
pay, leaves, and benefits, medical. However, Talent management directly
involves in a strategic plan to get potential employees to grow better and
serve the company better.
Furthermore, it is a
plan that takes time to provide quality and reliable people who are willing to
work long term for the company.
Recruitment through nepotism could lead to unnecessary difficulties in an organization. It is important to carry out effective hiring strategy to select correct candidate.
Following the main steps
of talent management, which is recruited developer and retain the organization will
be able to successfully train more people for the appropriate requirement. Once
the organization has a strong workforce it will improve productivity. When the
correct project plans are up and running for development of the existing
recruitment, the organization will have the ability to produce long-term
employees with proper cost-effective methods.
References
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Ingwersen,
H. (2019). What Is Talent Management and How Is It Different from HR?.
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https://blog.capterra.com/what-is-talent-management-and-how-is-it-different-from-hr/
[Accessed 25 Mar. 2019].
Managementhelp.org.
(2019). Talent Management. [online] Available at:
https://managementhelp.org/humanresources/talent-management.htm [Accessed 25
Mar. 2019].
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(2019). Talent management. [online] Available at:
https://en.wikipedia.org/wiki/Talent_management [Accessed 25 Mar. 2019].
Managementstudyguide.com.
(2019). Talent Management - Meaning and Important Concepts.
[online] Available at:
https://www.managementstudyguide.com/talent-management.htm [Accessed 25 Mar.
2019].
Llamas,
C. (2019). The importance of talent management and why companies should
invest in it. [online] Human Resources Online. Available at:
https://www.humanresourcesonline.net/the-importance-of-talent-management-and-why-companies-should-invest-in-it/
[Accessed 25 Mar. 2019].
A study states that retaining talented employees has become challenging since the necessity to spend on compensation and incentives tend to be limited in the organization. Organizations struggle with trying to compensate to talent management (Mngomezulu et al., 2015).
ReplyDeleteThe only way to retain a competitive edge in this cutthroat business world is to ensure that your organization is equipped with a talented and productive workforce. First mover’s advantage last only so long and lower prices can only land you certain deals. Anything else can be easily replicated, but one thing that is a company’s true asset is its work-force and that is something that cannot be replicated (Effron and Ort, 2010).
ReplyDeleteEffron, M. and Ort, M. (2010). One page talent management. Harvard Business Review Press.
In today’s context, talent management is vital in an organization due to the competition and because of the nature of the business. For example in IT, software business, and many businesses in the service sector, talented and skilled workforce is a mandatory requirement for survival. Therefore as a HRM function, strong strategic talent management practice should be in place.
ReplyDeleteStrategic talent management helps the organization to be proactive than reactive in a changing business environment, identify skilled workers and develop them accordingly, improve the recruitment process by identifying the gaps in an organization, retain skilled employees, increase motivation of employees and the overall performance of the organization. (Sareen & Mishra, 2016)
Reference:
Sareen, P. and Mishra, S.(2016) A Study of Talent Management and Its Impact on Performance of Organizations. IOSR Journal of Business and Management (IOSR-JBM), 18(12), pp. 66-67.