TALENT MANAGEMENT
Definition
"Developing, redeploying and retaining top employees" serves as a general definition of talent management. Synonymous with Human Capital Management, talent management is an umbrella phrase which includes employee recruitment, retention, performance management, skills and competency management, succession planning, redeployment, learning management, training, on-boarding, career development processes, internal career centers and internal career pathing.
The Talent Management
According Jackie Ford, Professor, University of Bradfrod, the Talent management refers to the anticipation of required human capital the organization needs at the time then setting a plan to meet those needs. Talent management in this context does not refer to the management of entertainers. Companies engaging in a talent management strategy shift the responsibility of employees from the human resources department to all managers throughout the organization. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as "the war for talent." Talent management is also known as HCM (Human Capital Management).
According Jackie Ford, Professor, University of Bradfrod, the Talent management refers to the anticipation of required human capital the organization needs at the time then setting a plan to meet those needs. Talent management in this context does not refer to the management of entertainers. Companies engaging in a talent management strategy shift the responsibility of employees from the human resources department to all managers throughout the organization. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as "the war for talent." Talent management is also known as HCM (Human Capital Management).
Very few organizations in Sri Lanka conduct Talent Management programme’s based on their talent management strategies for the purpose of attracting, developing and retaining right talents to achieve the strategic organizational objectives.A plethora of research has accumulated showing that companies worldwide are experiencing shortages of talented employees. The recent Talent Pulse Survey 2005 of over 1,400 HR practitioners worldwide by Deloitte consultancy, reports that the most critical people management issues are attracting and retaining high-caliber workers. These issues are further heightened by the fact that 54% of the respondents believe that talent issues have an impact on overall productivity and that there is a clear link between talent management and business performance.
Conclusion
Having “The War for Talent” reported the challenges being faced by businesses and proved how these challenges are intensified by the significant changes occurring with the organization’s talent. It is clear that the organizations that will prosper under these pressures will be those with intentional and effective talent management strategies that are delivered through aligned and well-executed processes. In short, organizational (business) success will depend upon how well talent strategies support current and future business strategies.
Talent Management Process - Lance Berger and Dorthy Berger (2012)
Reference/Bibliography
Talent Management Process
(http://www.managementstudyguide.com/talent-management-process.htm/) accessed on 20th Nov 2017 at 3.45pm.
J. A.Cannon, R. McGee.Talent Management and Succession Planning.CIPD, 2007
L. A. Berger, D. R. Berger.Talent Management Handbook:Creating Organizational Excellence by Identifying,Developing & Promoting Your Best People.McGraw-Hill, 2003.
Armstrong, M and Taylor, S (2014) A Hand Book of Human resource Management Practice, Kogan Page, 13th ed., UK
Good article and interesting findings about TM. Keep it up
ReplyDeleteGood article
ReplyDeleteWell done I like the cycle you have designed. First Paragraph needs a in-text reference please that would have made a difference and a reference for the diagram. Please why are your references not in Harvard Style please this is very very important.
ReplyDeleteWell written document Basker
ReplyDeleteExcept the referencing. .I feel it's a well written essay. .
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