Talent Management

Talent management is now an essential management practice; it is a science of using strategic human resource planning to improve business value and to make it possible for companies and organizations to achieve their goals. Everything done by recruit employee, retain, develop, reward and make employee performance forms a part of talent management as well as strategic workforce planning. This field increased in popularity after McKinsey’s 1997 research and his written book on this field “The War for Talent” 2001. This talent management context does not refer to the management of entertainers.

Researchers have seen that the value of talent management consistently gives benefits in these critically economic areas: revenue, customer satisfaction, quality, productivity, cost, cycle time, and market capitalization. An HR mindset is not only to hire the most qualified and valuable employees but also to put a strong emphasis on retention.

Employee’s evaluation is a very important concept in talent management. There are two major factors to measure an employee’s talent: Performance and Potential. In a specific job a performance of an employee has always been a standard evaluation measurement tool of the profitability of an employee. However, talent management also seeks to focus on an employee’s potential, future performance of an employee with proper development of skills and increased responsibility.

Talent management is usually associated with Competency-based management. The competency set includes knowledge, skills, experiences, and personal traits (different behaviours). In new competency involve creating competency architecture for an organization that includes a competency dictionary to hold the competencies in order to create job description.

Within an organization Talent marketplace is an employee training and development strategy, it’s beneficial for a company where the productive employees can pick or choose a project and assignments that are ideal for the specific employee.

In current economic conditions wise, many companies need to cut expenses. This is the ideal environment to execute the talent management system, optimizing the performance of each and every employee in an organization. Job analysis and assessment validation help the predictive power of selection process. However, many companies have just begun to develop the concept of human capital management. Where more companies are in the process of deepening their global footprints, but very few of then this kind of leadership structure that will get success in their globalization process. In fact, only 5% organization says they have a clear talent management strategy and operational programs in place of today.