Talent management: the new success mantra to your organization. In a world of technology and innovation, organizations are seeing an imbalance in the present workforce. Several companies are finding it tough to train global leaders, develop strategic mobility, and strengthen the core technical skills as per the market demand.
In spite of the fact that most companies have moved their focus towards technological and digital shift, there’s another shift that is on the move right now. Today, employers are stern towards engaging, developing and retaining their employees, a prompt towards a talent management system.
Talent management is a word that is used when one describes the organization’s allegiance towards hiring, managing, developing and retaining potential employees. It entails a strategy which involves a system to retain their top talented and skilled employees.
The word “talent management” speaks for itself – it is a shift around hiring, training, and retention of employees. But wait, isn’t this exactly what the HR does?
Although HR and talent management have a lot of things in common, there are other things that set them apart to be different and exceptional. The goals of human resources management are menial and limited to the organization. Their tasks were limited to doing administrative jobs, day to day interaction, recruiting and selecting a new employee, etc. However, in the case of talent management, it is more about designing a strategy to help companies use their capital in the best possible way.
Why the change? How to integrate talent management fully into an organization today?
Talent management is considered crucial to organizations. In a world where human capital is seen as the company’s greatest asset, there is also a risk of losing their potential employee to the company’s competitor. It is important for one to integrate everything within the process. In short, talent management is involved in making use of quantitative and qualitative tools to improve the company’s ROI.
These are some features that an organization can consider before transforming to a talent management organization.
- It is the job of every member of the organization to attract and retain employees in a talent management system.
- An effective strategy paves a pathway where information regarding employees and their career paths can be shared. This enables every department to identify the talent when opportunities arise.
- An organization with strategic planning and execution is viable to have the best talent trained and ready for their next position.
- Having a succession planning ahead of time benefits both the employee and the organization.
- In a larger organization, talent management requires HRIS (Human Resources Information System) to keep the track on the employee’s career and be able to manage available opportunities for talented employees.
The future of talent management
You need to manage your talent else watch your future leaders walk out that door. Talent management is still a problem for many organizations. Despite the recognition of knowing what modern workforce requires, companies tend to ignore such facts.
Organizations work in an extremely challenging environment, not being able to retain employees, maintain the skill-gap and talent shortage could cause a huge loss. In this context, leadership and talent management has become the two areas organizations should focus upon.
We are in an era where competition is at a speed neck pace, survivors will be the only ones to excel. To ensure long term benefits of talent it is important for one to embrace difficulties and focus on the future. With the help of talent management, organizations can solve recruitment difficulties and common retention problems.
Currently, we’re living in the edge where adjustment for the war for talent is still ongoing. This force is still being driven by skill shortages and organizations facing scarcity of talent pool.
Thus, having a talent management system in an organization is imperative.
Is your organization ready?
Nonetheless, the future of the talent management system is obligated to solve challenges such as adjusting to the new workforce culture, understanding the differences of the future employee, and shifting the company’s goals towards finding the right strategies and prepare the employees for a better role in the future.
Organizations must now be pro-active rather than reactive. Instead of luring talented employees to fulfill their needs, they should also focus on identifying the requirements that are needed for organizational growth.
- How can HR plan for Pandemics and other distressful crisis - April 6, 2020
- The Remodeling of the HR Function - May 22, 2019
- The talent management shift: Is your organization ready? - April 26, 2019