Table the most contemporary terms used and most

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Table the most contemporary terms used and most

 

Table of content:

 

1.    
Introduction

……………………………………………

4

2.    
What is talent
management?

……………………………………………

5

3.    
Why to Invest in “Talent Management”?

……………………………………………

6

4.    
How to
practice talent management?

……………………………………………

8

5.    
Where To From
Here

……………………………………………

13

6.    
Conclusion

……………………………………………

14

7.    
References

……………………………………………

16

 

 

Abstract:

Getting the
right people with the right skills into the right jobs, a common definition of talent
management is the basic people management challenge in organizations.Talent
Management is now one of the most contemporary terms used and most influential
weapon for companies to utilize them effectively in order to gain competitive
advantage and get worth worthy. Therefore, this research paper is aimed at
exploring the Talent Management,why and how to invest in itand the impact of
talent management. Getting the right people with the right skills into the
right jobs, a common definition of talent management is the basic people
management challenge in organizations. Moreover, to ensure that performance is
discussed, recognized, rewarded, and understood appropriately, many
organizations are focusing renewed efforts on performance management systems. Talent
management is fast becoming a critical strategic objective for growing
organizations. This responsibility represents an excellent opportunity to
create value. A talent management system is also important. The
importance of hiring competent talent is evident in any direction. Talent is
king now and in the future. It is the last source of competitive advantage. It
is easy enough to say that companies that can rally their people will have a
better chance to thrive during and after the economic downturn. But effective
talent management is not simply a matter of exhortation or charisma. Close,
comprehensive and scientific analysis of the capabilities needed to achieve
high performance is vital.

Introduction:

Running a company,
an organization or any business successfully starts with a clear distribution
of roles and duties, so in order to serve this purpose every business has an
Organizational structure that is a system used to define a hierarchy within an
organization. It identifies each job, its function and where it reports to
within the organization. This structure is developed to establish how an
organization operates and assists an organization in obtaining its goals to
allow for future growth.

One of the most
important departments in any organizational structure is the Human Resources
department, who is responsible for what we call the work force; personnel
sourcing and hiring, Risk management, including workers’ compensation,
dispute resolution, safety inspection, office policies and handbooks, applicant
tracking, skills development and tracking, benefits administration and
compliance with associated government regulations, employee well-being,
payroll, firing, training, and keeping up to date with state and federal tax
laws.

In the process of developing this traditional
structure and all these traditional roles, “Talent Management” was added as one
of the main roles of the “Human Resources department” and while HR’s been
around since the dinosaurs, helping companies manage and support their
employees, talent management is a relative newcomer.  And it’s one we can
imagine HR viewing with an upraised eyebrow. Johns Hopkins University defines
talent management as, “a set
of integrated organizational HR processes designed to attract, develop,
motivate, and retain productive, engaged employees.”

But what is talent management,
really, how to practice it and how is it related to traditional HR??

What is talent management?

As its tittle says, “talent management” is an
organization’s commitment to recruit, hire, retain, and develop the most
talented and superior employees available in the job market. It comprises all
of the work processes and systems that are related to retaining and developing
a superior workforce.

It is a business
strategy that organizations hope will enable them to retain their top most
talented and skilled employees. Just like employee involvement or employee
recognition, it is the stated business strategy that will ensure the attraction
of top talent in competition with other employers.

Human
resource management would
include talent management, however some organizations have human resource
departments, which are highly transactional, instead of also being strategic
and transformational.  This means that organizations might is meeting
immediate needs, instead allocating time to strategically predicting what their
people and company needs will be in the future.

 Ultimately, talent
management consultants exist so
that organizations can address their goals and business needs more effectively
in order to improve business performance in the long run.  

A talent management plan will enable the
business strategy through your people. So when you tell a potential employee
that you are dedicated to a talent management strategy that will ensure that he
or she will have the opportunity to develop professionally, you attract the
best talent.

 

Why to Invest in “Talent Management”:

Focusing on talent management is critical for
the long term health of your business and its capability.  The software
tools and training programs provide powerful opportunities to engage employees,
strengthen tools, collect and analyze data, and improve employee performance
and retention while talent management systems provide comprehensive management
of core human resources functions. They provide enterprise-level tools that
allow for data collection, information distribution and tracking of
talent-related activities.

Why talent
management? First, you will make sure you have the right person doing the right
job. When you look at people’s skills and strengths, you’ll see a best fit
for each role. Not to mention empowering and impassioning your staff, if
you view staff simply as a number, you do realize that they know this! On the
other hand, if you value them, invest in them and in their future, they will
work for the greater good of the organization rather than just their salary, besideshaving
a better chance of retaining top talent. Beware of losing your best staff
to your competitors!  The focus should be on employee retention programs
and strategies to develop and engage staff- therefore keeping quality people.
Another reason is making fewer hiring mistakes. The quality of an organization
is, quite simply, the quality of staff it has. Many talent management programs
implement hiring assessments as part of the recruitment and selection process.More
reasons? Thecontinuous coverage of critical roles: an organization will be
prepared for gaps in critical skills and have a plan to address the critical
roles and highly specialized roles in the workforce. This means that an organization
will have a continuous flow of employees to fill critical roles, which ensures
operations run smoothly and your clients and stakeholders are satisfied. It
also means that other employees are not left with extra workloads, which could
eventually lead to burnout. A Higher client satisfaction: a systematic
approach to talent management means that there is organizational wide
integration and a consistent approach to management. This in turn translates to
general communication and dissolving of silos within the business. When systems
are more integrated, client satisfaction rates are usually higher, since they
are dealing with less people and their needs are met faster. It’s all about
your employees; they will feel valued and therefore be more motivated.. they will
feel more confident, having a strong talent management culture also
determines how employees rate their organizations as workplaces and how much
they feel part of the culture and If employees are positive about talent
management practices of the organization, they are more likely to believe the
vision of the organization. The result is a workforce that is engaged,
committed and determined to do what is best for your company.

 

How to practice talent management?

Through both this experience and extensive
research, we found a number of best practices we believe should serve as the
foundation for a talent management system.

As competency mapping
used in talent management allows you to take stock of skills in your organization.
This results in both increased productivity and job satisfaction.

We should first give up on the idea that talent
demand can be predictable with certainty so instead own up to the fact that the
forecasts, especially the long-range ones, will almost never be perfect. With
the error rate on a one-year forecast of demand for an individual product
hovering around 33%1,
and with nonstop organizational restructurings and changes in corporate
strategy, the idea that we can accurately predict talent demand for an entire
company several years out is a myth.

Leading corporations have abandoned long-term
talent forecasts and moved toward short-term simulations: Operating executives
giving talent planners their best guess as to what business demands will be
over the next few years; the planners use sophisticated simulation software to
tell them what that will require in terms of new talent. Then they repeat the
process with different assumptions to get a sense of how robust the talent
predictions are. The executives often decide to adjust their business plans if
the associated talent requirements are too great.

Operations
managers know that understanding the costs involved in over- or underestimating
an integral part of managing demand uncertainty. But what are the costs of
developing too much talent versus too little? 

Evaluating the
trade-offs between making and buying include the following estimation:

How long will you need the talent?

–        
The longer the
talent is needed, the easier it is to make investments in internal development
pay off.

How accurate is your forecast of the length
of time you will need the talent?

–        
The less
certainty about the forecast, the greater the risk and cost of internal
development—and the greater the appeal of outside hires.

Is there a hierarchy of skills and jobs that
can make it possible for candidates who do not have the requisite
competencies to learn them on the job, without resorting to specialized
development roles or other costly investments?

–        
This is
particularly likely in functional areas. The more it is so, the easier it will
be to develop talent internally.

How important is it to maintain the
organization’s current culture?

–        
Especially at
the senior level, outside hires introduce different norms and values, changing
the culture. If it is important to change the culture, then outside hiring will
do that, though sometimes in unpredictable ways.

The answers to these questions may very well be
different for different functional areas and jobs within the same
company. 

So first make and buy to manage risks!

Second Adapt to the Uncertainty in Talent
Demand: A good
place to start would be with the functionally based internal development
programs that some companies still offer. These programs often address common
subjects, such as general management or interpersonal skills, along with
function-specific material. There is no reason that employees in all the
functions couldn’t go through the general training together and then
specialize. What used to be a three-year functional program could become two
18-month courses. After everyone completed the first course, the organization
could reforecast the demand for each functional area and allocate the
candidates accordingly. Because the functional programs would be half as long,
each forecast would only have to go out half as far and would be
correspondingly more accurate. An added advantage is that teaching everyone the
general skills together reduces redundancy in training investments.

Another risk reduction strategy that talent managers
can borrow from supply chain managers is an application of the principle of
portfolios. In finance, the problem with holding only one asset is that its
value can fluctuate a great deal, and one’s wealth varies a lot as a result, so
investment advisers remind us to hold several stocks in the same portfolio.
Similarly, in supply chain management it can be risky to rely on just one
supplier.

You must know third what you’re looking for—the role of Success
Profiles: The power of
competencies broadens when organizations use what we call Success
Profiles. There are two
reasons this approach is more effective than mere competency models. First and
foremost, Success Profiles are designed to manage talent in relation to
business objectives—they should reflect key plans and priorities as well as
change with new strategies. Additionally, they go beyond just competencies to
include four complementary components:

Competencies: A
cluster of related behaviors that is associated with success or failure in
a job.
Personal Attributes: Personal
dispositions and motivations that relate to satisfaction, success, or
failure in a job.
Knowledge: Technical
and/or professional information associated with successful performance of
job activities.
Experience: Educational
and work achievements associated with successful performance of job
activities.

Forth, talent management is all about putting
the right people in the right jobs.

Why should an organization place the higher
priority on selection rather
than development?

Not everything can be developed. Many elements
of Success Profiles are impossible, or at least very difficult, to develop.
Training people to improve their judgment, learning agility, adaptabilityis
difficult, if not impossible. Lack of motivation for a specific role or a poor
fit between employees’ values and those of the organization leads to poor
performance, and no classroom experience or learning activity will change this
fundamental mismatch.

Hiring for the right skills is more efficient
than developing those skills. What about the areas that are developable, like
interpersonal skills, decision-making, or technical skills? Assessing those
areas at the time of hire is likely to cost less than developing them later.

Talent
management is more about the “hows” than the “whats.”

Organizations
have many “whats” relative to talent management, including executive resource
boards, software platforms, nine-box grid comparing potential to performance,
development plans, and training. These “whats” alone promise nothing. Guarantees
come from “hows” instead. the five realization factors for sound execution are:

Communication: Links the
talent management initiative to the business drivers, puts forward a vision the
organization can rally around, and sets expectations for what will happen in
the organization.

Accountability: Role clarity so that each individual in the
talent management initiative knows what is expected of them.

Skill: Developing the right skills and
providing coaches and mentors for support.

Alignment: Must align
talent management initiatives to the business drivers but also need the right
kinds of systems to identify high potentials, to diagnose for development, to
link to performance management, and to do development that really changes
behavior.

Measurement:
You can’t manage what you don’t measure. It creates the tension, and objectives
become clearer to help execute a talent strategy. The most effective
measurements go beyond mere statistics to quantify what’s working in talent
management, why those initiatives are effective, and what impact they have on
the organization.

 

Where To From Here?

After reading some of the major
benefits of talent management, we reviewed the various elements of talent
management, and assess which you could implement.

So to get started on the talent
management journey, or continuously improve initiatives already in place we
should ask about the organization/company’s needs; does need to increase
employee motivation, attract top talent, continuously cover critical roles, increase
employee performance, enhance employee engagement, retain top talent or improve
business performance? And dothe organization/ company need to consider:

–        
Planning: Understanding the organizational/business
strategy, Evaluating and measurement/analytics, developing a Workforce Plan.

–        
Attracting: Employee Value
Proposition, Marketing, Talent acquisition, Consultants/Freelancers

–        
Developing: Onboarding,
Performance Appraisals/Management, Learning and Development, Capability
frameworks, Career pathways

–        
Retaining, Culture, Remuneration
strategy

–        
Transitioning: Succession
planning, Internal mobility, Retirement, Knowledge management, Exit interviews

This is because studies
show consistently that the opportunity to continue to grow and develop their
professional and personal skills is a major motivator for why employees take
and stay at a job.

 

Conclusion

Talent management changes
the focus from “Is this person a good fit for this role?” to “Is this person
not only a good fit for this role, but also for the company as a whole, and for
future roles they may inhabit?”

Organizations
with the aim of growth in global market started to realize that the priority
must be dedicated to human. It is argued that organizations are not successful
on finding, training and retaining employees who can particularly work within
different cultures and geographies. Talent perspective does not take its place
in natural features of many organizations. However, this fact started to change
nowadays, and it became a natural extension of human resources while getting
more popular. Organizations’ mission and responsibility in this point is to
attract talents to organization and create strategies and policies to develop
the necessary vision to retain the talents. They should determine the talents
and potentials, draw the route to maximize the value that these talents can
provide by planning the development of these talents, and constitute attraction
centers in synchronization with these development plans.

So Talent
management is not only to select the appropriate talent, but to manage existing
talent effectively and efficiently, with high motivation, commitment, and
maximizing performance of added value. As it is seen in the research above,
employee commitment and the use of talent management application, integrated
with performance management has a moderate positive relation in these
companies.

Talent
management is in the agenda of nearly all of the responders, and the awareness
of this subject is affecting the other human resources functions, and the
influence areas of mentioned functions, performance management, backup plans
and education are also in the agenda.

 

 

 

References:

https://blog.capterra.com

https://ideas.repec.org

https://joshbersin.com

https://hbr.org

https://www.ddiworld.com

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1https://hbr.org/2008/03/talent-management-for-the-twenty-first-century

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