People and Organizations: Principles and Practice in Global Contexts

Talent Management

Talent Management is like a science. It uses strategic human resource planning to improve the value of the business as well as to materialize organizational goals & objectives. HR should recruit talent & skilled people for the specific jobs of the organization & should retain them for the organization. In addition the HR should assist them grow with the organization. The basic principle of talent management is to recruit, develop & retain talented & skilled employees in the organization. According to Bersin (2006) “talent management has become one of the most important buzzwords in Corporate HR & training today”. The objectives of the organization, which can be enhanced using effective talent management strategies (Turner & Kalman, 2014).

Components of Talent Management

Talent management has following basic strategies, which helps to improve the organization strategically.  

Strategic Staff Planning: Strategic staff recruitment by way offering higher benefits for qualified & skilled other organization's employees, positioning them for the correct functions, developing them with proper training, retaining them & motivating them are the main strategic plan of the organization. Most successful organizations adopted this strategy. 

Talent Acquisition & Retention:

Introducing new talent & skills to the organization is important to be strategic compared with others. Recruiting for higher positions within the organization is more cost-effective. As an example, earlier the Commercial Banks like Union Bank, NDB Bank, NTB & PABC recruited Branch Manager positions from other competitive Banks with higher salaries. Now these Banks intends to recruit these positions from internally. They have created a pool with talented people, who has the capacity to take Branch Manager responsibilities. 

Performance Management:

Aligning the right people with the right places is most important. There are four principal normative concerns of performance management (Armstrong, 2006), which contributes effective performance management of an organization. Some people may perform better for other role with his other capacities. This should be identified by the HR.

Learning & Motivating:

Learning is the form of acquisition information & skills, which enhanced knowledge & experience. Motivation is the process through, which managers encourage employees to be more productive & more effective towards achieving goals.

Compensation:

Recognizing & rewarding people in a transparent manner is the more important to motivate other people to work.  

Conclusion

The skilled & talented staff bring the greatest competitive advantage to achieve it heights. In today’s global business environment, the talent management becomes most important source of competitive advantage, which creates real value for all companies. Hence, HR should work to attract, hire, develop & retain talented people. Talented & skilled people are the assets for the organization Therefore managing talent must be continuously reviewed by the organization. 

References:

Capelli, P. (2011)‘Talent Forward Part 5: Talent partnerships throughout & beyond the organization, London
Armstrong, M & Taylor, S (2014) A Hand Book of Human resource Management Practice, Kogan

R.E. Lewis & R.J. Heckman, “Talent Management: A Critical Review,” Human Resource Management Review 16 (2006)
E.G. Chambers, M. Foulon, H. Handfield-Jones, and S.M. Hankin and E.G. Michaels, “The War for Talent,” McKinsey Quarterly 3 (1998):

Bersin J., (2006) High-Impact Learning Measurement: Best Practices, Models, and Business-Driven Solutions for the Measurement and Evaluation of Corporate Training
Turner, P. A., and Kalman, D. (2014). Make Your People Before You Make Your Products, Wiley, London
Armstrong, M. (2006). A handbook of human resource management practices (10th ed.). London: Kong Page Business

Image credit: www.nextgenpeople.com