Author: Antony Xavier |
The role of HR in Talent
Management is not just hiring the right candidate for the organization but also
managing and emphasizing on Retention. Let’s discuss what is Talent Management?
Why it is important? Everything done to recruit, retain, develop, reward and
make them perform forms a part of Talent Management. Research shows that
companies focus on Talent Management, provides significant returns to the
employer by increasing productivity and improved employee engagement and
retention.
Human Capital is an
asset just like any other financial and physical assets of the company. It must
be managed effectively the way the companies manage other assets, it does
requires a specialist to manage the Talents just like the way the company
manage other assets. Here the company has to think strategically about how to
invest in human capital and has to find out how to optimize and measure its
return.
Formulating a talent
management strategically is the responsibility of the HR department and the
same has to be done in consultation with other functions. Be it planning,
mapping, promotion, reward, recruitment or retention. A talent-management
strategy needs to link to business strategy to make sense. HR Professionals has
to find out ways to streamline and integrate their functions with the broader
business functions.
Talent management, when
handled strategically it has to flow from the organization's mission, vision,
values, and goals. This enables every employee to see where he or she fits
within the organization. This, in turn, enables employees to participate in the
overall direction of the company. From strategic perspective, an effective
talent management system helps crucial employees feel as if they are part of
something bigger than their current job and takes ownership.
Let’s
discuss on the challenges of managing the talents and how to manage the talents
in simple ways.
Challenges of Managing the Talents:
The process of Talent
Management is incomplete if they are unable to fit the right talent in the
right place at the right time. Many Organizations doesn't focus much on Talent
Management because they feel, they can easily replace the Talent by paying a
premium, use referrals or take help of external recruiters to replace the
Talents, some leaders think they can move on without top talents hence they
compromise on Talents.
♦ Since Employee
Expectations are changing it forces the organizations to focus on effective
Talent Management Strategies and practices
♦ Employees today are
looking for challenging and meaningful jobs
♦ These days’ employees
are more concerned about work - life balance
♦ Employees today are
passionate towards the work than the organization
Talent management includes the
following activities and work processes:
♦ Develop clear job
descriptions so you know the skills, abilities, and experience needed from a
new employee
♦ Provide effective
employee on boarding and ongoing training and development opportunities that
reflect both the employee's and the organization's needs
♦ Design effective
compensation and recognition systems that reward people for their
contributions
♦ Provide promotional and
career development opportunities for employees within a system that includes
career paths, succession planning, and on-the-job training opportunities
♦ Hold exit interviews to
understand why a valued employee decided to leave the organization. If the
reasons provide information about company systems that you can improve, make
the changes that will better retain talented employees
To summarize today
companies focus in lots of activities like Information Technology, buying new
systems, equipment’s and world class processes, but one has to remember that it
is the people who matters the most and the challenge of HR is to link the
Talent Management to the business strategy.
The goal of talent management is to create a high-performance, sustainable organization that meets its strategic and operational goals and objectives.
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