Talent Management Assignment Help

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Talent Management

Talent management is a term used in human resource management, which means to recruit, retain and develop the most talented people available in the market. It needs a proper market research. Now days, it has become an essential management practice. Sometimes the term is misinterpreted with Performance Management, which includes the performance appraisal like behavior, output etc. on the other hand talent management is a set of organizational HR processes framed to attract, motivate, retain and develop employees. It is further employed to meet out high performances and sustainable organization in order to fulfill the strategic and operational objectives and goals. In this age of business globalization, talent management is getting the attention like human capital.

Top companies include talent management in their human resource planning

Talent Management process includes:

Strategic Workforce planning:A proper workforce planning contributes to the organizational performance. It is a fully integrated organizational process involving proactively planning in order to avoid talent shortage and panic hiring. With proper planning, HR provides right talent at right time with right skills. In other words it can be called directly Target Planning. Phenomenon is set to be managing people and developing in a way that helps organization.

Recruiting:The HR needs to successfully attract and recruit the key talent available in the market for current and future organizational needs. Through an integrated process of recruiting, assessment, evaluation and hiring the business brings the people into the organization.

Retention: An organization should aware of the fact that its valuable employees are engaged and satisfied, with organization’s strategies, planning etc. To avoid any kind of dissatisfaction among the talented employees, organization needs to concerted efforts to identify and should provide support to make the needs satisfy of the most critical talent.

Strategic plan and goal alignment:Strategic planning is the organized structure of the organization to predict and prepare for the future environment so that it may survive against any future market risk. This is the complete organizational planning to determine what are organizational goals, how to plan market strategies including Vision, Mission, Objectives, Strategies and Action plans (VMOSA)

Leadership development: Leadership development is backbone of organization. It refers to any activity for enhancing and developing leadership qualities in an individual or organization. It further leads to leading people and managing the organization.

Professional development: It includes supporting people in workplace, so that they can understand more about the organizational environment, market scenario and can perform to achieve organizational goals. It further includes developing skills, knowledge and market approaches for employees.

Importance of Talent Management:In this rapidly changing market, talent management has become as important as human resource management.

  • Talent management ensures that what are the skills that are needed in any organization.
  • It is helpful in organizing and managing for performance.
  • In order to meet out the future skills shortage of the organization, talent management is required.
  • It ensures a competitive advantage as per the market scenario and also increases the overall organizational performance.
  • It is helpful in getting in control of the organization’s talent and making sure that the talent grows with time.