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Here Is How Talent Management Helps Businesses Grow

 May 24, 2018  /  Comments Off on Here Is How Talent Management Helps Businesses Grow

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If you work in an organization, you must have heard the term talent management. So what do you understand by talent management? To some people talent management is just another name for human resources management, however, that is not true. In this article, we are going to discuss the meaning as well as the relevance of talent management.

Here Is How Talent Management Helps Businesses Grow

What is Talent Management?

Talent means different things to different people. Some perceive talent as the staff members with the best performance in the organization while others consider everyone working for them as talent.

According to Chartered Institute of Personnel and Development, United Kingdom, talent refers to individuals with high potential, who can effectively contribute to organizational performance immediately or in the long run.

So as per the definition given by CIPD, talent management involves attracting, identifying, developing, engaging, retaining and deploying those employees who are of a specific value to an enterprise, either in terms of their strong potential that can be beneficial for the organization in the future or perhaps due to their great performances in critical roles.

How is Talent Management different from Human Resources Management?

Ideally, talent management should be a part of human resources management, however, in many organizations, the human resources department are greatly transactional rather than being strategic as well as transformational. This means that they are only focusing on immediate needs but are not assigning time in order to strategically foresee the future needs of their employees.

Basically, Organizations hire talent management consultants so that more attention is given to the goals along with the business needs for the sake of improving business performance. A competent talent management strategy can empower your business plans through your employees.

By now you might have understood the relevance of talent management. If you are considering to incorporate an effective talent management framework in your organization, with this article we are trying to make your decision easier by providing you the top reasons why you should be investing in talent management.

  1. Employee motivation: Your employees should be attracted to your organization in order to give their best performance. So provide them a higher purpose. In a survey carried out by Chandler and Macleod, 91 percent of the interviewed employees felt that they required something more than just money to stay motivated.
  2. Attract top talent: Appoint the most skilled candidates. When you have your talent management program in place, you are able to establish an employer brand which automatically attracts the kind of candidates that your organization needs.
  3. Constant coverage of crucial roles: An organization should always be prepared for addressing the crucial roles inside the workforce. Which means that it is essential for organizations to have a constant of candidates to fill vital positions for all the organizational functions to go smooth. This way you are able to keep your clients as well as the stakeholders satisfied.
  4. Enhance employee performance: With talent management it becomes more convenient to identify appropriate candidates rather than making a mistake of a bad hire. This also ensures that the best talent of the company stays for a longer period of time.
  5. Retain top talent: Through an efficient talent management program, organizations can leverage well-designed onboarding practices that can create 69 percent greater levels of retention. This way organizations can save a large amount of money spent on recruitment along with performance management.

Talent management is imperative to organizational growth. As by attaining more skilled, engaged and motivated employees who work hard towards achieving organizational goals which successively keeps the clients satisfied and enhances business performance.

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  • Published: 4 weeks ago on May 24, 2018
  • Last Modified: May 25, 2018 @ 5:16 am
  • Filed Under: Education

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