Strategies for talent management

Talent Management, usually referred as Human Capital Management, is the process recruiting,
managing, assessing, developing and maintaining an organization's most important resource—it's
people!

The typical strategies include:-

1. Merge talent management data by having incorporated exceptional capabilities in learning,

performance, and compensation management software

2. Automate the talent management process into an online solution there by reducing time and
costs of performance reviews.

3. Recognize and close employee performance gaps by instantly turning automated

performances appraisals into training development plans.

4. Align training demand with performance needs and strategic goals directly there by reducing
time and money spent on non-strategic training activities.

5. Eliminate conflicting evaluation criteria by applying a standardized solution that impose

consistent language, feedback, and evaluation criteria

6. Use reliable, fair pay-for-performance initiatives

Talent Management processes is typically found in numerous parts of an organization. Thus,

many organizations struggle to align their talent management under one consistent strategy. It
may be a considerable challenge to make this happen. For example, a cohesive talent
management strategy is as shown in figure 3 below

Talent management challenges

Business success relies on successful talent management. If a hospital executive can't find
nurses, a retail store executive can't develop and engage store managers, or a lab director can't
keep great scientists, they will have difficulty meeting their organization's strategic business
objectives. The challenges of finding, keeping, developing, and motivating people in key positions
are precisely what progressive HR professionals should be focusing on. These managers face
ongoing talent management challenges that are critical to their achieving business goals. The
main challenges are as shown in figure 2 below

Figure 2: Challenges in Talent Management

Many organizations believe that effective talent management practices can be a significant
source of demarcation in today's cutthroat competition in a globally integrated economy.

** {A recently completed study by IBM highlights how knowledge- and service-intensive industries
tend to spend significant time and attention on talent management activities, while not-for-profit
organizations appear to struggle to make the most of their workforce. Knowledge-intensive
industries tend to focus on developing and connecting their employees. Financial services
companies tend to focus on employee attraction and retention, Retailers apply a notable number
of talent management practices overall and finally Government agencies, educational institutions
and some healthcare firms fall short in managing talent and sustaining change}

Effective talent management processes and systems can have a significant positive impact on
business. The most valuable systems are those that deliver direct value to the business manager,
which are easy to use, and that are integrated across functions. Processes and systems that
meet these criteria are well-suited to help companies meet their critical talent management
challenges.

Why Talent Management?

Workforce cost is the largest category of spend for most organizations. Automation and analysis
of your recruiting and hiring processes provides the immediate workforce visibility and insights
you need to significantly improve your bottom line. Performance management provides the
ongoing processes and practices to maintain a stellar workforce.

Since nearly all competitive business factors have become commoditized, talent is what
ultimately drives business success and creates value. Leading organizations rely on good talent
management solutions and services to assess, acquire, develop, and align talent with business
objectives while significantly reducing process costs, improving quality of hire, reducing risk, and
achieving higher levels of performance.

significance of successful talent management practices:

* The key enabler of any organization is talent.

* The quality of your people is your last true competitive differentiator.
 * Talent drives performance.

Talent management requires strong executive support, along with systems and processes all
directed towards having the right talent doing the right work at the right time. That’s when talent
truly drives higher business performance.

Conclusion

Failures in talent management are mainly due to the mismatch between the supplies and demand
not due to the failure in the concept. We need a new way of thinking about the talent
management challenge. A new framework for talent management has to begin by being clear
about the objectives. Talent management is not an end in itself. It is not about developing
employees or creating succession plans. Nor is it about achieving specific benchmarks like a five
percent turnover rate, having the most educated workforce, or any other tactical outcome. The
goal of talent management is the much more general, but the most important task of TM is to help
the organization to achieve its overall objectives.

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