The new age economy, with its paradigm shifts in relation to the human capital, in terms of its acquisition, utilization, development and retention, has placed a heavy demand on today's HR profession. Today HR professionals are expected to comprehend, conceptualize, innovate, implement and sustain relevant strategies and contribute effectively towards giving the company its winning edge. Faced with a tough proposition in attracting and retaining talent, HR heads of companies have started applying what is better known as 'employer branding' strategies.
Talent Management implies recognizing person's inherent skills, traits, personality and offering him a matching job. While there are no magic formulae to manage talent, the trick is to locate it and encourage. Talent management is beneficial to both the organization and the employees.
Essentials of Talent Management
Talent management is the activity of identifying, realizing, and guiding untapped potential in people.
It means nurturing and developing those people identified of having ability and potential and it should form part of any organizations recruitment and retention strategy.
It involves individual and organizations’ development in response to a changing and complex operating environment. It includes the creation and maintenance of supportive people oriented organizational culture.
Talent management brings together a number of important human resources and management initiatives. Organizations that, formally decide to manage their talent undertake a strategic analysis of their current HR process. Talent management approach is adopted and focused on coordinating and integrating the following.
Recruitment- ensuring right people ore attracted to the organization.
Retention- developing and implementing practices that reward and support employees.
Employee development- ensuring continuous formal and informal learning and development.