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Talent Management.docx

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MANA 298
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TALENT MANAGEMENT Talent management is a process of ensuring that an organisation has the employees with the necessary talents it needs in terms of knowledge, skills, experience and attitudes. Talented people possess special capabilities and aptitudes which enable them to perform in a more efficient and effective manner. The various aspects of talent management are recruitment, selection, monitoring, performance management, career development, leadership development, replacement planning, career planning, recognition and reward. Talent Retention The competition for qualified and skilful employees is fierce and attitudes of newer employees are shifting. Keeping skilled employees in the organisation once they are on board is a major challenge for top executives. Globalisation and changes in the business environment have drastically altered the work style of employees whereby life-time employment is no longer liked by most of them. The ease with which employees can change jobs, geographic locations and new industries offers new challenges. In times of difficult organisational situations, most firms are not well-equipped to take advantage of this opportunity to recruit talent. Thus, anticipating hire process in crisis times implies that not only firms are able to acquire best talented people but are also able to retain them in the long term, compared to their less prepared competitors. 1 TheAims of Talent Management • Ensure the recruitment and selection of the right quantity and quality of people who are likely to stay with the organisation for a reasonable length of time. • Design jobs and develop roles that give people opportunities to apply and grow their skills and provide them with autonomy, interest and challenge. • Provide scope for achieving a reasonable work-life balance. • Create a safe working environment in which work processes and facilities enable rewarding jobs. • Create opportunities for talented staff for growth and career development. • Motivate and recognise those with talent by rewarding excellence and achievement. Importance of Talent Management 1. Effective talent management ensures that organisations can successfully acquire and retain essential talent. 2. The second has to do with the extent to which these employees are engaged.According to Morton “Talent management is integral to engaging employees in the organisation.” The Process of Talent Management (i) Business Strategy It means that the organisation has to recruit, develop and maintain a pool of talented people. (ii) The Resourcing Strategy Human Resource Planning has to be carried out in line with the business plan, thus defining the human capital requirements. This will lead to attraction and retention policies and programmes for both internal and external resourcing (identifying talented people within the organisation, developing and promoting them for internal resourcing). 2 (iii) Talent Audit Atalent audit identifies employees with potentials and provides the basis for career planning and development. It ensures that talented people have been delegated sufficient tasks supplemented by coaching and learning programmes that will enable them to carry out more demanding roles in the future. Talent audit can als
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