Talent management is part of human resource management, and it is aimed at improving business performance through a lot of practices that make an employee more productive. Talent management and development is the strategy followed to find the right talent, hire them, and then groom them for the organization’s development. Talent development is related to developing the skills and competencies of the employee hired and retained. In the hiring process, the organization identifies the vacant positions, hires suitable candidates, and develops the candidates as per their requirements by developing their skills on top of their existing skills and making them best suited for the organization. Developing the skill on top of the candidate’s existing skill is part of talent development.
The main components of Talent management
Talent management and development cannot be separated as both concepts are connected.
- Full Scope of HR procedure: Talent management is a set of HR processes linked to each other. It is a sum of activities in total.
- Attract, develop, Motivate and retain: This is not all! Talent management revolves around identifying the vacant position, hiring, onboarding the employee, performance management, and retaining the employee.
- High-performing employees: The main purpose of talent management is to increase the performance of the organization and the employee working for the organization. To fulfil this entire process the management moves towards motivating, engaging, and retaining employees and helping them to perform better thus increasing the profit and value of the company. When this process is performed right then the organization can build a sustainable and competitive advantage and outperform.
How to build the career of an employee in the right direction
Talent development of any employee is to build the career of any employee in the organization by teaching new skills and then positioning them rightly for their career advancement. Talent development is not excluding talent management but is an integral part to appoint top talent, fostering the best talents with more knowledge, and retaining them.
- Talent management and development is a set of processes that the organization is involved in throughout the year to identify the potential of the employee and churn them accordingly for their career growth and also appoint them to the right place in the organization. These talent development programs may be on-job training, mentorship, or formal training courses.
- In the present talent management process, HR looks for more agile candidates so that it becomes easier for the organization to train them with the required skill and then put them on assignments.
- Once the growth is identified, the roadmap is prepared, and according to this, the current employees will move to the next promotion. It is the roadmap that identifies the career path of an employee.
The most important aspects of Talent Management
Talent Management and development revolve around three main important aspects. They are rapid talent allocation, positive employee experience, and the most strategic Human resource team.
Talent management is important to keep the present employees motivated and help them to advance to higher positions in the organization. This process and strategy will enable the company to save costs and will increase its employee turnover. The main aim is to develop and retain key talent than to source, hire and train the new ones as they are cost-effective.