How to Manage the Talent in an Organization?

Author: Antony Xavier

The role of HR in Talent Management is not just hiring the right candidate for the organization but also managing and emphasizing on Retention. Let’s discuss what is Talent Management? Why it is important? Everything done to recruit, retain, develop, reward and make them perform forms a part of Talent Management. Research shows that companies focus on Talent Management, provides significant returns to the employer by increasing productivity and improved employee engagement and retention.

Human Capital is an asset just like any other financial and physical assets of the company. It must be managed effectively the way the companies manage other assets, it does requires a specialist to manage the Talents just like the way the company manage other assets. Here the company has to think strategically about how to invest in human capital and has to find out how to optimize and measure its return.

Formulating a talent management strategically is the responsibility of the HR department and the same has to be done in consultation with other functions. Be it planning, mapping, promotion, reward, recruitment or retention. A talent-management strategy needs to link to business strategy to make sense. HR Professionals has to find out ways to streamline and integrate their functions with the broader business functions.

Talent management, when handled strategically it has to flow from the organization's mission, vision, values, and goals. This enables every employee to see where he or she fits within the organization. This, in turn, enables employees to participate in the overall direction of the company. From strategic perspective, an effective talent management system helps crucial employees feel as if they are part of something bigger than their current job and takes ownership.

Let’s discuss on the challenges of managing the talents and how to manage the talents in simple ways.

Challenges of Managing the Talents:

The process of Talent Management is incomplete if they are unable to fit the right talent in the right place at the right time. Many Organizations doesn't focus much on Talent Management because they feel, they can easily replace the Talent by paying a premium, use referrals or take help of external recruiters to replace the Talents, some leaders think they can move on without top talents hence they compromise on Talents.

♦ Since Employee Expectations are changing it forces the organizations to focus on effective Talent Management Strategies and practices

♦ Employees today are looking for challenging and meaningful jobs

♦ These days’ employees are more concerned about work - life balance

♦ Employees today are passionate towards the work than the organization

Talent management includes the following activities and work processes:

♦ Develop clear job descriptions so you know the skills, abilities, and experience needed from a new employee

♦ Provide effective employee on boarding and ongoing training and development opportunities that reflect both the employee's and the organization's needs

♦ Design effective compensation and recognition systems that reward people for their contributions

♦ Provide promotional and career development opportunities for employees within a system that includes career paths, succession planning, and on-the-job training opportunities

♦ Hold exit interviews to understand why a valued employee decided to leave the organization. If the reasons provide information about company systems that you can improve, make the changes that will better retain talented employees

To summarize today companies focus in lots of activities like Information Technology, buying new systems, equipment’s and world class processes, but one has to remember that it is the people who matters the most and the challenge of HR is to link the Talent Management to the business strategy.

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