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TALENT MANAGEMENT

INTRODUCTION:

Talent management refers to the process of developing and integrating new workers,

Dev

eloping and retaining current workers, and attracting highly skilled workers to workfor a

company. Talent management in this context does not refer to the management ofentertainers.

The term was coined by David Watkins. The process of attracting andretaining profitable

employees, as it is increasingly more competitive between firms andof strategic importance,

has come to be known as "the war for talent."

DEFINING TM

TM is a strategic and holistic approach to both HR and business planning or a new routeto

organizational effectiveness. This improves the performance and the potential of people the

talent who can make a measurable difference to the organization now andin future. And it

aspires to yield enhanced performance among all levels in the workforce,thus allowing

everyone to reach his/her potential, no matter what that might be.

HISTORY

Talent management is a process that emerged in the 1990s and continues to be adopted,as

more companies come to realize that their employees talents and skills drive theirbusiness

success. Companies that have put into practice talent management have done soto solve an

employee retention problem. The issue with many companies today is thattheir organizations

put tremendous effort into attracting employees to their company, butspend little time into

retaining and developing talent. A talent management system mustbe worked into the

business strategy and implemented in daily processes throughout thecompany as a whole. It

cannot be left solely to the human resources department to attractand retain employees, but

rather must be practiced at all levels of the organization. Thebusiness strategy must include

responsibilities for line managers to develop the skills oftheir immediate subordinates.

Divisions within the company should be openly sharinginformation with other departments inorder for employees to gain knowledge of theoverall organizational objectives. Companies

that focus on developing their talentintegrate plans and processes to track and manage their

employee talent, including thefollowing:

Sourcing, attracting and recruiting qualified candidates with competitive

backgrounds

Managing and defining competitive salaries

Training and development opportunities

Performance management processes

Retention programs

Promotion and transitioning

Talent management is also known as HCM (Human Capital Management), HRIS (HR

Information Systems) or HRMS (HR Management Systems), and HR Modules.


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TM INVOLVES

Talent management is the integration of different initiatives, or constructs, into a

coherentframework of activity. There are certain crucial components and a useful model

fordefining TM is to think of it in these key words:

Ethos embedding values and behavior, known as a talent mindset, to support the

view that everyone has potential worth developing.

Focus knowing which jobs make a difference and making sure that the right peoplehold those jobs at the right time.

Positioning starting at the top of the organization and cascading throughout the

management levels to make this a management, not HR, initiative.

Structure creating tools, processes and techniques with defined accountability to

ensure that the work gets done.

Sys tem facilitating a long-term and holistic approach to generate change.

IMPORTANCE OF TALENT MANAGEMENTTalent management (TM) brings together a number of important human resources (HR)

and management initiatives.

Quite often, organizations adopting a TM approach will focus on co-ordinating andintegrating:

Recruitment - ensuring the right people are attracted to the organization.

Retention - developing and implementing practices that reward and support

employees.

Employee development - ensuring continuous informal and formal learning and

development.

Leadership and "high potential employee" development - specific

development programs for existing and future leaders.

Performance management - specific processes that nurture and support

performance, including feedback/measurement.

Workforce planning - planning for business and general changes, including the

older workforce and current/future skills shortages.

Culture - development of a positive, progressive and high performance "way of

operating".

An important step is to identify the staff or employees (people and positions) that arecritical

to the organization. They do not necessarily have to be senior staff members.Many

organizations lost a lot of "organizational knowledge" in the downsizing exercises of a few

years ago. The impact of the loss was not immediately apparent. However, it didnot take long

for many companies to realize their mistake when they did not have peoplewith the

knowledge and skills to either anticipate or solve problems that arose.

TRADITIONAL UNDERSTANDING OF TALENT MANAGEMENT

Traditional talent management systems have clearly defined components including:Training

and development, skill inventories, performance management, recruiting, andsuccession

management. According to Kevin Wheeler, internationally known expert intalent acquisition


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and management says, Most companies perform two or threecomponents of a talent

management system well, but the total system seems to be elusivewithout executive level

involvement.

CURRENT APPLICATION OF TALENT MANAGEMENT

In current economic conditions, many companies have felt the need to cut expenses.

Thisshould be the ideal environment to execute a talent management system as a means

ofoptimizing the performance of each employee and the organization. However, withinmany

companies the concept of human capital management has just begun to develop.In fact, only

5 percent of organizations say they have a clear talent management strategyand operational

programs in place today.

INTEGRATING TM THROUGH A SYSTEM

This will not operate in isolation from strategy, business planning and the

organizationsapproach to people management. In this sense, the work of talentmanagement

cutsacross what has been a traditional HR silo. If integrated, it functions in a morefacilitative,

OD-like nature. It will also reach higher up the organization than other HRinitiatives, often

attracting the attention of boards and senior teams. Similarly, TMreaches down the

organization, to include new recruits along with tenured professionals.Lastly, talent planningmust be done in parallel with business planning, creating a richintegration of people and

strategy. One way of achieving such system integration andalignment is the CRF Talent

Management System.

This systemic view of talent has five elements:

1.N eed the business need derived from the business model and competitive issues.

2. Data collection the fundamental data and intelligence critical for good talent

decisions.

3.Plan n in g people/talent planning guided by data analysis.

4.A ctivities the conversion of plans into integrated sets of activities.

5.R es u lts costs, measures and effectiveness criteria to judge the value and impacts of

TM.Using this system can help TM become a strategic differentiator rather than a standard set

of HR processes if the right conditions, context, timescales and offerings exist in the first

place. System integration and alignment ensures that TM efforts are rational and fitfor

purpose. Since the arrival of the current era of talent is widely acknowledged, itsnot

surprising that renewed significance is being placed on the management of that talent.And as

talent continues to be viewed as a strategic differentiator, its management willtake more of a

strategic role. How fascinating it will be to take the pulse of talentmanagement in the

business community in another five years. We believe that while themanagement of talent

will most likely become embedded in the fiber of cultures by then,the HR executives who led

those initiatives will have achieved much more prominence.

OPPORTUNITIES AND BENEFITS OF INTEGRATING TMW

ITH BUSINESSSTRATEGY

In summary there are many benefits of taking on the complicated multi-layered project ofcreating an integrated talent management and workforce planning structure.

Predictability of performance

Higher customer satisfaction rates


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Lower employee turn-over

Increased profits as a result of right people/right time

Increased revenue as a result of efficiencies

Increased employee engagement

Assurance of stable management team today and in future

10 TALENT MANAGEMENT PRIORITIES FOR HR

Based on interviews in case organizations with HR/OD practitioners, talent managers

andtalented individuals, it concludes with these 10 priority issues. They will guide the

choiceof appropriate approaches and practices that could make a difference to talent

gement efforts:

1. Rethinking/establishing the talent focus

2. Positioning talent management

3. Integrating talent and business4. Leading the talent focus

5. Examining culture and talent mindset

6. Assessing capability and accountability

7. Process design and implementation

8. Assessing talent performance

9. The talent agenda

10. Reviewing talent management

CONCLUSION:

The current discussions about traditional understanding, current application andintegration

with business strategy are also helping organizations to focus on the talentmanagement issue.

It may not be possible to simply go out and recruit new people tomeet operational needs.Many leading companies have decided to develop their ownpeople, rather than trying to hire

fully skilled workers.

In summary, every organization should be implementing talent management principles

and approaches

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