Importance of Talent Management on Business | Essay
Added on - Sep 2019
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Running head: Talent ManagementStudent’s Name:Subject:Topic:Word Count:Date:
2Talent ManagementIntroduction:In the twenty first century, business organizations are facing immense challenge in talentmanagement. Globally, business organizations are facing formidable challenges in thecapability to continue to maintain a stable supply of critically talent pool. The “nextgeneration” workforce is affected by desired skills shortage, increasing diversity inworkforce, the knowledge transfer from retiring baby boomers is highly required, and gap inleadership skills. The rising pressure from both traditional and up and coming competitions,new market entries and changing customer requirements are additional factors which iscreating the need and urgency to adopt the concept of Talent Management in contemporarybusiness organizations. Multinational business organizations believe that talent managementhas a strategic importance when it comes to optimize the workforce. The essay discusses theimportance of talent management on contemporary businesses and the process of talentmanagement. The following essay has been constructed to examine the extent to whichbusiness organizations act on talent management in organizations.Talent Management:The term talent management can be explained as the methodical process of categorizing andrecognizing the vacant positions in the organization, hiring the right candidate with right setof skills, developing necessary skills to matchup the position and retain the employee in theorganization to achieve long term sustainable advantage (Scullion & Collings, 2011). In otherwords, talent management is an integrated approach intended to assist business organisationsutilize the best possible use of the human capital in meeting the organisation’s objective.Through talent management, employees create a positive work culture in the organizationwhich encourages employee loyalty and commitment.
3Talent ManagementIn the contemporary competitive global market, talent management has been recognized asone of the most crucial strategic tool that can give a realistic view of the uncertain, complexand scope of changes in the global workforce. In the complex business situations, it isimportant for business organizations to recognize talent issues, address them and solve theissues without delay. In the highly aggressive and complex market, there is little to no scopefor trial and error, as all business initiatives are expected to bring positive result for thebusiness. However, even today, both large corporations and small start-ups still struggle toadopt effective talent management methods and programs.Process of Talent Management:The talent management is a never ending method that begins by targeting potential talents.The talent management method regulates the entry and exit of the employees in anorganization. In order to understand talent management, the author has explained the stagesof talent management below.Recognizing the requirement:This is the initial and crucial stage in talent management where the human resourcemanager evaluates to determine the requirement of talent in the organization. Themain task of this stage is to determine the job description and role.Sourcing the talent:In this stage the main task is to search and target the right talent in the market.Attracting the talent:In this stage the purpose is to attract the right talent to employ in the organization.This stage is important as attracting the right pool of talent is crucial in the talentmanagement process.