Talent Management: Strategies for Modern Business Organizations

This essay delves into the critical role of talent management in contemporary business organizations. It begins by defining talent management as a strategic process encompassing identifying, attracting, developing, and retaining employees to achieve long-term advantages. The essay highlights the challenges organizations face in the 21st century, including skill shortages, workforce diversity, and the need for effective leadership. It then outlines the key stages of talent management, including requirement recognition, sourcing, attracting, recruiting, selection, training and development, retention, promotion, and competency mapping. Furthermore, it emphasizes the link between talent management and professional growth, highlighting how opportunities for development contribute to employee loyalty and satisfaction. The essay also explores the role of human resource managers in talent management, emphasizing the use of technology to improve efficiency. The author concludes that talent management is a strategic tool that can enhance organizational sustainability and success by fostering a skilled, engaged, and motivated workforce. The essay draws on research and provides relevant references to support the arguments.

Running head: Talent Management
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Talent Management
Introduction:
In the twenty first century, business organizations are facing immense challenge in talent
management. Globally, business organizations are facing formidable challenges in the
capability to continue to maintain a stable supply of critically talent pool. The “next
generation” workforce is affected by desired skills shortage, increasing diversity in
workforce, the knowledge transfer from retiring baby boomers is highly required, and gap in
leadership skills. The rising pressure from both traditional and up and coming competitions,
new market entries and changing customer requirements are additional factors which is
creating the need and urgency to adopt the concept of Talent Management in contemporary
business organizations. Multinational business organizations believe that talent management
has a strategic importance when it comes to optimize the workforce. The essay discusses the
importance of talent management on contemporary businesses and the process of talent
management. The following essay has been constructed to examine the extent to which
business organizations act on talent management in organizations.
Talent Management:
The term talent management can be explained as the methodical process of categorizing and
recognizing the vacant positions in the organization, hiring the right candidate with right set
of skills, developing necessary skills to matchup the position and retain the employee in the
organization to achieve long term sustainable advantage (Scullion & Collings, 2011). In other
words, talent management is an integrated approach intended to assist business organisations
utilize 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 organization
which encourages employee loyalty and commitment.

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In the contemporary competitive global market, talent management has been recognized as
one of the most crucial strategic tool that can give a realistic view of the uncertain, complex
and scope of changes in the global workforce. In the complex business situations, it is
important for business organizations to recognize talent issues, address them and solve the
issues without delay. In the highly aggressive and complex market, there is little to no scope
for trial and error, as all business initiatives are expected to bring positive result for the
business. However, even today, both large corporations and small start-ups still struggle to
adopt 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 an
organization. In order to understand talent management, the author has explained the stages
of talent management below.
 Recognizing the requirement:
This is the initial and crucial stage in talent management where the human resource
manager evaluates to determine the requirement of talent in the organization. The
main 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 talent
management process.

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Talent Management Recruiting the talent:
This stage involves inviting people into giving screening and selection process. Selection of talent:
This is one of the most crucial stages in the whole process as the organization has to
select the right candidate with right set of skills and attitude that matches the
organizational objective. Once the selection process is done, candidates are invited to
join the organization.
 Training and development:
In this stage, the selected candidates and the existing one are provided with right
training for meeting the skill sets that are required to perform the job role they are
hired for. The basic aim of training is to develop skills and knowledge of the
workforce. Training and development also increases the productivity of the
candidates. Retention:
The sole purpose of the talent management is to retain talent in the organization.
Recruiting talent does not serve the sole purpose of solving the gap in talent in the
organization. Retention of talent depends on many factors like, job role and
responsibility, remuneration, recognition in the organization, challenges in the job
role, involvement in the decision making, etc. Promotion:
This stage involves in promoting people progressively to new job roles and
responsibilities. Individuals cannot work in same designation for a longer period of
time as it will bring down the performance of the employee. Promotion helps
employees to grow professionally.

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Talent Management Competency Mapping:
Analysing employee skills, capability, aptitude and proficiency is the next step in
talent management process. By competency mapping, the human resource manager
determines if an individual is ready for next promotion and performance appraisals. Succession Planning:
Succession planning is the systematic method by which an organization recognize and
create future leaders who are capable to take leadership positions in future replacing
the older ones due to retirement, promotion, retirement, termination, death, etc.
(Rothwell, 2010)
Talent Management and Scope of Professional Growth:
The importance of talent management in contemporary business organizations are growing
because it facilitates in developing an engaged, highly proficient, and motivated workforce in
the organization. In the present situation where business ideas are evolving every day,
consumer demands are changing constantly, technological advancements has made it a
priority to learning and upgrade everyday to compete in the competitive market, where skills
are rapidly failing to meet business demands; business organizations are adapting the talent
management planning process to sustain and evolve in the competition.
Professional development scopes are directly related to employee satisfaction and job
satisfaction. Opportunity for professional development can be one of the factors for
individuals staying in an organization for longer period of time. In a recent study it has been
observed that 94% of the employees are loyal to their employer if they invest in their career
growth (Schweyer, 2010). Therefore, offering learning and development opportunities for
long term professional growth within the organization is a best practice in talent management
process which can facilitate in employee loyalty and satisfaction.

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Role of Human Resource Manager in Talent Management:
Human Resource and talent management are two directly related, however, they have
different roles in the organization. Talent management can be said as the strategic tool of
human resource, where the goal is to retain employees for long time rather than daily
management of the workforce. HR is a centralized department in an organization whereas,
talent management process is generally comprised of the entire organization with different
departments involved in the practice.
Human resource department plays an important role in the process of talent management by
applying an innovative tactical method to recruitment process and involving in the
performance management system and training and development planning for both new and
existing employees (Bethke-Langenegger, Mahler & Staffelbach, 2011). Technology has
facilitated HR organize talent management as a strategic tool, help in communication among
the HR and the workforce, estimate expenditure of the organization, and visualize talent gap
in the organization.
Human Resource Department has the chance to make a positive impact on employee
lifecycle. Through talent management method, the human resource department implement
strategic approach in activities like, recruiting, training and development, induction, career
development, etc. (Oladapo, 2014)
An effective talent management process will be a tactical management tool for the
organization which will formulate a clear path of professional development and career
opportunities for improvements and promotions, adopts and promotes positive and fair
workplace environment, analyses employee requirements and concerns, and employee
satisfaction (Collings, Scullion & Vaiman, 2011). Therefore, proper talent management

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planning process can facilitate the human resource manager to create a highly proficient and
skilled workforce, engaged, productive and motivated employees and committed workforce.
In the present business scenario, the foundation of an organization’s sustainability and
achievement totally depend on the potency of its talent. As organizations are facing talent
deficiency, proficiency mismatches, and poor line of succession for leaders, now is the right
time to invest in an efficient talent management program to develop sustainable growth
(Ahmadi, Ahmadi, & Abbaspalangi, 2012).
Conclusion:
The concept of talent management has been a topic of debate for scholars, researchers,
managers and human resource personnel. In the essay, the author after analysing the topic has
observed that talent management process should be tactically driven in order to be useful and
efficient in pooling talent in an organization. In conclusion, the author wants to state that to
decrease the retention ratio of workforce in an organization, it should adopt high career
development opportunities for individual as it will increase employee loyalty. Also, talent
management has proved to a strategic advantage in the contemporary business organizations.
Talent management also facilitate individuals to develop and evolve professionally by
training and development that is provided by the organizations to its workforce.

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Reference
Ahmadi, A. A., Ahmadi, F., & Abbaspalangi, J. (2012). Talent management and succession
planning. Interdisciplinary journal of contemporary research in business, 4(1), 213-
224.
Bethke-Langenegger, P., Mahler, P., & Staffelbach, B. (2011). Effectiveness of talent
management strategies. European Journal of International Management, 5(5), 524-
539.
Collings, D. G., Scullion, H., & Vaiman, V. (2011). European perspectives on talent
management. European Journal of International Management, 5(5), 453-462.
Oladapo, V. (2014). The impact of talent management on retention. Journal of business
studies quarterly, 5(3), 19.
Rothwell, W. (2010). Effective succession planning: Ensuring leadership continuity and
building talent from within. Amacom.
Schweyer, A. (2010). Talent management systems: Best practices in technology solutions for
recruitment, retention and workforce planning. John Wiley & Sons.
Scullion, H., & Collings, D. (2011). Global talent management. Routledge.