Talent Management

There is a range of views about the usefulness of the term TALENT MANAGEMENT – and indeed its meaning.But first we need to understand what is talent management?Talent management is refers to the process of developing and keeping current workers and attracting highly skilled workers to work for your company. Talent management in this context does not refer to the management of entertainers. The term was coined by McKinsey & Company following a 1997 study. However, broadly speaking it can be understood as referring to the identification development engagement/retention deployment of those employees who are particularly valuable to an organisation – either in view of their ‘high potential’ for the future or because they are fulfilling business/operation-critical roles. Today, many organizations are moving beyond the implementation of basic HR service delivery into a more strategic use of HR technologies. Increasingly, this means a focus on talent management applications and especially the growing use of manager self-service (MSS) to deliver these applications.

The focus on talent management is made possible in part because companies are reaping the benefits of their existing investments in HR systems and are able to now focus on more strategic goals for these systems. Not surprisingly, they are reporting improvements in efficiency and effectiveness that derive from successful implementation of core upgrades of various HR service domains (e.g., benefit administration, payroll) and the growing use of MSS and employee self-service (ESS). For most companies, the time HR staff and employees spend on routine benefit transactions is down.

There are certain steps of talent management which are as follows:

• Attracting Talent: Creating Assessment and Selection Strategies and Processes
• Retaining Talent: Reducing Turnover and Aligning Talent with Organization Goals
• Developing Talent: Challenging Your People with Executive Coaching and Leadership Development Programs