The term Talent Management was coined by McKinsey and Company following a study in 1997. Since then, much has changed about how we are managing talent in today’s world. From being a small part of the Human Resources Department, it has now evolved into being the quintessential ingredient of HRD. In addition, it can also define an organisation’s value and its probability of successfully scaling new heights.
A brief course about Managing Talent.
Talent management showcases a company’s ability to continue innovation and generating fresh ideas. It helps maintain a high morale amongst employees. Managing talent encompasses a wide array of functions. In the olden days, the term Talent Management was mostly associated with circuses and show business. The concept of talent management as a separate profession began to formalise by early 2000 involving most HR functions. However, by the end of 2011, a definitive line could be drawn between HR and what constituted as Talent Management(Thanks to field surveys conducted by NTMN between 2009-2011). Succession planning, assessment, development and high-potential management were the initial activities that constituted the talent management umbrella. While these still drive talent management to this day, other activities continue being included under this umbrella. Meanwhile, AI integration for Managing Talent is a growing trend now.
Managing talent is not an easy task. In addition, the ability to recruit, retain and produce the most talented employees in the current job market is constantly under test. Hiring the right candidate, at the right time, is only the tip of the iceberg. Gauging the hidden and unexplored potential of the candidates reflects how valuable an asset they can become for the organisation with proper nurturing and development. The economic implications of talent management activities could bring in the much needed structure.
Proper management of talent makes them feel nurtured, enabled and empowered ensuring their development and retention. Retaining hired talent and transitioning them into the working structure of your organisation are some of the greater challenges for Talent management. A well informed process will ensure the the driving force is analytical rather than impulsive.
Evaluation of employees serves as a yardstick for measuring the performance and potential of each employee. Employee performance evaluation acts as a tool to measure the current value contribution of the employee to the company. An evaluation of potential however, will bring-forth the hidden value that an employee can add to the company. Careful development, redeployment and retaining of the employee enables this.
A thin line separates Talent Management and Competency Based Management. The major contributors that drive associated decisions are a set of organisational core competencies and position specific competencies. The competency set may include knowledge, skills, experience, and personal traits (demonstrated through defined behaviors). Older competency models also contain attributes, however, they rarely predict success. With the advent of AI integration, more real time data collection is possible. Meanwhile, strategically highlighting the desired competency set and design strategies, allows employees to be more involved in the process and take on responsibility and express accountability.
Set up an employee training and development strategy within the organisation. As a result, it should encourage productive employees to pick and choose their own assignments and projects. This will allow for more productivity and an employee-centric development model for the company.
To sum up, with emphasis growing on global reach of organisations, talent management has become a quintessential value to drive all HRD. In other words, optimising people performance can be key in driving the company’s performance and ensuring ample return for investments. Subsequently, using historical data as a reference point, companies can now plan on effective management of talent to nurture, enable and empower the employees and instil a sense of accountability and increase productivity. Wondering how AI integration can help talent management at your organisation? Visit us at peoplehum.com to know more.