Talent management focuses on four significant components that are vital in human resource development. They include attracting the right employees, training them to develop their skills, monitoring their performance to ensure they meet the standards of the organization, and benefiting them to increase their motivation. Talent management ensures that each employee serves the most appropriate role for the whole organization. It aids in retention of good employees by maintaining a high level of motivation and skills development while also enhancing better hiring techniques in the company. Since it is the core factor in retention practices, most organizations use it as a tool in the reduction of staff turnover rates. In addition, the ability of the leaders to understand their employees, results from talent management practices due to the fact that they also improve decision making, hence increasing leadership effectiveness.
The research below focuses on the talent management components and provides advantages and disadvantages of applying these approaches in an organization. It establishes a relationship between the elements, which promote the management of talent. It explains the components used by organizations to ensure that there is a high employee output, achieved by tapping and developing their abilities. Therefore, the paper seeks to explain the major components of talent management by using organization perspectives.
Talent management is defined as a strategy that organizations use to hire, develop, and retain top talented employees that exist on the job market. According to Hughes and Rog (2008), talent management had an ambiguous definition, but three primary viewpoints were introduced to define the term simply. The first point is that talent management included a collection of practices in the Human Resource Department such as selection, recruiting, and succession management. The second point emphasizes the prediction of the human resource flow in the whole organization, and it is done by using the factors of growth, demand, and supply among others, making talent management less equal with human resource. The third viewpoint pays attention to sourcing, rewarding, and developing the employees’ abilities.
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Many organizations are contented that talent management is a strategy that helps them to retain their most talented employees. Some of the talent management processes, used by an organization, are recruitment planning, job description, job posting, applications, and online interviews among others (Wellins, Smith, & Erker, n.d). The process of talent management helps the organizations to recruit and retain the developing talents of employees through attracting them in the organization and thus controlling their entry and leave. By recognizing the unique talents of employees and engaging them in organizational matters, companies remain positive tendencies and make the employees feel as a part of the organization. This engagement makes the employees trustworthy, hardworking and positive about the job. The research below focuses on discussing talent management and all aspects related to it. It provides the analysis of different components, involved in talent management as well as their description, relations, advantages, and disadvantages, involved in talent management.
Various components of talent management include steps that are involved in the management of employees that constitute the talent management system. The application of this tool aids management in the identification, development, and retention of the most talented employees within the organization, (Werner & DeSimone, 2011). The components of talent management include recruitment of employees, learning, consideration of the performance aspects, and compensation. Each of these elements plays a role in leading to the talent development and management within an organization. The company needs to develop an approach, through which it can manage each of the employees and ensure that they develop sufficient expertise in order to enhance their performance. Talent management plays a significant role in ensuring that the organization attains its goals and objectives.
These components are defined as pillars that hold talent management together within an organization with each step leading to the next one. According to Hughes & Rog (2008), talent management focuses on improving the processes of recruitment of employees, their retention, and engagement within the organizational context. Focus on ensuring that each of these processes is fulfilled in a manner that enhances skills and talents of the employees proves the ultimate objective of the entire talent management process. Each element shown in the diagram above plays a role in attaining this objective.
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Hughes & Rog (2008) further assert that the ability of an organization to attract talented employees and retain them for the longest possible time is proved as the most significant people management issue they face today. The recruitment process that the company uses in executing its plans focuses on the ability to identify talented people and make them join the team. The development of workforce increases the productivity of an organization, and the recruitment process plays a significant role in the acquisition of the talent. According to Iqbal et al. (2013), ensuring a successful hiring process involves the application of the following five imperatives useful in the management of talen:
A consideration of the above mentioned ideas in the recruitment process improves hiring of the employees in the organization and hence provides better talent management approaches.
The process of talent management involves learning that includes training and developing employees in order to enhance their abilities. Training and developing the employees play a significant role in talent management due to the fact that they improve the skills of the employees that later aid them in executing the tasks set to them by an organization. The growth of competencies within an organization and outside it benefits from learning and training aspects, (Nilsson & Ellstrom, 2011).
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The development of skills occurs in different forms, as some organizations promote it through the application of job rotations while others are employing task force assignments that support the learning process of employees and that are necessary for them to serve their roles. Some organizations make their employees learn through a business crisis or hardships at a department level that boosts self-understanding and confidence of the employees (Human Resource Management Association, 2014). In some cases training is based on an educational system that involves taking employees for lessons or refresher courses in order to make them work on developing their skills and ensure that their talents are improved. Changes in workplaces or business environment have forced employees to keep working in order to improve their skills. Organizations that expose their employees to regular training and development, which may also occur through workshops and other learning activities improve the loyalty of their employees, and hence maintain the development of their talents.
Another element of talent management is performance of employees. Many aspects are involved in this component considering the fact that it includes aspects of motivation, used to keep the employees’ performance high. It improves the performance of employees due to the fact that the identification of some weak areas during the implementation of training programs enhances employees’ skills and hence improves the output or results (Little, 2010). Many organizations apply different approaches to review the performance of their employees. Some of them conduct annual reviews, while others do them more regularly. In the first case, organizations make an employee appraisal every year. These assessments involve conducting discussions or evaluating the strengths, weaknesses, goals, and areas that employees need to improve in order to perform better. Improvement of the performance management process also proves to be vital for HR managers considering the fact that it enhances the process of evaluating and reviewing the performance of the employees (“The four pillars,” n. d). The identification of the areas that need improvement leads to the development of a plan for training and employee development. It ensures that talents remain on a growth scale. The application of annual reviews proves to be a tedious and yet less practical approach to managing employee talent. Many companies have adopted a regular approach to enhance their position and increase employee performance. The review process has also evolved to involve more people and hence to improve the process and increase its accuracy.
According to Oladapo (2014), the talent management process consists of five significant steps that include attracting, selection, engagement, development, and retention of employees. Each of these processes aims at ensuring that the employee performance is improved and hence enhances their retention within an organization. Conducting effective reviews guarantees that the employee retention is easy and results in maintenance of highly talented workers, because reviews allow the HR management to teach the most trainable and productive employees as well as to sort them from those, who are considered less talented.
Each of the above processes used in talent management may prove to be crucial. In fact, having highly skilled employees and not benefiting them well according to their skills and abilities may result in difficulties in retaining them. Delays in paying salary to employees also act as a source of negative energy that affects their motivation to work for the organization. The development of an effective employee remuneration management plan provides timely and accurate payments that promote retention and employee motivation. The development of a compensation plan involves the consideration of the demand and supply factors for labor within the jurisdiction, in which the organization operates. Many organizations seek to attract good talented employees from other companies and add them to their teams in order to outdo their competitors. They pay such employees well in order to ensure that there is a high level of satisfaction, so that it can reduce shortage. In industries that face talent shortage and require diverse skills, excellent compensation levels are applied to attract talented employees (Sharma & Bhatnagar, 2009).
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All these components works together to ensure that the management of talent, starting from the attraction of highly skilled employees to organizing trainings for them, measuring their performance and giving appropriate salary, proves useful. The combination of these components represents a circle of actions that improves the ability of the management to ensure that the talent development and retention is possible. The attraction of highly talented employees also includes the creation of a healthy working environment and culture that are appreciated by highly skilled employees.
Talent management ensures that the right person is performing the right role in the organization. This approach guarantees that the organization attracts qualified employees that fit their jobs well. It enables the company to increase performance abilities of the staff.
Talent management aids the organization not only in attracting good talent but also in retaining it within the organization. They retain top talents that support the organization even during difficult economic times.
Talent management enhances better hiring techniques in the organization and therefore improves the HR function. Talent management ensures that fewer costs are spent on hiring employees, because the organization easily obtains talented workers that fit its needs. It also reduces the burden, put on the HR department, due to the fact that the retention rates are improved.
The ability of leadership to understand their employees better results from talent management approaches. The conducted reviews reveal both strengths and weaknesses of each employee and help to improve management.
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The implementation of a talent management approach improves the decision-making process within an organization in terms of the employee related aspects. The organization is able to understand what kind of talent is necessary for its smooth operation and hence can easily attracting it by training, developing, and maintaining employees. It also leads to a reduction in the turnover rate of the organization.
Talent management programs prove to be costly as they require much time, financial investments and other resources to be executed. The costs are burdensome for small businesses and hence affect the implementation of such a system. Most of these organizations may not have the resources to implement such systems.
Some working conflicts that are caused by talent management approaches may affect the productivity of employees. The ability to implement such an approach in small businesses that rely on part-time employees or temporary workers is also challenging. The relations between full and part-time employees may prove to be difficult and hence arise a bias that results in conflicts within the workplace. The application of a multigenerational approach to employment also increases the level of challenges that leadership and management will face and affects their ability to employ this method.
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Limitations that are faced by leadership within the organization regarding the management of talent, negatively affect the potential to embrace this approach. The indication of leadership needs that are necessary for each business and skills that are required at all levels of the organization reveal the difficulties that businesses may face during the implementation of this approach. Small firms may find it challenging to employ the approach. The application of talent management also increases conflicts between the roles of the staff and the management functions that can further prevent the implementation of the approach in the organization.
Talent management within a company aims at organizing employee recruitment, training, and development as well as performance reviews and benefits. By working towards the establishment of an effective talent management system, the organization can ensure that these components of human resource contribute to the success of the organization. The advantages brought by these components to the organization outweigh the disadvantages due to the benefits that the company gains from these approaches. It ensures that the organization attracts highly qualified employees and retains them easily. Talent management enhances reviews that prove to be vital in developing employees. They reveal weaknesses and result in the development of training needs and programs that improve the skills of the employees and maintain their talents. Therefore, the application of talent management proves to be an ideal approach in employee development and improvement of the personnel performance.