Talent management takes hard work and dedication. It is not enough to recruit qualified candidates; successful talent management is to have a skilled workforce and complete succession plan without and destructive gaps that would cost the company if an employee were lost. The best way to retain employees is to establish a talent management pool and motivate them by establishing goals that resonate with personal goals. This will improve productivity and performance.
Nowadays, Talent management is one of the biggest challenges facing the organization; and according to the Human Resource survey, “the single greatest challenge in workforce management is creating or maintaining their companies’ ability to compete for talent.” Studies have shown that the demand for talented labors in the coming years is going to increase, while the supply will drop.
There is no doubt that technology and globalization have changed our lives, as they have led to increased competition on talent. Thus, the potential growth of organizations worldwide depends on the ability of companies to ensure that the right people with the right skills are in the right place at the right time and focused on the right activities. For these reasons, talent management has been elevated to the top of strategic human resources management challenges, acquiring the highest priority across all organizations.
However, when it comes to talent management initiatives, executives can no longer try to avoid it inside the organization, since an ineffective talent management program means that organizations are performing behind their competitors. Besides, the study results show that improper talent management results in high employee turnover rates, loss of productivity, and other negative impacts.
Therefore, a strategic talent management system inside the organization helps the company to drive business change and create a competitive advantage. By identifying and developing high quality replacements for a small number of positions designated as key to current and future organization success, companies are shifting from being reactive to being proactive.
“Great vision without great people is irrelevant”
Preeti Barua HR Consultant