Talent management involves activities from hiring to retain the best talent in an organization. Talent management is a vital part of business strategy as it manages an organization’s most important assets – its people. It is more of strategy than tactics as it takes a wider view such as how the talent fits into the organization’s long run plan. An organization’s effective talent management strategy involves more innovation, adaptation to amendments, and retaining key talent.
Why invest in Talent Management?
- Attract Top Talent: What we hire today will define the future of our business tomorrow. In order to attract top talent one needs to invest in employer brand.
- Increase Employee Performance: It’s important to invest in motivating the employees. The more motivated the employees are, the more smoothly the business will operate.
- Employee Engagement: When an organization invests in enhancing the skills of their employees, it motivates them to do things and be happy This way, the employee feels more engaged with the organization and feels connected with the business, which leads to an increased productivity.
- Retain Top Talent: Well-planned onboarding practices create 69% higher level of retention. So the organization saves on recruitment and performance management costs in the long run.
- Improve Business Performance: With top talent being engaged, skilled and motivated, results in them working towards the vision and mission of the organization.
- Higher Client Satisfaction: Only a happy and satisfied employee can make a client happy and satisfied, which is not possible without proper talent management
To make effective Talent Management:
- HR and Business, needs to identify what talent they need to achieve business goals.
- Identify talent gaps
- Design recruitment and hiring plans
- Develop internal talent
In a dynamic business environment effective talent management is essential for an organization’s sustainable growth, as it allows organizations to retain top talent with increased productivity. Right talent is the most important asset of an organization and it is one of the most important roles of an HR analyst to ensure employees with the right skills and right attitude stick with the organizations for a longer run. It is important to integrate talent management across all aspects of human resource management, to help in recruiting and retaining essential talent that will work towards achieving organization success and sustainable growth.