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The main purpose of talent management is to identify, recruit, and retain people who lead to the success of the organisation. The performance of the organisation depends on its employees, and it is the most important strategic process for companies with a forward-looking vision. The importance of talent management to the organisation was discussed in the previous article, and we hope to discuss the benefits and disadvantages of talent management for the organisation in this article.
Benefits of Talent Management
Better Hiring
Recruiting the most qualified candidates for certain positions is a benefit of talent management. Recruitment planning, sourcing, measures to help find and analyse applicants, and modern technology are important for a quick hiring process. Recruit through recruiting software, Recruitment activities can be done more easily and systematically, and it also helps to monitor the stage they are at in the recruitment process. The quality of an organisation is determined by the quality of its workforce. Therefore, talent management programmes and training, as well as recruitment assessments, make the process more qualitative. (Holiday, M. 2021)
Employee Engagement
One of the main benefits of talent management is identifying and fostering talent. Employees can be deployed in those tasks based on their ability and willingness for each project or task, organising them, and planning the workforce of companies. Thus, employee motivation is high. And it is a reason to increase the productivity of both the employee and the organisation. (Splash business intelligence inc)
Succession Planning
It is very important to have a succession planning process for those positions when people who hold key roles in the business decision-making process of an organisation retire or leave the service. Otherwise, businesses can end up in a very bad place, and there are many examples of this in the business sector.
Builds Effective Teams and Culture
An organization needs a mix of employees according to their tasks and projects. In the recruitment process, suitable tests can be used to enhance team performance and productivity in the workplace, and by understanding how the recruited employees work and are motivated, the assigned tasks and projects can be successfully delivered. (Splash business intelligence inc)
Personnel Experience
One of the benefits that employees get through talent management is an improved employee experience. By joining various skill-improvement activities and working in different departments within the organisation, employees mature based on their experiences. Based on those experiences, they decide whether they will go on a long journey with or maintain a relationship with the organisation. Due to the abundance of experience, there is a better demand for employees in the organisation as well as in other organisations.
As mentioned in the article "10 Benefits of a Talent Management System" by Holiday, M. (2021), over a century old Whirlpool has a process that allows any employee to come up with innovative ideas and provides collaborative tools to track and develop them. In 2019, it won five CES Innovation Awards for products ranging from smart stoves to smart dishwashers.
More options for training and retraining
Training and skill development programmes help attract the best people to the best organisations. Training is now considered a top factor when applying for a new job. Training programmes help in the career development of employees, and through talent management, skill gaps are identified and addressed. (Holiday, M. 2021)
Mistakes of Talent Management
A mistake often made in talent management is not providing enough training to the employees. Even for a talented employee, he does not want to stay at the same level and position. Therefore, the organisation should invest enough to develop them. Here, it is the management's responsibility to prepare a suitable development plan and learning process. Otherwise, employees cannot be prevented from being attracted to other organisations. (Alexander, D. 2020)
Believing that the worker won't ever depart the company
Another mistake made in talent management is believing that employees never leave the company. Employees expect them to feel motivated, to be challenged or engaged by management, to be rewarded, etc. In fact, they want organisations that have a clear purpose and help them further their careers. (Alexander, D. 2020)
Long Process of selection
A recruitment process should not be a long one, and candidates prefer it to be a fast one. Prolonged interviews increase impatience among candidates, which leads them to lose interest and look for opportunities in other organisations. Because of this, organisations often lose their best professionals.
Internal communication issues
One of the main aspects of talent management is effective communication. Internal communication is very important for the success of an organisation. Without it, wrong information may spread throughout the organisation, and wrong assumptions may occur. Employee relations break down because they do not act in a way that develops trust in them.
Conclution
Talent management should be given priority in the company. It should be organised in a transparent, professional development-oriented, and strategic manner. Talent management is essential for building a stable workforce for any business. It focuses on the development of the company. With the emergence of new job opportunities due to globalisation, the development of staff capabilities is essential for business profitability and growth.
If the mistakes mentioned above can be avoided, the people who contribute to the success of the business can be recruited, retained, and managed. The ultimate goal of talent management is to keep both the employee and the organisation happy.
The article provides a comprehensive overview of the benefits and mistakes of talent management. It highlights the importance of talent management in recruiting and retaining top talent, improving employee engagement, succession planning, building effective teams and culture, enhancing employee experience, and providing opportunities for training and retraining. It also points out common mistakes such as hiring the wrong candidates, lack of training and development, assuming employees will never leave, prolonged selection processes, and internal communication issues. Overall, the article emphasises the strategic significance of talent management for organisational success. My question for you is, how can organisations ensure that they are hiring the right candidates and avoiding the mistake of rushing into recruitment without proper evaluation of candidates' fit with the company culture?
ReplyDeleteGreat and timely topic. One of the great benefits is that Willingly Engaged employees to know that their work is appreciated and valued by the Organization. They fully utilized their allocated time slot for working with a concentrated mind. so it leads to Higher productivity and efficiency for the Organization. What is your opinion on that?
ReplyDeleteThe topic you have choosen is very timely.For businesses with a long-term outlook, talent management is a critical strategic process. It aids in locating, enlisting, and keeping employees who contribute to the organization's success. Better hiring, employee engagement, succession planning, creating productive teams and cultures, and personnel experience are all advantages. A lengthy hiring procedure, inadequate training and development opportunities, and poor internal communication are all mistakes. To keep employees from being drawn to other organizations, businesses should spend money on training and development
ReplyDeleteThe article highlights the benefits and pitfalls of talent management. Benefits include better recruiting, employee engagement, succession planning, building effective teams and culture, personal experience, and more options for training and retraining. Mistakes, on the other hand, include rushing to hire the wrong candidates, lack of training and development, believing employees will never leave the company, a long hiring process, and internal communication problems. Overall, talent management is essential to building a stable workforce and developing staff capabilities for business profitability and growth.
ReplyDeleteI agree with your statement. According to Chandler and Macleod, because of talent management Successful organisations like Apple and Google, renowned for a strong company culture and ideology, attract a workforce that doesn’t just work for a paycheck. Employees share the same beliefs and motivations and therefore invest more of themselves in achieving great results and contributing to the overall success of the business. Additionally, talent management aims to retain present staff and move them up the organisational ladder. This prevents the loss of money that may otherwise occur from high employee turnover. Instead of finding, hiring, and training new employees, it makes much more sense to develop and keep important talent. These factors make HR's job essential.
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