Are We Late in the Process?
Today's employees are far more sophisticated than previous generations. They are better informed of their own market value and are willing to drive hard bargains with employers for their worth in skills, experience, education, training, and relationships. By and large, today's high performers want jobs that not only meet their financial needs but also yield the highest return in ways that are meaningful to them, on their investment of time and talent. If they find their work unsatisfying, they're likely to hurt productivity by becoming "disengaged." They continually evaluate other opportunities and offers, and they are quite prepared to take their talent elsewhere if their needs and expectations aren't met.
The Importance of Talent
Talent is considered the most critical source of success in an organization, and no executive will argue this point. How did it get this way? How critical is it now? How critical will it be in the future? There are several major reasons why talent is so important and will be even more critical in the future.
Managing Talent
Managing talent is fundamentally about ensuring that the right people are positioned in the right places and utilized to their fullest potential for the optimal success of the organization. Top business leaders clearly understand their talent pools. They work hard to identify the key players who have critical relationships and work even harder to nurture and keep those key resources.
Beyond Attracting and Retaining Talent
Talent management is about more than just attracting and retaining talent. It involves researching, developing, and implementing a series of human resource (HR) initiatives and looking at how these initiatives fit together to manage the talent available to a department. Building and enhancing employee potential will not only benefit employees but also support the organization in meeting its goals and objectives while focusing on the provision of excellence.
What is Needed for Talent Management
Organizations make decisions about talent all the time. It is important that leaders inside and outside the HR profession evolve to make more vital talent decisions with a deep logical connection to organizational effectiveness and strategic success. The companies that will "win" the war for talent are those that can address the unique needs and opportunities presented by our globalized economy.
The most effective way to tackle talent management is to use a systems approach, ensuring that the different elements and pieces of the process are working in concert to acquire and integrate talent into the system.
Factors Influencing the War for Talent
The war for talent does not abate, and this is caused by several factors:
• Limited investment in training resources, including budget and time, which results in the need for more experienced staff.
• Roles nowadays require broader skills. Managers need to balance the demands of different stakeholders, manage change and ambiguity, and drive innovative improvements and cost efficiencies.
• A shortage of key skills in specialized industries.
• The need to identify how to unlock staff discretionary effort.
• 'Generation Y' recruits who are more selective in their career choices and for whom they work.
• Changing demographics that are causing a management and leadership vacuum.
Let's act before we lose.
Engaged people drive an organization's results. People should know their development and progression are as important as the business itself. Without talented people, businesses will ultimately operate at the strength of their weakest links.
Implement solutions that will give businesses focus, drive, and assurance that the right person is in the right job. Effective talent management requires a shift in a business and manager's mindset, which is supported from the top and applied consistently and continually. It is definitely not a one-off, tick-in-the-box exercise.
From India, Mumbai
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2Today's employees are far more sophisticated than previous generations. They are better informed of their own market value and are willing to drive hard bargains with employers for their worth in skills, experience, education, training, and relationships. By and large, today's high performers want jobs that not only meet their financial needs but also yield the highest return in ways that are meaningful to them, on their investment of time and talent. If they find their work unsatisfying, they're likely to hurt productivity by becoming "disengaged." They continually evaluate other opportunities and offers, and they are quite prepared to take their talent elsewhere if their needs and expectations aren't met.
The Importance of Talent
Talent is considered the most critical source of success in an organization, and no executive will argue this point. How did it get this way? How critical is it now? How critical will it be in the future? There are several major reasons why talent is so important and will be even more critical in the future.
Managing Talent
Managing talent is fundamentally about ensuring that the right people are positioned in the right places and utilized to their fullest potential for the optimal success of the organization. Top business leaders clearly understand their talent pools. They work hard to identify the key players who have critical relationships and work even harder to nurture and keep those key resources.
Beyond Attracting and Retaining Talent
Talent management is about more than just attracting and retaining talent. It involves researching, developing, and implementing a series of human resource (HR) initiatives and looking at how these initiatives fit together to manage the talent available to a department. Building and enhancing employee potential will not only benefit employees but also support the organization in meeting its goals and objectives while focusing on the provision of excellence.
What is Needed for Talent Management
Organizations make decisions about talent all the time. It is important that leaders inside and outside the HR profession evolve to make more vital talent decisions with a deep logical connection to organizational effectiveness and strategic success. The companies that will "win" the war for talent are those that can address the unique needs and opportunities presented by our globalized economy.
The most effective way to tackle talent management is to use a systems approach, ensuring that the different elements and pieces of the process are working in concert to acquire and integrate talent into the system.
Factors Influencing the War for Talent
The war for talent does not abate, and this is caused by several factors:
• Limited investment in training resources, including budget and time, which results in the need for more experienced staff.
• Roles nowadays require broader skills. Managers need to balance the demands of different stakeholders, manage change and ambiguity, and drive innovative improvements and cost efficiencies.
• A shortage of key skills in specialized industries.
• The need to identify how to unlock staff discretionary effort.
• 'Generation Y' recruits who are more selective in their career choices and for whom they work.
• Changing demographics that are causing a management and leadership vacuum.
Let's act before we lose.
Engaged people drive an organization's results. People should know their development and progression are as important as the business itself. Without talented people, businesses will ultimately operate at the strength of their weakest links.
Implement solutions that will give businesses focus, drive, and assurance that the right person is in the right job. Effective talent management requires a shift in a business and manager's mindset, which is supported from the top and applied consistently and continually. It is definitely not a one-off, tick-in-the-box exercise.
From India, Mumbai
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Very well defined, the Talent Management. Adding to the topic:
Understanding Talent Management
Talent management refers to the anticipation of the required human capital the organization needs at the time, then setting a plan to meet those needs. Companies engaging in a talent management strategy shift the responsibility of employees from the human resources department to all managers throughout the organization. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as "the war for talent." Talent management is also known as HCM (Human Capital Management).
Historical Context of Talent Management
Talent management is a term that emerged in the 1990s to incorporate developments in Human Resources Management, which placed more emphasis on the management of human resources or talent. The term was coined by David Watkins of Softscape, published in an article in 1998, and further defined in the book "Talent Management Systems" in 2004. However, the connection between human resource development and organizational effectiveness has been established since the 1970s. Talent management is part of the evolution of talent measurement technologies.
Challenges in Talent Management
The issue with many companies today is that their organizations put tremendous effort into attracting employees to their company but spend little time retaining and developing talent. A talent management system must be worked into the business strategy and implemented in daily processes throughout the company as a whole. It cannot be left solely to the human resources department to attract and retain employees, but rather must be practiced at all levels of the organization. The business strategy must include responsibilities for line managers to develop the skills of their immediate subordinates. Divisions within the company should be openly sharing information with other departments in order for employees to gain knowledge of the overall organizational objectives.
Components of a Talent Management Strategy
Companies that focus on developing their talent integrate plans and processes to track and manage their employee talent, including the following:
• Sourcing, attracting, recruiting, and onboarding qualified candidates with competitive backgrounds
• Managing and defining competitive salaries
• Workforce planning/identifying talent gaps and providing training and development opportunities
• Performance management processes
• Retention programs
• Promotion and transitioning
• Leadership development
• Implementing the 3 R's - Respect, Recognition, and Rewards
The talent management strategy may be supported by technology such as HRIS (HR Information Systems) or HRMS (HR Management Systems). Modern techniques also use competency-based management methodologies to capture and utilize competencies appropriate to strategically drive an organization's long-term plans.
Regards,
From India, New Delhi
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Understanding Talent Management
Talent management refers to the anticipation of the required human capital the organization needs at the time, then setting a plan to meet those needs. Companies engaging in a talent management strategy shift the responsibility of employees from the human resources department to all managers throughout the organization. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as "the war for talent." Talent management is also known as HCM (Human Capital Management).
Historical Context of Talent Management
Talent management is a term that emerged in the 1990s to incorporate developments in Human Resources Management, which placed more emphasis on the management of human resources or talent. The term was coined by David Watkins of Softscape, published in an article in 1998, and further defined in the book "Talent Management Systems" in 2004. However, the connection between human resource development and organizational effectiveness has been established since the 1970s. Talent management is part of the evolution of talent measurement technologies.
Challenges in Talent Management
The issue with many companies today is that their organizations put tremendous effort into attracting employees to their company but spend little time retaining and developing talent. A talent management system must be worked into the business strategy and implemented in daily processes throughout the company as a whole. It cannot be left solely to the human resources department to attract and retain employees, but rather must be practiced at all levels of the organization. The business strategy must include responsibilities for line managers to develop the skills of their immediate subordinates. Divisions within the company should be openly sharing information with other departments in order for employees to gain knowledge of the overall organizational objectives.
Components of a Talent Management Strategy
Companies that focus on developing their talent integrate plans and processes to track and manage their employee talent, including the following:
• Sourcing, attracting, recruiting, and onboarding qualified candidates with competitive backgrounds
• Managing and defining competitive salaries
• Workforce planning/identifying talent gaps and providing training and development opportunities
• Performance management processes
• Retention programs
• Promotion and transitioning
• Leadership development
• Implementing the 3 R's - Respect, Recognition, and Rewards
The talent management strategy may be supported by technology such as HRIS (HR Information Systems) or HRMS (HR Management Systems). Modern techniques also use competency-based management methodologies to capture and utilize competencies appropriate to strategically drive an organization's long-term plans.
Regards,
From India, New Delhi
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In the above, I would like to mention a few things too. It's regarding core competence and furthering the skills of employees. The organization should look for ways to strengthen the system instead of just retaining talent. An organization is indispensable, but not its resources. Irrespective of anybody, the system should carry on.
Core Competence Development
Every organization builds its core competence over a period of years. In addition to that, the organization should also explore the unexplored because we all know change is the only thing that is unchangeable.
Regards
From India, Mumbai
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Core Competence Development
Every organization builds its core competence over a period of years. In addition to that, the organization should also explore the unexplored because we all know change is the only thing that is unchangeable.
Regards
From India, Mumbai
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