Talent Management Is the Most Essential Mantra for Your Business

Posted by Accendo on January 7th, 2021

In these times of economic uncertainty, the most intelligent businesses are devising ways of conserving their resources and making the most optimal use of the same for maintaining their market position. In the recent times, it is not only the technological advantages or the great marketing strategies that a business has that will guarantee its edge over the competition, but how creatively it uses its people strength! Research states that almost 1/3rd of business strategies fail due to poor "people" decisions, inability to hire, develop and retain talent. More and more leaders are finally acknowledging the truth and the risks attached to not having a sound strategy & an execution plan for talent management in their businesses. Strategic Talent Management Solution

The concept Talent Management has been defined by many experts and thought leaders through different models. However in a generic way we can understand it to be a continuous process of managing the employees' collaborative power and harnessing the strengths of the employees for maximizing the business goals. Talent Management is not only about the skills, competencies and qualifications, but recognition of the uniqueness of each employee's unique qualities (sum of competencies, abilities, interest and values), which is often latent, and creation of a platform for identifying, growing and utilizing the individual's strength for getting the best results.

Even though we may see that the job advertisements in the leading newspapers and job sites, the recruitment is still on for the critical roles, both for the current goals as well as the expansion! Hence your competition may be eyeing your best talent, and if you fail to retain them well, it can be a big loss! Hiring the best talent from the industry may be a difficult but attainable goal, retaining and making the best use of that talent is far more Herculean. Hence you need to have an integrated approach towards Talent Management and have a clear road map for recruiting, on-boarding and developing and retaining Talent. Moreover, organizations are expanding, into newer geographies, to meet their revenue goals; hence Talent development and mobility must be a critical task to maintain consistencies across units. Talent Assessment

While it is important to have a sound recruiting strategy for identifying the required skills or competencies to meet your business demands, it is very important analyze the values, strengths and personal motivation of each candidate being interviewed, and how he or she will be able to fit into your organizational structure and achieve your current and future goals.

As the recruitment team is under great pressure, to fill the positions at the earliest, there are times when the hiring decisions are really hurried, based on the superficial skills and the similar experience, which have often proved to be skewed and costly mistakes. The total cost of replacing an existing position can be 1.5 - 3 times the compensation for the position, depending on the level and skills in question and the loss in terms of morale and credibility can be even more damaging.

Hence it is very important to exercise "people intelligence" to identify talent at the hiring stage itself, create a value driven organization culture that helps to identify and nurture and develop talent for achieving business results. It is very important to understand & identify the varied talent that is available within the organization along with the type of Talent that may need to be hired.

View More:- https://accendotechnologies.com/ultimateguide/succession-planning