Talent Management is the need of the hour

Posted by Raju Kumar on February 5th, 2020

With the rise in the competition of talent worldwide, it has become essential for companies and organizations to include the right talent in the right place, and at the right time. Basically, the need of the hour is to have an effective talent strategy and seek the benefits of the global business opportunities that come in the way. This is where HR plays a big role in integrating the Talent Management principles into the worldwide mobility function.

What do you know about talent management?

Talent Management is a complete HR process that is interlinked with each other. Its primary HR focus area includes:

• Hiring the right employees
• Designating the right post
• Hiring at the right time
• Retention of the employee
• Compensation planning
• Performance management

The primary motive behind the concept of Talent Management is to retain employees by motivating and encouraging them to perform better. When this is done correctly, the companies and organizations can outperform their competitors via a Talent Management integrated process.

Talent management and HR are different

Don’t you dare to think Talent Management as a substitute to HR? These two are not the same thing, and every business enterprise or organization out there has to execute both the approaches to succeed in their business goals in the current market situation.

Talent Management is basically one of the vital categories of HR responsibilities. Let us have a look at the categories of HR responsibilities other than Talent Management.

• HR Service Delivery
• HR Administration
• Workforce Management

Talent Management must be given the importance

With a wide skill gap and the presence of an extensive range of candidates applying for the same job, the prospect of Talent Management has gained immense importance today. The business houses are well aware of the fact that recruiting the right candidate can give a clear advantage over the competition. But employing the best person is a difficult task today.

If you are thinking that the rise of Talent Management eliminates the need for task-centric back office, then you are absolutely wrong. But, in this current era, it is extremely essential that you bring a modification in the way you approach to catch hold of the best candidates suited for the job and succeed in your venture.  In case, your organization is still following the conventional HR strategies, it is high time when equal importance must be given to the approach of the Talent Management as well.