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Talent Management as a Business Strategy



Talent Management is just another Human Resources terms, right? 
Talent management is an organization's commitment to recruit, hire, retain, and develop the most talented and superior employees available in the job market.

Every organization need talented employees in the way towards success.
Talent management as a business strategy is not fully owned by the HR department of a company. In fact, it requires HR to work with managers to put the strategy into action.
This gives the managers a significant responsibility in the recruitment process and in the personal development of employees.

There are four basic pillars in Talent Management
1.   Recruitment
2.   Hiring 
3.   Retention
4.   Development 
"Talent management itself is a commitment from an organization to recruit, hire, retain, and develop employees." (Stevenson, 2018)

All of these processes are not the responsibility of the HR, and many of them are the responsibilities of the employee's immediate supervisor/manager.HR can involve only in some of the processes such as recruiting, hiring and termination. These are the basics of talent management.

An organization needs to align its talent management towards the business strategies and it's required to target the talent towards the strategic objectives in order to reach the maximum growth and the performance of the company.

“For an organization to become turbocharged—achieving its maximum growth and performance—its talent must be precisely targeted toward its strategic objectives and its talent practices must fire in sync with one another. Organizations that have such alignment are best positioned to execute plans and reach their goals” (Orr, et al., 2014)

 Once a company understands how the business objectives will impact the organization’s talent, they can then define specific talent goals and initiatives and formulate their talent strategy and commitments, which may include:
  • Communicating and engaging employees in the organization’s business strategy;
  • Implementing a leadership development program for high potentials;
  • Developing a strategy for succession planning;
  • Conducting assessments at all levels of the organization to determine skills gaps;
  • Providing comprehensive training that addresses skills gaps;
  • Matching performance goals to business strategy and rewarding employees who meet their goals;
  • Designing recruitment programs to identify and attract the right talent

 If the business and talent strategies align, the journey to successful execution will be a smoothly paved road.

References


Orr, J. E., Gochman, I. & McGowan, M., 2014. Talent strategy that drives business strategy, s.l.: Korn Ferry Institute.

Stevenson, M., 2018. HR EXCHANGE NETWORK. [Online]
Available at: https://www.hrexchangenetwork.com/hr-talent-management/news/talent-management-is-the-next-big-business-strategy
[Accessed 04 05 2019].




Comments

  1. SudarshanaJune 8, 2019 at 3:13 AM

    Dear Tharindu you have describe the important areas of talent management: Recruitment, development and retention.

    ReplyDelete
  2. MBA LMU@MalakaJune 15, 2019 at 10:07 PM

    Four pillars of talent management helps to describe how importance of talent management. so you have review it very well....

    ReplyDelete

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