Talent management is nothing but another word for HR- is what most people think.
While the meaning of ‘talent’ for one organization could be the best performers, other could think of it as every employee in the organization as ‘talent’.
Talent management is a company’s commitment to hire, develop, and retain the top performing employees. The CIPD describes the terms as “a systematic process of development, identification, deployment, and retention of employees who are valuable to the organization”. The term revolves around the processes of developing a better workforce.
With the inception of Talent Management, the HR has shifted itself towards business strategies from the conventional tactical tasks like payroll, benefits, and hiring. HR, today strives to manage and measure the performance of employees through constant feedback, support, and training. Talent managers are also responsible for sharing the useful information about the best employees regarding their career paths and areas. This enables departments in identifying the in-house talent, whenever the need arises.
There are myriad benefits that talent management brings with itself to the organizations. Some of them include-
- Retain best employees- Well-structured and organized process of recruitment when works in tandem with the consistent decisions regarding the development of the workforce, the best people stay.
- Business Performance – When employees are skilled, engaged, and motivated, they work towards the business strategies and goals. Resultantly, it increases satisfaction among clients.
And many others. Check out this infographic to know more about the top reasons to invest in an effective talent management strategy!