Talent Management

Synopsis of the Term Project

Talent Management

Course: Human Resource Management

TALENT MANAGEMENT

Introduction

Talent Management is one of the two metaphors which is doing rounds in HR circles these days to lead a successful organization. First interpretation of talent management relates to all the HR activities that help build competitiveness of an organization. From this perspective, talent management is understood to refer to the process of attracting, selecting, training, developing and promoting employees in an organization. The second interpretation runs thus: Talent Management is the process of attracting, developing and retaining the best people. This interpretation is elitist referring mainly to the creamy layer in the organization, ignoring the development needs of people in general. The third interpretation is a broader approach and includes efforts to create a ‘pipeline’ or pool of talented people and ensuring that workforce development is inclusive, accessible and focused on developing organizational capabilities. Talent management thus seeks to align people with roles that is creating and adapting roles to satisfy the aspirations of people and treating these roles as fixed and developing people to fit these jobs.

Talent management requires data collection on current internal labor supply, tracking individual performance and progress and providing opportunities for development. It requires creating a winning employee value proposition that will make the company attractive to talent. Company should move beyond recruiting type to build a long-term recruiting strategy. It involves strengthening the talent pool by investing and developing its employees. Talent requires both individual and team work abilities. Talent activities and their outcomes should be continuously measured to ensure proper management.

Talent management consists of its own life cycle. Life cycle of talent management includes following stages employer branding, acquiring, onboarding, training, optimizing performance, succession, retaining and recovering in that order. All these stages need to be managed in an integrated manner. To further optimize an organization’s investment in talent, organizations need to stop handling each phase in isolation from others. Since all the stages are inter-related, organizations need to find ways to link their strategies to talent management life cycle. Organizations must design adaptable processes, capabilities and messages to support the integrated model with respect to talent management.

There are many initiatives for acquiring a proper management techniques for talent. The major techniques include role design, talent relationship management, performance management, resourcing strategy, learning and development, career management, succession planning, self-drive and coaching.

Based on the initiatives taken for succession in talent management, an organization can make use of a Talent Management Review. This review is a calibration meeting in which both the manager and his/her team members discuss on their talents. Each member presents the performance and potential (PXP) grid he/she prepared on direct reports and briefly describes how each person is rated. Other team members contribute their opinions based on their first-hand interaction with that person. The discussion concludes after they have discussed each person, agreed on their final placement and identified key development steps