Talent Management in Recruitment
Talent management in this context doesn’t refer to the management of entertainers!
Talent Management is the science of using strategic processes to attract and retain talent (high-value employees) to make it possible for organizations to reach their goals.
It implies that companies are strategic and deliberate in how they source, attract, select, train, develop, retain, promote, and move employees through the organization.
Research done on the value of talent management consistently uncovers benefits in critical economic areas: revenue, customer satisfaction, quality, productivity, cost, cycle time, and market capitalization. The mindset of this more personal human resources approach seeks not only to hire the most qualified and valuable employees but also to put a strong emphasis on retention.
Talent Management is an approach to developing staff and focuses on an employee’s potential which increases their sense of worth, elevates their level of job satisfaction and results in longer service which in turn maximizes their value to a business.
A talent management strategy can be supported by formal technology such as HRIS (HR Information Systems), however, it can also be just as effective as a company culture in small to medium businesses where owners and managers are the drivers, supporters and influencers of the approach.
Current Trend to Talent Management
In adverse economic conditions, many companies feel the need to cut expenses. This is the ideal environment to adopt a talent management approach as a means of optimizing the performance of each employee and the organization. However, the concept of human capital management has only just begun to develop.
With more companies planning for growth, they concentrate on new strategies and products, but neglect to plan for the kind of leadership structure needed to bring them success. In fact, only 5 percent of organizations say they have a clear talent management strategy.
The issue with many companies today is that their organizations put tremendous effort into attracting employees, but spend little time on retaining and developing talent throughout the company.
It can’t be left solely to the human resources department but should be practiced by all managers to develop the individual skills, knowledge and talent of employees to enable them to be more effective and of greater value to the business.