Starting from the identification of the talented employees to retaining them, Talent Management has set the new paradigm in terms of locating skilled employees. Following Human Capital study, the major challenges occur in the workforce surrounds talent acquisition, retention, shortage of leadership and developing capabilities. These experiencing scenarios are co-related with talent management processing that breaks down these barriers. Currently, more than 90% of companies organically use talent management practices to support, develop and nurture the employee variably (Bayyoud et al 2015). The investment in the talent acquisition processes manually foster a stagnant work culture where employee focusing on creating value and meeting organizational objectives. Just like any other management area, Talent management is used to increase the effectiveness of leadership and accelerating goals.
A Global risk report 2017 claimed, the displacement of human force from the machine makes it compulsory to raises the skill sets ( Horris, 2019). As stated by assignment writer, this keeps the pace of the industry in the dimension of recruiting versatile and skilled labors. The purpose of this article is to explore the role and importance of talent management in the business success from the discipline adjacent to human resource.
Talent Management As A Business Strategy
Talent Management not only necessitates keeping the right person at the right place, but it also defines the dynamism and practicability of the work done. As business systems continually transform their processes, adopting a growth mindset begins with forming a business strategy. This seems more likely to alignment of job suitability with the right person as indicated by Business priorities (Boštjanči et al. 2018).
According to assignment help experts, The Global housing crisis of USA in 2008 had a serious impact on the labour market tracking reduction in hiring and increased demand for flexible types of labour. During this time period companies thought the first time for implementing talent management that is all about focusing on a talented employee. Therefore it can be derived; a talent management enhances the talent pool and functions of the company.
Global Talent Management Market Size Growth
Talent management software market strength has been fueled by marketing apps, analytics, video conference for turning team management centric. According to Market Research Future Survey (2018), increased demand of Halogen Software (Canada), Taleo Corporation (U.S.), Cornerstone OnDemand (U.S.), Kenexa (U.S.), Sumtotal Systems, Inc. (U.S.) etc are driving the growth of cloud deployment models. This has concerned with the bifurcation of talent management in an organization vertically. As given in the figure, the global talent management software market size is expected to grow from USD16 billion by 2023 at 16% of CAGR between 2017 and 2023. As indicated by online essay writer, it has certainly depicted the indeed demand of video platform for recruiting the skilled labour or to obtain the strategic profiles of the key players belonging to the company. Comprehensively, this is subjected to the analyzing core competencies and providing a competitive landscape to the employees.
Current Stages Of Talent Management
With global difficulties, whether it is a large or small enterprise, managers are steadily switching on talent management criterion. The new trends of the talent management acquire innovation and creativeness providing abundant opportunities to an employee support out of the box thinking. The key aspects of the emerging trends are listed below-
- Google encourages its employees to spend 20% of the productive time for formulating the value addition initiatives as well as bringing creativeness in their work (Jooss et al. 2019).
- Recently Global IT solution Syntel addressed technology in human resources management to make it highly innovative and effective.
- INFOSYS use to invest a hefty amount in talent acquisition, recruiting and retaining process.
Although the efforts made by the company enhancing the functions, the process of human capital management is still in consideration.
Significance Of Talent Management
Efficient application of talent management affects the company in the following ways-
- It augments the work productivity and quality
- This improves the cost-efficiency processes that ultimately becomes favorable to cost and service provided by the company.
- Maintain the cycle time of the product.
- Improves company revenue and employee scalability (Baqutayan et al.2016)
- Thus impacts customer satisfaction for the services
This becomes equally important to hire the right candidate for the post and retaining them so that above-given aspects of talent management could be achieved successfully.
Human Resources Planning And Perspective
In this competitive market place, talent management is a primary supporter of organizational success and development. In a survey, it is found that those companies who align talent management to the organizational strategies have an average success rate of 72% and those companies who don’t implicitly align talent management with the organizational strategies often accounted a project success rate of 58%. This difference equates a risk of 50% project consumer billions of dollars clearly impact the success rate (Gitonga, 2019).
Research conducted by essay help experts have shown that HR management supported Talent management approaches for aligning people with the right role mapping various scenarios for leading productivity. To recognize the talent employee, it was found that a large number of companies use development interview led by HR followed with the usage of calibre techniques done or questionnaire asked by board of directors (Kerr, 2020). Amid information system is mapping the performance appraisal data given of the employee as per psychological test, surveys or evaluation by the superiors. Thus a right profile designated employee gets selected.
Thus on the basis of information, It is concluded Talent Management not only necessitates keeping the right person at the right place, but it also defines the dynamism and practicability of the work done. In this competitive market place, as business systems continually transform their processes, adopting a growth mindset begins with investment in the talent acquisition processes that manually foster a stagnant work culture where employee focusing on creating value and meeting organizational objectives. In a nutshell a Talent management is used to increase the effectiveness of leadership and accelerating goals. Now a days, to recognize the talent employee, it was found that a large number of companies use development interview led by HR to make recruiting highly innovative and effective. Therefore it can be stated as a talent management enhances the talent pool and organization processes of the company.
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Baqutayan, Shadiya. (2016). Is Talent Management Important? An Overview of Talent Management and the Way to Optimize Employee Performance. Mediterranean Journal of Social Sciences. 5. 10.5901/mjss.2014.v5n23p2290.
Bayyoud, Mohammed & Sayyad, Nermeen. (2015). The Role of Talent Management on Companies’ Performance Listed in Palestine: Literature Review. 3. 234-240.
Boštjančič, E., & Slana, Z. (2018). The role of talent management comparing medium-sized and large companies–major challenges in attracting and retaining talented employees. Frontiers in psychology, 9, 1750.
Gitonga, A. G. (2019). Influence of Human Resource Capability in Relating Talent Management Strategy and Competitive Advantage. Journal of Human Resource Management, 7(4), 120-130.
Horris.L ( 2019) 11 Trends In Talent Management For A Competitive Advantage, Retrieved from-https://www.forbes.com/sites/forbescoachescouncil/2019/08/08/11-trends-in-talent-management-for-a-competitive-advantage/#6e71d2ab7e24
Jooss, S., Burbach, R., & Ruël, H. (2019). Examining talent pools as a core talent management practice in multinational corporations. The International Journal of Human Resource Management, 1-32.
Kerr, W. R., & Ng, G. (2020). Talent Management and the Future of Work.
Market Research future ( 2018) Talent Management Software Market Research Report- Global Forecast 2023, data retrieved from-
Market Research future( 2018), Talent Management Software Market Research Report- Global Forecast 2023, data retrieved from-
https://www.marketresearchfuture.com/reports/talent-management-software-market-3943, Accessed on 10 may 2020