Why Talent Management is Important
Overview
Right resource is the greatest asset for any organization. One of the most important goals for an Organization is to retain employees with the right skills. This can be achieved by using Talent Management Tool which simplifies the process and help focus on developing a superior workforce.
Talent management describes an organization's commitment to hire, manage and retain talented employees. It comprises all of the work processes and systems that are related to retaining and developing a superior workforce. It is a business strategy that must be fully integrated within all of the employee related processes of the organization. While attracting and retaining talented employees should be a priority for every member of an organization, it is especially so for managers who have staff reporting to them. The main goal of is rather self-explanatory. It is to acquire highly talented employees for various strategic positions in a company.
Phases
The overall process can be broken down into five phases that need to be coordinated and integrated into the overall effort. These are planning, recruiting, developing, compensating and positioning.
• Recruitment - ensuring the right people are attracted to the organisation.
• Reduce Turnover - developing and implementing practices that reward and support employees.
• Improve Competencies - ensuring continuous informal and formal learning and development.
• Leadership and "high potential employee" development - specific development programs for existing and future leaders.
• Performance management - specific processes that nurture and support performance, including feedback/measurement.
• Better Succession Planning - is a process for identifying and developing internal people.
Benefits
• Enhances a company’s competitive edge in the market place.
• Reduces employee turnover and helps a company retain its Human Resources talent.
• Helps boost morale among the employees
• Improves a company’s profitability in the long run.
In my next blog, I will discuss the high level features of Oracle Fusion Talent Management….
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