Talent management refers to the prediction of the required human capital for an organization and the planning to meet those needs.
Talent management is the science of using strategic human resource planning to improve business value and to make it possible for companies and organizations to reach their goals. Everything from recruitment, retaining, development and making people perform forms a part of talent management.
In other words, we can say that good human resource is the asset of every organization. If an organization has good human resource then it is easier for the organization to achieve its goals. Hiring the best talent from the industry may be a big concern for the organizations but retaining them and most importantly, transitioning them according to the culture of the organization and getting the best out of them is a much bigger concern.
The main objective of talent management is to successfully recruit, develop, deploy and retain top individuals for any organization or business with an objective of succession planning. Talent management is the major pillar of Human Resource Management.
Benefits of Talent Management-
1. Right Person in the Right Job: Through a proper ascertainment of one’s skills and strengths, he/she is deployed in the right position and it thereby increases employee’s productivity.
2. Retaining the Top Talent: In this competitive environment, attrition remains a major concern for organizations. Retaining top talent is important for leadership and growth in the marketplace.
3. Better Hiring of Employees: The quality of an organization is the quality of the workforce it possesses and Talent Management helps to achieve this aspect.
4. Understanding Employees Betterment: Employees assessment is an important tool for understanding the betterment of employees – their development needs, career aspirations, strengths and weaknesses, abilities, likes and dislikes.
Better Professional Development Decisions: Talent Management helps in taking decisions like training and development of the individual for growth, succession planning, performance management etc which results in taking better professional development decisions.