INTRODUCTION TO TALENT MANAGEMENT

Talent means aptitude, skill, or the ability to perform a particular work or job. According to
the lexicon of management, talent refers to identification, inculcation, utilization, and
retention of a set of skills or abilities of the employees in the interest of the organization.

Talent management is an integral part of human resource management. Talent

management can be defined as a deliberate approach implemented to recruit or hire,
develop and retain people with required aptitude or skills to meet the present and future
goals or needs of the organization. It is the creation and maintenance of a supportive and
pro-people organizational culture. Talent management is, therefore, the commitment of an
organization to recruit, develop, retain the most talented and qualitative employees
available in the job market. Talent management has become almost an inevitable
management process in modern days. Due to tough competition in every sphere of business
world today, organizations are vying for the best people from the job market. However,
attracting the best talent from the job market is not everyone’s cup of tea. It requires a lot of
competence, expertise and experience on the part of the organization to recruit the best in
the industry. Major part of the Human Resource Department is devoted to talent
management, which is mostly dedicated to the purpose of recognizing, sourcing and
poaching best talent

SCOPE AND OBJECTIVES OF TALENT MANAGEMENT:

Talent management is the full scope of HR processes to attract, develop, motivate and retain
high-performing employees. This definition has three components: Talent management is
aimed at motivating, engaging, and retaining employees to make them perform better. This
is why talent management is important.
Talent management is a key succession planning tool that provides an integrated means of
identifying, selecting, developing and retaining top talent within our organization which is
required for long term planning.

7 Reasons why company needs Talent Management

1. Attract Skilled Employees
2. Improve Retention Rates
3. Boost Performance
4. Increase Customer Satisfaction
5. Motivate Employees
6. Develop Employees’ Potential
7. Ease Transition Periods
Talent Management Initiative
The managers and the higher authorities need to take the initiative to pave the way for the
personal development and long-term association with the organization. Some of the ways in
which a manager can motivate and retain employees are as follows:
 Recognition: Recognizing employees’ contribution and their work on individual grounds,
boost up self-confidence in them.
 Remuneration and Reward: Increasing pay and remuneration of the employees as a
reward for their better performance.
 Providing Opportunities: Giving the charge of challenging projects to the employees along
with the authority and responsibility of the same, makes them more confident.
 Role Design: The role of employees in the organisation must be designed to keep them
occupied and committed, it must be flexible enough to inculcate and adapt to the
employee’s talent and knowledge.
 Job Rotation: Employees lack enthusiasm if they perform the same kind of work daily.
Thus, job rotation or temporary shifting of employees from one job to another within the
organisation is essential to keep them engaged and motivated.
 Training and Development: On the job training, e-learning programmes, work-related
tutorials, educational courses, internship, etc. are essential to enhance the competencies,
skills and knowledge of the employees.
 Succession Planning: Internal promotions helps identify and develop an individual who can
be the successor to senior positions in the organisation.
 Flexibility: Providing a flexible work environment to the employees makes them more
adaptable to the organisation and brings out their creativity.
 Relationship Management: Maintaining a positive workplace where employees are free to
express their ideas, take part in the decision-making process, encourage employees to
achieve goals and are rewarded for better performance leads to employee retention.
 Self-motivation: Nothing can be effective if the employee is not self-determined and
motivated to work.

BENEFITS OF TALENT MANAGEMENT FOR THE ORGANISATION

 Strategic talent management results in the accomplishment of organisational vision.
 Filtration of talented employees and retaining of the finest ones is possible.
 Talent management strengthens the organisational structure by building strong human
capital.
  It helps the organisation to succeed over its competitors and establish a strong presence in
the market.
 It builds up a good reputation of the company among the job seekers.
 It leads to improved participative decision making by the management.
 It directs continuous improvement in organisational performance making it more efficient
and effective.

BENEFITS OF TALENT MANAGEMENT FOR EMPLOYEES

 Talent management initiates a positive environment in the organisation where employees
experience job satisfaction.
 Employees get a chance of learning and improving themselves which motivates them to
perform better.
 The training and development programmes help the employees to learn something new,
enhancing their personal skills and knowledge.
 The organisation focuses on an individual’s growth and betterment hence employees
develop a feeling of being cared for and belongingness for the organisation.
 The employees remain associated with the organisation for a long-term period.
 Recognition and rewards lift up the employee’s confidence level.
 The rigorous learning, adds on to the experience of the employees.

ATTRACTING TALENT
Talent attraction is a term used in the Human Resources and Talent Acquisition field to
describe luring the most desirable of passive candidates to a specific employer and
incentivizing them to apply for work with implied and envisioned benefits. The means and
strategies of talent attraction vary and include, but are not limited to, employer branding,
recruitment marketing, organizational culture, compensation and benefits.
From fostering a diverse and inclusive culture to offering tailored development training
packages, there are plenty of non-financial ways to attract the best candidates.
They say money makes the world go round, but for many candidates salary isn’t the only
factor considered when accepting a job offer.
While incentives used to be limited to popular perks such as stock options and mortgage
allowances, candidates are now looking for a wider range of benefits. We asked two of our
experts for their advice on how you can ensure your hiring processes are meeting
expectations.

1. Company culture
 “Having the right company culture in a workplace can make all the difference when it comes
to making a position more marketable for potential employees,” says Thomas Mullin,
Director at Robert Walters UK. He explains that having the right culture for the right talent
could include fostering an inclusive and diverse environment, providing opportunities for
flexible working, giving a suitable level of autonomy to employees or even hosting a team
lunch on a daily or weekly basis.

2. Company reputation
“To attract the best talent on the market, it’s essential companies create a reputation as
somewhere candidates want to work,” says Julia Zhu, associate director at Robert Walters
China. As she explains, companies well known for their products and working practices will
be able to attract the strongest candidates simply on their reputation within a particular
sector or industry. “When it comes to the actual hiring procedure, invest time and effort on
creating an efficient recruitment process that promotes and reflects this reputation,” she
adds. “Everything from a well-crafted job description to the way the successful candidate is
offered the position should reflect the company in a positive light.”

3. Personal relationships
Line managers should view interviews as opportunities to develop good interpersonal
relationships with candidates,” suggests Julia. She argues that relationships formed through
the interview process can often make the difference as to whether a candidate accepts an
offer or not, as it provides them with an idea of what working relationships they can expect
within the role. “Provide relevant training for line managers before the interview process to
ensure they can successfully present both themselves and the company to candidates,” she
says.

4. Personal fulfilment
“Employees don’t want to feel like they’re simply a cog in a large machine, they want to
know that they matter and that their work is making an impact,” explains Phill. He notes that
this sense of fulfilment is increasingly important when it comes to attracting the best talent.
“These candidates will want to make a tangible difference and be able to see how their
particular work affects their department, their company, and even wider society.” One way
companies can make this sense of fulfilment central to the recruitment process is by setting
out how candidates can interact with the decision-making process in the role. “Candidates
will want to know their overall decision-making capacity and that their ideas matter.”

5. Career progression
“The prospect of career progression is often fundamental in a candidate’s decision to accept
a job offer, so it’s essential companies look to signpost all available opportunities for
professional development,” advises Julia. As she explains, establishing training schemes that
focus on increasing the hard and soft skillsets of employees is a great way to attract those
candidates thinking about longer-term career development.
CONSEQUENCES OF FAILURE OF TALENT MANAGEMENT
Failure in managing talent can have significant consequences for organizations. Talent
management involves attracting, developing, and retaining skilled employees who can
contribute to the company's success. When talent management efforts fall short, the
following consequences may occur:
1. Loss of Competitive Advantage:
Organizations that fail to effectively manage their talent may struggle to compete in their
industry. Skilled and motivated employees are often a key source of competitive advantage,
and without them, companies may find it difficult to innovate, deliver high-quality products
or services, and stay ahead of competitors.
2. Decreased Productivity:
Inadequate talent management can lead to a decrease in employee productivity. When
employees are not properly trained, motivated, or engaged, their performance may suffer,
resulting in lower output and efficiency.
3. High Turnover Rates:
Poor talent management can contribute to high employee turnover rates. When employees
do not feel valued or see opportunities for growth within an organization, they are more
likely to seek employment elsewhere. High turnover can be costly in terms of recruitment,
training, and lost institutional knowledge.
4. Increased Recruitment Costs:
Organizations that do not invest in talent management may have to spend more on
recruitment to replace departing employees. This includes advertising job openings,
conducting interviews, and onboarding new hires. These costs can add up quickly.
5.Skills Shortages:
Failure to develop and nurture talent from within the organization can result in skills
shortages. As employees retire or leave, there may be a lack of qualified individuals to fill
critical roles, leading to operational disruptions and potential business risks.
6. Poor Employee Morale:
When employees perceive that their organization does not invest in their development or
offer opportunities for advancement, their morale can suffer. Low morale can lead to
decreased engagement, absenteeism, and a negative workplace culture.
7. Difficulty in Succession Planning:
 Effective talent management is essential for succession planning. Without a pipeline of
skilled and experienced employees ready to step into leadership roles, organizations may
face leadership vacuums when key executives retire or depart.
8. Missed Innovation Opportunities:
Innovative ideas often come from talented and creative employees. Failing to identify and
nurture these individuals can result in missed opportunities for innovation and growth.
9. Negative Brand Reputation:
Poor talent management can harm an organization's reputation as both an employer and a
business partner. Negative employee experiences can be shared on social media, impacting
how potential employees and customers perceive the company.
10.Legal and Compliance Risks:
In some cases, failure to manage talent effectively can lead to legal and compliance issues.
This may include discrimination claims, labor disputes, or violations of employment laws. To
avoid these consequences, organizations should prioritize talent management by
implementing effective recruitment, training, development, and retention strategies that
align with their business goals and values.

TOOLS FOR MANAGING TALENT

Effective talent management involves a combination of strategies, processes, and tools to
attract, develop, and retain skilled employees. There are various tools available to assist
organizations in managing talent effectively. These tools can range from software
applications to assessment instruments. Here are some common tools used in talent
management:
1. Human Resource Information System (HRIS):
HRIS software helps organizations manage employee data, including personal information,
performance evaluations, training records, and more. It provides a centralized database for
HR professionals to track and analyze talentrelated data.
2. Applicant Tracking System (ATS):
ATS software streamlines the recruitment process by automating job posting, resume
screening, and candidate communication. It helps HR teams identify and select the best
candidates efficiently.
3. Learning Management System (LMS):
LMS software facilitates employee training and development by offering online courses,
tracking progress, and assessing skill development. It's essential for continuous learning and
skill enhancement.
4. Performance Management Software:
These tools enable organizations to set goals, track employee performance, provide
feedback, and conduct performance reviews. They help align individual and organizational
goals.
5. Succession Planning Software:
Succession planning tools assist in identifying and developing future leaders within the
organization. They help organizations prepare for leadership transitions.
6. 360-Degree Feedback Tools:
These tools collect feedback from peers, managers, subordinates, and self-assessments to
provide a comprehensive view of an employee's performance. They can aid in identifying
areas for improvement.
7. Talent Assessment Tools:
Psychometric and personality assessments are used to evaluate candidates' and employees'
skills, abilities, and personality traits to make more informed hiring and development
decisions.

OBJECTIVE OF THE STUDY

1.PRIMARY OBJECTIVE: