The Crucial function of Talent Management is to make an organization future-oriented by managing their human capital; it will help them to cope up with different future talent shortages.TM also takes care of both individual and organizational need in order to find talent within and retain them for tough competition times.
The Crucial function of Talent Management is to make an organization future-oriented by managing their human capital; it will help them to cope up with different future talent shortages.TM also takes care of both individual and organizational need in order to find talent within and retain them for tough competition times.These are the important tools and well as contributors towards human talent management and value creation.
A more useful definition of talent management is the differential management practices and opportunities available to human capital(talent) in the organization (Blass, 2007).
Such processes can be formal and informal, deliberative and unintentional, explicit or implicit.
These also reduced the gap between the competencies required by a specific project, a job role, or that of organizational strategy in future and those existing.
Pivotal competencies are more crucial as they contribute to organizational success significantly and create value to the business.
Competency-based approaches have been critical to many organizational functions like succession planning, performance management, and human capital planning.
These approaches were eminent, as they eased the process of skill, knowledge, ability, and behavior identification to manage right human capital for current and future needs, aligned with that of business strategy.Competence is one of the essential elements which signifies a talented incumbent (Gallardo-gallardo, Dries, & González-cruz, 2013; Ulrich, Brockbank, Johnson, & Younger, 2007), once developed in a better way, leads to excellent and exceptional job performance (Gallardo-Gallardo et al., 2013).Competency being very old concept having its footprints in Roman history, they used to practice a similar function that of competency profiling to detail out the attributes of “good Roman soldier”.Chief executive officers (CEOs) do believe in the strategic importance of human talent management, so spend a substantial amount of time on this practice and also believe HTM as a hotshot source of competitive advantage, so can’t left this practice to HR alone (Economist Intelligence Unit, 2006).Talent management has been witnessed as a most critical function of HR and eminent source of competitive advantage (BCG, 2007; BCG & WFPMA, 2010).Whatever the combination, these processes constitute an organization’s talent management system.Using this definition, every organization has a talent management system whether it recognizes it or not.Talent management remains one of the most challenging functions for the businesses in current dynamic and volatile environment.The best of any business is to remain step ahead by strategizing the available skills in an organization and use them according to objectives of business.Our definition of human talent management is based on identifying the pivotal competencies of key positions/projects, make a substantial investment in developing these competencies in a group of high performers (Hipe) and high potentials (Hipo) available in a talent pool of organization, and create a culture of talenting/knowledge sharing/mutual development towards a value driven organization.Four distinctive dimensions of human talent management involved in organizational success are competency focus, talent pooling, talent investment, and talenting orientation.