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Talent Management - A Vague Concept
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Talent management is an important management function that deals with the hiring of right talents in the right place and at the right time. From attracting and exploring talents to recruiting, nurturing and retaining talents, talent management involves a chain of successive programs integrated into a single system. A well-planned talent management system helps in achieving optimal business performance by supplying accurate human capital to achieve the desired goals. The system is in the process of continuous search of potential talent pools that can ensure maximum productivity to the company.

In today’s business environment, some organisations fail to understand the need of a comprehensive talent management strategy. They consider it as something vague, meaningless and a mere waste of money. But a deeper insight can reveal how crucial its role is for the overall success and progress of the organisation. Implementing the right work force in the right position and motivating them to retain a high performance level requires a lot of skills, knowledge and expertise. Talent management professionals can evaluate a person’s work capacity, technical skills from his or her personality, likings, aptitude and previous work experiences. They offer him the right work that best suits him. A mismatched job position and skill can yield a negative impact leading to job dissatisfaction, excessive stress and lay-offs. The organisation also suffers from talent surpluses to sudden shortfalls. Moreover, dismissing a misfit employee and recruiting a new one incurs undue expenditure that ultimately results in the loss of money and low productivity of the company.

An effective talent management strategy benefits both the organisation and its workforce. The organisation flourishes through increased productivity and turnover while its people experience a state of well being through complete job satisfaction and career growth. More and more enterprises are realising the worth of an organised talent management team to excel in the current competitive market. Human asset is the greatest strength of any organisation and if they are utilized adequately, they can bring in the best. Once a mere task of the Human Resource department, talent management has now become the core of organizational culture involving participation from all departments. The work area of talent management is not limited to hiring the best of talents and developing them. Its purpose these days is to help the organisation achieve overall corporate growth by overcoming all constraints. Newer ways are being thought of by the researchers to make broader use of talent management to address the various challenges that the modern organisations are facing today.

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