Talent Management

(Refer our High Quality Management Encyclopedia “Management Universe” at: http://management-universe.blogspot.com/) 

Meaning of Talent

• Ability, aptitude, bent, capacity, endowment, faculty, flair, forte, genius, gift, knack.
• Unusual natural ability to do something well that can be developed by training.
• Person or people with an exceptional ability.

Talent or Human Capital of an Organization

The pool of people with talent as described under the title "meaning of talent" is the talent or human capital of any organization.

Why Talent/Human Capital management?

• Organizations all over the world have realized that the success of their businesses largely depend upon the talents of people.
• These are those talents or talented people who possesses the talents as required by a particular organization or those people who have shown promise to acquire the talents needed by an organization and sharpen them further.
• Therefore, the organizations should manage thees talents well.
• They must devise effective plans and processes to identify their talent needs, locate the talents, attract the talents to work for their organizations, help the selected people to enhance/upgrade their talents and to obtain their association to work for the organizations for longer terms.

Functions of Talent Management

In order to achieve the above mentioned objectives, various functions that an organization should institute (through HRM and other departments) are given below:

• Talent need analysis
• Locating the talent resources/sources
• Attracting talents towards the organization
• Recruiting/appointing the talents (in house or outsourced)
• Managing competitive salaries/professional fees
• Training and development of talent pool
• Performance evaluation of talent
• Career and growth planning
• Retention management

It will be a good idea also to refer: http://human-resource-planning.blogspot.com/ (Human Resource Planning), http://human-capital-architecture.blogspot.com/ (Human Capital Architecture), http://recruitment-selection.blogspot.com/ (Recruitment and Selection), http://competency-matrix.blogspot.com/ (Competency Matrix), http://performance-appraisal-management.blogspot.com/ (Performance Management and Appraisal), http://training-function.blogspot.com/ (Training and Development)

Competency Matrix and Talent Management

• The talent identification for an organization can best be done by way of defining competency matrix for the organization. Identification of competencies/skills and their proficiency levels required by the organization in various processes, functions and hierarchical positions should be identified by developing an appropriate competency matrix for the organization.
• The same matrix will be later used by the organization for performance management/evaluation, training and development, career growth, retention etc.

It will be a good idea to refer: http://competency-matrix.blogspot.com/ (Competency Matrix). You may also like to read: http://knol.google.com/k/shyam-bhatawdekar/competency-matrix/6txz9nck6g3/4# (Life Management: Competencies) or http://shyam-bhatawdekar.blogspot.com/ (Life Management: Competencies).

Classification of People on the Basis of Proficiency and Use/Appropriateness of Talents

• Fast trackers
• Averages
• Misfits

Therefore, Definition of Talent Management

Talent management or human capital management is a set of business practices that manage the planning, acquisition, development, retention and growth of talent in order to achieve business goals with optimized overall performance.

HRM's Role in Talent Management

• Execution of strategy for talent management.
• Acting as talent management process owner.
• Giving creative suggestions to the organization for continual improvement of talent management function.
• Acting as business manager/line manager for talent management programs.

Advantages of Effective Talent Management

• Competency gap between required competencies by the organization and available competencies reduces significantly.
• Organization's effectiveness and efficiency can improve continuously.
• Helps in achieving the business goals with superior performance.
• Improves organization's overall culture and work climate.
• People are more satisfied.
• Retention of talent improves. People turnover goes down.
• Better overall growth of people associated with the organization.

Talent Motivation and Retention

• Create a professional merit based environment.
• Provide challenging projects.
• Environment of excellence.
• Optimize use of talent.
• Freedom to work.
• Dignity and respect in relationships.
• Effective motivational packages.
• Open communication and transparency.
• Learning and growth opportunities.

Books Suggested for Your Professional/Personal Library (All the titles as paperbacks and eBooks available online from Amazon)

Books Authored by Shyam Bhatawdekar and Dr Kalpana Bhatawdekar (eBooks and printed books available online from  Amazon)

Management, Business, Self-help & Personality Development Books

1. HSoftware (Human Software) (The Only Key to Higher Effectiveness)

2. Sensitive Stories of Corporate World (Management Case Studies)

3. Sensitive Stories of Corporate World (Management Case Studies) (volume 2)

4. Classic Management Games, Exercises, Energizers and Icebreakers

5. Classic Management Games, Exercises, Energizers and Icebreakers (Volume 2)

6. Classic Team Building Games, Exercises, Energizers and Icebreakers

7. 101 Classic Management Games, Exercises, Energizers and Icebreakers

8. 101 Classic Management Games, Exercises, Energizers and Icebreakers

9. Stress? No Way!! (Handbook on Stress Management)

10. HSoftware (Shyam Bhatawdekar’s Effectiveness Model)

11. Competency Management (Competency Matrix and Competencies)

12. Soft Skills You Can’t Do Without (Goal Setting, Time Management, Assertiveness and Anger Management)

13. Essentials of Work Study (Method Study and Work Measurement)

14. Essentials of Time Management (Taking Control of Your Life)

15. Essentials of 5S Housekeeping

16. Essentials of Quality Circles

17. Essentials of Goal Setting

18. Essentials of Anger Management

19. Essentials of Assertive Behavior

20. Essentials of Performance Management & Performance Appraisal

21. Essentials of Effective Communication

22. Health Essentials (Health Is Wealth)

23. The Romance of Intimacy (How to Enhance Intimacy in a Relationship?)

Novels, Stories, Biographies and Travelogues

24. The Peace Crusaders (Novel: thriller, mystery, adventure)

25. Love Knows No Bounds (Novel: a refreshingly different love story that discusses an important and topical societal issue. Also available with the title “Good People”)

26. The New World Order (Novel: socioeconomic, thriller, mystery, adventure)

27. Funny (and Not So Funny) Short Stories

28. Stories Children Will Love (Volume 1: Bhanu-Shanu-Kaju-Biju and Dholu Ram Gadbad Singh)

29. My Father (Biography)

30. Travelogue: Scandinavia, Russia

31. Travelogue: Europe

32. Travelogue: Central Europe

33. Travelogue: Egypt (Mysteries of Egypt)

34. सीमाओं के परे: (एक अलग प्रेम कहानी) (Novel in Hindi)

35. अमन के सिपाही (Novel in Hindi)

36. अभिजात प्रेम (एक वेगळी प्रेम कथा) (Novel in Marathi)