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Constant development of business processes was initially aimed at improving the manufacturing by mainly production methods. However, further development required implementing new people-oriented methods that would motivate employees to work more efficiently. It was necessary to start understanding the employees better and find new tactics in order to effectively choose suitable candidates and encourage them to achieve positive results. Nowadays, the role of talent management in organizations cannot be underestimated since it influences other activities and the performance of a business entity as a whole. Thus, the main aim of this paper is to identify the role of talent management, emphasize its importance in organizations, and explore the ways of applying it in business practice.

The development of talent management

The concept of talent management developed as the result of “The Personnel Department’s” evolution that was the only one to have a business function connected to managing employees few decades ago. Its functions were rather limited including only hiring people and carrying about them, and receiving their salaries. Next step was connected to strategic human resources appearance, which was the beginning of understanding the importance of a human factor in an organization. Hence, over time business management needed a new way to work with employees. This was a time when talent management was introduced into the business world. It has become one of the most developed and necessary functions in organizations having a great impact on the business directions and strategies.

Talent management is now considered one of the main business priorities in current economic conditions. Thus, it is essential for human resources managers to comprehend the level of its importance and have knowledge to develop an efficient system of talent management in their companies. The development of the talent management concept reformed traditional relationships that existed between employers and employees and developed modern businesses.  

The role of talent management in an organization

The main purpose of talent management is to identify and recruit talented employees, and provide them with adequate work conditions and trainings that stimulate them to develop their skills. Moreover, talent management also aims at monitoring the results of employees and promoting the key workers.

The importance of human resources coordination is explained by the fact that employees working for the companies with well - developed talent management strategies are more involved in the working process, reach better results, and have a higher level of job satisfaction. Listed factors result in better financial performance of the whole organization. That is why managers dedicate so much resources and effort to strategically recruit, motivate, and develop talented employees.

There are five main functions of the talent management system: individual career plans development, remuneration packages formation, talent recruiting process, Alumni networks set up, and business relocation based on sourcing new talents.

Developing individual career plans and remuneration packages requires a close cooperation with employees in order to notice the talents, understand their motivation, and decide on the correct way of rewarding them in order to increase the efficiency of their work.

The role of talent management in an organization can be explained more precisely on every stage of the talent management process. It is conducted in few sequential steps that are all equally important: workforce planning, hiring, employee adaptation, performance monitoring, training, success planning, compensating and rewarding, and analyzing the key skills gap.  

Workforce planning is the first step of the talent management process. It is connected to developing companies’ strategic plans about hiring the needed amount of workforce, setting yearly hiring targets, and planning remuneration budget.

The phase of hiring is based on evaluating and assessing potential candidates for a job. It enables bringing new talented employees into an organization.  

On the stage of employee’s adaptation, the main targets are to provide relevant conditions that would help new employees to adapt to a new work place.

Performance monitoring requires measuring the performance of employees and managing their day-to-day activities.

Another crucial step of the process is called training. This function is based on understanding that different levels of an organization require various programs of learning and skills development. Thus, it has to be ready to identify specific activities that are needed for all employees, and offer learning opportunities to them.

Success planningis a very responsible stage of the process since it has to be flexible and quick enough to adjust to every change in an organization. It is focused on offering promotion opportunities to key employees. Moving workers into new positions can be done only after a long process of evaluating their skills in order to know what level of the employee’s performance to expect in the new place. 

The function of compensating and rewarding employees is an essential part of human resources management. It needs to be conducted taking into account the company’s compensation plan. It is important to employers as well as to employees since it encourages people to work harder. Consequently, it increases the productivity of an organization.  

The analysis of key skills gap is the final step of the process that estimates the situation in talent management on the global basis.

Thus, the main role that talent management has in an organization is to help businesses expand, get leading positions in the market, and increase profits. Obviously, it is not possible without talented employees.

Ways of applying talent management in organizations

Using the concept of talent management in an organization establishes a set of strategic functions. First of all, it improves the recruiting process with the help of a competency based recruiting aimed at increasing its speed and effectiveness.

 It is crucial to understand who is a talented employee. In recruiting process, employers should not be looking for exceptionally endowed candidates with a number of unique skills. In fact, a talented candidate is someone who has skills and experience appropriate for a certain kind of job. The evaluation of a prospective employee should be based on two directions: current performance and perspective potential.

Moreover, the values and corporate culture of an organization also depend on the successful implementing of talent management strategy. It relies on educating the leaders and managers of an organization so they support the corporate values and structure themselves, and encourage others. It increases the role of the leaders and sustains the subordination in the organization.

Another important factor is to identify some gaps in employees’ competency and start preventing actions as soon as possible. Companies have to be ready to provide relevant development programs and trainings in order to fill the competency gaps. However, the main aim is to hire the right people who would correspond to the job requirements and would have appropriate skills and experience.

Efficient talent management also answers the questions about how to manage personnel in the way that assures employees’ satisfaction with their job and fair remuneration based on their merits. It enables promoting the employees that reached especially high results up the career ladder. As the result, organizations would benefit from motivated employees, who had their hard work noticed, putting extra efforts in completing their further tasks.

Thus, there are many aspects to be taken into account when planning a company’s position towards talent management. The most efficient approach is to develop a ‘complex talent management strategy’.

Talent management strategy

Considering talent management to be a short-term problem is quite a common approach of modern businesses. However, the evidence shows that it has to be treated as an essential part of a long-term general strategy of an organization.

A well - developed strategy towards talent management should be focused on the whole personnel. Managers have to consider different approaches with various motivation schemes to both, the top performers and average - level employees. Other factors that have to be taken into account are connected to employees who belong to different age and sex groups, represent different nationalities, etc.

Moreover, the strategy should be fair and assure that every employee has equal rights. The recruiting and promotion systems must be absolutely transparent. Otherwise, some employees might feel being treated worse than the rest.   

Conclusion

Thus, talent management has a large sphere of application in business processes by all organizations. It allows finding the right employees who are perfectly suitable for companies’ positions and providing them with appropriate work conditions and rewards. Another aim of the talent management system is to identify the gaps in employees’ skills in order to provide them with necessary trainings and learning. There are various methods of applying talent management in an organization on every stage of the process. Overall, talent management is one of the most important parts of the success of any organization since it is oriented on employees who are the main asset of any company.

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