by Information technology and system have changed the way business gets conducted. Every decision-making process is enhanced with utilization of an information system. Information systems have been deployed by human-resource team to enhance employee employer relationship.
Companies require great deal of contribution from employee for its success though information systems have made several processes automated.
Talent Management
Talent management and human-resource management are completely two different fields, although the human-resource team is responsible for talent management.
Talent management is organization focus towards complete management of recruitment, retention, development of brightest talent available. The focus of talent management is to attract best talent in the market and convert them into efficient and effective work force. Talent management team is responsible for hiring, maintaining and retaining the best talent.
Talent Management Evolution
Talent management finds its roots in earlier workforce management and human management concept. Earlier concept saw intervention of human resource in managing and retaining talent. However, with talent management, this responsibility is transferred to manager.
Talent management empowers manager to take upon greater responsibility. The manager is actively involved from talent acquisition, recruitment process, retaining and development of the employee. Organizations have their own approach towards talent management. Certain organizations include only their star performers as part of talent management, whereas some organizations consider all staff within talent management.
Talent Management as a Strategic Tool
The race for talent has never been more competitive, even as organizations try to load the “talent” in their workforce. The “talent” employees with specialized skills and competence who ensure the organization is able to win in today’s competitive market and sustain itself during times of uncertainties such as the one we face today. Needless to say, organizations also feel the need and pressure to manage these key resources.
With the “Talent” becoming the most critical resource, it is imperative for CHRO (Chief Human Resource Officer) of today to have the required intelligence, real-time data and information of the talent management processes implemented within the organization and right tools and techniques to measure the effectiveness of those processes. They have realized that it is equally critical to build and maintain a talent management ecosystem, which includes seamlessly integrated digital and IT (Information Technology) empowered systems, which enable real-time information tracking, thereby enabling speedier and accurate decision making.
Talent management is actively used by organization as a strategic tool. Companies need to blend talent management with business strategy as to boost employee management activities. The onus of attracting and managing the best industry talent is on the respective managers.
Organization needs to develop a process through which employee talent can be recognized and shared. This would enable best utilization of talent across the organization.
Employees are encouraged to manage their individual development plan.
Talent Management System
A talent management system is an information technology solution to manage four corner points of human-resource management:
- Recruitment
- Performance management
- Learning-development management
- Compensation management
The existing enterprise resource planning systems are focused on employee transaction such as payroll, leave management, etc. The talent management system looks at providing human-resource solution for long-term strategic goals.
The key features and development history are as follows:
- Talent management system became a reality with the advent of client/server technology. It was now possible to electronically manage applicant base important for multi-national companies. The Internet and data analytics also helped the development of the talent management system.
- Talent management system became important to manage high-performance work environment, reduced top management attrition, increase employee satisfaction, create talent pipeline, and develop better compensation models and creation of uniform performance measure metrics.
- The two driving points of the talent management system are recruitment and retention.
An organization needs to align its business strategy with human-resource strategy to develop and manage effective talent management system. A development of the talent management system requires the following:
- Finalization of various competencies around which future development of an employee is to take place.
- Creating of a human-resource model to rank and stack the existing workforce.
- Examine the current human-resource process to identify the developmental areas.
- Develop tools to increase existing talent pool.
- Pro-actively identifies future skill set requirements and manages the talent pool accordingly.
Adoption of technology focuses on below key areas in an integrated talent management ecosystem:
- Digitize HR processes across talent management areas
- Align talent with business strategic needs
- Precise decision making in real-time
- Improved talent pipeline management
- Wider and targeted global talents reach
- Reduce hiring cycles and recruitment costs
- Effective talent mobilization and deployment
- Improve networking and collaboration among talents, employee engagement
- Align compensation and rewards with employee performance and business objectives
- Predict future situations and realign strategies by taking evidence based actions
- Measure impact of the HR value chain
