- Posted by Vidcruiter
- On December 21, 2012
- 0 Comments
- applicant hiring system, applicant recruiting system, interview system, recruiting platform
What makes talent management a key factor in organizational success?
Talent management is beyond sourcing human resources. With the fierce business competition today no organization can survive if they see people as mere resources. People are capital. Businesses can respect that or perish. What really makes talent management different? What makes it a necessary part of modern business management? The answers to these are quite simple and could change the way you manage and empower your people, your enterprise.
Defining talent management
There are four major pillars of talent management – hiring and recruitment, training and development, performance management, and compensation management. Talent management simply gets the right people and maximizes them once they are inside the organization. People are no longer treated as just a simple commodity but as capital, part of the very basic element of a business operation. People are no longer just an afterthought, an additive in delivering good products and services, but the genesis of all things. People make good products, develop great services, deliver them to consumers, innovate existing offerings for the changing needs of clients, develop marketing and branding initiatives, and more. In short, they make the very idea of doing business possible. So apart from people, what else is there in a business? It is simply not enough to think of a great product and sell them, be a one-hit wonder. To maximize profits, initial business success must be sustained and there is no other way to do that but to manage talent effectively and pursue sound human capitalization all the time.
Talent management and the war for talent
Talent management gave birth to the fierce competition for talent. With the realization that people is the key to sustainable business growth, organizations are not just fighting for customers and market segments, they are also battling for talent, wining the favor of people who are considered experts in their fields. The war for talent is on and the motivation behind it is justified – without good people a good start-up will be just that, a start-up. Companies are battling over corporate superstars, business think-tanks, people who are churning out new ideas and have the skills and tenacity to execute these and make products and services out of it. The organization is as good as its people.
The reality of voluntary turnovers
People today are not just working to earn. They are working to learn, expanding their skill base. This employment trend is a reality that companies just have to accept. Talent management has the knack for this employment trend. If you are still thinking human resources and not human capital, you will surely drown in massive voluntary turnovers. People are leaving for more money, but most of the time they are leaving for more experience, more exposure in their fields and peripheral sub-fields. This is their way of coping with the new employment landscape where employment security is not as real and tangible as before.
Improving talent management
So how do you improve talent management? Be as objective as possible with the way you manage your human capital not because it deserves such treatment, but because it is necessary. Human capital management must be a numbers game, a metric centered endeavor that can be understood easily. This is why technology can easily be applied to its practice. Talent acquisition systems are widely used and have given organizations the information they want and need from it.
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