All firms will be more particular about recruiting the right talent and employees who can make meaningful contributions to the firm.
Talent management refers to the skills of attracting highly skilled workers, of integrating new workers, and developing and retaining current workers to meet current and future business objectives. Talent management in this context doesn’t refer to the management of entertainers. Companies engaging in a talent management strategy shift the responsibility of employees from the human resources department to all managers throughout the organization . The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as “the war for talent.” Talent management is also known as HCM (Human Capital Management).In the ancient times Kings like Akbar used to keep Nine Genius with him. They were Super Stars of that time. The most famous among them were Birbal the Genius and Tansen the Music Maestro. Similar cases are there in all the pre-historic ages. In the Ramayan era King Dasharath had Top Talent with him in the form of Vasistha and Vishwamitra. In the Mahabharata era King Dhrutarashtra had Bhishmacharya, Dronacharya, Kripacharya, Karna, and other such stalwarts. In the Puranas you will observe that King of Gods Lord Indra had assigned the tasks to his 330 million god army. Everyone was talented rather expert in his field of excellence. There are many such cases found in ancient China, Greece, Roman Empire, Egypt, Hebrews, Phoenicians, Hittites, Norman, Celts, Vikings, Anglo-Saxon, Mongols, Japanese, Celts, Kush, and in many such known or unknown ancient civilizations like Vedic, Lothal, Maya, Mesopotamia, and Aztec. So, Talent Management is not new but it has taken a new dimension in the Global Village Era.
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 management is concerned with coordinating and managing the different talents people have to offer within an organisation. This is done by studying and evaluating each individual on their skills, talent, personality and character, in relation to filling a particular vacancy within the company. Everyone has different skills to offer and the hard part for a company is identifying those that fit in with the existing company culture – effective HR procedures will be able to identify these individuals and appoint them appropriately.
Talent in an employee can involve all kinds of elements, from their educational qualifications and skills, previous experience, known strengths and additional training they have undertaken, to their abilities, potential and motive, qualities and personality. Most companies practise TM in some way, this could be anything from the recruitment and selection of individuals, to their placement within the company, training and development courses, to performance management and various schemes that reward high-fliers and achievers. How involved a company is in talent management generally depends on the size of the business and their commitment to employees and their future.
Talent Management will not be successful if there isn’t a system in place clearly identifying performance results. If a member of staff is deemed average then they should be rewarded to reflect this, whilst the high achievers in the company should receive higher rewards otherwise they will become demotivated.
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