We are in an era where everyday a new enterprise pops up. To make your organization stand in the storm of cut throat competition, you need to have something that others don’t! An amazing set of employees is one of the most important factors behind an organization’s success.
Let’s talk about keys for a successful organization! The only thing you need is a perfect HR department to bring in the best talent, right? The answer is a yes and no both. Yes, this is an integral step, but no the entire success does not lie there. Attracting the right employee for your company is an important task, but the real battle is to keep the talented one’s retained while extracting the best from them.
What does talent management exactly mean? In simple words, to manage the ability, competency and power of employees within an organization. This concept acts as a boon to a company! Imagine life as an employee where your designation at your job is not what you aspired to be. In such cases, there can never be a win-win position for both the employee and the company.
This is when, talent management comes to your rescue. The concept not only restricts to recruiting the right candidate at a right time but also exploring the best and increasing retention.
This department in a company is always at work. They work continuously to attract retain, and manage promotions, all while keeping the organization’s needs in mind.To take the organization to the next level and achieve success it is vital to understand the right place for the candidates. After attracting the candidates, it is very important to strategically fit them in the organization. The importance of the situation can be best understood with the example of buying the most expensive and amazing pair of shoes. If it doesn’t fit properly, it will only cause sores in feet or in other case, will just come out of foot! So, the task of managing talent would be incomplete if you are unable to fit the best talent at the correct place. The next most important step is to evaluate and engage with your employees on their career objectives and provide opportunities to grow within the organization on an ongoing basis. A talent development strategy, which brings together the employee’s career objectives, right skills training, personal development and finally learning and performance management not only motivates and retains the employee but also helps increasing organizational productivity. To focus on employee loyalty and motivation, it is very important to match their personal aspirations with career positions and career progression
A leading research by BlessingWhite tell us that “employees favour personal development over career progression”. They are more likely to stay loyal to a company if given opportunities to develop. Another research (Ortus’ research) shows that the biggest catalyst for employees leaving an organization is career development (75 per cent).
The world is growing digitally and everything is at the tip of your fingers. There are various software, which play an important role in talent management. Some of the components of talent management are recruitment, onboarding, performance management, compensation management, learning management, etc.
These software help in this fast growing field and make the task easy. Just digitally you can learn to manage as well as get recruited. In reality talent management software is a set of HR capabilities. So in short, talent management software is designed to manage talent through the entire lifecycle from hiring through development to reward!! It helps a lot to maximize the value of an organization.
To fit it all in a bottle, talent management software is designed specifically to help organizations meet highly strategic goals. . Having right talent is important but valuing the right talent is more important. And, only a well-designed talent development statregy can help you achieve that and is a sure shot way to take another leap in the growing competition.