Talent Management: Functions and Process

Talent management can be defined as the goal-oriented and integrated process of planning, recruitment, development, management and compensation process. Here the notion is not limited to recruitment, but also exploration, development and smooth transition according to the organisation's culture. It is a continuous process involving the procurement, recruitment, development, retention and promotion of workers while concurrently meeting the organisation's requirements. Talent management, as the title suggests, manages the skills and power of an organisation's employees.

It relates to the estimation of the human resource required by the organisation at the time. It then establishes a plan to achieve these business needs.

According to McKinsey, "Talent is the sum of person's abilities, his or her intrinsic gifts, skills, knowledge, experience, intelligence, judgement, attitude, character, drive, his or her ability to learn and grow."

Functions of Talent Management:

A manager performs the following functions under the process of talent management.

• Recognises that talent management assignments such as recruitment, training and payment of employees etc. are part of a greater interlinked talent management process. For instance, workers with the proper skills rely as such on recruitment, professional training and remuneration as on testing applicants.
• Ensures that decisions on talent management such as staffing, training and compensation are aimed at achieving goals. Supervisors should always ask, what recruitment, monitoring or other actions they must take to achieve our strategic objectives?
• Uses the same profile of skills, talents, experience and knowledge to formulate recruitment proposals for a job consistently as to make training, selection, assessment and payment decisions. For instance, ask questions about the selection interview to ascertain whether the individual has knowledge and skills and to do the job and then train and assess the worker on the basis of if he or she has mastery of the skills and knowledge.
• He consciously sections and handles workers practively. A strategy for talent management involves employers handling recruitment drive, selection, development and rewards.

Process of Talent Management:

Identify organisational objectives and understand the requirements: What are high-level preferences or objectives for the organisation? Enumerate the objectives and forthcoming changes that the organisation needs to initiate. Create job descriptions and specifications for the position for which they want the talent.

Sourcing and Attracting Talent: Employment branding is the notion currently in play. The primary activity in this step is to search for people according to the requirements. Look for platforms, portals, like LinkedIn, where highly talented people can be searched.

Recruitment and Talent Selection: This the phase where the manager conducts interview tests and attract the best talent. He also performs relevant interview test to identify and scope the best person.

Employee retention: The manager creates opportunities to grow and enhance the creativity of his subordinate. Increasing the financial and non-financial incentives is one of the methods of retaining best talent.

Promotion: It also aims at rewarding competent employees with promotions, hike in salary and responsibility.

Performance Appraisal: It is imperative to measure an employee's performance to identify true potential. He checks whether or not the person can be loaded with additional duties and responsibilities.