The role of talent management has a vital role and it has evolved over the years. It is the quality of talent which helps the organization to succeed or fail, eventually. Talent or workforce is the valuable source of competitive advantage in such a competitive economy where change is the only constant. Keeping the right people in the right place has become more challenging now. A recent research says that the CEOs agree that the talent management can take as much as 50% of their time and nurture the best people has become more complicated in such challenging economic times. Talent is critical to business survival and this is especially true now.
There are several arguments on whether having the best talent can result into having a positive impact on the organizational success or not. The survey done by Mckinsey suggests that most of the high-performing employees can increase productivity by 30% over the average performers and that results in raising profitability by 48% more than the average performers. HR practitioners have recommended that talent management strategies need to drive a measurable business outcome. Several studies say that the people-oriented culture can result in financial gains for the organizations. But what can be the differentiating factors that the talent management systems include?
- A comprehensive new employee orientation.
- Extensive selection and rewards to align the workforce with company culture and values.
- Several management development programs to encourage learning and development.
- Succession planning and CEO selection.
- A careful investment in human talents via recruiting, development, and training.
The successful companies differ from others because they care about how to manage people with special focus on selecting, training, and staffing. In addition to that, it is been noticed, the most distinguished companies are constantly focusing on being globally consistent while conducting the talent evaluation process. They follow the cultural diversity in global setting whilst nurturing the future global leaders. The other best practices are known to be the creation of internal talent pools, sourcing the global talent and recruiting them. This clearly shows that the implementation of talent management systems can have an enormous impact on business outcomes and on the financial gains of the company as well.
The successful business corporations often give special attention to talent management along with the financial management because they have seen the pros of having an effective talent management strategy in place which also acts as the competitive advantage. It is often advisable to have the talent management systems or process focused on special business objectives which is one of the fundamental requirements. Nowadays, talent management has become more than just an HR program and it will be extremely difficult for any organization to succeed in long-term without making any effort to its talent management strategy. This is especially true because of the increasing global economic challenges in the landscape of business. The growing demand for exceptional talent is needed for the globalization of business as its changing in many ways every day.