Dr. Amit Das
Head – L&D
Erba Mannheim Transasia Ltd
Why Talent Management Is an Important Business Strategy?
Talent Management is a multifaceted concept encompasses multiple areas of identification, attraction, induction or orientation, nurturing, rewarding, and retaining high potential talent in organization to create it’s competitive edge.
Fundamentally, it also helps in positioning right talent at right place at right time with right spirit.
Talent management can be called an integrated process to ensure an organization has a continuous flow of talent for the right job at right time and place.
Talent management is forward looking function enables organization to minimize skill gap and create deserving talent bench for future.
TM creates differentiation. These differentiation starts from segmenting employees according to their potential, identifying skill gap, check human capital readiness for future, building leadership bench helps in making new strategic goals to streamline hiring and leadership succession processes by using the employee’ lifecycle.
It is imperative to identify the company’s high-potential, high-performing employees across all key functions, and groom them for their career development.
Multiple observational studies show that there is direct linkage between organizational success and talent management. TM is a key component to business success in the current economy as it allows companies to retain top talent while increasing productivity and remove redundant dirt from system.
TM makes organization proactive; facilitate filling critical positions in accordance to organizations’ strategic need. TM improves recruiting process, promotes expertise based human capital positioning to minimize training cost, time and resources besides building and solidifying organizational competencies in VUCA market landscape.
Finally, TM is a powerful and integrated business strategic tool, which leverage human capabilities in order to improve competitive edge of organization. Going by Pareto principle it’s given to understand that only 20% odd people in organization drive 80% performance. Hence, it’s critical to identify those 20% population, nurture them to make them better leader for tomorrow. And that is the heart of TM process.
While following TM processes one has to answer whether this TM strategy or roadmap is aligned with organizational vision?
Will it improve strategic advantage in market in future?
If not then the real essence of practicing TM would be fizzled out, which no organization wants at any point of time.