TALENT MANAGEMENT IN 21ST CENTUARY

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What is Talent

Talent is the sum of a person's abilities, his or her intrinsic gifts, skills, knowledge, experience, intelligence, judgement, attitude, character and drive. Further it also includes his or her ability to learn and grow (Michaels et al 2001 cited in Armstrong, 2014, p.265).

 What is Talent Management

 The goal oriented and integrated process which includes planning, recruiting, developing, managing, and compensating employees is talent management (Dresseler,2013).

The organizations should have the talented people to acheive its business goals. Flow of talent is maintained through a talent pipeline in organizations. This strategic process is talent management (Younger et al 2007 cited in Armstrong 2014, p.264).

  

Source: Adapted from Armstrong’s Handbook of Human Resource Management (2013, p. 267)

Why Talent Management is Important

Successful talent management creates a situation which certifies the organization to attract and retain essential talents. Further engaging employees in the organization is done through talent management. The combinations of these issues has become a primary determinant of success and a vital concern for organizations (Hughes & Rog 2008, cited in Poorhosseinzadeh & Subramaniam, 2013).

Talent Management in the 21^st Century

According to Cappelli ( 2008) organizations should adapt a new approach to talent management considering the great uncertinity businesses faces today. Further he propose a new method from the lessons of operations and supply chain research  to suite the current realities.

His proposal on talent management relies on four principles, two that address the risks in estimating demand and two that address the uncertainty of supply.

Principal 1 – Make and Buy to Manage Risk

Since talent management is an investment, a huge pool of talent is expensive. Companies should undershoot their estimates of the need and plan to hire from outside if there is a shortfall.

Principal 2 – Adapt to the Uncertinity in Talent Management

Smart companies find ways to adapt to various demand situations.Breaking development programs into shoter units and creating an organization-wide talent pool that can be allocated among business units when need arises.

Principal 3 – Improve the Return on Investment in Developing Employees
Maintaining relationships with former employees with the hope they may return someday, which will bring back the investment in their skills. Getting the employee to share in the cost of development, like asking them to take on additional stretch assignment on a volunteer basis.

Principal 4 – Preserve the Investment by Balancing Employee-Employer Interests

Good employees leave organizations for better opportunities at other places making talent management unsuccessful. To reap the goals of investment in development efforts as long as possible is to balance the interests of employees and employer by having them share in advancement.

References

Armstrong, M., 2014. Armstrong's Hand of Human Resource Management Practice. 13th ed. Philadelphia: Kogan Page.

Cappelli, P., 2008. Talent Management in Twenty First Century. [Online]
Available at: https://www.researchgate.net/publication/5440660
[Accessed 27 June 2018].

Dessler, G., 2013. Human Resource Management. 13th ed. USA: Prentice Hall. 

Poorhosseinzadeh, M. & Subramaniam, I. D., 2013. ResearchGate. [Online]
Available at: https://www.researchgate.net/publication/250306503
[Accessed 27 June 2018].