TALENT :- Talent is a special aptitude, high mental ability, skilled and expertise that a person have.
MANAGEMENT:- Management is nothing more than motivating other people .
TALENT MANAGEMENT:- Talent management refers to the process of developing and integrating new workers, developing and retaining current workers, and attracting highly skilled workers to work for a company.
WHY TALENT MANAGEMENT:-
Workforce cost is the largest category of spend for most organizations. Nearly all the competitive factors have become common but talent is what ultimately drives business success and creates value. It becomes a necessity for leading organizations to have competitive advantages in comparison to other firms.
STRATEGIC TALENT MANAGEMENT:-
Strategic talent management may be defined as the implementation of integrated strategies or systems designed to improve process for recruiting, developing and retaining people with the required skills and aptitude to meet current and future needs of organization.
Implementing a strategic talent management process prepares business leaders to compete in the global economy and capitalize on opportunities.
HOW TO MANAGE THE TALENT
IMPORTANCE OF TALENT MANAGEMENT:-
RECRUITMENT: right people to the org.
RETENTION : - developing and implementing practices that reward
and support employees .
EMPLOYEE DEVELOPMENT : By informal n formal learning & development
LEADERSHIP DEVELOPMENT: SPECIFIC DEVELOPMENT PROGRAM FOR EXISTING & FUTURE LEADERS
WORKFORCE PLANNING: PLANNING ABOUT OLDER WORKFORCE & FUTURE SKILLED WORKFORCE
BUSINESS CULTURE: WAY OF TREATING DIFF. PERSON IN AN ORG. OF DIFF. CULTURES.
To sum up TM includes - high performance , developing leaders.
organizations can help ensure that the right people are in the right place at right time as well as organizational readiness for future.
” Talent hits a target no one else can hit; Genius hits a target no one else can see.”