What is Talent Management?


Published on

Published in: Business
  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

What is Talent Management?

  1. 1. Page 36 www.barbadostoday.bb 11/07/12What is talent management? Global Expert Systems is preparing to host the calls for decentralisation from the HR department andFirst Caribbean & Latin American Conference on this is where the real debate begins. Who is best poised Attracting and retaining the most profitable and valuableTalent Management in Barbados on September to determine the needs of the organisation? Have our HR employees on the market is extremely competitive and25 and Trinidad on September 26 with a number departments become too distant from the everyday realities firms often try to out-bid each other to attract theof dynamic international speakers. Starting today, and needs of our organisations? Is the best talent already brightest, best and most effective staff for available posts.and continuing for the next few weeks we will residing within the organisation? What are the hindrances to So there are both in-house talent management strategiespublish a number of articles to build interest in the moving talent around? How do we hire the right persons, or as well as those companies who prefer to outsource theirevent. Following is the first instalment. Also on this more importantly, who are these right persons? talent management to third parties.page is a link that will allow you to download aregistration form for the event. Is talent management the Nonetheless, whether we choose to outsource this function or not, before the hiring same as headhunting? process commences, it is critical that this is preceded by a planning phase, as suggested in the figure above. After hiring, we then need to The answer to this question is no! Headhunting is only continually develop our talent in order to retain a part of the talent management process. There are many it aligned to our corporate strategy. by Global Expert Systems consulting models or frameworks within which a talent management system can be thought of and implemented. In closing, it is clearly evident that talent managementLet’s define Talent However, most models will include some semblance of the below figure. is a useful strategy during times of economic recession and hardship. Unfortunately, many companies only employManagement these strategies during times of plenty. But as organisations seek to become more lean and more efficient, hiring and Talent Management takes on different meanings retaining the right employeesaccording to the industry or sector of which we speak. Most will become a pivotal functionpersons are familiar with the term, Talent Management, of corporate strategy.in the field of the arts and entertainment where the word“talent” is widely used in an obvious context. But can this Companies shouldterm be applied to the world of business, and if so, what therefore engage indoes it mean for the corporate sector? a talent management It is said that the term Talent Management was coined in system that suits their1998 in an article published by David Watkins of Softscape; organisational needs, however the practice pre-dated the term, and as this assists greatly was in existence since the 1970s. In a nutshell, in optimising the talent management is really more akin to performance of each Corporate Strategy as it relates to the human employee and in the capital of an organisation. long run, the company in general. Let’s think of the talent manager as a grandmaster of chess in the Next week we will look at organisation looking down at the topic, Can we implement board and deciding, strategically, what talent management in our are the next moves or the best moves.FOCUS Public Sector?” And when we speak of the corporate • Visit Global Expert sector we draw no distinction between Systems online at http://www. the public and public sectors since globalexpertsystems.org/index. they are so intricately interwoven php/event/first-caribbean-latin- within the Caribbean space. american-conference-on-talent- management/ or email us at info@ Therefore, the management of our human Figure 1. Talent Management process globalexpertsystems.org capital, aka, talent management, is about hiring the right persons from the onset, placing them in the right positions, doing what is necessary to keep them, motivate them and retain themso that there is a mutually beneficial relationship thatguarantees the growth of both the organisation and theworker. As our organisations mature and become moresophisticated in an effort to compete globally, there are nowspecialised departments, companies and consultants whowork around the clock to guarantee that the firms theyrepresent are staffed by the correct personnel in every areaof the organisation. Just to have an idea, these consultants earn very decentsalaries, due to the essential and valuable nature of theirduties. Trusted human resources website indeed.comrevealed that, currently, the average salary for professionalswithin the area of talent management stands at US $86,000per annum.Hiring the right persons Typically, as companies engage in talent managementstrategies, the responsibility of employees shifts from thehuman resources department to managers throughout theorganisation. Now initially this is bound to create some“territorial warfare” as our traditional HR departments havegrown to become the doyens of all things and matters ofmanaging human capital and resource. However, a more radical talent management approach