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CHAPTER-01
INTRODUCTIONTO TALENT MANAGEMENT
Team- 04
INTRODUCTION
• What is Talent?
Talent refers to the identification, utilization and retention of a set of
skill or abilities of the employees in the interest of the organization.
Talent Management
• Talent management is like taking care of a garden to help it grow
beautifully.
• In a workplace, it means identifying and nurturing the skills and
abilities of employees to help them reach their full potential.
• This includes activities like hiring the right people, training and
developing them, providing opportunities for growth, and retaining
top performers.
HISTORY
• EARLY STAGE:
The concept of talent management has its roots in the early 1970s when organizations began to recognize
the importance of cherishing and nurturing employee skills and potential. This era laid the groundwork for the
formalization of talent management processes.
• EVOLUTION:
Throughout the 1980s and 1990s, the companies started to see employees as valuable assets and began
investing more in their development and retention. This led to the emergence of talent management as a
formalized approach to attracting, developing, and retaining top talent.
• MODERN ERA:
Today, talent management is a crucial part of any successful organization, helping them stay competitive by
ensuring they have the right people in the right roles and supporting their growth and success.
COMPONENTS OF TALENT MANAGEMENT
Talent management is a strategic approach to maximizing
the potential of individuals within an organization to achieve
its objectives. It involves a series of interconnected practices
and processes aimed at attracting, developing, engaging, and
retaining talented employees.
Here are the key components of Talent Management
• Recruitment and selection: Identifying and attracting top
talent through effective recruitment strategies and
selection processes.
• Training and development: Providing opportunities for skill development,
training, and continuous learning to enhance employee capabilities and
performance.
• Performance Management: Setting clear expectations, providing feedback,
and evaluating employee performance to ensure alignment with organizational
goals
• Succession Planning: Identifying and developing potential future leaders
within the organization to ensure continuity and succession in key roles.
• Employee Engagement: Fostering a positive work environment where
employees feel motivated, valued, and committed to the organization.
• Career Development: Offering opportunities for career growth and
advancement, including mentorship, coaching, and promotion pathways.
Talent management is about recognizing and investing in the potential of
individuals to drive organizational success, both in the present and the future. It
requires a strategic and integrated approach that considers the entire employee
lifecycle, from recruitment to retirement, to create a high-performing and
sustainable workforce.
SCOPE OF THE TALENT MANAGEMENT
The scope of talent management covers everything from
finding the right people to making sure they stay happy and
productive in their roles.
In order to perform this function, they use the
following methods
• Identifying the Talent which is required
• Right Selection of the Talent
• Implementing competitive compensation plans
• Training and continual development of Competencies
• Practicing state-of-the–art performance appraisal systems
The scope of Talent Management is quite wide and adopts an integrative
approach to the functions mentioned above.
NEEDS OF TALENT MANAGEMENT
 Attracting and retaining Top Talent
 Developing and engaging Employees.
 Optimizing performance
 Succession Planning
 Building a Diverse and inclusive Workforce
KEY PROCESS OF TALENT MANAGEMET
• Planning: Creating a roadmap for future talent needs.
• Attracting: Making your company appealing to talented
individuals.
• Developing: Helping employees grow and improve their skills.
• Retaining: Keeping top talent engaged and satisfied.
• Transitioning: Managing changes in roles or personnel smoothly.
COMPARISON BETWEEN TALENT AND KNOWLEDGE
TALENT KNOWLEDGE
o Talent refers to innate abilities, skills, or
aptitudes that individuals possess naturally.
o Talented individuals may excel in certain
areas without necessarily having formal
education or training.
o Talent is often seen as a natural gift that sets
individuals apart in terms of creativity,
problem-solving, or performance in specific
tasks.
o Talented individuals may have a higher
potential for growth and success in their
chosen field due to their inherent abilities.
o Knowledge refers to information, facts, and
skills acquired through education, training,
and experience.
o Knowledgeable individuals have expertise in
specific areas due to their continuous
learning and development.
o Knowledge can be acquired through formal
education, on-the-job training, workshops,
seminars, and self-study.
o Knowledgeable individuals may have a deep
understanding of their field and can apply
their expertise to solve complex problems
and make informed decisions.
SOURCES OF TALENT MANAGEMENT
Talent management relies on various sources to identify, develop, and retain skilled individuals within an organization. These
sources can be categorized into internal and external:
INTERNAL SOURCES:
a. Existing Employees: Employees already working within the organization can be a valuable source of talent for filling new roles,
promotions, or lateral moves.
b. Succession Planning: Identifying high-potential employees within the organization who can be groomed for key leadership
positions in the future.
c. Employee Referrals: Encouraging current employees to refer candidates from their network for job openings within the
organization.
d. Talent Development Programs: Investing in training and development programs to nurture existing employees' skills and talents
for future roles.
e. Performance Management Systems: Identifying top performers through performance evaluations and using this information for
talent development and succession planning.
EXTERNAL SOURCES:
a. Social Media: Utilizing social media platforms like LinkedIn, Twitter, and Facebook to
advertise job openings, engage with potential candidates, and build employer brand awareness.
b. Networking Events: Attending industry-specific events, career fairs, and networking
functions to connect with potential candidates and build relationships within the industry.
c. Campus Recruiting: Partnering with colleges, universities, and educational institutions to
recruit students and recent graduates for entry-level positions or internship programs.
d. Talent Marketplaces: Leveraging online platforms and talent marketplaces that specialize in
connecting employers with freelancers, contractors, and specialized talent for short-term or
project-based work.
CONSEQUENCES OF FAILURE IN MANAGING TALENT
Managing talent is a critical aspect of organizational success. Effective talent management involves
attracting, developing, and retaining top performers, and creating a workplace culture that supports
employee engagement, productivity, and growth.
Failure in managing talent can have significant consequences for an organization. Here are some
of the possible consequences:
* Loss of top talent
* Low employee engagement
* Inability to meet business goals
* Increased recruitment costs
* Increased risk of legal action
* Lack of diversity and inclusion
CAUSES FOR TALENT ATTRIATION
Talent management is one of the cursing factors threatening organization.
* Long working hours
Long working hours and the intensity of work have consistently emerged as two top most concerns of workers
. Employees feel tired and bored because of long working hours.
* Unsupportive Management
Work place support i.e., the support received from supervisors and co-workers are the key elements in talent
management.
* Lack of co-ordination communication
Co-ordination and between different levels of management is needed to set organizational objectives.
* Higher personal aspirations
In the modern world, the life style of an individual is one of the main reasons for poor talent management.
TOOLS FOR MANAGING TALENT
1.Applicant Tracking Systems (ATS): Software used to
streamline and automate the recruitment process, from job
postings to candidate selection and hiring.
2.Learning Management Systems (LMS): Platforms for
delivering, managing, and tracking employee training and
development programs.
3.Performance Management Software: Tools for setting
goals, providing feedback, and conducting performance
evaluations to support employee growth and productivity.
4.Employee Engagement Platforms: Software that measures and improves
employee engagement through surveys, feedback mechanisms, and
recognition programs.
5.Collaboration and Communication Tools: Technologies such as team
messaging apps, project management software, and video conferencing tools
that facilitate collaboration and communication among employees.
Thank you

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Talent Management for mba 3rd sem useful

  • 2. INTRODUCTION • What is Talent? Talent refers to the identification, utilization and retention of a set of skill or abilities of the employees in the interest of the organization. Talent Management • Talent management is like taking care of a garden to help it grow beautifully. • In a workplace, it means identifying and nurturing the skills and abilities of employees to help them reach their full potential. • This includes activities like hiring the right people, training and developing them, providing opportunities for growth, and retaining top performers.
  • 3. HISTORY • EARLY STAGE: The concept of talent management has its roots in the early 1970s when organizations began to recognize the importance of cherishing and nurturing employee skills and potential. This era laid the groundwork for the formalization of talent management processes. • EVOLUTION: Throughout the 1980s and 1990s, the companies started to see employees as valuable assets and began investing more in their development and retention. This led to the emergence of talent management as a formalized approach to attracting, developing, and retaining top talent. • MODERN ERA: Today, talent management is a crucial part of any successful organization, helping them stay competitive by ensuring they have the right people in the right roles and supporting their growth and success.
  • 4. COMPONENTS OF TALENT MANAGEMENT Talent management is a strategic approach to maximizing the potential of individuals within an organization to achieve its objectives. It involves a series of interconnected practices and processes aimed at attracting, developing, engaging, and retaining talented employees. Here are the key components of Talent Management • Recruitment and selection: Identifying and attracting top talent through effective recruitment strategies and selection processes.
  • 5. • Training and development: Providing opportunities for skill development, training, and continuous learning to enhance employee capabilities and performance. • Performance Management: Setting clear expectations, providing feedback, and evaluating employee performance to ensure alignment with organizational goals • Succession Planning: Identifying and developing potential future leaders within the organization to ensure continuity and succession in key roles.
  • 6. • Employee Engagement: Fostering a positive work environment where employees feel motivated, valued, and committed to the organization. • Career Development: Offering opportunities for career growth and advancement, including mentorship, coaching, and promotion pathways. Talent management is about recognizing and investing in the potential of individuals to drive organizational success, both in the present and the future. It requires a strategic and integrated approach that considers the entire employee lifecycle, from recruitment to retirement, to create a high-performing and sustainable workforce.
  • 7. SCOPE OF THE TALENT MANAGEMENT The scope of talent management covers everything from finding the right people to making sure they stay happy and productive in their roles. In order to perform this function, they use the following methods • Identifying the Talent which is required • Right Selection of the Talent • Implementing competitive compensation plans • Training and continual development of Competencies
  • 8. • Practicing state-of-the–art performance appraisal systems The scope of Talent Management is quite wide and adopts an integrative approach to the functions mentioned above.
  • 9. NEEDS OF TALENT MANAGEMENT  Attracting and retaining Top Talent  Developing and engaging Employees.  Optimizing performance  Succession Planning  Building a Diverse and inclusive Workforce
  • 10. KEY PROCESS OF TALENT MANAGEMET • Planning: Creating a roadmap for future talent needs. • Attracting: Making your company appealing to talented individuals. • Developing: Helping employees grow and improve their skills. • Retaining: Keeping top talent engaged and satisfied. • Transitioning: Managing changes in roles or personnel smoothly.
  • 11.
  • 12. COMPARISON BETWEEN TALENT AND KNOWLEDGE TALENT KNOWLEDGE o Talent refers to innate abilities, skills, or aptitudes that individuals possess naturally. o Talented individuals may excel in certain areas without necessarily having formal education or training. o Talent is often seen as a natural gift that sets individuals apart in terms of creativity, problem-solving, or performance in specific tasks. o Talented individuals may have a higher potential for growth and success in their chosen field due to their inherent abilities. o Knowledge refers to information, facts, and skills acquired through education, training, and experience. o Knowledgeable individuals have expertise in specific areas due to their continuous learning and development. o Knowledge can be acquired through formal education, on-the-job training, workshops, seminars, and self-study. o Knowledgeable individuals may have a deep understanding of their field and can apply their expertise to solve complex problems and make informed decisions.
  • 13. SOURCES OF TALENT MANAGEMENT Talent management relies on various sources to identify, develop, and retain skilled individuals within an organization. These sources can be categorized into internal and external: INTERNAL SOURCES: a. Existing Employees: Employees already working within the organization can be a valuable source of talent for filling new roles, promotions, or lateral moves. b. Succession Planning: Identifying high-potential employees within the organization who can be groomed for key leadership positions in the future. c. Employee Referrals: Encouraging current employees to refer candidates from their network for job openings within the organization. d. Talent Development Programs: Investing in training and development programs to nurture existing employees' skills and talents for future roles. e. Performance Management Systems: Identifying top performers through performance evaluations and using this information for talent development and succession planning.
  • 14. EXTERNAL SOURCES: a. Social Media: Utilizing social media platforms like LinkedIn, Twitter, and Facebook to advertise job openings, engage with potential candidates, and build employer brand awareness. b. Networking Events: Attending industry-specific events, career fairs, and networking functions to connect with potential candidates and build relationships within the industry. c. Campus Recruiting: Partnering with colleges, universities, and educational institutions to recruit students and recent graduates for entry-level positions or internship programs. d. Talent Marketplaces: Leveraging online platforms and talent marketplaces that specialize in connecting employers with freelancers, contractors, and specialized talent for short-term or project-based work.
  • 15. CONSEQUENCES OF FAILURE IN MANAGING TALENT Managing talent is a critical aspect of organizational success. Effective talent management involves attracting, developing, and retaining top performers, and creating a workplace culture that supports employee engagement, productivity, and growth. Failure in managing talent can have significant consequences for an organization. Here are some of the possible consequences: * Loss of top talent * Low employee engagement * Inability to meet business goals * Increased recruitment costs * Increased risk of legal action * Lack of diversity and inclusion
  • 16. CAUSES FOR TALENT ATTRIATION Talent management is one of the cursing factors threatening organization. * Long working hours Long working hours and the intensity of work have consistently emerged as two top most concerns of workers . Employees feel tired and bored because of long working hours. * Unsupportive Management Work place support i.e., the support received from supervisors and co-workers are the key elements in talent management. * Lack of co-ordination communication Co-ordination and between different levels of management is needed to set organizational objectives. * Higher personal aspirations In the modern world, the life style of an individual is one of the main reasons for poor talent management.
  • 17. TOOLS FOR MANAGING TALENT 1.Applicant Tracking Systems (ATS): Software used to streamline and automate the recruitment process, from job postings to candidate selection and hiring. 2.Learning Management Systems (LMS): Platforms for delivering, managing, and tracking employee training and development programs. 3.Performance Management Software: Tools for setting goals, providing feedback, and conducting performance evaluations to support employee growth and productivity.
  • 18. 4.Employee Engagement Platforms: Software that measures and improves employee engagement through surveys, feedback mechanisms, and recognition programs. 5.Collaboration and Communication Tools: Technologies such as team messaging apps, project management software, and video conferencing tools that facilitate collaboration and communication among employees.