Talent Management is simply management of human resources in an organization to meet the requirements of the company. It gained popularity in the year 1997 after McKinsey's reference on talent management in his book. Talent management is a process that utilizes strategic planning of human resources in order to improve the value of the business so that the companies are able to reach their goals. It involves everything that takes in planning workforce such as recruitment, retaining, development, rewarding, and making people a part of it. Proper talent management system has to be linked with the business strategy so that it makes sense.
Talent management software is a combined set of software applications that are used by the professionals of human resource management department for hiring and retaining employees in a company. The purpose of this software is to track the career of the employee throughout his or her work period from the date he/she is hired to the end of his/her lifecycle. It also involves keeping a record of the valuable data of the employee during his/her work period at various points. This data can then be used by the human resource management department in efficient recruitment services and also in identifying future organizational leaders.
Why do companies require Talent management System?
Talent Management System is used by those companies who are strategic and deliberate their human resource planning including how they source, select, attract, retain, train, develop, promote, and shift employee within the organization. If the companies utilize the researches done by the Talent management system, they can uncover many benefits in critical economic areas such as quality, revenue, customer satisfaction, productivity, cycle time, cost, and market capitalization. This mind set helps in hiring not only the most qualified but also, valuable employees and put a strong emphasis on retention.
How does talent management help in evaluations?
Talent management System aids in employee evaluations as it is its major concern.
Areas of measurements- performance and potential. The performance of the current employees in the job is a standard evaluation tool of the profitability of an employee. But, talent management system also seeks to emphasize on the potential on the employee that is his or her future performance if he or she is provided with proper skills and responsibilities or development.
Competencies and Talent Management
The term talent management system is often used in context with the competency based management. The decisions taken on the basis of talent management system are driven by a set of core competencies of the organization as well as position specific competencies.
The set of competency includes knowledge, experience, skills, and personal traits (proven through defined behaviours). Previous models of competency also contained those attributes that sometimes predicted success, for example- tenure, education, and diversity factors. However, nowadays newer techniques are used in the creation of a competency architecture for the companies that include a dictionary of competency in order to hold onto the competencies that are used to shape the job descriptions of employees.
Source : articlesbase.com
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