Core Components of Talent Management and its Challenges
Talent management is considered as essential in the context of enhancing productivity of business organisations. In this respect, Hejaseet al. (2016) stated that there are several components of talent management that are to be taken into account by the management of every business organisation. The components include "strategic planning of acquisition of talent, total talent acquisition, employee development, management of performance and planning of success". In accordance with these components, business organisation is able to identify the business practices that are to be carried by aligning with its objectives and aims. In contrary to this, Thunnissen (2016) stated that effectiveness in talent management in acquired by emphasising on acquisition of total talent. Apart from this, it is the responsibility of the management of business organisations to analyse the capabilities of its employees based on which they are further required to fostered with effective training practices (Cascio and Boudreau, 2016). This becomes the most focused part of talent management as this phase motivates the employees for acquiring efficient knowledge and skills in order to acquire advantage in the competitive organisation.
The Ways of Talent Management
Is talent management important in economically challenged situation?
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During managing the talents within the organisations, there are several leaders that lack competencies in implementing talent management tools and techniques. In addition to this, there are several business organisations that lack the pool of talented employees that makes it further challenging for the organisation to promote the accurate person as leader. However, in these regards, Kravariti and Johnston (2020) also mentioned that economic conditions of business organisations also play a major role in management of talent efficiently. Business organisation with poor financial status is unable to implement effective talent management tools. This is further results in the incapability of the organisation to hire the highly skilled leaders who would be adequately able to anticipate the outcomes of the performances. Therefore, it can be mentioned that in economically degraded situations, it becomes highly challenging for business organisations to incorporate talent management tools and techniques efficaciously.
Global talent management procedures for overcoming the barriers
With reference to the global talent management, the main emphasis is given on employees and management of business organisations. Based on the research studies of Björkmanet al. (2017), it has been encountered that compared to international human resources management procedure, global talent management focuses on uplifting the potencies of employees of respective business organisations. In this procedure, the performance efficiency of employees is reviewed on a monthly basis. Following this, they are given appropriate training sessions for enhancing their skills and knowledge regarding their respective business organisations, it aims and objectives (Morris et al., 2016). In addition to this, the perspective of global talent management further emphasises on human capital that assists the business organisations in managing the talent with effective tools and techniques. However, Zhang et al. (2020) mentioned that in the global perspective, the employees of business organisations are required to be made aware of the core competencies of the organisations. In accordance with this, the employees are also required to be made aware of the objectives and aims of the organisation. This would help them in aligning their work with respect to the analysed objectives of business organisation.
By implementing global talent management procedures, the management of business organisations would be effectively able to maintain their respective talent management systems. Moreover, with this approach, it is believed that business organisations would be able to acquire adequate results and retain their talented employees buy attaining their trust Khorevaet al. (2019). From this, it can be stated that in compliance to global talent management procedure the management of different business organisations are able to emphasise on their employees and their requirements. Henceforth, it can be mentioned that this strategy would help the managements to fight back in the poor economic situations of the business organisations.