The Ways of Talent Management
In the opinion of McDonnell, et al.¸(2017) talent management can never stop on only one task but that it is a gradual process. Thus, there are various ways in which companies can focus on managing talents. In this context the author has first shed light on the key components of the talent management. Some of the components of a proper talent management are strategic employee planning, talent acquisition and retention. In addition to this, other components are performance management, learning and motivating. Compensation, career development and succession planning are all very important elements of the talent management.
Deery and Jago (2015) has fortified the some of the strategies of talent management are gaining a deep insight on the power of the job descriptions. The next strategy is to assess the cultural fit of the candidate. The third strategy is that of learning the ways to become the coach so that the personnel remain motivated. In addition, there are certain other talent management approaches which are facilitating the provision continuous training and development opportunities. Sheehan et al.,(2018) has elaborated that providing the employees with appropriate rewards and recognition is also a very important talent management approach and showing them a honest career development path is a talent management approach.
Is talent management important in economically challenged situation?
Core Components of Talent Management and its Challenges
Issues in Talent Management
Hughes (2018)has explained that at this moment, talent management is a great hassle task for any of the organisation because there are number of issues and challenges pertinent to it. The first issue identified by the authors is that the demand of high compensation. Since there are huge number companies operate in the industries employees tend to shift very quickly and because they have huge number of options talented personnel demand very high compensation. In addition another challenge is that the employment market is getting tightened every day thus it gets difficult to find proper talent for the company.
In addition, Beamond, et al.,(2016) has shed light on the fact that some of the companies confronts with the issues of developing a proper culture for which the employees tend to resign fast. Another challenge related to the talent management is that augmented employee turnover. In addition, another challenge to talent management is lack of proper leaders and managers in the organisation who lack the capability of retaining the talented personnel.
Companies Confronting with Talent Management Issues
Niedzwiecka and Curie-Sklodowska (2016) has elaborated that the companies in the tourism and hospitality sector confronts with huge issues related to talent management. This is because this sector is very much competitive and each day some or other new companies is entering the market thus employees also have good option to choose from. Companies such as Marriot, Hilton, Four Seasons Hotels & Resorts and others are confronting with issues related to talent management. Gitonga, et al.,(2016) has contributed in the matter by stating that the first issue that companies confronts with is that of lack of diversity because companies do not have diverse leaders who can manage talented personnel. The next issue is that poor leadership successors. In addition, there are some other factors which are competition in talent acquisition. Mismatching present talent with the future approaches is another issue confronted by the companies.
Importance of Talent Management
According to the opinion of McDonnell et al.,(2017), talent management is one of the important factors in companies because it will help the companies to gain a sustainable position in the competitive landscape of the industry. Sheehan, et al.,(2018) has explained that the companies must identify and acquire talent individuals and most importantly retain them because they will help the company to be successful in the present and combat with the economic challenges that the organisation might confront in the future.
The talent management and economically challenged situation is reviewed and discussed in this article.
What is the importance of talent management within business organisation?
As per my opinion, I feel that talent management is one of the crucial and fundamental functions of the management of business organisations. Business organisations are run with the help of talented and skilled candidates and therefore, it is the responsibility of the business organisations to consider and appreciate their talents.
How your organisation recruits employees?
Our organisations recruit employees on the basis of their skills and talent. For this, we post job advertisements in different job portals and also on our official website in order to maintain the loyalty of the candidates. Further, the selected candidates are called up in the office for interview where three rounds of interview are taken. The interview procedures include discussion and team work, skill test and personal interview.
According to you, what is the main requirement for managing talents within an organisation?
In my opinion, for managing the talent within a business organisation, the major requirement is the integrity and the sense of team work. With integrity and team spirit, the managers and leaders are able to work appropriately for achieving the objectives of a particular business organisation.
How you keep your organisation updated with the updated employment legislations?
There is a portal which is linked to the government website that fosters us with all the information regarding the changes and up-gradations of the employment legislations. Moreover, our organisation further ensures to follow all the rules and regulations posed by the government.
What procedures does you organisation follow to manage the performance of its employees?
For managing the performance of our employees, we review the performance of our employees on annual basis. Following this, based on the results, employees with efficient performance are fostered with incentives and the one with lower grades are provided with learning sessions.
How do you think, talent management can be done within a business organisation?
Within a business organisation, I feel talent management can be done with reward management systems where employees would be compensated with reinforcements for their excellent work.
According to you, what is an economically challenged situation?
In my view, economically challenges situation is when there is high recession due to high inflation rate. In this respect, I would also like to add that decreased purchasing power of consumers also contributes towards economically challenged situations for business organisations.