Implementing Talent Management in Today’s Economic Condition
Nowadays, the economic conditions are demanding a cut in the expenses. Although organizations and leaders comply, it’s unfortunate enough for talent management.
Human Resource professionals are beneath immense pressure to chop the prices in the wake of the great recession — this is often the best time to validate the importance of talent management. Hiring and compensating the best talent within the business and making a particular performance at a constant time, that’s all we need. The question now is that “what exactly is the relevance within the current economic conditions?” Before trying to figure out the answer, let’s think over on the issues.
The industry statistics indicate that only five percent of the organization obtains a good talent management strategy that operates, and ten percent is just beginning to develop.
Maturing workforce is also a concern that creates a void in higher leadership positions.
Shortage of talent in a business’ line manager positions.
All these factors have given paths for HR professionals for upholding their beliefs on talent management. Once organizations accept that they need an integrated approach to talent management, then the involvement of a top administrative is vital for success.
Now, the top administrator who manages the function of the talent management is the one who is responsible for the critical activities such as leadership development, succession planning, career development, performance management, recruitment, etc.
Developing Leadership Pool:
After the recent economic downturn, the two issues that are needed to emphasize more are ‘succession planning’ and ‘leadership development.’ Organizations are urgently looking for leadership positions to save them.
After succession planning and leadership development, the next on the list is ‘performance management.’ If there’s no proper and standard way to measure the performance, it’s not possible to promote the right people to the right positions.
Recruitment assumes significance:
Recruitment practices determine the effectiveness of an organization. In a tight labor market, it’s vital to attract and encourage the top talent into your organization and hiring them immediately. The internet has become one of the most important sources of external recruiting.
Skill-based Manpower Planning:
In today’s era, manpower planning is a strategic HR process. Instead of absolute headcount-based hiring, the manpower planning is now extending to the critical locating skills, roles, and responsibilities, and making sure the current and future talent needs for specific positions.
These processes are essential to optimize the performance of human capital management. To make sure that they meet the business objectives, it is required to ensure that everything and everyone is consistent.
Talent management is in the earliest stages of development. There are a lot of processes that are needed to include immediately since organizations prefer for more initiatives in the process.