No resource is of greater importance to an organization than its people. An organization that has a talented employee and knows how to use it for its good and the talented employee’s is a winner.
Talent management. That quintessential, most valuable element of an organization’s strength is sometimes overlooked. This is because organizations sometimes become too busy to identify and nurture the talent it has on hand. Many organizations make the mistake of scouting for a commodity that they have in their own midst without realizing it. They end up paying a steep price.
But first, what is talent management? Talent management may be described as the ability of an organization to spot and develop special abilities in its employees.
Processes Involved in Talent Management
Talent management is a clearly defined process:
- Recruiting talent by using various yardsticks
- Understanding why talent is required for a set task or requirement
- Identification of talent by assessing the employee in relation to metrics-based performance of specific tasks and completion of goals
- Communicating the purpose of talent-finding to the employees
- Training and coaching to exploit this talent and bring this in line with the organizational goals
- Constantly monitoring how talent management is faring in relation to the desired results sought
- Rewarding good performance that is got out of talent management.
Elements of Talent Management
Although by nature talent management is never fixed and keeps changing and evolving in relation to circumstances; a few tools can be used for assessing its effectiveness: