In all businesses today, aligning human resource management with business strategy has become an important element to succeed. Organisational restructuring, managing key resource requirements, performance management systems, career and succession planning have all been re-aligned to form synergy with the company’s overall business strategy.
With increased competition, changing workforce demographics, talent shortages and increased globalization, many organizations are now proactively studying leadership, demographic and economic trends, to prepare for their future workforce needs. HR departments are developing comprehensive workforce plans and talent management strategies centered on attracting, assessing, selecting, engaging, and retaining talent
The practice of Talent Management is more important in today’s economy than it has ever been. Now in the new millennium, we find ourselves in the talent age. In the new workflow system hong kong millennium the only unique asset that many companies have to maintain a competitive edge is their people. In the global market place and every industry around the world, it is the talent and its management that differentiates and sets the tone for success or failure
To achieve organizational goals, one must synchronize their business strategy and human capital strategy. Successful organisations have the right talent in place at all levels – people who look beyond the obvious and take the business into the future. The basis for ensuring this is an integrated approach to talent management.
Finding and keeping the right people has an enormous effect on one’s organization’s financial performance. Identifying these talents and hiring people whose talents are similar to those of top performers are crucial steps toward achieving individual and organizational success Talent management and leadership development remain the biggest Human Resources challenges. The two issues are rated “highly critical for success” Talent management means aligning talent strategies with organisational needs; attracting and selecting the right people, identifying and shaping their potential and fuelling their enthusiasm and commitment
Effective talent management is a critical business goal for all leading organisations in today’s economy. Human resource management is a process of bringing people and organizations together so that the goals of each other are met. The role of Human Resource manager is shifting from that of a protector and screener to the role of a planner and change agent. The knowledge age moved the basis of economic value to information assets through integrated communications and computer technology. Now the competitive battlefront is for the best people because they are the true creators of value. PEOPLE provide unique knowledge, an inherent component of the value-proposition that PEOPLE bring to an organization; knowledge gained through education, training, and experience. Investment in PEOPLE will position organizations for continual innovation in an increasingly diverse, competitive and ever-changing climate
Human capital is the most vital resource in any organization and also the most difficult to manage. Today the success of Human Resources professionals is directly linked to the quality of talent and its productivity and they are being held accountable to deliver on stringent and measurable performance metrices. Building a competitive talent pool is a function of attracting, engaging and retaining the right mix of competencies. Companies are also increasingly hiring employees whose personalities and values reflect those of the organization
Talent Management is more and more business critical to organizations, bringing with it, new visibility and challenges. For Human resources people, employees are the face of company’s brand and the most vital asset of one’s business. They drive organisation’s productivity and profitability. Aligning Talent Acquisition to the organization’s strategic objectives is imperative to the success of the organization and Human Resources tend to concentrate in recruiting those key people and focus their attention and resources on developing them. Indian organizations are also witnessing a change in systems, management cultures and philosophy due to the global alignment of Indian organizations. There is a need for multi skill development.
It would be apt at this juncture to recapitulate on the nuances on Talent Acquisition and Recruitment
Recruitment and Talent Acquisition are used synonymously but there is quite a lot of difference between the two. Recruitment involves the process of filling up of the vacancies where as talent acquisition shows the strategic hiring of talent not only for the current requirement but also planning for future. McKinsey & Company (1997) that coined the term ‘the war of talent’, predicted that there is high demand for managerial talent in future. The survey report insisted on five elements for tapping the successful talent such as talent mindset, growing great leaders, employee value proposition, continuous top talent recruitment and differentiation. Hence the companies need to be forearmed to anticipate and determine the talents.
Recruiting- been viewed as a transactional, commodity based business function to fill job openings with qualified people. In contrast, Talent Acquisition is distinct elements of the Talent Management continuum, a proactive, strategic function, procuring talent for the organization’s value add. Talent Acquisition is no longer a silo in the human resource function, but collaboration with specialists from other functional areas within Talent Management to posture a company for talent who will evolve and become strategic partners within the organization. Talent Management/Acquisition asks: do we have a strategy in place to attract and retain qualified employees; do we know what business is in the pipeline, what the staffing needs are for the next six-twelve months