Talent management - we hear this expression a lot, related to Human Resources. Talent management has started to spread from the late 1990s. It was the time when the Human Resources Management went through a big development and introduced innovations. HR has moved to the strategic level and more and more company leaders began to believe that focusing on human capital resources is very useful. We call one of these innovations talent management now.
Talent management focuses on how a company can attract, reach, hire, keep, develop, retrain, deploy and reward talented workers, who can speed the company.
I can highly recommend using this process instead of the traditional one because it has countless advantages. If you hire the right people, you can save lots of time for yourself, because you do not have to often intervene and you can entrust important tasks and decisions to your employees. These talented people can present better performance and help with their good ideas and knowledge to improve the company. You can reach more profit and more sales and you can concentrate on your bigger tasks. Your company can be more successful, if you work with the right talented people.
But in spite of these advantages, researches show that only a few percent of the company use this branch of HR and unfortunately the improvement is very slow. One of the researches that McKinsey & Company made involving 13, 000 senior managers in the early 1997, shows that “most companies are poor at talent management”. (Figure 1)
(Source: McKinsey& Company The War forTalent 1997)
Another research with 546 HR and talent management professionals participating from different organizations in 2014 by Cranfield School of Management, Halogen Software, and HRZone.com shows “Less than half of the organisations have a talent management strategy and over a third of those think their strategy is not working well”. (Figure 2)
As the numbers reveal, a huge range of companies should improve in the field of talent management in the future, if they want to be successful and efficient.
Finally, here are some more reasons which may convince you about the benefits of using talent management:
- not too much work to introduce this type of management
- lots of conferences, books and studies, websites can help you to get to know talent management
- already more and more software can help to utilize this tool
- it can help being efficient
- using "competencybased" recruiting can make your employees feel that working for your company is a privilege