Talent Managent

Talent Management (TM) has emerged as a concept of great interest to researchers and practitioners of Human Resource Management. This was studied and presented as evident by a recent research report for the Chartered Institute for Personnel & Development (CIPD) carried out by Jim Stewards of Leeds Metropolitan and colleagues from Nottingham Trent University. The book “War for Talent” published by Mckinsey & Company is referred by most of the modern companies to succeed in the fears competition in the modern Human Resource Management sector. More stressed subjects such as hiring and developing top talent while managing underperforming employees - are discussed in the book War for Talent which has made it popular among modern HM managers. As per the book, there are three fundamental forces fueling the need for better TM and those three are;

• The inevitable shift from the Industrial Age to the Information age:

• The organizational culture represented the modern pioneers and giants of this industrial shift such as google, Facebook which were more focused on TM than traditional human resource functions. Most of the modern tech companies are more focused on TM than at any time in history. 

• High demand for high caliber talent

• The innovative nature of modern companies needs high potential employees. The sustainability of these companies depends on innovative natured employees or high caliber talent in the modern context.

• Higher growth in employees switching companies
• When organizations with better TM start showing results, other companies are compelled to follow TM more than the traditional human resource functions. This results in more opportunities for talented individuals in the job market than any other employee. It has become mandatory for companies to adopt TM to refrain from losing existing talent to the competition.

However, TM was first identified as human resource management in the early years which originally linked with basic human resource management functions such as recruitments and performance management but today more scientific approach is being used. This approach of managing different talents using different methods was discussed in 1980s by Boston Consulting Group. They used a matrix to differentiate between star, deadwood, solid and high potential employees to manage them differently without using the rational techniques under old human resource management functions.

References

Jim Stedt. (2006) Talent Balancing: Staffing your company for long-term success. Westport CT. Report number:ISBN 0-275-98579-2.