Introduction
Talent is an advantage to a company. According to Blass(2009) talent management is the additional management, processes and opportunities that are made available to people in the organisation who are considered to be ‘talented’. Talent Management nowadays have a pivotal role in the companies because the stability and the reliability depends on that. With the talent management, HR is showing interest in the staff.
HR role in the Talent Management
HR has an important role in talent management by attracting, developing and to retain the talent using different methods to do it. It’s under the HR department, the process of recruiting suitable candidates, ensure if the work environment is good to the employees and ensure the good relationships with other colleagues. The employer’s biggest challenge is hiring and managing the talent. The hiring process used by the companies are the recruitment and selection.
Recruitment Sources and Agencies
Stages
Preparation (Job role)
Finding Possible Candidates (through ads)
Selection (Interviews)
Inductions (introducing the candidates to business)
(Shivam.2015)
Importance of the talent to the companies
Talent has always been important in the companies, but it has become more critical because "many organisations are doing much more complex, knowledge-based work and operating globally".(Lawler.2014) A new talent brings results, good ideas and innovations in order to help the company to progress. Companies to attract them use strategies like creating a good workplace, giving good salaries and bonus. The benefits of talent management are:
.
(Benefits of Talent Management)
Developing the talent: real companies examples
We have the example of the football clubs, where they spend a lot of money buying players because of their interests in winning, improving their results. Real Madrid is one the example of how important is a talent and what challenges they have to face to keep the talent.
Cristiano Ronaldo in one of their talented player that they contracted from Manchester united. They persuaded him giving new opportunities, receiving good amount of money with bonus included. To manage a talent like that is very costly but they keep on doing it because of the great results that he brings to the team. They use a lot of strategies to keep him by increasing his salary, receiving bonus, make a life time contract and one example of it, is Zidane. He after retiring, Real Madrid kept him to train the young players. Based on this, we can say that Real Madrid is a hard HR model that only cares about the results and if you do better you would be paid more. On the contrary we have FC Barcelona that their philosophy is to use the players from the academy. This is an example of a soft model where they invest on the talent, and make an "engagement" and a commitment.
Chelsea is also a club that spends a lot of money in the players. The owner of Chelsea is Roman Abramovich, who has spent nearly 700 millions of pounds in the transfers. According to an interview that he gave to BBC,(2013) he spent 20 million pounds on the training centre, to progress the young players of the club. But over the years not a single young player managed to reach the first team. So that’s why he keeps on spending money in the international players. Southampton on the contrary is a club that uses the players from the academy. Over the years they made a lot of money selling they key players to big clubs because they don’t have the capacity to keep that talents, and they replace them cheaply because they cannot afford the luxury of mistakes made at wealthier clubs.
Factors affecting talent management
In the recent times CIPD released a survey findings, exploring how talent management strategies are being affected by the current uncertain economic background and how important is talent management is to organisations when things get tough.(McCartney,2010) With this surveys they looked to some issues such as what impact is the recession having on the wider business, how are business and people changing to meet current and long term demands and what innovative and creative talent practices are being developed.
The changes on the wider business are clearly to impact on organisational approaches to talent management. This changes are focused around three key areas:
• In current times, absence and performance management have increasingly come under the organizational microscope.
• Employee Engagement, motivation and morale have also never been so important.
• Organizations are providing line manager support and development to engage and motivate talent.
Organizations are developing more creative talent responses in the light of the reception. "Although the current economic climate has heightened the focus of short-term business critical needs, there is strong recognition by all of the organizations featured, that short and longer term perspectives need to be carefully balanced. More organizations need to develop a sustainable approach to talent management which, by its nature, should be focused on developing the current but also the future talent and capability of the organization".(McCartney,2010)
Success of Talent Management
A successful talent management will happen when there is a convergence of its knowledge. In that convergence the aim is the business’s objectives.(Turner.& Kalman. 2014)
Fig.1 (Turner.& Kalman.2014)
The mote to the success of a company is "make your people before you make your product" .The people responsible for talent management practices will know the importance of having and comprehensive and selected approach, the way such strategies can be developed. The figure 1 stats the responsibilities for talent management.
Performance Management
Performance management is also a component of talent management that its aims are to ensure the capability to achieve their goals in a very effective way, through individual or collective performance.
Conclusion
The purpose on doing this work was to understand and to show the importance of talent management strategies in the companies. Talent is one of the important factor of organisational success. Nowadays that topic is being talked a lot because of its nature, and companies are investing a lot on it because a talent in the company, is essential to its growth.
"If we grow our people, we will grow our company." (Hoare & Leigh.2011)
Reference List:
Blass, E. 2009, Talent management: cases and commentary, Palgrave Macmillan, Basingstoke.(Accessed:23 October 2015)
Chauhan, S., Gulati, K., Gupta, S. and Khatri, P. (2010) Talent Management in HR. Available at: http://econpapers.repec.org/article/jfrjms111/v_3a1_3ay_3a2010_3ai_3a1_3ap_3a39-46.htm (Accessed: 21 October 2015)
Lawler, E. E. (2014) What Should HR Leaders Focus On In 2014?. Available at: http://www.forbes.com/sites/edwardlawler/2014/01/15/what-should-hr-leaders-focus-on-in-2014/ (Accessed: 15 October 2015).
McCartney, Claire. (2010) Fighting back through talent innovation. In: Emerald, Bingley. (ed) Talent Management, p.16-20.
Pal Singh (2015) Recruitment and Selection Available at: power point slides.(Accessed:23 October 2015)
Talent management: an overview (2015) Available at: http://www.cipd.co.uk/hr-resources/factsheets/talent-management-overview.aspx (Accessed: 21 October 2015).
Talent management, 2010, Emerald, Bingley.
Turner, P. & Kalman, D. (2014), Make your people before you make your products: using talent management to achieve competitive advantage in global organization. Dawsonera[online]. Available at: https://dawsonera.com p.263-267 (Accessed: 28 October 2015)
BBC (2013) Ten years as Chelsea’s secretive Russian owner. Available at: http://www.bbc.co.uk/sport/0/football/23064770 (Accessed: 28 October 2015).
Hoare, S. & Leigh, A. 2011, Financial Times briefing on talent management, Financial Times Prentice Hall, Harlow.
Benefits of talent management (no date) Available at: http://managementstudyguide.com/benefits-of-talent-management.htm (Accessed: 30 October 2015).