Talent management is a growing focus among organizations. As companies are becoming increasingly reliant on talent for growth, talent management is moving up on the list of priorities of human resources departments. Companies today understand talent management is a key strategic function to achieve organizational goals. Unlike few years ago, talent management isn’t limited to recruiting, instead it has incorporated many other functions. From an administrative function, it has turned into a strategic function. To stay in the game, talent management professionals need to stay ahead of the curve. In this post, we will explore what is talent management and how companies are approaching their talent management initiatives in 2019.
What is talent management?
In a nutshell, talent management is a strategy to hire, train, retain, and develop employees. From a strategic point of view – it would mean to attract, train, and develop employees, to achieve organizational goals. Considering this, talent management turns out to be a combined effort of managers and HRs, instead of just HR. Taking this into consideration, hr professionals need to up their game.
Often, a solid talent management strategy addresses-- recruitment, training, and retention of productive and engaged employees. This, however, has changed over the last few years. And companies are taking different approaches. To understand these approaches, let’s know these four areas in detail below --
How is talent management changing?
Even though, the areas addressed by a talent management strategy remains the same as above, HR leaders have found newer (specifically technological) ways to go about improving these areas. Here are some ways in which companies are doing so --
In a nutshell, talent management leaders are recognizing the need for reforms in talent management strategy and are taking advantage of technology, millennials’ behavior and interest, to come up with better approaches to engage talent and achieve organization goals. Talent management strategies are, like yesteryear, aren’t hard-and-fast, but flexible to incorporate changes. Like the way it should have always been.
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