All in all, talent management refers to the totality of actions and decisions made in relation to the staff members. Talent management commences with the identification of the organizational staffing needs and the assessment of the skills required from the future candidate. It then continues with the selection and recruiting of those candidates who meet the desired conditions. The next step is that of hiring the individuals who meet the initially stipulated conditions and which also reveal an increased ability to become integrated within the working climate and the institution's culture. Throughout the employment contract, talent management continues with a series of motivational, stimulation, reward and retention strategies which ensure that the most talented staff members continue to generate organizational value (Bnet).
4. Talent management practices and talent retention
As early on motivational theory has shown, each individual -- or at least each specific and homogenous group of individuals -- is driven by specific elements. This finding can easily be extrapolated within the business community to understand that the employees are driven by various elements. While some search for the sense of belonging to a professional formation, others seek to be professionally recognized or financially rewarded. This realization specifically materializes in a necessity for economic agents to develop and implement personalized motivation and retention strategies. Some relevant example of noteworthy retention strategies include:
Flexibility in the working schedule, in the construction of team or in the selection of the projects on which to work
Employee empowerment and inclusion in the decision making process
Administrative transparency
Financial and non-financial rewards
Support in professional formation.
5. Effective talent management, organizational performance and shareholder...
Talent management is in fact a competitive strategy through which economic agents increase their chances of improving the organizational performances and creating value for the shareholders.
At a most simplistic level:
Talent management creates better skilled staff members who are better able to increase their technical expertise and the task efficiency
Talent management creates more driven and motivated staff members
Better skilled and motivated employees increase their performances and their support in helping the organization reach its overall objectives
(Schiemann, 2009)
Increased organizational performances materialize in higher quality products and services or decreased delivery times, which eventually translate into higher levels of customer satisfaction and an improved customer experience and value
Increased customer satisfaction generates higher levels of sales, which in turn materialize in increased organizational revenues and the ultimate creation of shareholder value. Additionally, shareholder value can also be created through reputation improvements in the economic entity, which might allow them to sell their stocks for higher prices.
Reference:
Schiemann, W.A., 2009, Reinventing talent management: how to maximize performance in the new marketplace, John Wiley and Sons
Talent management, Bnet, http://www.bnet.com/topics/Talent+Management last accessed on August 5, 2010
2010, The world factbook, Central Intelligence Agency, https://www.cia.gov/library/publications/the-world-factbook / last accessed on August 5, 2010
2009, 2009: economic crisis or opportunity, HR Malaysia, http://hrmy.wordpress.com/2009/02/19/2009-economic-crisis-or-opportunity / last accessed on August 5, 2010
