Talent management can be defined as the goal-oriented and integrated process of planning, recruitment, development, management and compensation process. Here the notion is not limited to recruitment, but also exploration, development and smooth transition according to the organisation's culture. It is a continuous process involving the procurement, recruitment, development, retention and promotion of workers while concurrently meeting the organisation's requirements. Talent management, as the title suggests, manages the skills and power of an organisation's employees.
It relates to the estimation of the human resource required by the organisation at the time. It then establishes a plan to achieve these business needs.
According to McKinsey, "Talent is the sum of person's abilities, his or her intrinsic gifts, skills, knowledge, experience, intelligence, judgement, attitude, character, drive, his or her ability to learn and grow."
Functions of Talent Management:
A manager performs the following functions under the process of talent management.
- Recognises that talent management assignments such as recruitment, training and payment of employees etc. are part of a greater interlinked talent management process. For instance, workers with the proper skills rely as such on recruitment, professional training and remuneration as on testing applicants.
- Ensures that decisions on talent management such as staffing, training and compensation are aimed at achieving goals. Supervisors should always ask, what recruitment, monitoring or other actions they must take to achieve our strategic objectives?
- Uses the same profile of skills, talents, experience and knowledge to formulate recruitment proposals for a job consistently as to make training, selection, assessment and payment decisions. For instance, ask questions about the selection interview to ascertain whether the individual has knowledge and skills and to do the job and then train and assess the worker on the basis of if he or she has mastery of the skills and knowledge.
- He consciously sections and handles workers practively. A strategy for talent management involves employers handling recruitment drive, selection, development and rewards.