It is pretty obvious that employees are a business’ important asset. This drives organisations to seek new and effective ways to build data-driven decision making in order to recruit, manage, and retain their best talents.
Talent management refers to the process that facilitates the identification, development and engagement, deployment of employees who are of particular value to an organisation. It can also be described that talent management is the implementation of integrated strategies or systems designed to increase workforce productivity. With the current competitive work environment, talent management is a drive for organisational success as it helps enable business to meet business talent demands which are vital for the global market. Likewise, organisations that manage their human capital more effectively and efficiently are more likely to attain their organisational goals and objectives. These organisations are also more likely to have a sustainable organisational performance.
The way to achieve efficient and effective talent management is rather difficult. According to Rop and Kwasira’s study, the growth and success of talent management rely on positioning the right employees who possess the right skills in the right place at the right time where they (talented employees) are viewed as the main resources of an organisation. These employees are also the ones who are believed to have sustainable competitive advantages and prominent performance. But, talented employees form only 3-5 percent of all employees in an organisation.
AI and technology come into play which both help ease and create more complexity to HR tasks amidst rapid pace of change in the world of work. The rapid change also creates so much unpredictability in markets where employees might not be able to easily draw from the past in order to know what to do in the future. Employees will be expected to creatively leverage new technologies in ways that cannot be anticipated or understood.
Another complexity comes from social and remote options that continuously become a necessity in today’s Covid-19 era. This option then pushes HR and companies to find ways to navigate teams to work together without losing touch of physical connection. In addition to this, generational mix is already changing how HR should approach their talent management program.
According to experts at HBR, employees identified in the high potential status have its downside too. For starters, there might be no tenure. People can easily fall off the list and some remove themselves voluntarily or by default because they do not have time or passion for the journey. Other employees might also get jealous for the high potential status their co-workers have, which might result in high workplace bullying and conflict.
The challenges above should impact the way HR teams think about talent. In particular, when it comes to leadership, hiring, talent development, and creating a culture of innovation. Fundamentally, great organisations need to start asking what people want from jobs, what their skills are, and bring these people together across the organisation. All generations want to find meaning in their work. Rather than stereotyping, HR teams should be asking how the company can use strengths and how they can bring diverse groups together to provide creative solutions.
Finally, the value HR needs to pump again into talent identification process is to focus on the following points: