Why talent management is becoming the norm for modern businesses?

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Talent management is a term that includes activities such as recruiting, sustaining, developing/progressing and rewarding the talent acquired using the most trusted practices. Gradually, modern-day entrepreneurs understand the ever-increasing importance of talent management practices as this can set the stage for earning high dividend in the long run. In fact, the startups or the well-established firms that fail to acknowledge the potential of aligning its key business strategies with that of it.

3 tips for effective talent management

As there are few rules that govern the talent management plan that must be in place before launching a talent hunt, the organisations must not only be adequately aware of it but include them in routine practices. The three most valuable tips for effective talent management include:

  • Identifying the organisation’s true purpose and aligning the talent management strategy with it.
  • Letting the channels of communication be open and working effectively for all the employees alike.
  • Analysing huge volume of data with due care and efficiency so as to drive in profits through the masterminds who reside in-house.

There are several benefits of an effective talent management plan for an organisation. Some of the most potent ones include:

  • Retention of the top talent in the industry.
  • Winning an edge over the competitors in the prevailing scenario of continuous struggle for attracting and retaining the good talent.
  • Ensuring peak performance and perfect operational accuracy as the retained and nurtured talent is bound to perform in the best way not just once but for long periods of time.

Dedicated employees who are always keen to find new and effective ways to carry out the assigned work. This is not an automatic reaction of the employees but a result of clubbing the business goals with that of the individual goals on part of the organisation.

When talent management is applied in an effective way, it makes it certain that the organisation accelerates and grows in leaps and bounds as the important decisions lying in the hands of the top officials are taken with utmost care and concern and there are real time solutions as against the trend of postponing such decisions.

Focusing on innovation while building a talent management plan

There is no doubt that welcoming innovation in a balanced way is a sure shot formula to retain the best talent in the industry. But just being innovative at the cost of shutting the doors closed to the outside influences can cost enormously as the company may lose sight of its truest goals as per the market trends. It is, therefore, essential for the entrepreneurs to design a talent management plan with a streak of brilliance and innovative ideas only to earn great rewards.

Innovation can sometimes be tangible when it comes to the utilisation of technology/equipment i.e., the talent management system(s) better known as the process part to manage the most capable personnel or maybe non-tangible when it appears in the form of robust ideas that set the pace for acceleration (on the right path) of the organisation viz. the people’s part. In the former case, innovation may appear in the form of software/technology that caters to the diversified needs of various organisations.

Identifying best practices

Peer-to-peer learning platform
Though there are many tips and tricks to attract and manage the talent in an organisation, talent management is not an easy matter to work on. The inclusiveness of team members is directly linked to the performance of a company. In this aspect, entrepreneurs often grapple to understand how they can continue to maintaining the moral of their teammates, keep the talent engaged at all times or even understand what is the talent is line with the vision of the company. One way to address this is when one entrepreneur interacts with another like-minded entrepreneur. This often happens through peer-to-peer learning networks wherein growth focussed entrepreneurs get together to address critical matters in a safe and trusted environment.

Peer-to-peer platforms such as ASCENT Foundation offers a learning platform or ecosystem in the form of trust groups to the growth ready entrepreneurs where they can learn from each other through exchange of ideas, experiences and insights, in a confidential yet liberal environment. It is when the power of collective is put together, entrepreneurs are able to address some of the major business challenges be it with regards to talent management or even other areas.

Technology is not everything, give a personal touch
Software or technology alone may fail to provide desired results when it comes to managing the human talent that thinks, communicates and is able to take decisions of their own. Any organisation that fails to deploy humane methods to form a connection with its human resource, often finds it hard to bridge the gap between the goals it has set aside and those it achieves through the retained talent.

So, to sum up, with all the proactive steps taken, over the years, talent management has gained much attention in the modern-day business world with the companies realising the importance of being open, innovative and appreciative in their approach for effectively managing the talent in the long run.

Prateek Kumar is ASCENT Foundation member and Chief Executive Officer & Managing Director, NeoNiche Integrated Solutions Pvt. Ltd.

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