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Application Of Talent Management

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What is Talent Management?
Talent management is a set of processes for strategic Human Resource planning which include everything from recruiting, selecting, managing, developing, assessing and retaining productive employees. It is a strategic processes which are aligned with the Organization’s business strategy. This helps Organization to maintain talented, superiors and expert workforce to achieve Key Results. Main goal of Talent Management is to harness and develop unique talent of employees to meet the organizational goals. It also reflects the ability of companies to source, select, develop, promote employees. Talent Management helps to discover various critical issues and change these issues to benefit the organization to improve upon
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Employees expect faster growth and development.
5. Talented workforce have proven better business performance for companies.
Ref:
https://www.ddiworld.com/DDIWorld/media/white-papers/ninebestpracticetalentmanagement_wp_ddi.pdf

Applications of Talent Management in Current Economic Scenario:
In current global economic scenario, companies retaining superior Talent have a clear edge. High quality, low cost, better service and good relations are quite a few inferred demand in the industries which are being fulfilled by pool of talented workforce. Talent management are seen as return n investment. Creating future leadership and coming up with better products and future strategies of business are possible because of Talented manpower.
Ref:
https://en.wikipedia.org/wiki/Talent_management#Current_Application_of_Talent_Management
Historical Overview and Evolution of Talent Management
Stage 1: Personnel Department The Evolution of Corporate HR dates back to 1970s and 1980s when the department of the organization associated with the Human Resource Management (HRM) are called as Personnel Department. It looked after the hiring of people, looking after their benefits and paying them.
Stage 2: Strategic
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The specific and most significant element of talent management is employee engagement which helps to retain the talent and reduce the turnover. talent management help employees by encouraging them to engage in work, team, and company values and efforts. In addition, it helps to develop to build a trust and develop relationship between the managers and employees which also contributes to the job satisfaction and productivity of employees. talent management facilitates employee for different opportunities such as training, mentoring, coaching, involvement in community which helps the employees to experience personal and organizational
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