Importance Of Talent Management

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Introduction Employees are one of the most valuable assets for any company since they contribute vastly to its performance and success. It is therefore vital for any business to recruit and retain highly skilled employees in order to better their position within their given market. The senior management and human resource should make sure that highly skilled employees stay loyal with the company as they will be contributors to growth and profitability. It is essential that the talented employees are retained as they add value to the organization. Effective talent management strategies should be aimed at promoting and enhancing the talent that add value towards achieving organizational objectives. Talent management can help in achieving optimal level of success and in retaining the high performing workforce. This report aims to explain and analyze the importance of talent management strategies within a certain company, by both looking at the current and future need. TM strategy and its importance to TNNB In a knowledge-based economy where labour is typically the largest expense, getting the people strategy part of the business is important, making finding and keeping talent a constant challenge. With changing market conditions, shifting workforce demographics and new ways of working, effective talent management is what separates the high-performing companies from the low-performing ones. Right-fit talent at every level of the organization drives innovation, elevates brands and contributes to a great place to work. Recognizing this, more organizations places emphasis on ensuring effective talent management strategies are in place. According to PricewaterhouseCoopers (PwC’s) 15th Annual Global CEO Survey (2012), many CEO’s are ... ... middle of paper ... ...anges in leadership and market conditions. Increased consideration should be given to the development of internal talent. Though, it is critical for the company to generate talent pools that is reliable and consistent internally leading to successful talent management. Developing skilled talent pools can be done on the basis of high performance. Conclusion and Recommendations It is important that TNNB emphasizes on the importance of talent management across the company. It should start from the recruitment to the retention and development of the employee, as it greatly affects the overall business strategy, profitability, success and growth of the company. The human resource talent management managers and senior management must enhance and develop the employees both individually and as teams. Ultimately it would lead to an alignment of improved talent strategies.
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