TALENT MANAGEMENT STRATEGIES FOR BUSINESSES

TALENT MANAGEMENT:

Talent Management is defined as an organization’s commitment to hire, manage, develop, or retain talented employees[1].  As the author describes that ‘Talent’ in the organization means that there are individually every employee is a hero or star and for the organizations based on the top talented employees achieve or transform their visions into reality with success or pride (Kamil, Abdul Hamid et.al. 2011)[2]. Talent Management helps the organizations or companies to boost up their business and their strategies to lead in the marketplace. As an author cited that Talent Management is the most important tool for organizational development, success and growth (Sireesha & Ganapavarapu, 2014)[3]. Many scholars describe that Talent Management is a collection of typically HR department practices, functions, activities such as recruiting, selection, development, managing, boosting career and succession management[4].

DIFFERENCE BETWEEN HUMAN RESOURCES AND TALENT MANAGEMENT:

The process of Talent Management and Human Resources have so many similarities but it is a little bit different. Human Resources is all about the managing employee services and they have a day-by-day service (Ingwersen, 2018)[5]. While Talent Management is the process of hiring, training, retention, developing and managing the top-talented employees, basically, focused on helping and improving the talent to grow the strong organization. Ingwersen (2014) describes that Talent Management is long-term management[6].

THE COMPONENT OF TALENT MANAGEMENT:

The components of Talent Management adopted by the companies to strike or grow efficiently are as following

1. Retaining and development of the talent 

2. Managing high-quality talent

3. Succession planning

4. Finding more staffing

5. Learning and performing management[7]

6. Attract the  talent

7. Motivate the employees

8. Monitor the critical roles of Employees

9. Increase Employees performances.

10. Engage the employees

11. Retain top-talented and superior Employees

12. Improve Business performances

13. Higher satisfaction of clients[8].
    

THE OUTCOMES OF THE TALENT MANAGEMENT STRATEGIES

• For the manager to understand the Talent of his or her employee, to motivate them.

• The manager can visualize the work of his or her team for different purposes to check the probability and consequences of an employee’s existence in the Companies. For the employees to tell them their aspiration and development have been considered.

• For the organization to be able to understand where their talent is stand[9].

An author describes in a dissertation explain the important factors of Talent Management which will be helpful for the business, as follows:

• Continuous learning

• Focusing on the customer's results and their outcomes

• Supporting the system and structures

• Involvement of the employees

• Sharing information among employees and their leadership[10]

Basically, Talent Management is useful for managers, employees and organizations or companies. The strategies of Talent Management outcomes help and grow each and every hierarchy of organizations or companies. In today’s world where competition is becoming more and more in the marketplaces, Business development is growing all over the globe, the adoption of modern terms in business become an in an important tool such as Talent Management.  As scholars cited in the dissertation ‘Talent Management: What is the value of Talent Management in Business Organization?’ that it is a strategic tool for attaining and increasing the organizational success, to help them for enduring in the current competitive global market (Vatne & Torgersen, 2014)[11]. In Talent Management, the term talent has two component that is ability and capability. Ability means that current performance is all about the now or current situation in the organizations while the Capability refers the potential performance is all about the future strategies in the organizations (Kamil & Abdul Hamid et.al. 2011)[12]. Meanwhile, Talent Management helps the organizational performances that can be measured in financial and non-financial factors. Financial Factors that shows whether the organizations are performing well-enough or not are the return on investments, high avenues, sale growth, and high market shares. Non-Financial Factors are the organizational performance are the satisfaction of employees, customer satisfaction, fewer complaints, good relation between the suppliers and also the trust of the employees on their higher rank employees[13]. ADOPTION OF TALENT MANAGEMENT STRATEGIES: The successful business is well accepted by organizations worldwide, talent management helps them to communicate and translate the strategy, into an actionable set of objectives and measures and how the strategy is practical for all areas of the company, including financial, process, customer and workforce. The talent management strategies have so many factors such as hiring, managing, developing, and retaining the top/key talented employees[14], it will ensure that the organizations/ companies help to smoothly achieve their goals and turn them into reality.

The study of Corporate Leadership Council (2011), find out what companies/organizations are using the Talent Management Strategies help during employee engagement, it resulted in 23% of increased performances against the revenue expectation. The research further concludes that talent management helps the organizations/ companies to achieve the employee engagement, retention, value addition and great performances, it also enables the staff to motivate and keep up their morale positive (Mohammad, 2015)[15]. WORLD’S TOP COMPANIES AND TALENT MANAGEMENT STRATEGIES: Talent Management haven’t any negative impact on the Companies/ Organizations. The adoption of the Talent Management Strategies always have positive impacts on the organizations, there are many top companies which work on the Talent Management strategies, such as; Regional Australia Bank, Audi, Volks Wagons, OLYMPUS, Westfield etc. Not only these organizations but the world biggest companies like Microsoft, Google, and Apple Inc. are working to attract the best/ top talented people in the market and leading to becoming a model for the other companies to follow[16]. These strategies have been adopted by the top organizations and companies if take a look on the Google all around the World with the best working environment, which flourishing the top/key talented people[17].  Talent Management strategies are taking companies on a road of success and helping to turn their dreams into reality. As Deloitte’s study defines that Talent Management is not only finding the right people for the right empty spot in the organizations but also focusing on the leadership development, retaining employees, delivering training to employees and finding meaningful and challenging opportunities for employees[18].  Countries like Africa, Nairobi and Kenya are all focusing on the adoption of Talent Management Strategies, as in a study, researcher notice that attracting, developing, deploying, retention and succession planning are the strategies of the Talent Management. The researcher further finds out that in Malaysian Multinational Companies of about 67.03% are implementing the Talent Management Strategies[19]. As many scholars define that Talent Management that it has been linked to successful attraction, retention and development of talented employees and building high leadership abilities to boost the organizational performances[20].  Organizational performances and Talent Management Strategies are directly proportional to each other. If companies and organizations do not adopt the Talent Management Strategies It’s hard to compete in today’s global marketplace. Companies / Organizations are establishing and growing day by day just because of the Talent Management, those companies such as; Google, Microsoft, Apple Inc, Audi, Volks Wagons etc. ( as mentioned above). As the study finds out that Talent Management helps out the organizations or companies in achieving the employee engagements, retentions, values and organizational performances. It helps the employees to keep up their morale high and upbeat (Mohammad, 2015)[21]. GOOGLE AND TALENT MANAGEMENT: Organizations are looking for the best talent in order to succeed in the competitive and the complex global economy. Talent Management strategies are required to hire, develop and retain talented people, to achieve the best possible results the organization should follow or adopt the Talent Management[23]. Basically, the business will grow the strong connection between the great employees and the superior organizational performances. According to a 2012 study, the Human Resource department by 2022 faced greatest challenges because of Talent Management[24]. Talent Management is the most important for better organizational development and performances. Google also adopt Talent Management strategies to strive better in the marketplace. Google is the World’s biggest search engine and has achieved the remarkable in recruitment and management. Google being one of the top company, they have some strong strategies of Talent are as follows:

• Appreciation of their employees.

• By giving Reward, treats and bounces to their employees.

• By collecting and analyzing the employees’ performances.

• By providing a good and cool environment[25].

Employees are the biggest source for the Organizational performances and employees are the responsibility of the Talent Management departments. Talent Management is applied in different fields of life; healthcare, manufacturing, services and education etc. It also practices in many top organizations and companies, such as Microsoft, Starbucks, Marriot International, Pepsi Co., Coca-cola, and IBM etc. CONCLUSION AND RECOMMENDATIONS: Talent Management defines as, “the process of finding, developing, training and keeping employees whose skills best align with the needs and objectives of the company.” Human resource department all around the world are learning how to process effective talent management practices, the process is based on several steps, which are; Identifying the Goals, Attracting the Talent, Obtaining the Talent, Training, and development, Recruiting, Retention, Assessment and Calculating the Performances, Succession Planning, Career Planning, Promotions, and Rewards. These all the factor of processing Talent Management are linked to each other like it's cycling process if we missed one or two factors while running an organization we lost the success and dreams. To run the successful company, you need the best and talented people, as in an article writer describes that the real fuel behind the organizational growth and success comes from the most important asset that is people working in there[26].  The companies are running successfully because they adopt the practices for effective talent management. These effective talent management practices are as flows; set the clear and loud expectations and align the organizational goals, create regular performance appreciations, provide the professional development opportunities and pathways for employees, and last but not least measure, calculate and improve the talent management analytics[27]. The above-mentioned practices should implement them in every private or public sector. Meanwhile, the leaders are the key for the better and successful organizations, in an article, the writer while describing the 5 keys for the developing talent in an organization that leaders are the most responsible for developing the talent in their organizations or companies[28]. The talent management as a business strategy that will help you to retain the top/key talented employees, for the effective strategy of talent management every aspect is important that is recruiting, hiring, and developing employees[29]. The talent management strategies are only effective when the leaders are responsible and work hard, if their relationship is strong with their employees and acknowledge their performances with appreciation, rewards, bonuses, the employee's talent will boost up. The companies/ organizations whether from the private sector or public sector should adopt the Talent Management strategies and should avoid some of the practices such as; Human Resource Department should not be work as Robotics, Talent Management should not be too political,  Avoid the deeply tense working environment, Lack of objectivity and continuous feedback, and Done neglect the preparation of the leaders. The world-known companies like Microsoft, Starbucks, IBM, Audi, volk Wagons, Google and all the other companies are following the talent management practices and should continue to work according to the globalization.

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Retrieved from: https://www.academia.edu/1075214/A_STUDY_ON_THE_IMPLEMENTATION_OF_TALENT_MANAGEMENT_PRACTICES_AT_MALAYSIAN_COMPANIES [5] Ingwersen, Halden. (2018). What Is Talent Management and How Is It Different From HR? Capterra.com. Retrieved from: https://blog.capterra.com/what-is-talent-management-and-how-is-it-different-from-hr/ [6] Ingwersen, Halden. (2018). What Is Talent Management and How Is It Different From HR? Capterra.com. Retrieved from: https://blog.capterra.com/what-is-talent-management-and-how-is-it-different-from-hr/ [7] Sireesha, Prathigadapa & Ganapavarapu, Leela Krishna. (2014). Talent Management: A Critical Review. IOSR Journal of Business and Management (IOSR-JBM). Volume 16, Issue 9. (Sep. 2014). Retrieved from: http://www.iosrjournals.org/iosr-jbm/papers/Vol16-issue9/Version-1/G016915054.pdf [8] Liamas, Cora. (2018). the importance of talent management and why companies should invest in it. Human Resources. Retrieved from: https://www.humanresourcesonline.net/the-importance-of-talent-management-and-why-companies-should-invest-in-it/ [9] What is Talent Management? PeopleStreme; Human Capital Management. Retrieved from: https://www.peoplestreme.com/learn/what-is-talent-management [10] Sareen, Dr. Puja & Mishra, Dr. Shikha. (2016). A Study of Talent Management and Its Impact on Performance of Organizations. IOSR Journal of Business and Management (IOSR-JBM). Volume 18, Issue 12. Ver. III (December, 2016). Retrieved from: http://www.iosrjournals.org/iosr-jbm/papers/Vol18-issue12/Version-3/J1812036673.pdf [11] Vatne, Mariann & Kristin Torgersen. (2014). Talent Management: “What is the value of Talent Management in Business Organizations?” MSoc. Sc. in Service Management (SEM), Copenhagen Business School, 2014. Retrieved from: http://studenttheses.cbs.dk/bitstream/handle/10417/4947/mariann_vatne_og_kristin_torgersen.pdf?sequence=1 [12] Kamil, Mustafa. Abdul Hamid, Dr. Zabeda. Et.al. (2011). A study on the implementation of talent management practices at Malaysian companies. Asian Journal of Business and Management Sciences, Vol. 1 No. 4. Retrieved from: https://www.academia.edu/1075214/A_STUDY_ON_THE_IMPLEMENTATION_OF_TALENT_MANAGEMENT_PRACTICES_AT_MALAYSIAN_COMPANIES [13] [13] Sareen, Dr. Puja & Mishra, Dr. Shikha. (2016). A Study of Talent Management and Its Impact on Performance of Organizations. IOSR Journal of Business and Management (IOSR-JBM). Volume 18, Issue 12. Ver. III (December, 2016). Retrieved from: http://www.iosrjournals.org/iosr-jbm/papers/Vol18-issue12/Version-3/J1812036673.pdf [14] Heathfield, Susan. (2018). Why Talent Management Is an Important Business Strategy to Develop. The Balance careers. Retrieved from: https://www.thebalancecareers.com/what-is-talent-management-really-1919221 [15] Mohammad, Abdul Quddos. (2015). The Impact of Talent Management on Employee Engagement, Retention and Value Addition in achieving Organizational Performance. 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