There is one problem that every company, regardless of size or monetary equivalence, doesn’t see coming unless the harm is done. They do not recognize the importance of proper development, evaluation, and recruitment of employees. There are many reasons for this unfortunate phenomenon. For one, it’s because they are too focused on other priorities, such as business strategies and outside growth opportunities, that they no longer examine the dynamics inside the company itself. Another reason is that the people assigned to be part of the management have no prior knowledge or experience in the proper organizational management of employees. Without proper evaluation of its employees, on their skills and their development rate, the strategists of the company will have no idea on how to effectively use them for the advantage of the company.
Whenever people hear the phrase “talent management”, the first thing that usually comes to mind are those complicated corporate and human resource jargons. It is an integrated process characterized by the anticipation of the necessary human capital for a company and meeting those needs. The premise of this technique is to develop a superior, highly trained, and organized workforce for an organization by hiring and recruiting the best people for the job. It is the science of utilizing strategic planning in human resource development to improve business dynamics to help them reach their goals and objectives. The target is to maintain the competitive advantage of a particular company by utilizing effective human capital. It is usually partnered with powerful business strategies in order to work efficiently.
What makes it different from companies with “human capital management or performance management”? What makes it stand out compared to other types of employee management?
Other types of management practices mentioned (human capital management or performance management) would probably argue that the talent management approach and their approach are similar (only under different names). However, they are actually not. Other types of employee management focus on the role and performance of the manager as opposed to talent management, which primarily focuses on the employees within the organization. Even though under the template of talent management, managers and upper-level employees are given significant responsibilities regarding the management process, other lower-ranking employees are not ignored. In this sense, everyone counts because everyone has their own responsibility.
This particular strategy should be fully integrated and inculcated in every company’s business strategy, especially in every employee-related procedure in the company. In this system, recruiting and attracting talented potential workers is the responsibility of every member in the company and not only of the managers or the high-ranking employees.
In this paradigm, the inherent talents of employees are also identified, utilized, and maximized because the company also inquires about their employees’ target career paths, strengths, and weaknesses. This close and personal relationship with every employee helps the company manage the entire workforce better. Human resource management and productivity is an essential factor in reaching the company’s goals.
What are its benefits to multinational corporations and similar institutions? There are several advantages in adapting this paradigm for companies:
First, because people are assessed based on their talents and strengths, the right person would be placed in the right position. Because of this, productivity will be maximized and job satisfaction among the employees will be increased.
Second, because the company knows the skills and future goals of its employees, it would be able to utilize its resources properly in order to maintain their top talents. Retaining the company’s top talents is essential because their skills provide an edge or comparative advantage against competitors. If the company is able to monitor the progress and performance of its employees, then their efforts will also be easily rewarded.