While organizations have woken up to the importance of talent there is still a long way to go before organizations adopt talent management as a necessary HR practice.
The changing face of workplace and workforce led to the need for a talent management strategy, for organizations to successfully achieve their goals. But what is talent management and how it will align itself with organizational goals and objectives was the major challenge for organizations.
HR and Talent Management – the subtle relation between the two
It is important for organizations to have talent management systems and programs in place but what is equally important is to understand the relation between the two. Talent management, initially, an arm of an HR, is now developing as a separate entity with a force of its own. So before going any further, let’s understand what is the similarity or difference between HR and talent management. And why is talent management an important strategy to practice for organizations?
In simple words, the similarity between HR and talent management is that both HR and talent management are management practice that is centralized around the task of attracting, talent, and onboarding new employees. The difference between the two being that in talent management the focus shifts from “what can the organization get out of an employee?” to “how does an organization engage and retain an employee so there is reduced attrition rate?” In addition, talent management involves the top management as well including line managers and team leaders.
Talent management is a crucial business strategy for organizations and will enable them to not only retain their topmost talented and skilled employees but will also attract them. This apart, if organizations are practicing talent management strategy in their organization, then they will find it easy to manage and attract global talent in their organization.
In other words, talent management strategy aims to create talent pools for an organization within the company and outside as well. With talent management strategy in place, global talent management becomes easy.
If an organization is successfully practicing best talent management strategies, then practicing global talent management becomes a little easy. As global talent management is more than just recruiting and training the existing and new employees to fill up the positions in an organization.
Organization that have been using talent management practices have been able to generate talent pools within an organization. This in turn has created a reliable and consistent internal talent source that becomes a valuable resource while succession planning. Companies when practicing global talent management strategies find it easy to develop a global talent pool of skilled candidates who are ready to take up even leadership roles in an organization.
Global Talent Management – why is it important?
Global talent management is the need of an hour because these days, organizations are going global and the culture of remote working is quite prevalent. In order to manage the international talent, effective global talent management is what the organizations need today.
Recruit, develop, deploy and retain the right candidate for the role are some of the core aims of a successful global talent management strategy. However, organizations can also subscribe to six principles of global talent management strategy that are best aligned with a company’s overall strategy and culture.