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The Important Components of Global Talent Management

The talent management is a well-known phrase which is being used frequently in the landscape of business. But the actual meaning of this phrase tends to get perplexed. Here we will be redefining the core components of talent management. 

There are a couple of important components of any successful global talent management system or strategy. Let’s delve into these important components that are responsible for helping the organization to recognize and retain the best talents.

Recruitment: Before the HR professional can even elevate the talent, they have to get the best candidates to apply for the company. The organization’s potential to attract the best and right talent is very important. A lot of organizations make the mistake of only seeking the candidates only based on work experience and skill set. These are obviously important factors for recruitment but what’s more essential is to have the right talent. It is, of course, time-consuming in the beginning but it’s always better than having an increasing turnover cost. Nowadays, there is much dynamic recruitment software available that helps with effectively sourcing the right candidate. In this socially connected world, it is important to imbibe this into the global talent management process to make it even more helpful.

  Nurturing: One of the important responsibilities of the HR professional is to develop the workforce to their fullest potential through learning management systems and other training programs. The corporate learning space is ever evolving as the market is rapidly changing. Organizations are embracing dynamic new ways to develop their workforce. Additionally, the HR professional is always keeping an eye out for the new learning technology that is critical for motivating the employees.

Retaining: Retention is still the most challenging workforce issue which is identified by almost all the HR professional. Many of them have stated the fact that the recognition practices at the organizations had a positive impact on retention, organizational values, ethics and overall employee happiness. Well-aligned initiatives, efforts, and imbibing the corporate principles are important for developing a strong employer brand. Considering to adopt one recognition program is the first step to have a value-based approach towards retention and global talent management strategy. This is also one of the significant competitive advantages for the employer.

  Performance: This is an ongoing process of an effective communication between the manager and the employee that keeps on happening over the year. This involves setting expectations, clarifying the objectives, recognizing the goals, offering feedback consistently, and evaluating the result. This takes place throughout the year to achieve the common goal. The idea here is to promote employee effectiveness via continuous evaluation where people get to work together towards the overall contribution of the employee to the company. A lot of companies have already ditched the idea of annual performance management in favor of a more consistent and mentoring model which is helpful for getting a big picture of an employee. Several new performance management technologies are being used prominently by big companies to involve more meaningful suggestions in the process.

·         Career Development: This ongoing process is a significant part of the human resource development as it creates the individual’s work identity or persona. It is not always left to the employer but surely it is linked to the company’s growth as well. The necessary support and resources are being offered by the company to help the individual in organizing his or her development planning process or activities. Successful companies motivate their workforce to develop in several ways that also links to the strategic objectives of the organization as well. After all, it’s a partnership between the employee, the manager, and the employer.

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