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Talent management is an activity in human resource management that includes 5 phases – planning, recruiting, developing, compensating and positioning. The primary goal of this process is obviously to reveal and/or acquire super talented employees to be stationed at core/strategic positions in a business. The term talent management has been used from 1990’s and since then there are a huge number of companies worldwide have applied this crucial process in their human being resource management. Considering how important and effective this technique is, there exists a term “ability war” where companies pull out their best efforts to acquire ultra talented employees in which the employees are also being hunted by other competitors. Without applying good talent management, a corporation that has employees with super abilities will easily lose those employees because probably those employees will be hijacked by others.
Talent management gives tremendous advantages to companies which may have applied this process in their human resource management and these are top benefits of applying this crucial individual’s resource management process to company:
- Talent management makes a company more competitive running a business competition. A company that has super talented employees always produces better products or services compare to competition that only have employees with average talent.
In a world-class premium car manufacturer, Mercedes Benz, talented engineers and car designers are the men behind Mercedes’ success during the past, present and future. Without acquiring and maintaining super talented employees, perhaps Mercedes is not really a world-class car manufacturer as we know today.
- This special human resource process helps any company to keep one of its most valuable assets that is super talented employees. Through good compensating and positioning, employees with super talents will feel appreciated and finally willing to make long-term commitment.
- Applying this crucial process increases company’s earnings effectively and efficiently. With an increase of competitive condition than competitors, a corporation automatically can make effective penetration to advertise and gain larger market share. By gaining larger market talk about means company’s earnings significantly increases.
Talent management isn’t simply a thing that’s trending with a fancy name. Instead, it is targeted on helping to establish a standard pool of employees who are high-performing, dedicated, and loyal. Hence, employing the expertise of a talent management system is a required move for companies that plan to thrive in the competitive marketplace.