The Effect of Talent Management on Organizational Success
Have you ever thought some of the organisations are leading when they keep their best team members happy? Today I’m going to revel the truth. It is the Talent Management. This is a special kind of a plan to find, develop and retain the most valuable employees (Collings and Mellaahi,2009). Therefore, organisations taking extra care about their special resources.
What is Talent Management
This is a systematic process practice by HRM to align,
motivated and skilled employees towards strategic goals of the organisation. To
do that they concentrate on:
- Find and hire the best people
- Train them to get the most from them
- Manage their performance
- Help them to grow their own careers
- Keep them happy and retain them with the company
When the companies HRM had a good talent management system
it will help to the success of both employees and organisation (Armstrong and
Taylor,2020).
Why this matters
A study by Deloitte has found that organisations with
a strong talent management programs and strategies earn 26% more profits than
their competitors (Deloitte, 2009). Although when the employees feel they are
valued to the company as well as they have the opportunities to grow, they are
work more harder and stay with the company. This will save the companies money on
hiring new recruitment and training the new commers. This savings can invest and
grab a new opportunities for the companies (Cappelli,2008).
Now, shall we look at the talent management cycle, indeed
it is a continuous process [Figure 01].
Global Perspectives on Talent Management
In today’s world talent management faces new challenges because of this cultural differences and the rapid changing of the practices (Schuler et al., 2011). When we consider what might be motivate the workers in United Kingdom different from what motivates in Japan or United States. Therefore smatter organisations will adjust their strategies according to the culture and the region.
Talent Management in Sri Lanka
Sri Lankan companies that invest for the talent management
report a higher employee satisfaction level as well as the productivity (Opatha,2019).
When we consider about Sri Lankan banking sector and IT sector taken the lead
for this talent management strategies.
Those two sectors has the most competitive job market
in Sri Lanka. Therefore attract and keep skilled persons in their tank. To do
that they need to focus on employees satisfaction and their career development.
Let’s see what practical step are taken by
organisations to implement the talent management.
- Create mentoring programs where experienced employees guide newer ones
- Offer regular training opportunities to build their new skills
- Recognise immediately the outstanding performances
- Provide a clear path on the side of individual’s career development
- Get the correct feedback employees’ satisfaction and their goals
Conclusion
When the business world become more and more competitive,
it is very important to keep in tank full of the most valuable resources and it
is a crucial for HRM to keep finding and developing the talent and manage it. This
will beneficial for both employees and companies. They can perform better and
save the money in the long run.
References
Armstrong, M. and Taylor, S. (2020) Armstrong's
Handbook of Human Resource Management Practice,11th Edition [online].
Available at http://libgen.is/book/index.php?md5=3AF3DB35D66AF9EB193A1F7DB3ED3B14.
Accessed on 09th March 2025.
Cappelli P,(2008) Decision making and problem solving,
Talent Management for the Twenty-First Century, Harvard Business Review
[online]. Available at https://hbr.org/2008/03/talent-management-for-the-twenty-first-century.
Accessed on 09th March 2025.
Collings, D. and Mellahi, K (2009) Human Resource Management
Review, Strategic talent management: A review and research agenda, Science Direct
[Online]. Available at https://www.sciencedirect.com/science/article/abs/pii/S1053482209000461.
Accessed on 09th March 2025.
Deloitte (2019) Global Human Capital Trends, Leading
the social enterprise: Reinvent with a human focus [Online]. Available at https://www2.deloitte.com/content/dam/insights/us/articles/5136_HC-Trends-2019/DI_HC-Trends-2019.pdf.
Accessed on 09th March 2025.
Arachchige, B.J.H.(2013) The Sunday Times-Business
Times, “HR Challenge: Dynamics of Value Creation and Competitiveness Through
People” [Online]. Available at https://www.sundaytimes.lk/131110/business-times/hr-challenge-dynamics-of-value-creation-and-competitiveness-through-people-68142.html.
Accessed on 09th March 2025.
Ruchira et al (2021) Critical Review of Literature on
Talent Management Practices, Research Gate[online]. Available at https://www.researchgate.net/publication/367745678_Critical_Review_of_Literature_on_Talent_Management_Practices.
Accessed on 08th March 2025.
Opath, H.D.N.P (2019) Sustainable Human Resource
Management: Expanding Horizons of HRM, Research Gate[online]. Available at https://www.researchgate.net/publication/330421801_Sustainable_Human_Resource_Management_Expanding_Horizons_of_HRM.
Accessed on 09th March 2025.
ReplyDeleteEffective talent management ensures that companies have a pool of qualified candidates for key positions and minimizes disruption during the transition period.
On the other hand Recruiting, training, and retaining top talent requires more financial investment in salaries, benefits, and development programs. Which leads to high cost .
DeleteGood read on talent management.A strong talent management strategy not only helps attract and retain top talent but also directly impacts business success. The emphasis on cultural differences and industry specific approaches, especially in Sri Lankas banking and IT sectors, is very relevant. Investing in employee growth, mentorship, and recognition creates a motivated workforce that drives longterm success. Looking forward to seeing more companies implement these strategies effectively.
ReplyDeleteTalent management is essential for creating a competitive edge in today’s dynamic business world. By focusing on attracting, developing, and retaining the right talent, organizations can enhance productivity and drive innovation. The emphasis on aligning talent with business goals is a great strategy for ensuring long-term success. Investing in employee development, career growth, and a supportive culture fosters both individual and organizational growth. Great points made in the article!
ReplyDeleteTalent management is a key tool that can be use in strategic management and as you correctly said it will give competitive advantage to the employer
ReplyDeleteEffective talent managemwnt significantly boosts organizational success by attracting,developing and retaining top talent.ulmately enhancing employee engagement,improving performance,and contributing to a more resilient and competitive workforce
ReplyDeleteiIt is important to discuss how talent management affects Sri Lankan organizations. It is supposed to create an effective working environment within the organization and support achieving the best outcomes for the organization.
ReplyDeleteThe post properly elaborates the direct impact on talent management towards the betterment of the organization. If Talent Management process fails the organization will be ended up with higher employee turnover thus badly affecting the business smooth-run. Moreover, periodic constant reviews should also be in place to monitor the employees’ job satisfaction and their motivation levels.
ReplyDeleteThe practical steps you suggest for implementing talent management, such as mentoring programs, regular training, and career development opportunities, provide clear, actionable insights for organizations. It's great how you focus on both the short-term and long-term benefits of talent management.
ReplyDeleteYou've clearly explained the effect of talent management on organizational success in your blog post. From my perspective, it's essential to maintain a strong pool of valuable talent, making it crucial for HRM to continuously identify, develop, and effectively manage that talent. I appreciate the detailed insights you've shared and look forward to more content like this!
ReplyDeleteEffective talent management is a key driver of organizational success, ensuring the right people are in the right roles with the right skills. A strategic approach to developing and retaining talent fosters innovation, productivity, and long-term growth.
ReplyDeleteTalent management significantly impacts organizational success by attracting, developing, and retaining skilled employees. It inspires productivity, fosters innovation, and aligns workforce capabilities with business goals. Effective talent management creates a competitive advantage, driving growth and long-term sustainability.
ReplyDeleteTalent management is key to attracting, retaining, and developing the best employees for organizational success.
ReplyDelete