subject: The rewards of a perfect talent management system! [print this page] The rewards of a perfect talent management system!
Effective talent management aims at coordinating and managing the varied talents of different people within an organization. After studying each employee thoroughly and analyzing their skills, talent, personality and character; individuals are assessed in relation to a particular vacancy that needs to be filled up within the company. Everyone has different skills to offer and sometimes it becomes really tough in identifying the best amongst so many people. Therefore effective HR procedures as well as an organized talent management plan will help to identify these individuals and promote them appropriately. Managing talent is directly linked to compensation planning because talent is recognized appropriately; then only can they be rewarded and compensated accordingly.
Most organizations nowadays try to follow a robust and full proof talent management system so that they can retain their talented employees. Talent in an employee can include anything from educational qualifications and expertise, previous rewards and achievements, a commendable experience; additional training programs if undertaken; some extra traits and qualities, a unique personality or characteristic etc. Most companies try to recognize talent of individual employees in some way or the other that could include anything from recruitment and selection of individuals, to their placement within different departments, separate development courses; rewards and recognitions to their promotion in senior positions. Ultimately, all of these leads to a better and efficient compensation planning that can boost employee morale and increase productivity.
Talent management and succession planning go hand in hand and has become a fundamental ingredient of any successful business strategy. Just as businesses require a proper strategy and plan to meet their future goals; similarly there should be a clear career path for employees as well so that they can also progress along with the company. Organizations should include relevant courses or training programs to further hone the skills of their staff. Different compensation plans should be introduced; where employees will be rewarded on meeting certain criteria. This can also facilitate to help you develop existing and future talent within the organization; increase employee commitment and retention and create definite career paths for deserving staff members. And this talent management can only be successful if there is a systematic and positive plan included within the organization.
