Talent Management Approach to Improve Company Performance

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Talent Management Approach to Improve Company Performance

The role of a human resource department manager reaches beyond mere handling of employee issues. It deals with high-rank decision-making due to the cooperation with the leadership on the proper organizational policy aimed at employee management. One of the pivotal aspects of enhancing company performance is the use of up-to-date, effective talent management approaches based on the recruitment, development, and retention of the most competent, effective workers driven by performance excellence that is available in the talent market. Since hierarchical decision-making is bound to the views of the leaders of a company, it is essential that the human resource manager is capable of explaining the relevance of talent management practices to the head of a company.

When attempting to explain how to use talent management to the head of a company, one should start with the validation of its importance. Indeed, the importance of talent management has been researched and argued for by many scholars and human resource management professionals. Indeed, according to Hongal and Kinange (2020), talent is a primary source of competitive advantage for todays corporate world (p. 64). Companies in the modern business sphere compete over people possessing particular sets of knowledge and skills, which builds their long-term capacity of striving for development, achievement of competitive advantages, and finding innovative solutions. Overall, the rise in knowledge economy has resulted in more focus on acquiring and retaining talented workforce (Hongal & Kinange, 2020, p. 64). Thus, it is essential to employ and retain talented workers if a company is interested in improving its performance since the performance of one worker contributes to the opportunity to achieve the general company goals.

Given the clarity of the importance of talent management for a company, the human resource manager might focus on the possible ways of using this approach to improve the companys performance in the long run. The first aspect of the proper use of talent management is qualitative recruitment. As stated by Hongal and Kinange (2020), talent should match job requirement and must be possible to achieve strategic goal of organization (p. 65). Indeed, an organization should not merely fill vacant job positions but emphasize the quality of the prospective employees skills and knowledge, as well as psychological attributes that would facilitate their ability to fulfill their role. Moreover, in the context of talent shortage and a high level of competition for a talented workforce, the recruitment stage should be focused on deliberate search and attraction of workers with multitasking capabilities (Hongal & Kinange, 2020). Such an approach will allow for covering multiple needs of an organization with fewer individuals contributions while ensuring that the quality of their performance will match the requirements of an organization.

The second method of using talent management to improve organizational performance should be a succession management plan. In particular, this approach implies that a company might already have employees with the proper characteristics for filling vacant positions in other departments. It is essential to invest in talent development and focus on internal recruitment via succession planning (Hongal & Kinange, 2020). When turning to the internal workforce with the aim of advancing their career opportunities or transferring them within the structure of the company, an employer benefits in terms of minimizing costs for introductory training and facilitating an engaged and loyal workforce.

The third aspect is closely linked with the second one and addresses the education and professional development provided by an employer. According to research, in-company or on-work training and career advancement opportunities inside the company stimulate talent retention and allow for improving the knowledge, skills, and performance level of the employees (Hongal & Kinange, 2020). Furthermore, as informed by statistics, one of the most influential reasons for employee turnover is the lack of learning opportunities (Hongal & Kinange, 2020). For that matter, education, and training serve not only as a means of talent development but also as a retention-reinforcing strategy, which is essential for sustainable and long-term human resource management. Thus, a company should invest in the continuous growth of the individual strengths of each employee, thus building their competence and expertise, which will return in the form of improved company performance.

Finally, a general and holistic approach to talent management that should be seriously considered is the development and implementation of a talent acquisition plan. As stated by Hongal and Kinange (2020), Talent acquisition takes a long-term view of not only filling positions of today but also identifying talents for future openings (p. 66). Indeed, when using this approach, the company should focus on the mapping of talent needs in a long-term perspective and improving the current talent. In addition, it should bridge the gap between the existing level of workforce competence and the needed one for the respective industries in the future and manage risks and barriers on the way to achieving plan objectives (Hongal & Kinange, 2020). In such a manner, the management of talent inside the company will be holistic and thorough, which will create a professional culture prioritizing performance excellence.

References

Hongal, P., & Kinange, U. (2020). A study on talent management and its impact on organization performance-an empirical review. International Journal of Engineering and Management Research, 10(1), 64-71.

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