It has been said that a happy Employee is a productive employee and that the most important asset of any organization is its people which brings us to Talent Management.
What is Talent Management?
There is no shortage of definitions for this term, used by corporate leadership the world over. Our Definition of the term is: Mission critical process that ensures organizations have the quantity and quality of people in place to meet their current and future business priorities.
The process covers all key aspects of an employee’s “life cycle:” selection, development, succession and performance management.
Employees are a company’s greatest asset – they’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel that they are an integral part of the company’s mission.
Anne M. Mulcahy
Key components of a highly effective talent management process include:
- A clear understanding of the organization’s current and future business strategies.
- Identification of the key gaps between the talent in place and the talent required to
- drive business success.
- A sound talent management plan designed to close the talent gaps. It should also be
- integrated with strategic and business plans.
- Accurate hiring and promotion decisions.
- Connection of individual and team goals to corporate goals, and providing clear
- expectations and feedback to manage performance.
- Development of talent to enhance performance in current positions as well as
- readiness for transition to the next level.
- A focus not just on the talent strategy itself, but the elements required for successful
- Business impact and workforce effectiveness measurement during and after Implementation
When your organization experiences a sudden increase in revenue or opportunity or faces challenges in the market place , how do you go about making the most of your existing resources while also ensuring that new hires are up to the task? While some corporations may have large and extensive HR departments, there may not be a talent manager on site in order to better streamline the process. So, what do you do? The answer is simple: Hire a Talent Management Company.
Budget Source has partnered with leading companies that will help you recognize the existing talent and skill set of your company while reducing redundancies—filling in gaps with new employees that have an incredible background and a wealth of expertise