In the
present economic condition, private sector companies are banking heavily on
their talent management
practices to stay competitive. These practices comprise everything,including
taking care of individual performance, as well as the performance of an
organization’s entire workforce, finding out and analyzing skills, knowledge,
and competence, undertaking succession planning, and managing various
enterprise-level collaboration tools.
According to Talent Management Factbook of Bersin & Associates, organizations boasting of mature and integrated talent management strategies have comparatively low turnover, have seen less downsizing during the financial downtown, and most importantly, have reported about 26 percent higher revenue per employee than those lacking any integrated strategy related to talent management.
The
current popularity of the global talent management
landscape hinges on several factors, including tough economic condition with
more interest in cost reduction, keeping high-end customer service and
performance, and having less focus on hiring and more on evaluating,
developing, and retaining the present talent pool of an organization.
Until
very recently, several elements that form “talent management” are generally considered in
isolation, or—at least—in small groups. It’s reflected in a survey report that
reveals that one of the formidable challenges to HR function is different
functional silos. Although most of the organizations begin from a certain point
where a major number of talent processes are available in the silo, it is
important to monitor an employee through the entire employment lifecycle in
order to manage talent efficiently. This is where the importance of integrating
various talent management
systems and processes comes into play. When these systems and processes are
properly integrated, the talent pool of an organization can be effective fully.
Nowadays,
technologies enable companies to perform a coherent, collaborative, and coordinated system, including everything—right
from recruitment and selection to induction to continuous learning, skills, and
knowledge, skills gap analysis, succession planning to individuals’ exit
interviews.
The
companies having adopted a serious and systematic strategy to monitor and
evaluate their talent pool are found to be enjoying tangible benefits from
their integrated talent
management. Besides, these companies are gaining the ability to find out
and address various skills gaps through the blended learning; get involved in
and support informal learning through monitoring social networking; finding out
and developing future leaders; and retaining high-end talent by providing them with
various scopes for career development.
No
doubt, the present talent
management landscape is basking in the glory of growing significance.
With the rising war for talent, the growing challenge to cater to three different
generations in the workplace, and changing skills requirements, talent management has become an
important aspect of any organization’s rising glory. And this is precisely
where organizations are giving more preference to the employees having HR certifications.
Certified
talent management
professionals not only stay abreast of the changing market landscape but are
also found to be better able to address different talent- and HR-related
challenges cropping in the workplace. Given this, in addition to organizations,
HR professionals are now giving HR certifications a
serious thought.
2017 is,
therefore, expected to see a significant increase in the number of certified HR professionals.
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