Meaning of Talent management
Talent management is using the full potential of the employees for the betterment of the company.
The process of getting the task done from within the organization by carefully analyzing the strong points of each employee.
It is the process of finding skilful people according to the company requirement and training them constantly for better results.
The technique to fill the job vacancy’s internally by skilfully analyzing the skills of each employee.
Advantages of Talent management
- Helps in hiring more potential employees by carefully analyzing everyone’s skill.
- The employees get an opportunity to work at their best potential and there is more chance for development.
- Maintain track of each employee’s performances more effectively.
- It makes it easier for the manager to connect with the employees by carefully analyzing their skills.
- Conducts a lot of training and workshops for the benefits of the employees.
- Creates positive competition among the employees and everyone tries to give their best.
- Reduces the cost of hiring new people as the work can be fulfilled from within the company.
- Makes it easier for the management to give promotions to the deserving candidates.
- Enhances the leadership quality among the staff.
- Employees are more satisfied with their work as they get better opportunities.
- Ensures that the best employees continue working for the company in long run.
Disadvantage of Talent management
- Hiring the service can be a bit costly for the company.
- It is useless to do the program if your company mostly consist of part-time or temporary employees.
- There are times when it gets difficult to concentrate on only talent because the view of the management may differ from HR whose only motive is to hire potential employees.
- Internal hiring can stop the flow of new ideas and talent in the company.
- Lack of new hiring can make the existing employees a bit sluggish because they will see no new competition.
Even though hiring Talent Management can be a bit costly but if you want each employee to work at their best potential, it can surely be a lot beneficial for you in the long run.