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Why Talent Management is an Important Business Strategy?

Updated: Jul 3

Talent management is an organization’s commitment to hire, manage, develop and retain the most talented and superior employees available in the job market. Having a well thought out Talent Management Strategy that is aligned with your organization’s business strategy and culture will ensure that you attract top talent in competition with other employers.

Talent management does impact organizational health. When an organization demonstrates a willingness to invest in its people at every level, it minimizes the reasons its best talent might seek opportunities elsewhere, and it motivates employees to invest right back.

“Successful organisations like Apple and Google, renowned fora strong company culture and ideology, attract a workforce thatdoesn’t just work for a paycheque. Employees share the samebeliefs and motivations and therefore invest more of themselvesin achieving great results and contributing to the overallbusiness success”

Talent Management:

The next wave, Chandler and Macleod.Talent management is about developing staff to meet both organizational and individual needs. It acts as a fundamental part of the workforce planning process, and is key to organizational effectiveness.When you tell a prospective employee that you are dedicated to a Talent Management Strategy that will ensure that he or she will have the opportunity to develop professionally, you attract the best talent. Studies show consistently that the opportunity to continue to grow and develop their professional and personal skills is a major motivator for why employees take and stay at a job.

When learning is useful and productive, employees are more engaged and consistently prepared to do their part to deliver a great customer experience. In fact, the report states that increasing employee engagement is a key driver of revenue growth, ahead of strategies such as entering new markets, risk management, and merger and acquisition.

Companies make tangible financial investments in employees, and also incur intangible costs such as the time it takes for a new employee to get up to speed and establish new connections, and the workplace knowledge that a departing employee takes away.Aside from making good financial sense, retaining talent can be a competitive advantage.

As part of their Talent Management Strategy, organizations must consider how they go about workforce development. Having solid development programs helps attract and keep great employees. Providing training & development as part of the hiring package gives your company a competitive advantage over those with similar jobs and wages. It brings in good people who are looking to better themselves, and that’s an employee you want to hire inthe first place! It also builds engagement and enengagement builds loyalty – and loyal employees aren’t prone to quitting. As employees become more efficient and proficient,you save money. A good employee is like money in the bank. Looking at this way, employee development is not an expense, it is an investment.

Organizations that recognize the importance of adopting a Talent Management Strategy that aligns with their Business Strategy can expect to be more successful in achieving their strategic goals and objectives.

Ready for your next step?

Groove yourself to the fullest potential in redefining your talent management strategies. If you are ready to learn more and gear up with Talent Management then look into our exclusive programmes at BeLeader talent management Services.


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