By Raghu Kshitiz
It is obvious that organizations need to have a competitive
edge in order to sustain themselves. A key feature of strategies to
attain this, however, should include talent management -- attracting, engaging,
developing, and retaining staff who add value to the organization.
The term, talent management, is often little more than a
rebranding of a range of typical HR activities (Lewis & Heckman 2006). And,
Collings et al. (2009, p. 1264) conclude that the concept of talent management
is lacking in terms of definition and theoretical development and there is a
comparative lack of empirical evidence on the topic.
Talent management is the process of identifying, developing,
and retaining skilled employees within an organization that involves a range of
activities, such as recruiting, training, and performance management -- all
aimed at ensuring that the organization has the talent it needs to meet its
goals and objectives.
Talent management is a vital part of running a successful organization, but it can present a number of practical challenges. However, despite its importance, talent management can present a number of practical challenges for organizations.
One of the biggest challenges of talent management is
identifying and attracting the right candidates for the required positions.
With unemployment at historic lows and a highly competitive job market, it can
be difficult for organizations to find and hire the skilled workers they need.
Another challenge is retaining top-skilled talent once it
has been hired. Employees may be lured away by competitors offering higher
salaries or better benefits, and it can be difficult to keep them engaged and
motivated within the organization. This can be more challenging for
organizations that have high turnover rates or that operate in industries with
intense competition for talent.
Likewise, a third challenge of talent management is
developing and nurturing the skills and abilities of current employees.
Organizations must ensure that they are providing their employees with the
training and development opportunities they need to continue growing and
improving in their roles. This can be a significant investment, both in terms
of time and money, and requires careful planning and execution.
Lastly, a fourth challenge is that people management often
requires dealing with many conflicts and disagreements among employees, and
managing those conflicts is a necessary and important aspect of Talent
Management.
It is important to note that Talent Management is not just
restricted to the HR department, but it requires collaboration and coordination
from all the departments and senior management.
Overall, Identifying and attracting the right candidates,
retaining top talent, developing and nurturing employee skills, managing
conflicts among employees, and ensuring cross-functional collaboration are just
a few of the many challenges that organizations must navigate in order to
effectively manage their talent.
