Talent management is a process in human resource management that includes 5 phases - planning, recruiting, developing, compensating and positioning. The main goal of this process is definitely to reveal and/or acquire super talented employees to be stationed at core/strategic positions in a company. The term talent management has been used from 1990's and since then there are thousands of companies worldwide have applied this crucial process in their human resource management.
Considering how important and effective this process is, there is a term "talent war" where companies pull out their best efforts to acquire super talented employees in which the employees are also being hunted by other competitors. Without applying good talent management, a company that has employees with super talents will easily lose those employees because most likely those employees will be hijacked by other companies.
Talent management gives tremendous benefits to companies that have applied this process in their human resource management and these are top 3 benefits of applying this crucial human resource management process to company:
management makes a company more competitive in business competition. A
company that has super talented employees always produces better
products or services compare to competitors that only have employees
with average talent.
In a world-class premium car manufacturer, Mercedes Benz, talented engineers and car designers are the men behind Mercedes' success in the past, present and future. Without acquiring and maintaining super talented employees, perhaps Mercedes is not a world-class car manufacturer as we know today.
2. This special human resource process helps any company to keep one of its most valuable assets that is super talented employees. Through good compensating and positioning, employees with super talents will feel appreciated and eventually willing to make long-term commitment.
3. Applying this crucial process increases company's revenue effectively and efficiently. With more competitive condition than competitors, a company automatically can make effective penetration to market and gain larger market share. By gaining larger market share means company's revenue significantly increases.
In practice, there are lots more benefits of applying this crucial human resource management process. If you currently have a company and you want to grow your company to be world-class company that last for decades or even hundreds of years ahead, talent management is the answer.