The Tipping Point for Talent Management

Abstract

In an organization, there is nothing more crucial than fitting the right employee in the right position. When employees perform jobs that just do not suit their liking, inclination or temperament, the results, or rather the lack of productive results will be disastrously obvious. Low productivity, dissatisfaction, low morale, absenteeism and other negative behavior will become typical until the employee is organization terminates the employee. Talent management implies recognizing a person's inherent skills, traits, personality and offering them that matches their skill set with company requirements. Every person has a unique talent that suits a particular job profile. Any other position will cause discomfort. It is the job of the management, particularly the HR Department, to place candidates with prudence and caution. A wrong fit will result in further hiring, re-training, and other wasteful activities. This paper will discuss the factors of the economy and globalization on talent management. This paper will also examine the evolution and retention factors regarding talent management.

Introduction

No matter how inspiring and organization’s leaders are they are only as effective as their team. A team's output is healthy only if the members are in-sync with one another. To achieve such harmony, the key ingredient is putting the right people in the right jobs. While there is no magic formula to manage talent, the trick is to locate it, encourage it, and properly train it. Talent Management is beneficial to both the organization and the employees. The organization benefits from increased productivity and capability, a better linkage between individuals' efforts and business goals, commitment of valued employees, and reduced turnover. Employees benefit from increased responsibility, better training, fair wages, clearly defined career paths, and a harmonious work environment. We will begin by discussing the economic influence on talent management.

Discuss how the Economic Environment has influenced the Need for Talent Management

Practices

As the general business environment has become more turbulent, and technology combined with consumer demand has driven significant shortening of most product lifecycles, the current economic environment sets the foundation for the reason that talent management practices have arisen and continues to rise within many organizations. While competency management systems, career path planning, and multi-year development cycles have made sense decades ago, that simply is not the case across-the-board in many organization today. Many of these systems take months, even years to execute, which is why organizational agility has become a key factor in the survival of many firms. Depending on which economist is doing the