Essay about In Pursuit of Talent Management

1582 Words 7 Pages
Introduction
It has become essential for companies to maintain their competitive edge, especially in today’s rough economic times and diverse workplaces. On the other hand, how do companies remain competitive with shrinking budgets and shrinking workforces in a constant state of flux? One of the most important components of a successful company is their human capital or put in plain words; their employees. Human capital is defined as “the collective value of the capabilities, knowledge, skills, life experiences and motivation of an organizational workforce” (Mathis & Jackson, 2011). Every individual person has different characteristics and traits that can be brought to the organization. It does not matter if they have been with the
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Human resource managers have to make use of both external and internal resources so that employees progress in a manner that is not only beneficial to themselves, but the overall company as well. Pursuing talent management doesn’t have to be difficult, but can be challenging in today’s environment. According to a recent article in the Korea Times, the author Je-yup states; “The key to sound human resource management is surprisingly unglamorous and low key solutions” (Je-yup, 2011). In other words, it doesn’t take a rocket scientist to figure it out; it is finding the right talent management formula among the resources readily available to a company both domestically and globally.
Talent Management Programs
Over the years, many talent management programs have evolved and can be monitored through automatic or manual personnel systems inside or outside of the company. Some of these programs target specific jobs or specific individuals, although they have the potential of limiting which jobs or who may be considered the most important for future development opportunities within the company. Other talent management programs include competency models, which identify the knowledge, skills and abilities of employees and recognize talent gaps among them. Additionally, there are also programs such as talent pools that focus on general competencies within a wider range of job specialties, which reduces the risks of the company…