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 company for 20 years or just graduating from college and beginning their careers. The key is to find the strengths and weaknesses of each person and capitalize on them. This is where managing human resources fits nicely into organizational goals and objectives. Nevertheless, how do companies acquire and retain their best and brightest employees? Careful analysis will show that one important way is through the pursuit of talent management programs in the workplace.
In Pursuit of Talent Management
What is talent management? Talent management is one of the core competencies of human resource management and entails attracting, selecting, nurturing, promoting and retaining employees among the organization. Talent management consists of acquiring the right people, developing them for the right job; at the right time. The future of the company depends on taking the necessary steps to achieve the organizational goals or the desired end results of the company. Accordingly, this is accomplished through talent management, which includes training, career planning, development, performance management, and succession planning (Mathis & Jackson, 2011).
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...