Our definition of human talent management is based on identifying the pivotal competencies of key positions/projects, make a substantial investment in developing these competencies in a group of high performers (Hipe) and high potentials (Hipo) available in a talent pool of organization, and create a culture of talenting/knowledge sharing/mutual development towards a value driven organization.Four distinctive dimensions of human talent management involved in organizational success are competency focus, talent pooling, talent investment, and talenting orientation.A more useful definition of talent management is the differential management practices and opportunities available to human capital(talent) in the organization (Blass, 2007).
Competency management has gained special status in talent management practice in both public and private sector, lubricating them in talent attraction, identification, development, deployment, and other core functions of human resources (Mentzas, 2006). Talent Pooling Employees with high potential and high performance are the key players in any successful organization.
Here talent pooling refers to pool up these high potential and high performing employees who can be exposed to these pivotal competencies to fill the current or future key positions of the organization.
Whatever the combination, these processes constitute an organization’s talent management system.
Using this definition, every organization has a talent management system whether it recognizes it or not.
These also reduced the gap between the competencies required by a specific project, a job role, or that of organizational strategy in future and those existing.
Pivotal competencies are more crucial as they contribute to organizational success significantly and create value to the business.
The Crucial function of Talent Management is to make an organization future-oriented by managing their human capital; it will help them to cope up with different future talent shortages.
TM also takes care of both individual and organizational need in order to find talent within and retain them for tough competition times.
Competency-based approaches have been critical to many organizational functions like succession planning, performance management, and human capital planning.
These approaches were eminent, as they eased the process of skill, knowledge, ability, and behavior identification to manage right human capital for current and future needs, aligned with that of business strategy.