Challenges Of Talent Management

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With the increase in competition, rising growth and competencies, talent acquisition and management of talent has become one of the prime concerns of any company. Companies are spending huge amounts of money to ensure that they get the best people to work for them. The 20th century changed the whole concept of talent identification and development. On the other side, one of the important areas in the industry right now is that of knowledge management, driven by tremendous pressures for service quality, speed to market and innovation, and the availability of a new generation of exciting information management tools. Companies are employing new technologies to leverage the intellectual assets of knowledge workers. Organizations hire
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The ‘war for talent’ has focused on acquiring ‘the best’. Human resources play a significant role in reaching organization effectiveness and performance (Huselid, 1995). Talent has become the key differentiator for human capital management and for leveraging competitive advantage. A talent management strategy covers an organization’s approach towards recruitment and retention, assessment and evaluation, compensation and benefits, performance management, learning development and succession…show more content…
It is high time that firms plan and execute talent management for requisite results to survive in this competitive age. The soaring costs and risks associated with human resources; and the direct dependence of customers and brand equity on the employee talent pool, requires firms to effectively attract, motivate and nurture talent. Let us took at the reasons that make talent management a vital cog in the growth of organizations.

 Cost Constraints: It is known fact that HR management is becoming a highly capital-intensive function of an organization. Right from the direct costs related to recruitment, training, remuneration and developmental efforts, to the indirect costs associated with attrition and poor planning, manpower administration requires a careful planning and execution at a every step. With the demand for talent going up disproportionately in relation to its supply, the cost of attracting, developing and retaining this talent has emerged as an area of serious concern for the HR managers. Once such an investment is made by an organization on the personnel, it is inevitable to guard it so as to reap the

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