Employees are often termed as valuable resources and almost every established organization owes a maximum share of its success to its hardworking and talented workforce. Beginning with hiring brilliant minds to work for them, companies consistently keep on grooming and training the employees to refurbish their talent in accordance with changing times and technological advancements. One of the most important strategies of corporate administration, talent management plays a crucial role in renovating the talent pool of an organization driving towards overall business objectives.
Development of Talent Management Over the Years
Well, the talent management space has moved eons in a few decades, starting from managing blue collared employees as industrial relations managers to managing millennials, who have changed the workforce completely. From being focused on managing union and trade relations to building HR processes for the management and development of people, along with the automation of the processes, we have come a long way.
Driving the Needed Innovation
Without innovation, we could not have moved to current talent management practices. It’s because of constant innovation only that we have moved through digital communication, to social media-based management practices to Artificial Intelligence (AI) and robotics-based practices. The area is witnessing major advancements in terms of leveraging new-age technologies, including Robotic Process Automation (RPA), Artificial Intelligence/ Machine Learning (AI/ML), social sensing, mobility, and analytics for talent management.
The Future Prospects
The way in which the onset of the internet revolutionized how we do things; a similar wave has erupted in this industry. The capabilities of AI/ ML, RPA, Internet of Things (IoT), and Blockchain, have made it imperative for talent management professionals to ensure that they have a new breed of technology experts for effective adoption and sustenance of these new-age technologies.
"It's not the procedures that lead to loyalty and eventual retention of talent. It is trust, faith, transparency and genuine concern about the employees that leads them, which not just only raises them professionally but also encourages them to stay loyal and ensure the organization's growth"
Opening the Doors for Opportunies
The market, which is now 90 percent millennial, and Gen Z just about to enter, has a compelling reason to change the way it operates. The talent management practices have evolved with the requirements of the market, making the practices in line with their requirements, leading to firm environments. A lot, however, still needs to be done to make the work environment smoother for the large demands of the current workforce.
Making Businesses Lucative
Without well-managed talent, the assets of an organization indeed would have difficulties in driving business growth. And, there is no two-way about the role of talent management in the achievement of organizational goals.
Retention of Top Talent
It's not the procedures that lead to loyalty and eventual retention of talent. It is trust, faith, transparency and genuine concern about the employees that leads them, which not just only raises them professionally but also encourages them to stay loyal and ensure the organization’s growth.
