Why is Talent Management so Important

2:26 AM
One of the most common occurrences in society is when businesses and communities go through technological and socio-economic progress and it is occurring through a transition of generations. This is not  uncommon, as it might seem, as the exposure translates to experience and the longer a business has been in functioning, the more it learns about itself and the possibilities it is faced with, and adapts accordingly.

If most senior-level executives/decision makers are preparing to exit in the near future, their organizations/companies should already have a succession plan, supported by an effective talent management program, where designated individuals have been selected, trained and coached for stepping into these decision-making roles. Keeping this in mind, we must look at the purpose talent management strategy serves in our lives.

During a transition in the workforce, it is talent management strategy that helps groom effective individuals from the workforce towards leadership roles and positions. Without the efforts of an effective talent management team, finding leadership for an organization will always remain difficult as they will not be ready for the heavy responsibilities that come with being in those positions. Without strategic and effective leaders, an organization or business could easily fail and fall apart. Credible and wise decision makers are not optional in nature.

Part of the process includes heavy examination of the position itself. With a transition in the business, it is also fair to say that examining and/or correcting the accuracy of each leadership job description before recruiting and screening for an appropriate replacement falls under the responsibility of a talent management team.

Not only does this allow the replacement to adapt according to their skill set and experience to fill the role, it gives the talent management team a clearer idea of what is needed in the future. It is not possible to remove all the differences in skill and experience in a new candidate, but for that purpose, there are wide ranges of training and certification to choose from that will allow the candidate to forge their own path, according to their own needs and thus ensuring a well-prepared leadership replacement.

The key factor to manage in this equation is time. Talent management strategy relies heavily on an HR body’s ability to manage the growth and needs of their employee, in the short, medium and long terms. For a leadership position, the process of grooming the replacement must begin significantly earlier. This will require specific training in a skill or subject, and proper understanding of concepts is essential.

Training should be planned to build each skill, capability, and experience upon one another, so that they may correctly complement one another. An executive coach should overlook the development process, keeping in mind all traits and skills needed to be a successful leader. The talent management process assures that each key executive will be prepared to lead the organization to a successful future.

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