Good Essay On Why Do Companies Invest In Talent Management Programs?

Talent management comprises of all the processes of an organization which is committed to create talented employees. This includes recruiting, developing and retaining of highly talented and superior work force. To develop and improve the talents of the employees the organization has to implement many talent management programs. As the markets have become global and highly competitive it is necessary for talent management programs.
Need for talent management programs: Changes in the business environment and scarcity of talented human resources creates a need to identify, develop and retain employees who have the required skills to meet the needs of the organization. Performance of an organization depends on the talents of their employees. Developmental opportunities for talented people are created with the help of talent management programs which increases individual productivity. The different strategies of talent management help the employees to be motivated to achieve their goals. As personalized training is provided employees have greater competency levels. It helps to learn and practice technology related up gradations. Effective decision making is possible when proper training is given to the senior employees. Talent management helps to identify the talents and assign jobs that a person is capable. Improving performance of employees can reduce the requirement for more people. Identifying the proper investments required in an organization is crucial for development. This can be done by trained leaders and thus reduce unnecessary expenses. It is important to have a good relationship between the employee and the employer. Personalized programs help in understanding individuals and improve their efficiency.
Talent management programs are complex and vary between organizations. Successful organizations study the effectiveness of their programs and will make required changes. To have a productivity oriented and talented workforce it is essential to invest in talent management programs for present as well as future needs of an organization.