In these times of economic uncertainty, the most intelligent businesses are devising ways of conserving their resources and making the most optimal use of the same for maintaining their market position. In recent times, it is not only the technological advantages or the great marketing strategies that a business has that will guarantee its edge over the competition, but how creatively it uses its people's strength!
Research states that almost 1/3rd of business strategies fail due to poor "people" decisions, inability to hire, develop and retain talent. More and more leaders are finally acknowledging the truth and the risks attached to not having a sound strategy & an execution plan for early talent rotational program in their businesses.
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The concept of Talent Management has been defined by many experts and thought leaders through different models. However in a generic way we can understand it to be a continuous process of managing the employees' collaborative power and harnessing the strengths of the employees for maximizing the business goals. Talent Management is not only about the skills, competencies and qualifications, but recognition of the uniqueness of each employee's unique qualities, which is often latent, and creation of a platform for identifying, growing and utilizing the individual's strength for getting the best results.
Hiring the best talent from the industry may be a difficult but attainable goal, retaining and making the best use of that talent is far more Herculean. Hence you need to have an integrated approach towards Talent Management and have a clear road map for recruiting, on-boarding and developing and retaining Talent.