Talent Management: What and Why
In the era of the new global marketplace, searching for a talent—employee with actual capability—in the company is an exhausting task and not an easy thing to do because, even right now all of the companies are spying each other to get their talent to boost their growth and revenue. Searching for the right talent is a new challenge in the Human Resource (HR) field.
This rise of the challenge, especially in Asia region, is stated by Christina SS from IBM, “with the shrinking pool of skilled talent now in Asia, organizations will be forced to compete even more aggressively to attract such talent, motivate them, and retain the high performers. It has now become increasingly difficult to attract the right talent, let alone retain them. Competition is intensified as organizations go for the same talent. The only way for managers and executives in Asia to tackle the onslaught of the talent shortage challenges is through innovation.”
Even grabbing a right talent alone is not enough. When talents join the company, there has to be something that can make them stay for long to eventually give a significant contribution to the company. This is important considering the new era of the workforce today consists of the millennial generation who’s easily bored with the conventional way. Therefore, to prolong the initiation of recruitment, there must be a certain management to grab and develop so they can give the best and continue to serve the company. This is where talent management chipped in as it is the key factor to maintain and develop talent to fulfil their maximum capability.
The Revolutionary Leap
Talent management is the process or system used by companies to keep employees happy, encouraged, knowledgeable, and motivated. It is a series of steps put in place to keep employees driven to success. This process includes training employees who want to learn, rewarding employees for their success, and giving them proper coaching to progress. The idea of talent management is to retain the strongest employees, keep them enthusiastic and motivated, and push them to work at their highest level.
Having good talent management is when one has good skills, knowledge, cognitive abilities, and the potential to do well. Talent management is also an important and necessary skill for people in the workforce to acquire. Finding good and talented people is not a hard thing to do, but making sure that they want to stay working for the same business for some period of time is the challenge.
The term was created by a management consulting firm, McKinsey & Company, following a 1997 study called The War for Talent. The term gained awareness on early 2000’s when Jonas Ridderstrale and Kjell Nordstorm pointed out, “The war for talent is over and talent won” on their book Funky Business (2002).
Talent management got another spotlight when many big companies started to crash because they didn’t apply talent management. After the revolutionary leap in HR organizational, many big companies started to apply talent management within. This resulted in gaining, even more, productivity and profit before the crash happened.
The Talent Engagement Issue
It is important to make good talent management system since good it can lead to many benefits to the company such as simply a significant contribution. The company must bring their value to their talent in the right and fun way in order to establish the employee to be an important asset which can lead the growth of the company.
In order to create an ideal working environment, a magic word called “engagement” comes in. Engagement is not merely a term to make people have the willingness to work in the company. It is a critical word with many meanings behind it such as motivation, commitment, passion, desire, ambition, trust, empathy, solidarity, inspiration, selflessness. Engagement is a core key to put the talent to go an extra mile and one step ahead rather than the average working person.
The ISR Employee Engagement Report in 2006 reported that organization with highly engaged workforce performed up to 50 percent better than those with low engagement based on surveys of over 664.000 employees worldwide over the 12-month period. Net income for high-engagement companies rose by 13%, meanwhile, for low-engagement companies, it fell by 4%.
Based on the report, we know that engagement matters not just to maintain the talent but to boost the net income. One of the tools to get engagement that has been widely used in company talent recently is gamification.
Gamification enacts the important part of making the engagement to employees. It uses the fun side of the game that everyone secretly loved. Gamification has the ability to tap into the talent’s mind with its unique and fun approach, whether it’s about the company, the business, to specifically their position. It can also be a measurement tool while at the same time presenting everything an employee needs to know.
Stick with us till the next article to find out how far gamification can be implemented in the talent management system!