The talent management is actually an essential tool for organizations in order to attract, retain, and develop employees so that to get a competitive edge. It is always the mutual benefit of both employers and the employees to utilize this tool. It has four main pillars to be supported. Which are commonly known as “The recruitment process, overall performance management, the continuous learning and development, and the last is considered as the compensation system of employees”. Simply we can say that it is the process of managing the employees from hiring to the firing.
As, this tool is considered to be essential, so it has always some threats, opportunities, strengths, and weaknesses. Opportunities and threats are known as the external factors for the organizations. Whereas, strengths and the weakes are welcoming features of internal factors. The internal factors are always controllable as they are welcoming factors from within the organization, so organizations can control them. At another hand, the external factors are not in the control of the organizations.
Talent management always influenced by both the factors, external and internal factors.
Glancing into the external factors that influence Talent Management:
- The new government regulations and laws which can affect the organization’s overall HR department can affect the hiring, training, and compensation processes as well which will directly affect the talent management.
- The economic conditions of the country where a particular organization is running its operation can also affect the talent management processes while if the economy goes in a recession, sudden downfall of the economy, or continuous overflow of the employees just in the governmental interference when they are bound to control the unemployment. So organizations do fail to invest sufficient funds on the training and development of their employees in these circumstances.
- Technological actors have now absolute enormous job roles. Whereas changing dynamic of technological factors have bound to the organizations to continuously train their talented employees to keep on track, for that processes they usually required an extra budget and a right mindset of the employees on leaving their comfort zones in order to learn to adopt new technology and new ways.
Like external factors, there are various internal factors that can affect talent management. I will just name them, there is actually a huge length to give a proper explanation. These factors are as follows:
Internal factors that can affect talent management
- Age of the employees, their seniority level, and the education level, they have possessed can affect the talent management for organizations.
- Compensation and the bonuses
- Working environment and the internal overall culture of the organizations
- Succession thinking of employees one over other
- The training and the development of the employees
- Organization commitment and willingness of employees
- Job security level
- working flexibility level
- identification and differentiating talented employees by the employers and their peers
- providing the meaningful and challenging working environment to the talented employees who are willing to seek and proceed their long career with the particular organization
- the leadership of the organization
- communication and the motivation level
- Senior and junior employee relationship of working together and seeking experience from one another.
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