The Importance of Talent Management
13 December 2018
When firms first started adopting resource planning software over two decades ago, the need was rather straight forward: how could software be leveraged to make the most of available resource. Furthermore, where was capacity available and where was over utilisation occurring?
Fast forward to today and the needs have evolved considerably across organisations with the need to capture skills, experience, profile building and crucially preferences. On the point of preferences, stakeholders increasingly look to resource management tools to empower employees to make their own career decisions and take their futures into their own hands by deciding the direction it takes.
Talent management encompasses many areas, not least a firm’s commitment to hire, manage, develop, and crucially retain the most talented and excellent employees in the industry. Moreover, talent management plays an important role in the business strategy since it manages one of the important assets of the company—the employees. Employees in most cases are the main operating cost, but at the same time, the key source of revenue. Effective management is a must.
These days, companies invest vast sums of money to ensure effective management of those employees. The famous quote from Sir Richard Branson “Train people well enough so they can leave. Treat them well enough so they don’t want to” has never been more true and relevant. At the very core of this is helping employees develop their skills and capabilities in order to retain them and make them feel valued and fulfilled.
Resource Managers need to understand this essential aspect. Effective planning is not just about matching requirements to skills, it cuts much deeper. Giving an employee the ability to express projects they enjoy working on or, better still, the capability to bid on available projects which appeal is key to developing their skills and helping drive career satisfaction.
A content workforce is much more productive and effective than a frustrated and unfilled one. This can only be a positive – quite aside from the savings in recruitment fees.