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Talent Management Essay Sample For Singaporeans

If you are someone who is into the HR department or maybe pursuing HR as their career then you possibly come across the term talent management for sure. You must have thought that Talent management is just another fancy or confusing HR term, right? no, it’s Wrong Because talent management is a necessity in today’s corporate world. It is an organization committed to hire, develop, recruit the most talented workforce.

It is a strategy crafted to help the organization make the best possible use of their human asset at the moment as well in the near future. Strategic talent management is the need of the hour in today’s fast-paced environment and as per today’s corporate scenario. It helps an organization to create an enticing organizational culture. A major contribution to an organisation is certainly human capital.

The term talent management was originally coined by Mc Kinsey &Company in the year 1997. Human capital is considered as important as other essential assets that contribute to the growth and development of the company. Talent management is a process of getting the right candidate onboard, grooming them with a system and developing needed skills.

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6 Components of Talent Management

 It is well understood that the company’s most significant asset or resource is human resource and therefore, it is important that the company stay committed to them throughout. All company need is a great talent management model.

let us understand the components of talent management.

1.Strategic Employee Planning

 Setting an organization goal and strategic plan is the first step. Next, you probably think about how to reach your goal and implement the plan, right? If you are on the lookout for talent pooling, then hiring from within is cost-effective.

2.Performance Management

Assigning the right role to the right candidature is what you may say is the heart of performance management. Roles must align with the business strategy to achieve goals.

3.Learning and motivating

Semantics becomes more pertinent here because learning is more than training. Learning is the process of acquisition of knowledge and skills, which in return produces or yields expertise. Incorporate learning programs that include activities and tasks that support the organization’s culture and initiatives. When employees notice how their growth has a substantial impact on the organization, they will realize how valuable their role is.

 4.Compensation

 Acknowledging the work and contribution of the employee at the workplace and rewarding as acknowledging their contribution to success.

5.Career Development

Hiring merely is not an option, it is important to nurture potential leaders and advance their career with the help of professional development tools.

6.Success Planning

Success planning a crucial for an organization. Acknowledging key roles pertinent to its success is equally important. Having a plan in place means that the decisions are already made and the organization will continue to strive in near future.

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Why Talent Management Is Important to Business success?

You all must be wondering by now why is it important for business success, right. When done right, talent management can benefit both the organization as well as the employee.

To understand it in a better way we have to break them in points

  • Get to learn fresh and new skills throughout training and development opportunities available at their disposal, which in turn assist them progress toward their career goal as well.
  • Recruit within the organization and take advantage of their skills, interests, and experience.
  • Corporates are acknowledging the fact that human capital is an asset to an organization-so, but obvious, hiring, training, and retaining them is a major goal of any business and organization
  • Fill critical roles speedily without any delays
  • Eliminates employee turnover rates that are a plus.
  • Improvise business performance
  • Customer satisfaction by building or developing an organization of loyal employees.

What Talent managers do?

If you are a passionate person with a critical eye for talent, you perhaps enjoy working as a talent manager. You heard that right. One of the main roles of talent managers helps many kinds of talented individuals succeed.

The job of a talent manager is to organize and develop the career of a talented individual.

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9 Essential Tools of Talent Management

A complete understanding of talent management tools available to create a high-quality team at the workplace should be included in your business procedures.

The tools available are as follow

1.Workforce Planning

 Workforce planning is a bit self-explanatory term. Yes, you heard that right.  It refers to the process of ensuring that a corporate has current as well as future access to human capital which is must for performing successfully.

Yes, it is a process of identifying current and future manpower needs and exploring the most viable and cost-effective method to recruit and retain such individuals.

2.Recruiting Effectively

 This includes the ability to acknowledge, attract, and hire a fresh and talented workforce with the potential to move or level up your business towards accomplishing your objectives. As a part of recruiting advertising, it is important to consider a clear mission statement.

3.Strategic plan and goal alignment

 A strategic plan that has a goal alignment is one of the best things you could do to maximize the profitability of your business. It makes sure that everyone in the organization is moving ahead toward the same goal.

4.Executive Coaching

 This provides motivation and inspiration to introduce changes that transform employees and those around them to obtain optimal results personally as well as professionally. Basically, executive coaching is all about leadership and those with leadership abilities or you may see the potential to examine possibilities and help the organization move ahead.

 5.Leadership Development

This is to enrich the leadership abilities and attitudes within an organization within an organization and individual. The prime goal is to develop a team of elite leaders with quality.

6.Recognition Programs

  Such programs are designed in a way to acknowledge potential individuals and teams that consistently and continually contribute to your organization’s success.

7.Diversity/Inclusion

 Diversity and inclusion bring good great profit to your organization or workplace. Expanded marked and enhanced communication can do wonders for business and brings in myriad benefits such as creativity, productivity, and problem-solving.

8.Engagement

 Engagement call for employee full engagement as well as participation at their workplace with the intent to move the business ahead. Employee engagement is fortified in an environment that facilitates open communication where every employee is being heard and given acknowledgement. An organization needs to show the employee they are an indispensable part of the team and they are less likely to seek employment elsewhere.

9.Retention

 Your business may have an employee retention policy in place. As the economy continues to strive, so does the want for talented employees. Quite obvious, all organization completely understands the gruesome and frustrating task of recruiting and training talented individuals. Salary, work schedule, congenial work environment, friendly colleagues, and prospect for the development are a few possible reasons to consider when planning employee retention. It will cost a company a huge amount of expenditure to recruit, hire, and train novice employees, trust me. It is best to retain skilled employees rather than losing them to competitors.

Best Practices for Effective Talent Management

Have you ever given it a thought as in “what is business’s most valuable asset?”

Any guesses?

There is no exaggeration to say that the real fuel behind the company’s growth and success comes from its manpower certainly

  • Set clear expectations and align organization goals.
  • Go beyond basic performance appraisal
  • provide professional development and growth opportunities to existing employees
  • Measure and improvise talent management along with analytics.

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Conclusion

The ability to hire, retain, train, and develop engaged employees who will prove productive to assist an organization in reaching its strategic objectives and operational goals is known as talent management.

The procedure thus includes identifying talent gaps and vacant position, sourcing for and onboarding the right candidature, growing them within the organization and advancing their skills, and effectively engaging as well as retaining them to achieve long term business goals.

The workforce is indeed the greatest asset for an organization. Through investing in employee’s success, you are eventually investing in your business success.

It’s time to make your workforce a top priority.

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