Talent Management is one of the most important buzzwords in the HR World; it has been the essence of effective HR process which aims to engage, nurture and sustain high performing employees.

It is important to understand that organizations are made up of human assets, which build the organization’s value through innovation, proven business processes, customer service, sales, and many other important activities. As an organization strives to meet its business goals, it must make sure that it has an effective talent management system in place.

The purpose of talent management is to accelerate performance and is aimed at motivating and engaging employees to make them perform better. The process of talent management when done right, can build a sustainable competitive advantage for companies to outperform their competitors through an integrated system which is recognized and hard to replicate. Talent management can be used as a business strategy to retain skilled employees and attract top talent in competition with other employers. Infact organizations must take efforts to convey to their prospective employees that they are a dedicated resource of the firm, this inturn will encourage employees to develop their personal and professional skills further and act as a motivator to be loyal to the organization and stay at the job for long.

Talent Management in organizations is not just restricted to attracting the best people from the industry but is a continuous process by the HR that involves hiring, developing, training and promoting them while aligning these activities to the requirements of the organization. An organization is recognized by the people that work for it and therefore attracting the best talent in the industry and strategically placing them for the right job is the first and most important step.

Talent management process includes important functions like Recruiting & Planning, On boarding, Performance assessment, Training & Support, Compensation & Benefit, Critical roles & GAP analysis. The Recruitment & Planning stage or function of the talent management process is the initial step in the process. It not only focuses on getting the best person on board but is also involved in identifying the need for human capital and designing a job profile and proposing a workforce plan.

The second important step is On-boarding, a systematic and comprehensive approach of settling down the new recruit and getting them onboard, to make them feel welcome and comfortable in new surroundings.

Third Stage includes Performance Management System (PMS)which primarilyen compasses coaching and reviewing of job performance. It takes into consideration not just employees’ accountabilities, but also a set behavioral attributes that influence their performance like Customer Service Orientation, ability to work in a team, Problem-Solving qualities, Leadership and Communication skills. Under Training and Performance Support, the candidate goes through various development programs to enhance his skills and abilities while having proper guidance and counselling will helpthe employee develop within the organization.

The purpose of talent management is to accelerate performance and is aimed at motivating and engaging employees to make them perform better

Compensation & Benefit is clearly an integral part of people management and inseparable concept of Talent Management. This is a process to tie the compensation plan directly to performance, appreciation, motivation and enhancement of people in the organization.

Lastly, Critical roles and GAP Analysis is a process of identifying roles that require a specialized skill or knowledge, and are critical to driving long-term competitive business advantage and allows us to target talent investments to ensure leadership continuity and mitigate risk from leadership attrition and it is becomes even more important during times of economic turbulence and uncertainty.

Regardless the industry, every organization must focus on a talent management and sustenance model to ensure a lower employee turnover rate while also retaining talent compared to its competitors. And while in most sectors it is easier to attract talent for a given job, it is particularly more difficult to attract employees in the healthcare industry. This is due to factors such as unavailability of proper courses in the market, lack of interest within the available pool towards the Healthcare Sector etc.

To attract and retain suitable talent for a healthcare organization, it is essential that organizations should go one step ahead and aim to provide the best work culture apart for the other practices that are oriented towards attaining work life balance and providing career growth. Talent Management and Sustenance should be treated as an integrated business strategy so as to have an edge over competitors in the industry.