Components of Commercial Value Chain
February 12, 2025
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The Indian pharmaceutical market has been booming for several years. India has the largest number of pharmaceutical manufacturers which supply to the United States. Since the United States is the biggest pharmaceutical market in the world, several Indian manufacturing firms have been able to achieve rapid growth within a very short span of time. Ranbaxy […]
The airline industry is one of the most competitive industry in the entire world. A large number of incumbents in this industry are making losses. This is primarily because of their lack of efficiency. Since success in the airline industry is solely based on efficiency, many companies have explored unconventional options in order to increase […]
Types of Costs The following are the costs associated with the projects. Direct costs Any costs that are directly attributable to the work on the project. These can include the salaries paid to the resources, the billing rate of the resources and costs of the software and hardware that are used for building the website […]
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Information technology and system have changed the way business gets conducted. Every decision-making process is enhanced with utilization of an information system. Information systems have been deployed by human-resource team to enhance employee employer relationship.
Companies require great deal of contribution from employee for its success though information systems have made several processes automated.
Talent management and human-resource management are completely two different fields, although the human-resource team is responsible for talent management.
Talent management is organization focus towards complete management of recruitment, retention, development of brightest talent available. The focus of talent management is to attract best talent in the market and convert them into efficient and effective work force. Talent management team is responsible for hiring, maintaining and retaining the best talent.
Talent management finds its roots in earlier workforce management and human management concept. Earlier concept saw intervention of human resource in managing and retaining talent. However with talent management, this responsibility is transferred to manager.
Talent management empowers manager to take upon greater responsibility. The manager is actively involved from talent acquisition, recruitment process, retaining and development of the employee. Organizations have their own approach towards talent management. Certain organizations include only their star performers as part of talent management, whereas some organizations consider all staff within talent management.
Talent management is actively used by organization as a strategic tool. Companies need to blend talent management with business strategy as to boost employee management activities. The onus of attracting and managing the best industry talent is on the respective managers.
Organization needs to develop a process through which employee talent can be recognized and shared. This would enable best utilization of talent across the organization.
Employees are encouraged to manage their individual development plan.
A talent management system is an information technology solution to manage four corner points of human-resource management:
The existing enterprise resource planning systems are focused on employee transaction such as payroll, leave management, etc. The talent management system looks at providing human-resource solution for long-term strategic goals.
The key features and development history are as follows:
An organization needs to align its business strategy with human-resource strategy to develop and manage effective talent management system. A development of the talent management system requires the following:
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