Components of Commercial Value Chain
February 12, 2025
China ambitious Belt and Road Initiative has attracted the attention of many economists worldwide. Many of these economists believe that the Belt and Road Initiative is part of China’s vision of a world where America will no longer be the dominant superpower. It is possible that this may be true. China has committed a large […]
In previous modules, we have alluded to the global economic crisis and the impact it had on the various sectors in the financial and manufacturing industries. This article introduces readers to the global economic crisis and subsequent articles deal with the various dimensions to the crisis and the causal factors that were responsible for the […]
In the beginning of 2019, America has been hit by a weather phenomenon known as the Polar Vortex. This phenomenon has brought chilly winds and freezing temperatures to the United States. In many parts of the country like Chicago, the temperatures have hit historic lows and were close to -50 degrees! The daily life of […]
The Perils of 24/7 Interconnectedness We live in a world that is not only integrated and interconnected largely but which also depends on complex supply chains across the world to deliver the goods and services that we need as part of our everyday existence. With globalization, the movement of goods, services, and people has reached […]
ERP systems were developed based on generic need of various types of organizations, belonging to diverse business segments and further evolved through continuous adding up of new business processes. Consequently, any ERP system now offers numerous functionalities, which overwhelm most of the enterprises, during project implementation. Enterprises are needed to pickup relevant components of the […]
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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