Talent Management: A Source of Competitive Advantage

Abstract

Talent Management is a combined process of planning, recruiting and selection, orientation of new employees, training and development, evaluation of employee performance and compensating the employees. The practice of Talent Management is growing sincerely. Nowadays it is considering as a source of competitive advantage because it recruits the most qualified employees whose knowledge, skills and abilities, working experience, educational qualification etc. match with job required knowledge, skill and abilities, working experience. These qualified employees work according to organization’s strategy and help them to achieve their goals and vision, satisfying the customers by response and quickly solving their problems. It also orients new recruited employees with job environment and find out their knowledge and skill gap to do the job and current employee knowledge and skill gap to do higher job. Then provide training all of them. Additionally, Talent Management evaluate employee performance by comparing their actual performance with predetermined performance and compensate them based on their performance. The Organizations who only practice the Talent Management process effectively get competitive advantage and who don’t practice effectively fail to recruit qualified employees and achieve goals, strategy, customer satisfaction etc. In the long run, they fail to sustain in the competition.