| | DECEMBER 2020MANAGEHRMAGAZINE.COM8In MyOpinionIn the global economy, organizations compete with each other, mainly on the basis of talent in the organization. Talent management, therefore, becomes the top priority for the leaders of any organization. Leading human resource institutes defines talent management as the company's ability to acquire, develop and retain high performing individuals to accomplish current and future business goals and implement strategic initiatives to improve the practices of talent management.In most organizations, Talent Management is broadly divided into three main stages of an employees' lifecycle in an organization. The first stage is called talent acquisition, wherein organizations attract, identify, and recruit high potential individuals for open positions in the company, this stage also includes effective onboarding, which reduces time to be effective. The second stage is known as talent development, wherein organizations nurture and grow their employee skills for the current and future needs such as improving productivity, revenue, margins, markets share, and achieving a higher growth rate or, importantly, leadership succession. The final stage is talent retention, wherein organizations motivate high performers to stay engaged with the organization and, in turn, reduces talent attrition, thereby reducing the impact on organization performance.While these are broad stages in any organization, there are no one-size-fits-all guidelines for talent management, and different organizations deploy various practices, strategies for effective talent management. Technology-enabled talent management is one such strategy that, over the past decade, almost all human resource functions of the organizations are experimenting with. Many tools use Social networks, Mobility, Analytics, and Cloud technologies (also referred to as SMAC technologies), and Artificial Intelligence (AI) to advance and be effective.Technology-enabled Talent management is the key driver of change in current and future human resource management. AI WILL IMPROVE TALENT MANAGEMENTPRACTICE BUT CHANGE MANAGEMENT IS CRITICALBy Manish Verma, Global Head of Talent, CargillManish Verma
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