Talent management in the digital era

Human resource training at KeyPerson

Businesses have always faced a talent shortage, but for this issue to be solved, leaders must adopt a different strategy. When businesses recruit, train, and develop people while recognizing the human factor as an indispensable input source for the competitive advantages of the organization, talented human resources become a crystallized asset.

Every approach begins with talent

In fact, a lot of organizations nowadays are focused on using exploitative business and human resource practices. Businesses concentrate on accessible resources in order to generate immediate profits. In order to take advantage of resources from the labor market or from other businesses, they place a strong emphasis on luring people with promises of financial incentives. This strategy works best when few people use it. However, if everyone tried to use this strategy, the job market would collapse and virtual values would become chaotic. The enterprise's internal environment will be unstable as employees engage in conflict, negotiate with one another, and compete for advantages.

The team's capacity must mature along with the way the organization is run in light of the shifting business environment and the trend toward digital transformation. Many firms are still at level 1 in the PCMM (People Capability Maturity Model), which links personal capacity development to organizational capacity. Management is based on individual experience and capacity, and the human resource management system is still being developed.

Businesses must have sustainable development solutions in order to manage personnel effectively. Only a solid system and organization can foster talent. When considering talent in terms of D. Ulrich's three Cs (competence, commitment, and contribution), talent must be the main output of every organization and business.

Businesses require talented individuals to master technology and enhance organizational performance in the context of digital transformation. To develop effective talent management strategies, leaders must consider the supply and demand sides of the labor market from a broad viewpoint.

According to the ManpowerGroup 2022 poll, nearly 75% of worldwide organizations struggle to find candidates who have the necessary competences, abilities, and attributes to fill open positions. To meet the high demands of the work and the high expectations of the consumers, businesses have a huge demand for human resources. This highlights the need for firms to develop their talent.

According to the TopCV research, the number of unemployed individuals would rise to 1.4 million in 2022. There is a high desire for workers to be employed. By doing so, they must either learn new skills or undergo a thorough retraining program.

These numbers show that there is a "paradox" when businesses find it difficult to hire talented individuals yet there are also a lot of unemployed human resources. This is a challenge for those in positions of leadership who want to manage talent effectively, connect labor requirements, and recruit top talent.

How to handle human resources effectively

The issue that leaders need to modify their approach to talent management is brought up by the change in human resource needs, traits, and behaviors. Three key orientations are the focus of a systematic approach to business strategy and culture.

First, an approach to attract talent

Businesses establish a work environment that promotes employee happiness by locating and luring talented individuals from inside. Leaders foster employee satisfaction inside the organization, promote career development, and develop member connections through understanding the desires, feelings, and motivations of their team members. Talented individuals will be drawn in by a good environment.

Due to the constrained supply of human resources, it is essential to aggressively pursue talent in several fields. Businesses should engage with talent by forging strategic alliances with universities, high schools, and career fairs, engaging in events, and broadening the scope of their talent hunt by working online.

Young professionals seek out workplaces with a positive internal culture and ideals that are evident to them. To communicate with contact points, leaders need to decide what their employer value proposition (EVP) is. EVP refers to a company's qualities and advantages that make it appealing to potential employees and candidates for hiring and retaining talent.

Second, effective talent development

Orientation to develop talented human resources is based on the requirements of the job, the market, and customers. In which, middle managers play a key role in defining personal competence, professional capacity, and organizational capacity.

Businesses help employees learn crucial skills that will boost their productivity while also fostering a business culture, trust and effective involvement.

Third, develop professional competence

The knowledge and skills needed to develop employees' competency should be provided by leaders. Coaching, knowledge management, training and development, assessment, and feedback are some examples of these abilities.

To ensure talent development, leaders must possess the information, competencies, and capabilities that are essential to driving organizational performance, productivity, and success. Knowledge should be concentrated on business insights, talent management, and performance improvement.