Page 37 - Banking Finance February 2022

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individual's interests and his job profile the job scenarios, talent management can help HR in succession
satisfaction is increased. planning and determine how vacant positions can be
filled timely without having any impact on productivity
9. Retaining the top talent and cost.
Despite changes in the global economy, attrition
remains a major concern of organizations. TMS helps 14.Training and Development:
in retaining top talent which is important for leadership Talent management also helps HR to focus on where
and growth in the banking sector. Organisations that you need to introduce new training and development
fail to retain their top talent are at the risk of losing programs. HR can plan employee skill development
out to competitors. The focus is now on charting courses, certifications and all other professional
employee retention programs and strategies to recruit, enhancement activities.
develop, retain and engage quality people. Employee
growth in a career has to be taken care of, while 15.Communication:
succession planning is being performed on those who Communication is the lifeline of any organization. If there
are on the radar need to be kept in loop so that they are any communication issues, then it can damage the
know their performance is being rewarded. organization's functioning. One of the benefits of talent
management includes promoting prompt and two-way
10.Better Hiring communication between management and employees.
The quality of an organization is the quality of workforce When communication is effective, it also creates a positive
it possesses. The best way to have talent at the top is impact on the company culture.
have talent at the bottom. No wonder then TMS
programs and trainings, hiring assessments have Talent management is a human resources system used to hire,
become an integral aspect of HR processes nowadays. manage, train and compensate top talent. Such programs
include strategic planning to align HR needs with the goals and
11.Understanding Employees Better vision of the organization, and ensure that top performers are
Employee assessments give deep insights to the recruited, developed and retained. It can be quite hard to
management about their employees. Their manage all those actual tasks and this when most of them look
development needs, career aspirations, strengths and out for talent management system while many believe that it
weaknesses, abilities, likes and dislikes. With the helps you streamline all those human resources processes there
introduction of the TMS It is easier therefore to are various disadvantages to the same as well.
determine what motivates whom and this helps a lot in
Job enrichment process. While proactive planning is Valuable, talent management
does have some challenges to overcome which serves as the
12.Better professional development decisions
disadvantages of TMS.
When an organization gets to know who its high
potential is, it becomes easier to invest in their 1. Expensive:
professional development. Since development calls for
investment decisions towards learning, training and The time, resources and financial costs to operate a
development of the individual either for growth, talent management program can be high. This is a
succession planning, performance management etc, an burden for small banks that doesn't necessarily have the
organization remains bothered where to make this resources to implement such a system. Talent
investment and talent management just make this management programs also involve the use of software
easier for them. solutions to map out talent needs at all levels or
departments, which can be expensive. The TMS system
13.Succession Planning: can incur more cost to the organization, especially if
It is a given fact that you can't stop employees from it's a start-up. The implementation of talent
leaving the organization. Their replacement needs to management program could be expensive in terms of
be found. Similarly, when employees are promoted or time, resources and financial costs which can increase
transferred, new vacancies are created. In both the overall costs when hiring from other locations.

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