Page 31 - Banking Finance June 2021

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performance, and achieve strategic success rates of nearly importance of leadership within a business and how it can
90%. give your organization a competitive edge. From matching
the right candidates to leadership roles in the hiring stage
Organizations That Align Talent with Business Strategy to setting career goals, training, feedback and support, we
Outperform Others by 16%, Retain 30% More Top- have seen how learning and development programs are the
Performers, and See 34% Higher Employee Performance key drivers to employee retention and effective talent
According to The State of #Talent Optimization Report management.
(study of 600 executives by @predictiveindex).
Talent Management : Need and
"While most organizations have a business strategy and a
financial plan to support it, The State of Talent Optimization Importance
report finds only 36% have a talent strategy and a mere 12% Till date, the research on talent management has mostly
align their talent and business strategies." However, those focused on current organizational practices, but it often lacks
that do have talent strategies designed to hire, manage, a theoretical perspective. Recent reviews have come to the
and engage their people in a way that aligns with business conclusion that the academic field of Talent Management
objectives significantly outperform other organizations. The is characterized by a lack of definitions and theoretical
essence of leadership is aligning employees with the business frameworks. In fact, the lack of consistent definitions
strategy to achieve maximum success. appears to be the reason why there are at least three
different ways of interpreting Talent Management in
Adopting Learning Initiatives practice;
(1) Talent Management is often used simply as a new term
One key element to successful talent management is
for common HR practices (old wine in new bottles)
learning and development. Businesses within the banking
sector who adopt learning and development initiatives will (2) It can allude to succession-planning practices, or
reap the rewards of an engaged workforce. (3) It can refer more generically to the management of
talented employees.

In short, neither a uniform understanding of
the term 'talent management' is there, nor
of its aims and scope.

Basically the term talent management has
no universal or specific meaning or
definition. It can be different from person
to person and organization to organization
as their own perception and requirements
of the organization. Some organization sets
their specific set of standards or yardstick to
measure talent. The employees who attain
From format training programs through platforms such as those specific tasks and standards in the given time along
Success Factors to informal mentoring schemes, it's with some additional tasks are considered as talented
imperative that everyone from the C-suite to trainees is an employees of organization. In a nutshell, there is no one way
active participant in your initiatives. Achieving buy-in will to measure and identify talent.
help you to identify areas in need of development, individual
employee performance and areas at risk. Now a day's managing talent in an organization is itself is a
challenging task. No such industry is there which has not
The challenge throughout your learning and development been affected by it. The banking sector is one among them.
program is to create an environment that cultivates leaders To hire the talented personnel is a challenging task, but to
who, in turn, encourage growth and learning. The manage them is the most difficult one. In order to make a

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