Human Resource Management and Talent Management aren't exactly the same, but they have many similarities. We have witnessed that the approach of HR has been shifted to Talent management. Sooner or later it's going to shift to Portfolio management. that's the impact of the gig economy. the new disruptive employment trend, where traditional permanent jobs are replaced by temporary contingent workers. Talent management is about a set of HR processes that are integrated with each other. talent management touches on all key HR areas, from hiring to onboarding and from performance management to retention (Lawler, 2017). the purpose of talent management is to increase performance. Talent management is aimed at motivating, engaging and retaining employees to make them perform better. Talent management is critical to the success of any organization. Without retaining the best talent we cannot provide the best service to our customers. So, what does the new employment trend the gig economy means to talent management?
Companies with effective talent management strategies are more innovative, adaptable to change, greater employee productivity and retain key talent. How can companies manage talent when there is a mixture of contingent workers and permanent workers? The gig workers are enjoying ever needed freedom and flexibility, because they decide what, when and how they will work. According to The Intuit 2020 Report 43% of US workforce is expected to be of contingent workers by 2020. These contingent workers are highly skilled and experts in their area of work. Researches show that when people become experts in their field and when they self actualize they require less effort to motivate and they tend to work on a more free and flexible environment. Surely talent management in a blended workforce must be a challenging job. Hiring contingent workers provide a variety of benefits to the employer, usually time, effort and money spent on to fill a vacant position are huge and which doesn't normally guarantees the hire would stay longer or more efforts needed to put forth to retain those in the long-run (Miller, 2018). The gig economy provides an alternate where temporary hires with expert knowledge and less effort to motivate to complete a given task (Mulcahy, 2018). Although hiring them on a regular basis or motivating them to work for the same company, again and again, is another challenge that is at hand in HR executives.
The world of work is changing, use of artificial intelligence, machine learning and technological advancements in the process of HR is increasing. Especially hiring and onboarding are becoming easier through the use of big data software. There are two main areas that companies need to address in the next era of talent management. To start with people analytics can be very helpful to companies in determining the supply and demand needs of the workforce. these analytics can help companies to have full visibility to the supply and demand of talent, that companies need to drive their workforce. The company's ability to forecast that demand and act against that forecast to make sure that the company have the right people at the right job at the right time. Proper workforce segmentation is another key area needed to be a focus on future talent management. Companies need to distinct contingent and permanent workers and different strategies are required to apply to these segments to create a win-win situation for both employer and employee (Mizrahi, 2018).
References:
Intuit. (2010). [online] Available at: https://http-download.intuit.com/http.intuit/CMO/intuit/futureofsmallbusiness/intuit_2020_report.pdf [Accessed 20 Apr. 2019].
Lawler, E. (2017). Reinventing Talent Management. Oakland: Berrett-Koehler Publishers.
Miller, J. (2018). Council Post: It's Time To Up Your Management Game For The Gig Economy. [online] Forbes.com. Available at: https://www.forbes.com/sites/forbeshumanresourcescouncil/2018/08/13/its-time-to-up-your-management-game-for-the-gig-economy/#70b0d93d16e2 [Accessed 22 Apr. 2019].
Mizrahi, O. (2018). The gig is up: Thrive in gig economy, where old jobs are obsolete. 1st ed. Austin, Texas: Greenleaf Book Group Press.
Mulcahy, D. (2018). The Gig Economy. [Place of publication not identified]: Skillsoft.
Talent mean a capacity for achievement or success. Talented people can make the company change with their contribution. Talent management introduce because of organization needs to attracting and retaining talented employees. This is human resources processes which enhance company performance by systematically attracting, identifying, developing, deploying and retaining these high contributing individuals. In future here are main key three challenges to be solved. Such as adjusting to the changing work environment, understanding the differences of the future employee, and shifting the process from pure talent management to people management. (Martin, 2016)
ReplyDeleteMartin, (2016) The future of Talent Management. Eleverism [Online]. Available at< https://www.cleverism.com/future-talent-management/.>.[Accessed on 03 May 2019]..
One of the common issue is the development of effective global talent processes is an inability to build up a mutual understanding of what global talent management means for the businesses concerned (Collings, 2016). Therefore please explain as to how are you going to retain these employees?
ReplyDeleteIn the future most of our work will be based on cloud services. Organization will adopt to different working concepts like remote working flexible working hours that suits for their employees. Balance between work and personal life will play a major part in employees. Gig economy has the perfect environment for that. Having flexible hours and work from home or in a virtual environment will be key attributes in future working culture.
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