A Project Report On Creating A Competitive Advantage Through Talent Management

Introduction of the study

Talent Management

Talent management implies recognizing a person’s inherent skills, traits, and personality and offering him a matching job. Every person has a unique talent that suits a particular job profile and any other position will cause discomfort. It is the job of the Management, particularly the HR Department, to place candidates with prudence and caution.

A wrong fit will result in further hiring, re-training, and other wasteful activities. Talent Management is beneficial to both the organization and the employees. The organization benefits from: Increased productivity and capability; a better linkage between individuals’ efforts and business goals; commitment of valued employees; reduced turnover; increased bench strength and a better fit between people’s jobs and skills. Employees benefit from Higher motivation and commitment; career development; increased knowledge about and contribution to company goals; sustained motivation and job satisfaction.

In these days of a highly competitive world, where change is the only constant factor, it is important for an organization to develop the most important resource of all – Human Resources. In this globalized world, it is only Human Resources that can provide an organization a competitive edge because under the new trade agreements, technology can be easily transferred from one country to another and there is no dearth of sources of cheap finance. But it is the talented workforce that is very hard to find.

Objectives Of Study

In the current scenario of cutthroat competition, every company has to survive to satisfy its customers by providing them with quality products and services. The Project at the Company was undertaken with a view to study certain fundamental as well as commercial and operational aspects of the company. The training involved the study of the following:

• To understand the entire procedure of Talent management
• To understand the need for Talent Management
• To study the accuracy and quality of work of employees by
• Talent management procedure.
• To suggest possible improvements in the Talent Management process.

Scope Of Study

In recent days, the HR Department of any organization is vested with the responsibility of managing the talent in addition to its conventional function of providing good human capital to an organization. In order to perform this function, they use the following methods viz.

• Identifying the talent that is required
• The right selection of talent
• Implementing a competitive compensation plan
• Training and Continual Development of Competencies
• Aligning the acquired talent
• Retaining the talent

The scope of TalentManagement is quite wide and adopts an integrative approach to the functions mentioned above. The purpose is to have a synergistic effect between the various activities so as to ensure a maxi-maxi effect.

Download A Project Report On Creating A Competitive Advantage Through Talent Management PDF