Difference between Talent Management & Talent Acquisition
Talent management is a comprehensive management which includes all employee engagement processes like sourcing, assessing, selecting and on-boarding a candidate. Talent Management team also looks into the training and skill gap filling for the candidates so that they can excel in their respective roles and take up newer roles in the future. The talent management team also tries to ensure that the employees are happy in their respective work spaces and they do not have any grievances.
This entire process of talent management starts with talent acquisition. Talent acquisition and recruitment are not exactly the same. It involves all the dynamic processes surrounding recruitment. It involves partnering with recruitment agencies which will source the right candidates, organizing talent fairs, organizing campus recruitment drives, fostering the employee referral programs and creating a positive buzz around it etc.
Talent Acquisition team is involved in the process of candidate selection which involves multiple rounds of interviews, skill assessment tests, liaising with the business owners to assess the candidates on the technical/business specific skills. It also involves the process of background verification and on-boarding.
How Talent Management has Gained Importance in the Organizations?
Talent Management involves the process of hiring, on-boarding, training, managing, developing, and retaining the most talented, result-oriented and diligent employees in the industry. In the recent space of human resources practices, talent management plays an important role in the business strategy. Hence the professionals are now known as BHRs (Business human resources) or BPHRs (Business partner human resources).
Along with attracting the top talent, they are involved in engaging and motivating the employees. The talent management professionals look into the aspects of employee performance and continuously try to bring about an improvement in that. The talent management team oversees client satisfaction metrics and recommends retaining top talent by various means.
They need to do diversity management and inclusion of PWD (Person with disabilities) into the workforce. They need to handle situations when workplace sexual harassment (POSH), employee grievances, whistle blowers, over-seeing fair-practices in promotions and progressions etc. Hence, talent management teams are becoming increasingly important in the seamless functioning of every organization today.
Career, Jobs, Salary
- Talent management career is a lucrative one, and it gives you an opportunity to make a difference in someone’s life.
- All the industries be it media and entertainment, banking and financial services, Information Technology, Legal, automobiles, aviation etc. needs to source and retain good talent. Hence talent management professionals are always in demand.
- The salaries are moderate compared to business development, information technology etc. however, it is enough to have a comfortable lifestyle. And if you can prove yourself as a valuable resource that is exceptionally good in talent acquisition and retaining, then you will receive better remuneration than others in the team.
- Exceptionally good people management skills.
- Very good communication skills along with extremely good listening skills.
- You need to be empathetic and approachable so that the professionals in the workforce levels and junior management levels can approach you if they are facing any issues at their workplaces.
- You need to be completely unbiased. Junior professionals normally choose to switch jobs instead of approaching the talent management team. They are afraid of the consequences if their dissatisfaction involves their supervisors.