Talent management which also terms as a strategy of risk management has evaluated in Saudi Arabia against the business effect of having insufficient or lack of Human Resources to meet the objectives of the leading organization. Not only the local companies of Saudi Arabia but also multinational companies who operate in Saudi Arabia have faced with this need.
Since 1990, the term Talent management has appeared which focused on the progression of Human Resource and Talents, in today’s world the entire organizational lifecycle is based on this concept.
The main aspects of an organization’s success are business arrangements and talent management. Organizational success also includes workforce planning, career management, and maintaining balance in work life.
There are three stages which summarize the evolution of Talent management. They are as follows:
Stage – I
Business function along with its workers was taken care of by the Personnel Department in the course of the year 1970-1980. This department was acting as a branch to recruit people and look after the problems relating to their salaries and welfare.
The key features of this Personnel Department were only to recruit people to meet with the goal of an organization and solve the problems of their salaries as well as designed a structure for any kind of compensation.
Stage – II
When it comes to the year 1980-1990, the department of personnel management was replaced by the term “Human Resource Management”, and its sphere of work was expanded.
Gradually the organizations started to realize the significance of the function related to Human Resource and by this realization, the concept of “Strategic Human Resource” appeared.
The role of the managers of Human Resources was broadened such as hiring the right and efficient people, guiding them in a proper way, offering them their suitable job role and making sure of the compensation structure.
Stage – III
Since 1990, when emancipation and globalization take place strategic Human Resource remains to be an aspect of major focus and is more anxious with Talent Management.
Major focus of this department was on inviting and retaining talents. On the other hand, it threw light on achieving to competency with the help of attracting and holding up the efficiency of the employee. Many strategies were made to hold their good performers and followers to key situations. In this way Human Resource management is inclined to more hindrances in handling their talents.