TALENT MANAGEMENT
DR RAJNI SINGH
TALENT MANAGEMENT
Meaning-
It’s people who take the organization to the next level.
Talent management is the process of finding,
developing, training, and keeping employees whose
skills best align with the needs and objectives of the
company.
Objectives-
To hire the best employees the business can afford so
that the company reaches its maximum potential for
success.
Talent Management is managing the ability, competency and
power of employees within an organization.
OBJECTIVES:-
1. TO RECRUIT& FIND THE HIDDEN POTENTIAL- The concept is
not restricted to recruiting the right candidate at the right time but it
extends to exploring the hidden and unusual qualities of your employees
and developing and nurturing them to get the desired results.
2. EMPLOYEE RETENTION- Hiring the best talent from the industry
may be a big concern for the organizations today but retaining them.
3. EMPLOYEE SOCIALISATION- most importantly, transitioning them
according to the culture of the organization and getting the best out of
them is a much bigger concern.
4. CONTINUOUS DEVELOPMENT- It is a continuous process
that involves sourcing, hiring, developing, retaining and
promoting them while meeting the organization’s
requirements simultaneously. For instance, if an organization
wants the best talent of its competitor to work with it, it needs
to attract that person and offer him something that is far
beyond his imagination to come and join and then stick to the
organization. Only hiring him does not solve the purpose but
getting the things done from him is the main task. Therefore, it
can be said that talent management is a full-fledged process
that not only controls the entry of an employee but also his or
her exit.
5. PLACING THE RIGHT PERSON AT THE RIGHT JOB-
To achieve success in business, the most important thing is to
recognize the talent that can accompany you in achieving your
goal. Attracting them to work for you and strategically fitting
them at a right place in your organization is the next step. It is to
be remembered that placing a candidate at a wrong place can
multiply your problems regardless of the qualifications, skills,
abilities and competency of that person. How brilliant he or she
may be, but placing them at a wrong place defeats your sole
purpose. The process of talent management is incomplete if
you’re unable to fit the best talent of the industry at the place
where he or she should be.
6.TO SURVIVE/FACE COMPETITION-
Every organization requires the best talent to survive
and remain ahead in competition. Talent is the most
important factor that drives an organization and takes it
to a higher level, and therefore, can not be compromised
at all. Sometimes companies take unethical steps like
poaching talent. Talent management is a never-
ending war for talent!
Role of Talent Management in in building Sustainable competitive advantage to
a firm/ Importance of Talent Management
1. Right Person in the right Job: The skill or
competency mapping allows you to take stock of skill
inventories lying with the organization. This is especially
important both from the perspective of the organization
as well as the employee because the right person is
deployed in the right position and employee
productivity is increased. Also since there is a better
alignment between an individual’s interests and his job
profile the job satisfaction is increased.
2.Retaining talent:
Employee retention programs , strategies to recruit, develop, retain
and engage quality people. Employee growth needed for retention.
3. Better Hiring: The quality of an organization is the quality of
workforce it possesses. Hiring assessments have become an
integral aspect of HR processes nowadays.
4. Better Understanding of Employees : Employee assessments
give deep insights to the management about their employees. Their
development needs, career aspirations, strengths and weaknesses,
abilities, likes and dislikes. It is easier therefore to determine what
motivates whom and this helps a lot Job enrichment process.
5. Better professional development decisions:
When an organization gets to know who has the high
potential, it becomes easier to invest in their
professional development. Since development calls for
investment decisions towards learning, training and
development of the individual either for growth,
succession planning, performance management etc.,
6. Positive mindset of employees- Having a strong
talent management culture makes the employees
positive about the organization, they are more likely to
have confidence in the future of their organization. As a
result org. gets a more committed and
engaged workforce.
TALENT GAP
Talent gap simply refers to a lack of skilled personnel
in an organization.
The HR Department makes an effort to fill this gap
It hampers the growth and development of an
organization & also has a negative impact on the
employees’ motivation.
How to minimize the talent gap
Know the Knowledge, Skills and Abilities (KSAs) required for the positions or
vacancies.
Identify the areas where proficiency needed.
Look for persons with required KSAs within the industry or market.
Select the right or deserving candidates with required proficiency.
Identify the skill gap of the candidate to the position.
Devise plans to mitigate/minimise the skill gap.
Provide training to the newly-hired employees.
Roll out professional development plans to help employees succeed in their role.
Periodical assessment of individual performance and identify the areas where
extra training or specialized attention is required.
A continuous alignment between organizational needs and employees
performance is essential in meeting the goals of an organization.
Strategies to reduce talent gap
Process of Talent Management
People are the best resources of an organization.
Sourcing the best people from the industry has become
the top most priority of the organizations today.
In such a competitive scenario, talent management has
become the key strategy to identify and filling the skill
gap in a company by recruiting the high-worth
individuals from the industry.
It is a never-ending process that starts from targeting
people. The process regulates the entry and exit of
talented people in an organization.
Stages included in talent management
process:
1. Preparatory stage/ Understanding the
Requirement: It is the preparatory stage and plays a
crucial role in success of the whole process. The
main objective is to determine the requirement of
talent. The main activities of this stage are
developing job description and job specifications.
2. Targeting or Sourcing the Talent: This is the
second stage of talent management process that
involves targeting the best talent of the industry.
Searching for people according to the requirement.
3. Attracting the Talent: it is important to attract the
talented people to work with the organization. After all the
main aim of talent management process is to hire the best
people from the industry.
3. Recruiting the Talent: The actual process of hiring
starts from here. This is the stage when people are invited to
join the organization.
4. Selecting the Talent: This involves meeting with
different people having same or different qualifications and
skill sets as mentioned in job description. Candidates who
qualify this round are invited to join the organization.
5. Training and Development: After recruiting the best
people, they are trained and developed to get the desired output.
6. Retention: Certainly, it is the sole purpose of talent
management process. Hiring them does not serve the purpose
completely. Retention depends on various factors such as pay
package, job specification, challenges involved in a job,
designation, personal development of an employee, recognition,
culture and the fit between job and talent.
7. Promotion: No one can work in an organization at the same
designation with same job responsibilities. Job enrichment plays
an important role.
8. Competency Mapping: Assessing employees’ skills, development,
ability and competency is the next step. If required, also focus on
behaviour, attitude, knowledge and future possibilities of
improvement. It gives you a brief idea if the person is fit for
promoting further.
9. Performance Appraisal: Measuring the actual performance of an
employee is necessary to identify his or her true potential. It is to
check whether the person can be loaded with extra responsibilities or
not.
10. Career Planning: If the individual can handle the work pressure
and extra responsibilities well, the management needs to plan his or
her career so that he or she feels rewarded. It is good to recognize
their efforts to retain them for a longer period of time.
11. Succession Planning: Succession planning is all about who
will replace whom in near future. The employee who has given his
best to the organization and has been serving it for a very long
time definitely deserves to hold the top position. Management
needs to plan about when and how succession will take place.
12. Exit: The process ends when an individual gets retired or is no
more a part of the organization.
Talent Management process is very complex and is therefore, very
difficult to handle. The sole purpose of the whole process is to
place the right person at the right place at the right time. The
main issue of concern is to establish a right fit between the job
and the individual.
TM PROCESS
TALENT VS KNOWLEDGE
Skill and knowledge both are the abilities of individuals.
Knowledge is information-based and skill is the ability to
perform a particular task in the required time frame.
Knowledge is knowing and having information, facts and
figures about how to accomplish certain goals.
Knowledge: It is the theoretical and practical
understanding of any subject. It provides the foundation to
gain skills on any subject or action. For example, an employee
having good knowledge of English language and grammar may
not be able to speak in good English, because communicating
in English is a distinct skill.
Talent is the ability/skills to accomplish those goals.
One can develop skills through experience,
training, and continuous effort.
For example, an employee can develop communication
skills while continuously practicing and communicating
with colleagues or subordinates.
Most of the people have knowledge but not talent. ...
e.g., Coaches have the knowledge, players have
the talent to win matches.
Benefits of Talent Management Review
For Organization
Recognize and manage talent performance.
Planning and decision
making.
Improved staff retention.
For Appraiser-
Framework for sharing feedback.
Promote career planning and benefits.
Feedback on management style and leadership.
For Appraisee-
Reflection on areas of weakness and strength.
Opportunity to raise issues.
Focus on developing individual performance.
Better understanding of goals and requirement.
Identify action plan for future development.
Consequences of failure in managing talent
Consequences of Talent mgmt:
The consequences of talent attrition affect the organization effectiveness.
The following are some of the consequences of talent attrition.
1. Declined productivity: These days firms focus on getting more output
from less input. Productivity is very important for organizations from which
they attain profits. But due to poor working hours employees fail to produce
maximum output leading to decreased productivity.
2. Increased turnover: Turnover means employees leaving the
organizations. Turnover of employees is a big qualitative and quantitative
damage for employers. Turnover affects organizational culture and
productivity. Turnover leads to windup of many entities. Work
intensification has led to health problems and attrition of professional and
managerial employees (Fang Lee Cooke and Xingyao Jing, 2009).
Unsupportive management and co-workers lead to employee turnover.
3. Poor industrial relations: Employees who fail to co-
ordinate with one another may conflict with each other.
Organizational conflicts affect the reputation, productivity and
industrial relations. Hence healthy industrial relations enable
talent management.
4. Inability to accept change: People resist change and ignore
to learn the updated things. Employees with poor monetary
and non-monetary benefits may not accept the changes in the
organization structure, policies, goals and objectives. Even
employees may resist the projects and plans. Hence change
management helps employees to concentrate on their personal
career and profession.
