New Year Resolutions of a Manager - National HRD Network

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Talent Management "To put it simply and starkly, if you don't get the people process right you will never fulfill the potential of your business." - Larry Bossidy. In the competitive scenario to attain competitive advantage in every aspect what we need is how different we are from our competitors and what are our core competencies. In our knowledge based economy value is the product of knowledge and information. In the new day context companies cannot generate profits without ideas, skills and talent of knowledge workers and companies have to bet on people but not on technologies certainly not on capital. To survive in the knowledge based economy over the long run, organizations must become focused and be capable of managing employees as their most critical resources hence workers now require more education and skills than ever before, as positions have become more knowledge based and information intensive. And with the business going global and of cutthroat competition there is a need to develop and deploy people who can articulate the passion and vision of the organization and make teams with the energy to perform at much higher levels. Hence talent plays a vital role. Definition of Talent Management "The capacity to learn + capacity to think + capacity to relate + capacity to act accordingly * values of the organization is called as talent" "Talent management implies recognizing person's inherent skills, traits, personality and offering him a matching job". While there are no Magic formulae to manage talent, the trick is to locate it and encourage it. Talent management is beneficial to both the organization and the employees. Features of talent management l Talent management is of identifying, realizing and guiding untapped potential in people. l It means nurturing and developing those people identified of having ability and potential and it should form part of any organizations recruitment and retention strategy. l It involves individual and organizational development in response to a changing and complex operating environment. It includes the creation and maintenance of supportive people oriented organizational culture. l Talent Management is a conscious deliberate approach undertaken to attract, develop and retain people with the aptitude and abilities to meet current and future organizational needs. Every person has a unique talent that suits a particular job profile any other position will cause him discomfort. A wrong fit will result in further hiring, retraining and other wasteful activities. In order to bring harmony in such situation the key ingredient is "putting the right people in the right jobs." Talent management brings together a number of important human resources and management initiatives. Organizations that formally decide to manage their talent undertake a strategic analysis of their current HR process. Talent management approach adopted and focused on cocoordinating and integrating the following. l Recruitment: ensuring right people are attracted to the organization. l Retention: developing and implementing practices that reward and supports employees. l Employee development: ensuring continuous formal and informal learning and development. An important step to be identified in the organization is the staff or employees that are critical to the organization. Many organizations lost a lot of "organizations knowledge" in the downsizing exercises a few years ago. The impact of the loss was not immediately apparent. However it did not take long for many companies to realize their mistake. What more important is to think of whether people still seen as an organizations most valuable assets. Business leaders are quick to say that, but when it comes to the real situation they are not realizing the same consequently they are worried about retaining them. For those companies who have the foresight to take more innovative and imaginative approaches they will have the opportunity B. Mathews and B. Saritha to gain competitive advantage by creating niche for human resources. For those who don't, their future competitiveness will remain even more uncertain. Now let us discuss in detail some of the important aspects which are needed for talent management. Attracting talent: Attracting qualified talent is the critical first step in the talent management cycle. The improving economy, baby boomers, retirement and other factors are creating keen competition for talent these days. Hence this step has become more critical than ever before. Companies have to attract good talent by establishing their brand identity. As we know that we get good customers with a good brand. In the same way companies must develop their image in the society by implementing the best practices in each and every aspect. Selecting talent: Once qualitative people are attracted then it is very important to choose right candidate for the right job. What companies have to do is to match the job analysis with human analysis which gives the real picture of role fitment. This process must be adopted by every company in order to have high performance teams which give competitive advantage. "Any strategy, no matter how smart is dead on arrival unless a company bring it to life with people-THE RIGHT PEOPLE"---- Jack Welch. Retaining talent: Most companies today would acknowledge that their human assets are their most important asset. But since companies can't own employees the way they own factories or product your success or failure hinges on the quality and duration of the relationship you form with your people. In present scenario people choose companies which have congenial atmosphere and prefer change if they don't get desirable, as it may hinder the growth and success of the company. Hence retention is vital than recruitment. Rewards for high performance employee welfare opportunity for individual development, employing personal and professional counseling B.Mathews, Asst. Prof in management, St. Mary's college of Engineering and Technology, Hyd. Can be reached at: mailmathews@gmail.com B.Saritha, IT recruiter, IT Global Services, Hyderabad. Can be reached at: saritha_bis@hotmail.com | HRD News Letter | January 2007, Vol.22, Issue:10 12|
initiatives enhances QWL, QC- a seasoned technique helps in retention of employees. In order to retain talented people, pamper the talent pool and aspire them with recognition, status, and good money and also encourage them in the quest for knowledge. They have to provide assistance with financial planning, entrepreneurship and intrapreneurship development programs and some times part time employment options. If these things are not provided people will find companies where all these things are available and quit the present organization. Steps to be taken to gain competitive advantage through talent management Industry academia partnership: In order to manage the talent, initiatives must be taken from the route base level of people during their educational process in the colleges. Organizations must have an MoU with the colleges in developing the talent according to their requirements and there by providing training and development programs to the students so that when they graduate they will readily deliver the services to the company. Faculty development programs: It is not an end developing the students according to the requirements. It is equally important to conduct various developmental programs continuously to the faculty in the emerging trends and issues by the eminent persons both from academics and industry so that it furthers research and better education and orientation to the students. Better HRP: Companies have to take employees forecasting as serious as they do business forecasting. This enables to know the requirement and may not fall shortage of the talented employees. Continuous training: Like Motorola and Disney every company has to allocate funds for continuous training and development programs and ensuring its implementation. Finally talent management is more than just another HR process. It requires a holistic and integrated approach; "Talent is a natural ability, left undeveloped it could reman dormant and hidden for ever." u H Talent Retention: Key Strategies Today talented professionals are increasingly mobile, have highly transferable skills, are Internet literate, well informed and above all, sought after. Organizations are constantly struggling to keep these valuable individuals as the best way to deliver sustained competitive advantage in the knowledge economy. Retention of talent is fundamentally talent continuity. In an upturn, the cost of not having the right talent could be untold billions in lost and missed opportunities and in a downturn the cost could be bankruptcy. Therefore it is crucial for every organization to retain talented people by developing appropriate talent retention strategy. Following are some of the key talent retention strategy: 1. Knowing key talents: Organizations, especially senior leadership, must find time to get to know their potential and key talents by relating to them personally. 2. Clearly defining which employees the organization wants to keep: Many organizations have focused on determining which employees they should get rid of rather than on which ones they should keep. Many downsizing packages unfortunately resulted in talented people leaving the organization as they could find other work quickly. 3. Communicating talented employees their retention plan: Many organizations have deliberately not told talented people that they were special in many ways for fear of alienating the average performers. In the current scenario, it is easy to retain average performers and increasingly difficult to retain talents. 4. Providing recognition: It is crucial to understand what drives key talents. The major reasons talented people leave organizations are lack of recognition, lack of involvement, and poor management. Providing recognition helps to retain key talent and also yields great feedback and generates ideas for talent retention. 5. Providing opportunities for development and involvement: Providing development opportunities, mentoring programmes and ensuring knowledge transfer within the organization efficiently and effectively helps talented people to provide an organization valuable input on creative business opportunities and solutions. It also enhances their commitment to stay with the organization. 7. Rationalizing culture: Talented employees appreciate performance oriented, ethics driven, autonomy seeking and supportive of great place to work practices. 8. Providing intrapreneurial opportunities: By allowing talents to Tapomoy Deb is G M - HR with Spentex Industries, New Delhi. E-Mail: tdeb1969@rediffmail.com Tapomoy Deb run a business inside a larger business, an organization can gain commitment and ownership of results while simultaneously developing people. People who see opportunities for ownership and personal development are much likely to stay with the organization. 9. Challenging Jobs: Top talents like challenges and risks, otherwise boredom will set in and they will be looking for something more interesting elsewhere. It is very challenging for organizations to design work that way but they cannot do it then talents are not expected to stay. 10. Providing resources: Talents must be given the tools they need to do their jobs effectively. Of course, expenses are to be carefully watched but expense cutting should not cause the best people to wish they were somewhere else, and then they soon will be. Organizations need to clearly identify, develop, involve and recognize key people. It is not limited to the favoured few but focusing on those people whose skill sets are crucial and rarely available and prospective to organization. Those organizations that are able to create a dynamic, a new human resource model will retain the high knowledge talent needed to succeed in a globally competitive environment. u H | HRD News Letter | January 2007, Vol.22, Issue:10 13|
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Page 4 and 5: HRD NEWSLETTER Vol - 22 January 200
Page 6 and 7: It's that time again when we greet
Page 8 and 9: INTRODUCTION HR manager can play a
Page 10 and 11: HR Strategy: Focus and Integration
Page 14 and 15: Competency Mapping - Catch Word In
Page 16 and 17: Spiritual Intelligence Naachimuthu,
Page 18 and 19: ICTs And Family Life The old order
Page 20 and 21: Appraisals Appraised Annual Apprais
Page 22 and 23: Empathy is the term used to describ
Page 24 and 25: Tune Your Track Towards The Path Of
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Page 28 and 29: Stress Among Call Centre Executives
Page 30 and 31: Case Study - 13 'Saamp Bhi Marjaye,
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Page 34 and 35: HYDERABAD CHAPTER PROGRAMMES Januar
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