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Talent Management Infosys Project

Talent Management Infosys Project

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    Talent management Talent management Document Transcript

    • 1 Introduction to Talent ManagementIn today„s challenging business environment of going global and competition becomingintense, organizations have mounting pressure to perform better than before. Over the years,creation and preservation of knowledge has become a key tool in acceleratingcompetitiveness and enhancing organizational capabilities to respond to market changeswherein employees„skills and personalities are appropriately deployed to optimizeperformance, is a critical and difficult task. Furthermore, identifying and developingexecutives who have leadership potential, like every other vital strategic function, is ademanding process that is equal parts of Arts and Science.Not only Software and BPO Companies, no organization can rest in peace under theassumption that once they have recruited the employee in place, their job is done. The realchallenge that is faced by these industries is not hiring the right person for the right job,neither their Performance Management System, nor their Work Climate nor Culture, but inretaining the employee. It is proven beyond argument that it is the people who make or breakthe organization.Managing the talent of key employees is critical to achieve the success in long-term by anyorganization. Talent management involves individual and organizational development inresponse to a changing and complex operating environment. It includes the creation andTalent in general terms refers to the capabilities, skills or the art, a person possess in a particularfield. It also refers to those people who have high potential, scarce knowledge and skill orwho can successfully bring about transformation and change in the organization. Such
    • 2individuals are usually sought after in the market and their contributions to the business add direct value toits strategic or competitive positioning.Coming to the word Talent Management in an Organisation, it refers to those special steps an organizationadopts to recruit, develop and retain its pool of top talent. Talent Management also denotes adeliberate approach taken up by an organization to attract, develop and retain people withthe aptitude and abilities to meet not only the current requirements but also future organizational needs.In today‟s talent-hungry market scenario, one of the greatest challenges that organizations arefacing is to successfully attract, assess, train and retain talented employees. Talent Managementencompasses in itself the entire process of Planning, Recruiting, Developing, Managing,and Compensating employees throughout the organization. Organizations have realized the need fortalent management and are now focusing to develop and retain the existing talent in theirorganization rather than trying to acquire a new talent because the cost of identifying,developing and retaining the talent internally is more cost effective instead of replacing the talentwhich is lost from external market. Though it may appear initially that in the process of retaining talent, we arespending more in terms of increased wages, rewards and recognition, when we practically analyze, the costof acquiring a new talent is higher. Apart from higher cost of acquiring the new talent it has toadditionally face the initial hiccups of this new employee getting along with theorganisational goals and strategies. Every business unit is making sure that they can respond andwithstand the challenges of talent crisis by developing an effective talent management strategylike identifying the key talented people in the organization, cultivating anddeveloping the skill of theirpresent workforce and retaining highly talented employees by protecting them fromcompetitors
    • 3HistoryTalent management is a term that emerged in the 1990s to incorporate developments in HumanResources Management which placed more of an emphasis on the management of human resourcesor talent. The term was coined by David Watkins of Softscape published in an article in 1998, andfurther defined in the book "Talent Management Systems" in 2004 " however the connection betweenhuman resource development and organizational effectiveness has been established since the1970s. Talent management is part of the Evolution of Talent Measurement Technologies.The issue with many companies today is that their organizations put tremendous effort into attractingemployees to their company, but spend little time into retaining and developing talent. A talentmanagement system must be worked into the business strategy and implemented in daily processesthroughout the company as a whole. It cannot be left solely to the human resources department toattract and retain employees, but rather must be practiced at all levels of the organization. Thebusiness strategy must include responsibilities for line managers to develop the skills of theirimmediate subordinates. Divisions within the company should be openly sharing information withother departments in order for employees to gain knowledge of the overall organizational [7]objectives. Companies that focus on developing their talent integrate plans and processes to trackand manage their employee talent, including the following: Sourcing, attracting, recruiting and on boarding qualified candidates with competitive backgrounds Managing and defining competitive salaries Training and development opportunities Performance management processes Retention programs Promotion and transitioningThe talent management strategy may be supported by technology such as HRIS (HR InformationSystems) or HRMS (HR Management Systems). Modern techniques also use Competency-basedmanagement methodologies to capture and utilize competencies appropriate to strategically drive anorganizations long term plans.
    • 4 Talent Management: ConceptWide variations exist in how the term „talent‟ is defined across differing sectors, andorganisations may prefer to adopt their own interpretations rather than accepting universal orprescribed definitions. That said, it is helpful to start with a broad definition and, from ourresearch, we have developed a working definition for both „talent‟ and „talent management‟: Talent consists of those individuals who can make a difference to organisational performance either through their immediate contribution or, in the longer-term, by demonstrating the highest levels of potential. Talent management is the systematic attraction, identification, development, engagement, retention and deployment of those individuals who are of particular value to an organisation, either in view of their „high potential‟ for the future or because they are fulfilling business/operation-critical roles.These interpretations underline the importance of recognising that it is not sufficient simplyto attract individuals with high potential. Developing, managing and retaining thoseindividuals as part of a planned strategy for talent is equally important, as well as adoptingsystems to measure the return on this investment.More organisations are also now broadening their definitions, looking at the „talents‟ of alltheir staff and working on ways to develop their strengths (see „inclusive versus exclusiveapproaches‟ below). At its broadest, then, the term „talent‟ may be used to encompass theentire workforce of an organisation.Talent is everywhere; the difficulty today lies in identifying the right kind. Talent is acomplex chemistry that combines personal history, a great capacity for analysis andcontextualization, the ability to listen, respect for others and a perfect knowledge of ones
    • 5profession, practices and changes. Previously, talent was easily identifiable. Now we have tofind it with tools such as annual reviews, the 360 °, assessment centers, social networks, workgroups and all the Web 2.0 tools. However, according to the survey of BCG, 60% ofcompanies have no experience on the subject. This is a new challenge that lies before us inthe training and skills management business to help companies with the identificationprocess. They can benefit from benchmarking done with the help of our knowledge on thistopic.Talent management as part of skills management has become a key element for businessperformance. It is a source of individual recognition, which is a key factor for internalmobility and generates change for innovation. Identifying talent is finding the people that willtransform business knowledge by sharing it around them and transforming it into tools, goodsor services that can create future wealth for the company.Talent management refers to the anticipation of required human capital the organizationneeds at the time then setting a plan to meet those needs. Talent management in this contextdoes not refer to the management of entertainers. Companies engaging in a talentmanagement strategy shift the responsibility of employees from the human resourcesdepartment to all managers throughout the organization. The process of attracting andretaining profitable employees, as it is increasingly more competitive between firms and ofstrategic importance, has come to be known as "the war for talent." Talent management isalso known as HCM (Human Capital Management).The term "talent management" means different things to different organizations. To some it isabout the management of high-worth individuals or "the talented" whilst to others it is abouthow talent is managed generally - i.e. on the assumption that all people have talent whichshould be identified and liberated.
    • 6Talent Management in organisations is not just limited to attracting the best people from theindustry but it is a continuous process that involves sourcing, hiring, developing, retainingand promoting them while meeting the organisations requirements simultaneously. Forinstance, if an organisation wants the best talent of its competitor to work with it, it needs toattract that person and offer him something that is far beyond his imagination to come andjoin and then stick to the organisation. Only hiring him does not solve the purpose but gettingthe things done from him is the main task. Therefore, it can be said that talent management isa fully fledged process that not only controls an entry of an employ but also his or her exit.To achieve success in business, the most important thing is to recognize the talent that canaccompany one in achieving his goal. Attracting them to work for and strategically fittingthem at a right place in the organisation is the next step. It is to be remembered that placing acandidate at a wrong place can multiply the problems regardless of the qualifications, skills,abilities and competence of that person. How brilliant he or she may be, but placing them at awrong place defeats the whole purpose. The process of talent management is incomplete ifyou are unable to fit the best talent of the industry at the place where he or she should be.Some organizations may find the whole process very unethical especially who are at thegiving end (who loses their high-worth employee). But in this cut-throat competition wheresurvival is a big question mark, the whole concept sounds fair. Every organization requiresthe best talent to survive and remain ahead in competition. Talent is the most important factorthat drives an organization and takes it to a higher level, and therefore, cannot becompromised at all. It won‟t be exaggerating saying talent management as a never-endingwar for talent!
    • 7 Talent Management: Process and Importance ProcessPeople are, undoubtedly the best resources of an organization. Sourcing the best people fromthe industry has become the top most priority of the organizations today. In such acompetitive scenario, talent management has become the key strategy to identify and fillingthe skill gap in a company by recruiting the high-worth individuals from the industry. It is anever-ending process that starts from targeting people. The process regulates the entry andexit of talented people in an organization. To sustain and stay ahead in business, talentmanagement cannot be ignored. In order to understand the concept better, let us discuss thestages included in talent management process:● Understanding the Requirement: It is the preparatory stage and plays a crucial role insuccess 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.●Sourcing the Talent: This is the second stage of talent management process that involvestargeting the best talent of the industry. Searching for people according to the requirement isthe main activity.●Attracting the Talent: it is important to attract the talented people to work with you as thewhole process revolves around this only. After all the main aim of talent management processis to hire the best people from the industry.●Recruiting the Talent: The actual process of hiring starts from here. This is the stage whenpeople are invited to join the organization.●Selecting the Talent: This involves meeting with different people having same or differentqualifications and skill sets as mentioned in job description. Candidates who qualify thisround are invited to join the organization.
    • 8●Training and Development: After recruiting the best people, they are trained anddeveloped to get the desired output.●Retention: Certainly, it is the sole purpose of talent management process. Hiring them doesnot serve the purpose completely. Retention depends on various factors such as pay package,job specification, challenges involved in a job, designation, personal development of anemployee, recognition, culture and the fit between job and talent.●Promotion: No one can work in an organization at the same designation with same jobresponsibilities. Job enrichment plays an important role.●Competency Mapping: Assessing employees‟ skills, development, ability and competencyis the next step. If required, also focus on behaviour, attitude, knowledge and futurepossibilities of improvement. It gives you a brief idea if the person is fir for promotingfurther.●Performance Appraisal: Measuring the actual performance of an employee is necessary toidentify his or her true potential. It is to check whether the person can be loaded with extraresponsibilities or not.●Career Planning: If the individual can handle the work pressure and extra responsibilitieswell, the management needs to plan his or her career so that he or she feels rewarded. It isgood to recognize their efforts to retain them for a longer period of time.●Succession Planning: Succession planning is all about who will replace whom in nearfuture. The employee who has given his best to the organization and has been serving it for avery long time definitely deserves to hold the top position. Management needs to plan aboutwhen and how succession will take place.●Exit: The process ends when an individual gets retired or is no more a part of theorganization.Talent Management process is very complex and is therefore, very difficult to handle. The
    • 9sole purpose of the whole process is to place the right person at the right place at the righttime. The main issue of concern is to establish a right fit between the job and the individual. ImportanceTalent Management is on HR professionals„minds these days, as HR works to obtain, retainand develop manpower. For talent management to be effective, what is important is to hireemployees who seem to be the best fit in the organization. Organizations are taking steps tomanage talent most effectively and also to develop their own employer brand. These brandssimplify decision-making and communicate the value they create for their customers.Likewise, employees also identify themselves with certain organizations especially in thelight of forecasted labour shortage. Organizations that formally decide to "manage theirtalent" undertake a strategic analysis of their current HR processes. This is to ensure that aco-ordinated, performance oriented approach is adopted.Quite often, of late organizations are adopting a Talent Management approach and arefocusing on co-coordinating and integrating various aspects, such as: Recruitment, Retention, Employee development, Leadership and "high potentialemployee" development, Performance management, Workforce planning and Culture.The Researcher found from the present study that, there is a tremendous change in humanresources in the past decades. The reasons behind are the changes in technology and globaleconomic environment. Even though organizations are aware of the need for human talentthey were neglecting it all these years without giving comprehensive outlook.The novel Economy is a different place from the aged one and requires a shift in valuesystems to become accustomed. To deal with this changing world the present age bracket
    • 10needs to be aware of its contributions, developments and ability to manage both the presentandTalent management is gaining increased attention. Talent management (TM) bringstogether a number of important human resources (HR) and management initiatives.Organisations that formally decide to "manage their talent" undertake a strategic analysis oftheir current HR processes. This is to ensure that a co-ordinated, performance orientedapproach is adopted.Quite often, organisations adopting a TM approach will focus on co-ordinating andintegrating: Recruitment - ensuring the right people are attracted to the organisation. Retention - developing and implementing practices that reward and support employees. Employee development - ensuring continuous informal and formal learning and development. Leadership and "high potential employee" development - specific development programs for existing and future leaders. Performance management - specific processes that nurture and support performance, including feedback/measurement. Workforce planning - planning for business and general changes, including the older workforce and current/future skills shortages. Culture - development of a positive, progressive and high performance "way of operating".
    • 11An important step is to identify the staff or employees (people and positions) that are criticalto the organisation. They do not necessarily have to be senior staff members. Manyorganisations lost a lot of "organisational knowledge" in the downsizing exercises of a fewyears ago. The impact of the loss was not immediately apparent. However, it did not takelong for many companies to realise their mistake when they did not have people with theknowledge and skills to either anticipate or solve problems that arose.The current discussions about skill shortages and the ageing population are also helpingorganisations to focus on the talent management issue. It may not be possible to simply goout and recruit new people to meet operational needs. Many leading companies have decidedto develop their own people, rather than trying to hire fully skilled workers.
    • 12 Talent Management: Benefits and Financial Benefits Benefits of Talent Management Talent management can be a discipline as big as the HR function itself or a small bunch of initiatives aimed at people and organization development. Different organizations utilize talent management for their benefits. This is as per the size of the organization and their belief in the practice. It could just include a simple interview of all employees conducted yearly, discussing their strengths and developmental needs. This could be utilized for mapping people against the future initiatives of the company and for succession planning. There are more benefits that are wide ranged than the ones discussed above. The benefits are: ●Right Person in the right Job: Through a proper ascertainment of people skills and strengths, people decisions gain a strategic agenda. 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. ●Retaining the top talent: Despite changes in the global economy, attrition remains a major concern of organizations. Retaining top talent is important to leadership and growth in the marketplace. Organisations that fail to retain their top talent are at the risk of losing out to competitors. The focus is now on charting employee retention programs and strategies to recruit, develop, retain and engage quality people. Employee growth in a career has to be taken care of, while succession planning is being performed those who are on the radar need to be kept in loop so that they know their performance is being rewarded.
    • 13 ●Better Hiring: The quality of an organization is the quality of workforce it possesses. The best way to have talent at the top is have talent at the bottom. No wonder then talent management programs and trainings, hiring assessments have become an integral aspect of HR processes nowadays. ●Understanding Employees Better: 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. ●Better professional development decisions: When an organization gets to know who its high potential is, 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, an organization remains bothered where to make this investment and talent management just make this easier for them. Apart from this having a strong talent management culture also determines how organization rate their organizations as work places. In addition if employees are positive about the talent management practices of the organization, they are more likely to have confidence in the future of their organization. The resultant is a workforce that is more committed and engaged determined to outperform their competitors and ensure a leadership position in the market for their organization. Financial Benefits There are pros and cons of every management philosophy and the associated processes. Talent management is no exception to it. While many organizations simply decline to
    • 14have it under their umbrella because it costs the exchequer, still others approve of itequally strongly as an effective people management process.Before we discuss the financial benefits of talent management the following may be ofour interest and worth a thought:Most of the organizations are short sighted, when it comes to people management.People management may not go well with pure capitalists.Organizations and industries are growing at a fast pace, faster than the rate at which talentis produced.There is dearth of talented and skilled professionals both at the top as well as bottom.Due to cut throat competition and a consequent lack of talented professionals the attritionrates have increased across all industries, especially so in services industry.Poaching has become common place; employee retention has become the Achilles heel ofcorporations.All the above mentioned statements clearly indicate that the talent is unable to keep pacewith the growing industry and also that the industry has failed to breed the pool oftalented individuals as per its requirements. A fast industry growth meant that there wouldbe a need for talented professionals for upcoming avenues and unfortunately corporateseemed to miss out on this. Business houses nowadays have diversified interests indifferent industries, employment opportunities are fast coming up but unfortunately thetalent is pool is shrinking. This tells upon the finances of an organization in a big way.Less attrition means lesser expenditure on hiring: BPO‟s and start ups, for example wherethe attrition rate is the highest remain occupied in searching for people every now andthen. Now this incurs financial losses to the organization. An organization not only pays
    • 15an employee for his/her work but also spends a considerable amount on their training anddevelopment. There is transfer of skill and expertise and when the same employee leavesafter a brief stint with the organization, it costs the latter.The problem gets even worse when such a scenario occurs at the top level. Anunoccupied executive position can cost an organization dearly. The solution - a propertalent management in place can solve this problem. The following facts become worthconsideration here:New employees cost the company 30-60 % more than the existing employee in terms ofcompensation only.There is an additional cost incurred on training and developing the new individual.The process of recruitments itself costs an organization in a big way, right fromadvertising a post, to attracting talent and finally short listing and hiring someone for thejob. Often there is a compromise in hiring when the need is urgent.Organizations clearly need to look inside for solutions and design and develop betteremployee retention, rewards and recognition strategy. Performance management needs tobe taken care of.
    • 16 Talent Management: Principles and Challenges Principles There are no hard and fast rules for succeeding in execution of management practices, if you ask me. What may work wonders for one organization may ruin another one! For convenience sake however there are certain principles of Talent Management that one should follow or keep in mind. Principle 1 - Avoid Mismatch Costs In planning for future manpower requirements, most of the HR professionals prepare a deep bench of candidates or manpower inventory. Many of the people who remain in this bracket start searching for other options and move when they are not raised to a certain position and profile. In such a scenario it is better to keep the bench strength low and hire from outside from time to time to fill gaps. This in no way means only to hire from outside, which leads to a skill deficit and affects the organizational culture. Principle 2 - Reduce the Risk of Being Wrong In manpower anticipations for future an organization can ill afford to be wrong. It‟s hard to forecast talent demands for future business needs because of the uncertainty involved. It is therefore very important to attune the career plans with the business plans. A 5 year career plan looks ridiculous along with a 2 year business plan. Principle 3 - Recoup Talent Investments Developing talent internally pays in the longer run. The best way to recover investments made in talent management is to reduce upfront costs by finding alternative and cheaper talent delivery options. Organizations also require a rethink on their talent retention strategy to improve employee retention.
    • 17Another way that has emerged of late in many organizations is sharing development costswith the employees. Many of TATA companies for example sponsor their employees‟children education. Similarly lots of organizations use „promote then develop‟ programs fortheir employees where the cost of training and development is shared between the two. Oneimportant way to recoup talent investments is spotting the talent early, this reduces the risk.More importantly this identified lot of people needs to be given opportunities before they getit elsewhere.Principle 4 - Balancing Employee InterestsHow much authority should the employees‟ haves over their own development? There aredifferent models that have been adopted by various corporations globally. There is „the chessmaster model‟, but the flipside in this is that talented employees search for options.Organizations can also make use of the internal mobility programs which are a regular featureof almost all the top organizations.These principles are just broader guidelines; their application varies across industries andorganizational cultures. Challenges There is no dearth of professionals but there is an acute shortage of talented professionals globally. Every year b-schools globally churn out management professionals in huge numbers but how many of are actually employable remains questionable! This is true for other professions also.
    • 18 The scenario is worse even in developing economies of south East Asia. Countries like U.S and many European countries have their own set of problems. The problem is of aging populations resulting in talent gaps at the top. The developing countries of south East Asia are a young population but quality of education system as a whole breeds a lot of talent problems. They possess plenty of laborers - skilled and unskilled and a huge man force of educated unemployable professionals. These are the opportunities and challenges that the talent management in organizations has to face today - dealing with demographic talent problems.It faces the following opportunities and challenges: Recruiting talent Training and Developing talent Retaining talent Developing Leadership talent Creating talented ethical culture Recruiting Talent The recent economic downturn saw job cuts globally. Those who were most important to organizations in their understanding were retained, other were sacked. Similarly huge shuffles happened at the top leadership positions. They were seen as crisis managers unlike those who were deemed responsible for throwing organizations into troubled waters. It is the jurisdiction of talent management to get such people on onboard, who are enterprising but ensure that an organization does not suffer for the same. Training and Developing Talent
    • 19The downturn also opened the eyes of organizations to newer models of employment -part time or temporary workers. This is a new challenge to talent management, trainingand developing people who work on a contractual or project basis. What‟s more big achallenge is increasing the stake of these people in their work.Retaining TalentWhile organizations focus on reducing employee overheads and sacking those who areunessential in the shorter run, it also spreads a wave of de motivation among those whoare retained. An uncertainty about the firing axe looms in their mind. It is essential tomaintain a psychological contract with employees those who have been fired as well asthose who have been retained. Investing on people development in crisis is the best thingan organization can do to retain its top talent.Developing Leadership TalentLeadership in action means an ability to take out of crisis situation, extract certainty outof uncertainty, set goals and driving change to ensure that the momentum is not lost.Identifying people from within the organization who should be invested upon is a criticaltalent management challenge.Creating Talented Ethical CultureSetting standards for ethical behavior, increasing transparency, reducing complexities anddeveloping a culture of reward and appreciation are still more challenges andopportunities for talent management.
    • 20 Management StrategyThe human resource professionals are the cornerstone of any organizations. They not onlysolve business problems today but also participate in strategic aspects of the organization;talent management is one of them.Formulation of a talent management strategy is the responsibility of the HR function. This isoften done in consultation with the business function. Be it talent mapping and planning orperformance, recruitment and retention the human resource professionals of the day areseeking out ways to streamline and integrate their functions with the broader businessfunctions.people are empowered very early in their careers to give them more responsibilities andbuild more competencies in employees. This enables to develop high potential personnel. Theorganization runs an internal programme ID venture where they promote entrepreneurship.You have an idea; you come forward, share and develop a comprehensive business plan. Thebest plan receives a support from the organization!Some strategies followed are:Aligning Business strategies with the HR strategies: Business HR is one function that isdeveloping fast as part of the human resource department. The person is responsible forensuring a smooth relationship between business and HR functions. They work with businessheads to develop people strategies to support both short term and long term businessobjectives.Performance Planning and Evaluation: An integrated HR approach means that are uniformand standard procedures for employee performance evaluation and compensation, up anddown the organization. Performance is linked to growth and the process adds value for
    • 21employees to evaluate their work on their own. Indian digital disk giant Moser Baer employssuch process.Strategic Manpower Planning: HR and Business function are interrelated. None can existwithout the other. HR functions need to work in collaboration to assess current and futuremanpower requirements are plan for the same. They need to strategize on the approximatemanpower requirements, the relevant skills and educational qualification, compensation andthe like. This has to happen well in advance. Recruitment itself means a host of otheractivities like training and development, compensation, induction and orientation etc.Mapping your Talent: An ever increasing emphasis is being laid on identifying the topperforming and talented employees to think of ways to develop, nurture and retain them.Further organizations also like to keep skill inventories for contingencies. As organizationsrealize the skills and abilities of individuals, they can then be more focused on devisingmeans and strategies to attract, develop and retain these people.
    • 22 INFOSYSBackgroundIn the globalized business environment, historical sources of advantage have diminished invalue to the point that they are now fast becoming irrelevant. Research indicates thatsustainable competitive advantage in the future will come through investing in people tobuild organizational capabilities.Infosys believes in the progressive reality that HR is much more than a support function. Afact of economic life, HR needs to be used as a springboard to drive business. No more aboutmerely dealing with HR issues, it has a strategic role that requires dealing with businessissues – truly elevated to a “seat at the table”. The challenges thrown up by this fast-changingbusiness environment have also opened a window to a plethora of opportunities like dramaticshift in costs through global talent sourcing and de-risking through global task distribution,achieving global operational excellence through a judicious mix of technology and servicedelivery models, etc.Solving the talent paradox is not an impossible task. But it requires an integrated, strategicapproach to talent management, from planning and sourcing to training, development, andretention. Insightful, integrated talent-management practices can not only help anorganization overcome a talent shortage, but also deliver financial results that will win theapproval of all stakeholders.HR is headed towards and offers insights into some key strategies to capitalize on theconsequent opportunities – from the combined perspective of Infosys as a practitioner and aconsultant.
    • 23“Workforces Gone Global – 77% respondents say globalization factors are making adifference in their talent management strategies” - Talent Management Trend Survey 2007 byBPM Forum, Success Factors & Human Capital Institute INFOSYS- TALENT EDGEInfosys unveiled Infosys TalentEdge, a comprehensive talent management platform thatdeepens employee engagement. Infosys TalentEdge addresses the entire HR lifecycle helpingcompanies streamline their HR processes and reduce operational costs. The platform is builton state-of-the-art technology and is delivered in the Cloud on an outcome-based pricingmodel.Leading global enterprises, across industries, are already on their talent management journeywith Infosys TalentEdge.In the May 2011 report The Talent Management Suite Market Emerges James Holincheck,research vice president at Gartner, observed, "Customers are increasingly using more talentmanagement capabilities from a single vendor. Thus, a talent management suite market hasemerged."Infosys TalentEdge deepens employee interaction through rich social engagement andinteractive self-service capabilities. The social collaboration features of the platform helpscompanies improve access to organization-wide expertise, generate ideas, and accelerateinnovation. The platform also allows employees to access HR functionalities "on-the-go"through mobile and smart devices thereby enabling an always-connected workforce.Infosys TalentEdge simplifies the entire Hire-to-retire lifecycle of the HR function. Theplatform brings together preconfigured, best-in-class industry processes that helps enterprisesstreamline HR operations and free up time spent on transactional HR activities such as
    • 24payroll, attendance, benefits processing, etc. The Infosys TalentEdge platform is built onOracle‟s industry-leading PeopleSoft Human Capital Management (HCM) Suite.Delivered in the Cloud on an outcome-based pricing model, Infosys TalentEdge optimizescosts and delivers better spend predictability to the HR organization. This frees up significantcapital expenditure typically locked into HR technology and process investments, allowingthe HR function to be a strategic enabler of an organization‟s business objectives. InfosysTalentEdge provides companies with the convenience of single point of accountability bytaking complete ownership from technology to business operations.Samson David, Vice President and Global Head - Business Platforms, Infosys said, "InfosysEdge business platforms in the cloud, is focused on accelerating business innovation for ourclients across functions. Today HR organizations spend over 60% of their time ontransactional HR activities leaving little time to focus on talent engagement. With InfosysTalentEdge, companies can focus more on deepening talent engagement while simplifyingtransactional HR processes."About Infosys EdgeInfosys Edge, business platforms in the cloud empowers organizations to accelerate businessinnovation by driving deeper engagement with consumers and employees, powering newengines of growth and simplifying business operations. Leading Global 1000 clients, acrossindustries, have partnered with Infosys Edge to accelerate business innovation acrossfunctions.Infosys Safe Harbor
    • 25Certain statements in this release concerning our future growth prospects are forward-lookingstatements, which involve a number of risks and uncertainties that could cause actual resultsto differ materially from those in such forward-looking statements. The risks anduncertainties relating to these statements include, but are not limited to, risks anduncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, ourability to manage growth, intense competition in IT services including those factors whichmay affect our cost advantage, wage increases in India, our ability to attract and retain highlyskilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, clientconcentration, restrictions on immigration, industry segment concentration, our ability tomanage our international operations, reduced demand for technology in our key focus areas,disruptions in telecommunication networks or system failures, our ability to successfullycomplete and integrate potential acquisitions, liability for damages on our service contracts,the success of the companies in which Infosys has made strategic investments, withdrawal orexpiration of governmental fiscal incentives, political instability and regional conflicts, legalrestrictions on raising capital or acquiring companies outside India, and unauthorized use ofour intellectual property and general economic conditions affecting our industry. Additionalrisks that could affect our future operating results are more fully described in our UnitedStates Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2011 and on Form 6-K for the quarters endedSeptember 30, 2010 and December 31, 2010 and June 30, 2011.These filings are availableat www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the companys filings with theSecurities and Exchange Commission and our reports to shareholders. The company does notundertake to update any forward-looking statements that may be made from time to time byor on behalf of the company
    • 26Highlights of TalentEdgeEmployee On-boarding: The on-boarding solution leverages "SmartHire" feature providedby Oracle PeopleSoft. The offering includes a set of pre-configured employee-hire templatesthat can be fine-tuned based on client requirements. This template-driven hiring approachaccelerates employee on-boarding processAdminister Personal and Job Data: At the core of the HR solution is an enterprise-widehuman resources database that supports a multitude of HR processes and serves as the singlesource of personal and job dataManager Self-Service: This web-deployed solution enables managers to initiate and approvejob data to their direct/ indirect reports, including promotions, transfers, terminations, andother status changes and requestsEmployee Self-Service: The solution enables employees to access and control their personalinformation including name, address, phone number, and marital status through an intuitiveand user friendly interface thereby reducing administrative costs and hasslesMonitor Health and Safety: The solution facilitates tracking of workplace incidents,injuries, illnesses, first aid and medical treatment, management of accident investigations,corrective actions, and tracking of compensation claimsReporting/ Regulatory Compliance: The solution includes a whole host of delivered HRmetrics and reports that aid decision making and ensure better regulatory compliance. Someof the reports include Equal Employment Opportunity (EEO), Employee Turnover Analysis,Salary Structure Reporting, New Hire Details, and Pending I-9 submissions
    • 27Managing Organization Structure: The solution supports setting-up of organizationalstructure, department trees and creation of organization charts. It provides managers witheasy-to-comprehend visual representation of the organization structureRecord Issues/ Grievances: Employee issues and grievances can be tracked and monitoredright from the time they are raised to up until they are resolvedBenefits of TalentEdgeReduces employee on-boarding time by paper-less and error-free processesEmpowers employees and managers by providing self-service access. It results in reducedadministrative costs and drives employee satisfactionDrives informed decision making by providing timely and relevant information throughmetrics/ reportsReduces time and effort spent on administrative activities resulting in employee retention,effective people management and sharper focus on core business activitiesIntegrates seamlessly with other modules to form a single source for all HR data therebyreducing data inconsistencies significantlyImproves employee productivity through simplified and unified interfacesTalentEdge RecruitmentInfosys TalentEdges Recruitment module is an integrated, cost-effective talent acquisitionsolution that enables organizations to manage their workforce by searching and hiring theright talent. It integrates job-boards, job postings, applicant searches, background checks,résumé extractions, and test centers and provides an efficient, productive and enriching onlinerecruitment experience.
    • 28The Highlights are as follows:360 Degree View Dashboard: Provides the recruiter with alerts on overall recruitment statusthat includes details about new applicants, job openings, unconfirmed interviews,unevaluated answers, online job offers, quick search, and auto-match results.Integrated Interview Management: Provides bi-directional integration with MS Outlook2007 to schedule interviews and enables the recruitment team to allocate resources needed toconduct interviews.Profile Utilization: Imports person profiles and creates new job openings, thereby saving theeffort of creating jobs from scratch.Robust Multi-tiered Auto-screening: Automates screening to filter out applicants in theonline application process. Screening consists of mandatory questions for applicants, withpoints assigned to them. The application can be configured with multiple levels of screeningoptions such as preliminary levels to final, which sorts applicants at various stages ofrecruitment.Online Job Offer: Enables applicants to review, accept, and reject job offers online via theircareer portal page. Online features include attachments such as offer letters, benefit detailsand corporate policy documents.Approval Delegation: Authorizes proxy users to temporarily act on behalf of administratorsto approve job openings and offers.Search: Notifies registered candidates when a matching job opportunity opens up.Employee Referrals: By using the employee referral option, applicants can mention namesof employees who have referred them to the job opening.
    • 29Benefits if TalentEdge Recruitment are as follows: Highly configurable and flexible features to meet business needs accurately End-to-end integrated solution, from searching for the right candidates to hiring the best talent Easy integration of job-boards, job posting, and background checks by third party vendors Reduced effort and time by template based hiring Reduction of paperwork with enhanced online actions and workflow-driven processes Applicant-job combination searches enabled by robust search capabilities Easy use and generation of custom reportsBenefits to employees of TalentEgdeInfosys TalentEdges Benefits Administration module enables implementation of a fullspectrum of benefits including health, insurance, saving, spending, and additional non-standard plans.The solution is designed to define various types of benefit events including open enrollment;employment changes such as hire and termination; family status changes such as birth andmarriage; passive events based on employees and dependents age; and ConsolidatedOmnibus Budget Reconciliation Act (COBRA) qualifying events. The events can beconfigured to automatically determine the benefit plans that need to change accordingly. Theeffective-dated employee data including employee address, benefit elections, 401(k) options,
    • 30dependent and beneficiary details changed through open enrollment, and benefit changeevents are maintained in a centralized database enabling comprehensive reporting.Highlights of Administrative BenefitsEmployee Self Service: Internet-based self-service module enables employees to updatepersonal, dependent and beneficiary information, initiate life events such as marriage andbirth, and to enroll for various benefitsEvidence of Insurability (EOI) administration: Life and disabilities are covered by transferof electronic files to vendor and making enrollment changes after high coverage vendorapproval.Documentation Proofs: The solution tracks documentation proofs required for life eventssuch as birth and marriage and follows up with employees for the sameUnpaid leave billing: It enables billing for unpaid leave, COBRA and pay for retiredemployees by generating monthly invoicesFamily and Medical Leave Act (FMLA): It processes Family and Medical Leave Act(FMLA) in compliance with federal and state requirements, by generating notification/warning letters and leave packetsCOBRA and HIPAA Administration: It creates certificates of creditable coverage andCOBRA initial letters based on qualifying life events and enrollment changesVendor Compatibility: It Interfaces with vendors by dispatching eligibility and enrollmentinformation electronically in the industry-standard ANSI 834 format or in custom formatChange Notification: It notifies employees about the changes in benefit enrollments alongwith costs triggered by a benefit event via e-mail - for instance, changes resulting from a lifeevent, such as marriage or birth
    • 31Administrative Help: The solution enables administrators to resolve life event issues byproviding real-time summary of life events statusBenefits:Employees can view, compare or make enrollment changes themselves through the self-service module. This results in reduced operation costs. It also reduces printing costs forEnrollment and Confirmation worksheets. Employee satisfaction increases as they are in fullcontrol of their data.The solution sends approval notifications to personnel administrator, as and when employeesinitiate life events. Employees are allowed to process life events and make enrollmentchanges only after they receive the administrators approval.The solution provides one-stop help desk with a toll-free number for employees to makeenrollments, initiate life events, receive confirmation statements and get clarifications forbenefit queries related to eligibility and costsIt automates open enrollment and event maintenance processing which reduces manual errorsand premium overpaymentsFSA Administration tracks pledges, processes claims, disburses money, and prints checksUnifies interfaces and provides consistent data through seamless, real-time integration withall system components such as payroll and core HRMonitors changes in policies that affect eligibilityPerformance Management at TalentEdgePerformance Management is a basic and critical element of an enterprises‟ talentmanagement strategy. Infosys TalentEdges Performance Management module managesperformance by setting certain parameters like performance goals, aligning individuals goals
    • 32 with corporate objectives, progress monitoring, periodic performance rating, identifying development needs, and rewarding performers. Highlights of Performance Management Configurability in Goal Setting Phase: Various parameters including goal status, percentage completion, start date, end date, employee measurement, and adding and deletion of goals can be configured. Users can choose to either display participant evaluator information or maintain anonymity. Writing Tools: The platform leverages HR writing tools such as Results Writer, Performance Notes, Language Checker, Spell Checker, and Development Tips.o Both the employee and the manager can record private, free-format notes at any time during the review period and store them along with their performance documentso The Language Sensitivity Checker reduces the risk of inappropriate language in performance assessmentso Managers can access Results Writer that aids in writing constructive feedback based on employee performance ratingo Managers can access Development Tips to identify ways in which an employee can attain a certain competency or goalo Usage of Spell Checker increases professionalism and accuracy of performance reviews Goal Cascading and Goal alignment: This feature enables cascading of goals through defined hierarchy - from corporate goals to individual goals. For instance, it enables manager performance goals to be passed on to an employee performance document. Electronic Document Sign-off: Users can electronically sign-off performance documents, without generating paper copies.
    • 33Simplified Processes Initiation: Document creation process is made flexible for employees,managers and HR administrators.360 Degree Evaluation: Apart from the manager and employee, peers and team membersalso participate in evaluation process. It offers flexibility in configuring participantevaluation.Benefits of Performance Management:Easy-to-use, one stop solution: Streamlines performance management for employees,managers and HR administrator.Increases Employee Performance: Defines clear performance targets collaboratively at thebeginning of the performance period. It includes feedback from peers, managers, or otherparties to foster development. Managers can provide interactive feedback, coaching, anddevelopment to employees throughout the performance period.Drives Business Results: Links individual goals and rewards to business objectives bycommunicating employee contributions. Ensures adequate support of key initiatives andtracks progress.Improves Talent Management: Identifies high performers and team members in need ofperformance improvement.Improves Feedback to Employees: Enables managers to construct high-quality feedback toemployees with the help of writing tools that aid in appropriate language usage.Embedded Analytics and Normalization Reports: Managers and administrators can accessreports that show performance review summary status, reviews owned by the manager,
    • 34 reports of late or missing review documents, goal alignment details, goal completion progress, and online graphs of review rating distributions for defined groups of employees. Integration with other solutions:o Enables cultivation of pay for performance culture by integrating it with compensation solutiono Provides profile and competency data flowo Determines and adds to learning of an employee by integrating with learning solutionso Achieves integrated talent management by integrating Performance Management solution with Core HR, Successions and learning solution. It enables use of critical information about talent across business functions by providing deep insight into workforce, thereby aiding in informed talent management decisions
    • 35 Conclusionone of the biggest risks facing many organisations is having the right talent to enable them to competein the future.The reality for many business today is that a large majority of its key executives will probably retire inthe next 5-10 years. While this may not have been an issues 10 or 15 years ago, pressure have beensuch that businesses have had to reorganise and resize themselves to a point where the talent pool thatwould have been ready to step up into key roles are either not ready or not there.companies need to integrate their talent and succession planning with their strategic business plansand view talent management as a long-term, continuous process.1. Think strategically. Talent management requires a strategic perspective. What are the things thatmight impact your organisation in the future? Will it grow and acquire other businesses, or is themarket shrinking and therefore a different leadership approach may be needed? What ‘type’ ofmanagers and business leaders will be needed in the future?2. Understand key roles. Which functions and roles in the organisation drive the majority of thebusiness’s value? Think broadly, and not just about traditional leadership roles, specialist technicalroles such as product development may be as equally important. Once this is complete it is astraightforward task to examine the age profiles of those currently in the key roles. How many of thesecould retire in the next 5-10 years? How many of these roles have ‘ready now’ successors?3. Identify the requirements of the key roles. Effective talent management requires clarity on technicaland behavioural requirements for the roles as well as specific experience, such as international orspecific market experience. All key roles should have the necessary components and characteristics forsuperior performance clearly defined. These requirements can then be used as a basis to assesspeople, either internally via a promotion or externally via recruitment.4. Understand who your talent is. Use assessment centres to identify talent internally.
    • 365. Agree your succession strategy. Once the organisation knows who is likely to retire, and who thepotential talent is, objective decisions can be made about how the key roles will be filled in the future.Does the business need to actively recruit and bring in new blood or can all the key roles be filled fromwithin? Should the strategy be a balance of recruiting externally as well as promoting internally?6. Define career paths for internal promotions Once your succession strategy is clear, establishingcareer paths and the ability to describe the requirements for pursuing the path becomes easier.Creating effective career paths requires two components, knowing the requirements for the next leveland creating clear plan of how to gain the necessary skills, behaviours and experience.7. Link talent management with performance management. Talent management and successionplanning should become a part of the organisation’s performance management and careerdevelopment processes. Regular performance discussions are important to collect evidence of howpotential successors have performed. In addition, the discussions also provide the opportunity formanagers to coach talent to ensure ongoing development and readiness.8. Provide ongoing development. Managers need to support the ongoing development of their talentto ensure that make the necessary progress.9. Monitor readiness and prepare a succession plan. Senior managers should meet at least annually toinitially agree who the potential successors are for the key roles and to subsequently monitor theirprogress. Who is ready now to move to their next role? Is their evidence to suggest that any of thesuccessors will not ‘make the grade’? If not what needs to be done?10. Ensure ownership . Succession planning needs to be owned by line managers and needs to beactively led by the Chief Executive or owner of the business for it to be successful.
    • 37 Bibliographyhttp://derekstockley.com.au/newsletters-05/020-talent-management.htmlhttp://shodhganga.inflibnet.ac.in/bitstream/10603/2419/8/08_chapter%201.pdfhttp://www.taleo.com/researcharticle/what-talent-managementhttp://www.cipd.co.uk/hr-resources/factsheets/talent-management-overview.aspxhttp://sandylearningblog.wordpress.com/2008/09/02/introduction-talent-management/http://www.scribd.com/doc/15499035/Talent-Management-Scope-and-Processhttp://en.wikipedia.org/wiki/Talent_managementhttp://www.gov.ns.ca/psc/pdf/hrCentre/resources/talentManagement/TM_Process_Guide.pdfhttp://www.managementstudyguide.com/talent-management.htmhttp://www.infosys.com/talentedge/Pages/index.aspx