Talent management insights nov192012
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Talent management insights nov192012

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Talent Management Myths & Insights

Talent Management Myths & Insights

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  • 1. Changing Talent ManagementTALENT MANAGEMENT MYTHS & INSIGHTSThe Indian market is witnessing an exponential increase in the Small andMedium-sized enterprises (SMEs) with the direct rise in global opportunities.The contemporary SME sector is sifting through a mode of being an economy The Industry Is Witnessing Abased to knowledge intensive business systems. Business leaders need to Transformation In The Systemaccelerate and rework their talent retention strategies. And as the TM specialists Of Talent Management Andbelieve, this initiative would help employees continue in their careers for a Leadershiplonger time. Also, these experts believe that the purpose of such strategiesshould be to identify, engage, develop and mentor talent.Talent ManagementEarlier, talent strategy was all about protecting existing competitive advantagebut currently it is about finding continuous advantages that address businessrealities of tomorrow. The changes are as a result of a non-linear shift that helpssustain leadership and talent, in its long term. A Talent Management Investment Is A QuickAn effective illustration of this non-linear change (or an unpredictable change) Solution Across Organizationsis the history of the high-jump event at the Olympics. It has been observed thatthere are four distinct ‘business models’ in this event. Each of the models hasenabled athletes to achieve breakout performance.Formerly, it was the ‘scissors’ style (a hurdling style) that was dominatinglyused. Most high jumpers used the scissors approach as the style helped themwin the game. Should we have to compare these athletes to businessindividuals then the latter would have been competing on cost, market share,and margins.The approach was religiously followed by the other high-jump players untilone of them decided to change the rules of the game, some day, by inventingthe ‘western roll’ (style - high jumpers launched and landed on the same footand faced their back to the bar).The western roll was the style for 25 years until the next out-of-the-box-thinkerintroduced the ‘straddle,’ also called the ‘eastern roll’ (style - high jumperslaunched and landed on their opposite feet and then faced the bar).In the 1968 Olympics, former gymnast Dick Fosbury broke the Olympic recordby three inches, creating the third discontinuous change – ‘Fosbury Flop.’ (The‘Fosbury Flop’ was a straight approach where the player jumped with both hisfeet and twisted the body at 180 degrees, like a gymnast, looking away from thebar.)These nonlinear shifts exemplify innovative thinking. . Each transformed thehigh-jump ‘industry’. 1 www.improwise.in
  • 2. Talent Myths Realities ManagementBusiness leaders are still recovering from their conservative ideas on talentmanagement. There are many myths associated with the term which needs tobe replaced by facts and analysis. TM strategies require almost constantreinvention because old assumptions are no longer valid.The cliché that people are the greatest assets is no longer true. The ‘right talent’ Myth: Talent Management Isis the phrase used. Many such myths needs to be unlearned and re- Non-Strategicunderstood by the respective ‘realities.’ Reality: Talent Management Is Business ImperativeMyth: Talent management is non-strategic.Reality: TM is business imperative, which needs to be capitalized andrewarded to expect returns (financially). It is very important to improve thequality of talent resources in order to face the competitors’ market.Myth: People make organizations ‘smart’.Reality: It is very necessary to work the other way around the myth.Organizations that deploy TM as their prioritized approach and also create anenvironment to engage their talent make their people smart.Myth: The size of the organization matters. Large organizations hold a Myth: The Size Of The Organization Mattersmindset that says, ‚No one can compete with us‛‛ and smaller organizations Reality: Effort, Perception,adopt a mindset saying, ‚We can’t compete with the big guys‛ attitude. Willingness And TalentReality: Both of these varied sized companies would fail in their approach. It Engagement is What Mattersis not the size of the organization but it is the ‘effort to scale’ and ‘perceptionof their strengths and challenges’ that matter. The main reason that theemployees leave the company is because of their relationship with themanager and not the organization.Myth: Talent is inborn.Reality: ‚One can achieve world-class performance through ‘deliberate practice’.‛Talent development is the key driver to success and competitiveness in ascenario where demand and supply for highly skilled and adaptable talentare not in sink and are out of proportion. A Future Leader Is Someone Who Gets To The Root Level Of The Problem Even If Low- 2 Level Tasks Are Involved www.improwise.in
  • 3. Talent Myths Realities ManagementLeaders Are Vital…Business leaders must think differently to source and engage their right Myth: Managers Do Whattalent. It is essential to build on ‘Employer Brand’ to attract the best They Are Expected Tocandidates. It helps in simple recruitment steps and an effective ‘on-board Reality: A Right Managerexperience’. Leaders should also replace the myth of South Pole theory Would Even Perform Lowerwhich is to hire candidates who have achieved a top score in their Levels Of Work If The Workacademics. Instead, leaders must understand that in reality, grades are Demandsnot the only indicator of success in the real business world.Myth: Employees (mostly managers) do what they are expected to do.Reality: The right (adaptable) employees/ managers understand the needto tackle the lower level of work even if it is beneath their jobresponsibility. They understand that their success in the past has alwaysbeen in performing the station work, accurately. They should address theproblem by layer and provide clarity strategic solutions that can act as aguide for people in the lower levels. Each layer of work requires differentskills, time and value.Myth: The future leaders are the current high-performing managers Myth: Future Leaders Are Current High-PerformingReality: Current high-performing managers are effective for the present Managersdays of an organization but may not be potential for its future days. The Reality: Current High-right combination of engagement, ability and aspiration builds a high Performing Managers Areperformer and a successful employee. While a right employee is in the Potential Today But Notmaking, an organization’s responsibility is to provide him the aid to Tomorrowdevelop his skills. Investing in learning and development (L&D) helpsrebuild and redefine high performance.Leaders/ High Value Specialists are a vital part of a successfulorganization. While their technical and professional skills add to theorganizational success, it also becomes important for this rank ofemployees to be engaged through organizational culture and practices.This brings us to the topic of organizational ‘Culture’. 3 www.improwise.in
  • 4. Adopting Organizational CultureOrganizational CultureCulture Myth: Just because your strategy demands, it doesnt mean yourculture will allow itCulture Reality: Lack of culture or the wrong culture can kill business Myth: Because Strategyexcellence. Workplace freedom and bottom line discipline can co-exist Demands, Culture Will Not Allow It.Workplace freedom and bottom line discipline that co-exist, determine an Reality: Lack Of Cultureorganizational culture. A culture gives organization an edge. Influencing Affects Business Successculture in an organization is based on values, beliefs, decisions, behavior,and practices. An organization’s personal, social and structural culture isbased at both motivational and ability level of influence.Culture Myth: Shifting organization culture: You Do It ‘Down Up’.Culture Reality: An organizational culture should be a ‘Top Down’approach. We do not change an organizational culture. We only manage orshift it. Myth: To Change AnThe growing industry needs to unlearn these predetermined myths and Organizational Culture, Onebase their understanding on relevant facts and insights as their business Must Adopt ‘Down-Up’advances. As a progressing business, one must create high levels of Approachengagement to endure the intensifying industry prospects. In return, what Reality: We Should Shift Ordoes a talent expect from the organization? How can one lead an Manage An Organizationalorganization better and improve efficiencies to create a better workplace? Culture. And, It Should Be AInvesting in talent management is the answer to create a better workplace. ‘Top-Down’ ApproachTalent Management, a part of every organization’s learning needsinvestment and learning. Right employees, employer brand, accurateapproach, leaders, culture and values determine an organization’s success.It is important to redefine and redesign the leadership and managementplans to break through the benchmark of high-performance To ensurefinancial returns, it is important to capitalize on the support system of theorganization. A strong support system that consists of talent and talent-driven processes makes an organization and its culture effective. Thesefuturistic organizations will be able to create and develop leaders at everylevel who will have the ability to manage talent. 4 www.improwise.in