Talent nurturing drives performance[1] (1)

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Talent management

Talent management

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  • This article provides the best and most appropriate model and guide for developing a human capital and talent management strategy in the third world. Not like what most western strategies say about talent management that is mostly focused on poaching or pirating of talent from other organizations, the concept of talent management discussed here emphasizes conserving and developing talent from the present roll of employees in an organization that derives from an Asian outlook with its emphasis on maintaining ties and nurturing relationships as a source of job satisfaction, adding also to the Asian rationalization of loyalty and commitment to the organization.
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  • 1. Cover Page Title of the paper: Talent Nurturing Drives Performance Author’s Name: Mrs. Ritu Tewari Designation: Assistant Professor Organization with the address: Amrapali Group Of Institute, Shaksha Nagar, Lamachaur, Haldwani, Distt: Nainital,Uttranchal Contact number : 9837146883 Email address: ritupandey25@gmail.com
  • 2. Talent Nurturing Drives Performance * Ritu Tewari Abstract Talent management has been a buzzword since 1990s; even presently we all know that teams with the best people perform at a higher level thereby enhancing organizational effectiveness. Leading organizations know that exceptional business performance is driven by superior talent and a greater degree of genuine respect for such talent. People are the difference and Talent management is the strategy leading to successes like productivity, profitability, congenial work environment and the list goes on and on. The present paper aims to integrate research on talent management with employee attitudinal outcomes and organizational effectiveness. The paper begins with a case of an employee with an excellent academic record and immense talent who was promised a tremendous development of his career by nurturing his talent by the organization, but ended up in brooding over his experiences with the company he loved the most. The study reveals that talent management has positive significant influence on employee attitudinal outcomes and organizational effectiveness e.g. employee work engagement, turnover avoidance, and value addition. We conclude that organizations, which are enthusiastic for gaining competitive advantage over their business rivals, need to manage their talent in vigilant and effective ways. Key Words :- Nurturing, Organizational effectiveness, ,Turnover Avoidance, Value Addition, and Work Engagement * Assistant Professor Amrapali Institute,lamachaur,Haldwani,ritupandey25@gmail.com,9837146883 Case
  • 3. Rudely shaken, Manas came home ,didn’t respond to wife’s usual questions ,lit a cigarette , bolted inside and sat in his room. Manas with an excellent academic record and names like IIT and XLRI associated with him ,was brooding over his experiences with the company he loved the most and a company which made fancy promises of nurturing talents ,training and development ,organizational effectiveness…..and the list is endless . Competency management is key to aligning human capital assets with business strategy to create value for organizations and drive their performance forward in a competitive talent market INTRODUCTION "People are not your most important asset. The right people are. " - Jim Collins Employee arrive at work, take a seat at their desks and get ready for the day.Question is:will they be giving your company their best effort? Will they be motivated to help the organization succed? The answer has a deep impact on organizations performance and future. This is why more and more people are talking about talent management in today’s highly competitive environment. Organizations are trying to do more with fewer resources and good business leaders are coming to understand the value derived from a talented workforce.Challenged by changing demographics in the labor market and people-related costs averaging 40-60% of corporate enterprises are focusing on their ability to retain and develop high-performing people to continue to drive innovation and growth into the future. According to a recent study of 77 companies and almost 6000 managers and executives, the most important corporate resource over the next 20 years will be talent: smart, sophisticated business people who are technologically literate, globally astute, and operationally agile. Talent management is of core to the vitality of the business to meet and exceed current as well as future business strategies and goals. Framework of talent management proactively anticipates and meets business talent demand which is necessary to successfully execute the business
  • 4. strategy. Talent Management or HCM is beneficial to both the organization and the employees. The organization benefits from: Increased productivity and capability; a better linkage between individuals' efforts and business goals; commitment of valued employees; reduced turnover; increased bench strength and a better fit between people's jobs and skills. Employees benefit from: Higher motivation and commitment; career development; increased knowledge about and contribution to company goals; sustained motivation and job satisfaction. At last we can say that Talent management is of core to the vitality of the business to meet and exceed current as well as future business strategies and goals. Framework of talent management proactively anticipates and meets business talent demand which is necessary to successfully execute the business strategy. It insights into the business strategy, then accordingly develops as well as retains prior talent and attracting new talent to cope with the strategic needs in order to get best utilization out of tools and processes to deliver talent management solutions. Conceptual framework Talent management refers to the skills of attracting highly skilled workers, of integrating new workers, and developing and retaining current workers to meet current and future business objectives. Talent management in this context does not refer to the management of entertainers. Companies engaging in a talent management strategy shift the responsibility of employees from the human resources department to all managers throughout the organization. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as "the war for talent." Talent management is also known as HCM (Human Capital Management). The term "talent management" means different things to different organizations. To some it is about the management of high-worth individuals or "the talented" whilst to others it is about how talent is managed generally - i.e. on the assumption that all people have talent which should be identified and liberated. History The concept of talent management was derived from World War II (Cappelli, 2008), however its strategic importance has been realized when McKinsey consultants group claimed the human
  • 5. resource as “War for Talent” in late 1990’s (Scullion and Collings, 2010). This war for talent was prompted by the realization that talent shortages were increasingly becoming one of the biggest human resource concerns for multinational corporations (Makela et al., 2010). Thus, the organizations interested in maximizing productivity and effectiveness adopted systematic and rigorous approaches for attracting, selection, development and retention of talented key employees (Huselid et al., 2005) Literature review A detailed survey of the concerned literature has been carried out based on various journals, reviews concerned magazines and internet and presented below: Any Organization needs to have a vision and a well defined strategy on hiring for the future. They should have the right talent to attract and retain the best available talent for which a number of measures for talent management are required. [Karthikeyank,2007]. Emphasis has been paid on initiatives that can be put in place to help organization to retain and nurture the talent [Pandit, 2007]. Broadly defined, talent management encompasses the instrumentation of unifying strategies or processes in order to enhance the output of a wok place by deploying ameliorate systems and processes for attracting, development, retention and utilization of required skills and abilities of work force and their aptitude matched with the current and upcoming business needs. Talent management strategies centralize around five basic areas such as attracting, selecting, engaging, developing and retaining employees (Perrin, 2003)Many authors regard talent management as a managerial strategic priority of the 21st century (Farndale et al., 2010). Employees’ knowledge, skills and competencies are an important competitive weapon, hence talent needs to be maximized and recognized as one of the discrete source of organizational competitive advantage (Collings and Mellahi, 2009). It is generally concerned with practices associated with developing strategy, identifying talent gaps, succession planning, and recruiting, selecting, educating, motivating and retaining talented employees human resource though a variety of initiatives (Ringo et al., 2010). Most of the researchers argued that knowledge workers are a highly educated and qualified person who deals with the information and its application in specific situations to create new knowledge and address solutions of existing problems (Davenport et al., 2002). Skilled workers have abilities and talent to input the ideas and expertise when
  • 6. organization is in need of the particular talent and comparatively easier for them to execute new procedural lines in order to respond the change immediately (Lawler, 2008). Extensive review of the literature conducted, reveals that talent management helps organization towards identifying succession and talent gaps, planning goals, developing strategies for critical performance appraisal, average prior experience, skills, average tenure, retirements and turnovers. Talent management is the distinguished key driver of organizational performance. It enables the organizations to integrate their human capital processes to address their urgent talent challenges faced by management. Relationship of Talent Management with organizational effectiveness 1) An environment is created in which each employee feels himself a contributor, each employee feels valued, and watches the organization become more competitive in the marketplace. From fashioning carrots to fostering employee confidence, talent management is the key. 2) Talent management seeks to exploit the pride of being important, and be proud of the employees’ own abilities. This, in turn, will encourage employee motivation among your people. 3) Organisations that make strategic rather than operational employee development decisions are definitely best placed to see the ultimate gains. 4) Managing the talent of employees through the development techniques is also Seen as a method to increase skills in a bid to overcome the recruitment problems .Employers are facing increasingly facing difficulties in recruiting the talent which they need. This vividly connotes that the focus in talent management is now on an explicit commitment to grow and develop talented people as part of the organization ‘s long term strategy and as a part of the vision and mission for the business.
  • 7. 5) Researches show that there are several real life examples where employee development has had a positive impact on the business .Mines rescue ,a health and safety consultancy, used training in order to develop new skills in their employees .As a result of this it expanded its customer base and boosted turnover to over £8 million a year. 6) Researches with special reference to the Indian pharmaceutical industry also reveal that the five basic talent management strategies are a) HELP EMPLOYEES STAY-make it easy for your best people to stay by adopting best –in- class Human Resource Practices .Make career paths.Zydus Cadila has a high employee retention rate which the management attributes to rewarding and retaining employees . b) FOCUS ON “RELEVANT”- Identify your organization’s unique personality,which may be entrepreneurial or management driven or some other kind .When selecting candidates consider how their personal ties will align with your corporate culture . c) MAKE THE CROWN ATTRACTIVE- Let your talented workforce or high level professionals know the robust career paths for them in your company and the opportunities you provide. d) MANAGE THE EMPLOYER IMAGE- People do talk which is a fact of life.Try to maintain the employer image ,may be as a learning organization or that of a creative one . 7) As per Atanu Sengupta ,head HR and Administration ,Volvo India is of the opinion that focus must be on individuals and organization must customize accordingly .At Volvo the system of sourcing talents and leaders is from within .
  • 8. Suggestions:- More then ever in the history of the business,it is imperative for the organizations to manage people well.In todays information economy, peoples knowledge ,skills and relationships are an organizations biggest asset and main source of competitive advantagesAccording to a survey done by All India Management Association AIMA),90% of Indian companies have talent retention problems. The last decade has seen acute problems in sourcing right talent, rising attrition rates, decreasing retention rates and poaching of the star employees by competitors. To deal with the problems, organizations basically require proper diagnose of the current employee attitudes and organization culture. The four strategies adopted to manage talent can be best depicted by Talent Management Matrix:- Talent Management Matrix The strategies to attract and retain talent viz. pay, benefits, learning and development and work environment can range from highly tangible to intangible. Organization should use a combination of these to succeed in their talent management efforts. Pay Individual Transactional Tangible Communal Pay Benefits Learning and development Work Environment Relational Intangible
  • 9. It is the most important factors responsible for keeping the employees in the organizations. Apart from offering competitive salaries, introducing variable pay component in the total compensation package acts as a major morale booster for superior performers. Benefits Another area in which employees need to look while framing the retention strategies is “employee benefits”such as medical and transport facilities,company accommodations,life insurance ,saving and investment plans, employee stock option plans(ESOP), paid holidays, tax assistance and so on. Learning and Growth The importance of learning and growth in order to retain ambitious employees cannot be undermining especially when the competitors have a well established training system. It not only acts as a way to attract and retain employees but also provides competitive advantages by strengthening the intellectual base of the company. Work culture Factors such as organizational climate and culture, communications system, participation and recognitions, recreation etc, from the working environment which is the major factor responsible for establishing a long term bond between the individual and the organization. A healthy corporate culture of caring for the employees workers, community and environment well strengthen the social – spiritual capital, leading to a positive work climate of empowered and supported workers. CONCLUSION In a competitive marketplace, talent management is a primary driver for organizational success. Broadly defined, talent management is the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs. Assessing talent needs, identifying required skill sets and studying the compensation environment are important. But more critical will be a reorientation of leadership
  • 10. and management styles to accommodate the next generation talent. Organizations know that they must have the best talent in order to succeed in the hypercompetitive and increasingly complex global economy. Along with the understanding of the need to hire, develop, and retain talented people, organizations are aware that they must manage talent as a critical resource to achieve the best possible results. Few, if any, organizations today have an adequate supply of talent. Gaps exist at the top of the organization, in the first- to midlevel leadership ranks, and at the front lines. Talent is an increasingly scarce resource, so it must be managed to the fullest effect. Bibliography Bassett Peter ,Buxton Cheryl , Pathania Ruchira and Sharan Madhav . Talent Management Is Key to India’s Pharma Future. Korn /Ferry International Cappelli P. (2008). Talent management for the 21st century. Harvard Business Review, March 2008. Collings, D. and Mellahi, K. (2009). Strategic talent management: a review and research agenda. Human Resource Management Review. 19, 304-313. Farndale, E., Scullion, H. and Sparrow, P. (2010). The role of the corporate HUMAN RESOURCE function in global talent management. Journal of World Business. 45, (2), 161-168. Huselid, M. A., Beatty, R. W. & Becker, B. E. (2005) 'A Player' or 'A Positions'? The strategic logic of workforce management. Harvard Business Review, December, 110 117. Karthikeyan J (May 2007), Talent management strategies, NHRD journal, Hyderabad, p23-26 Makela, K., Bjorkman, I. & Ehuman resourcenrooth, M. (2010) How do MNCs establish their talent pools? Infuences on individuals' likeihood of being labeled as talent. Journal of World Business, 45, 134-142. Oakes, K. “Preaching to the Choir: The Future of Integrated Talent Management.” In E. Biech (ed), ASTD Handbook for Workplace Learning Professionals, Alexandria, VA: ASTD Press, 2008 Pandit Y V L (May 2007), Talent retention strategies in a competitive environment, NHRD journal, Hyderabad, p27-29
  • 11. Scullion, H. & Collings, D. G. (2010) Global talent management. Journal of World Business, 45, 105-108. Thomas V. Durgin, (June 26, 2006) Using Competency Management to Drive Organizational Performance, Human capital institute Visualizing Global Talent to Maximize Workforce Performance (October 2006 )Oracle Corporation World Headquarters 500 Oracle ParkwayRedwood Shores, CA 94065,USA Wellins S Richard , PH.D.,SR. VICE PRESIDENT ,Smith B. Audrey , PH.D.,SR. VICE PRESIDENT,EXECUTIVE SOLUTIONS Scott erker, PH.D., SR. VICE PRESIDENT, SELECTION SOLUTIONS .Nine best practices of talent management.