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Talent management

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talent management and recruitment

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Talent management

  1. 1. BY RITU KARN (PESIT) TALENT MANAGEMENT
  2. 2. DEFINING TALENT ‘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’ According to McKinsey, talent is the sum of  a person’s abilities,  his or her intrinsic gifts,  skills, knowledge, experience ,  intelligence,  judgment, attitude, character, drive,  his or her ability to learn and grow
  3. 3. TALENT MANAGEMENT A conscious, deliberate approach undertaken to attract, develop and retain people with the aptitude and abilities to meet current and future organisational needs. TALENT=COMPETENCE+COMMITMENT+CONTRIBUTION
  4. 4. PURPOSE OF TM  To compete effectively in a complex and dynamic environment to achieve sustainable growth  To develop leaders for tomorrow from within an organization  To maximize employee performance as a unique source of competitive advantage  To empower employees: Cut down on high turnover rates Reduce the cost of constantly hiring new people to train
  5. 5. BENEFITS OF TM  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.
  6. 6. Contd..  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.
  7. 7. FOCUSSES OF TM APPROACHES  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".
  8. 8. TM - A PROCESS
  9. 9. 1. Workforce Planning: Integrated with the business plan, this process establishes workforce plans, hiring plans, compensation budgets, and hiring targets for the year. 2. Recruiting: Through an integrated process of recruiting, assessment, evaluation, and hiring the business brings people into the organization. 3. Onboarding: The organization must train and enable employees to become productive and integrated into the company more quickly. 4. Performance Management: by using the business plan, the organization establishes processes to measure and manage employees. PROCESS
  10. 10. 5. Training and Performance Support: This is a critically important function. Learning and development programs is provided to all levels of the organisation.This function itself is evolving into a continuous support function. 6. Succession Planning: as the organization evolves and changes, there is a continuous need to move people into new positions. Succession planning, a very important function, enables managers and individuals to identify the right candidates for a position. This function also must be aligned with the business plan to understand and meet requirements for key positions 3-5 years out. While this is often a process reserved for managers and executives, it is more commonly applied across the organization.
  11. 11. 7. Compensation and Benefits: This is an integral part of people management. Here organizations try to tie the compensation plan directly to performance management so that compensation, incentives, and benefits align with business goals and business execution. 8. Critical Skills Gap Analysis: This is a process we identify as an important, often overlooked function in many industries and organizations. While often done on a project basis, it can be "business-critical." For example, today industries like the Federal Government, Utilities,Telecommunications, and Energy are facing large populations which are retiring. How do you identify the roles, individuals, and competencies which are leaving? What should you do to fill these gaps? We call this "critical talent management" and many organizations are going through this now.
  12. 12. SOME TM SYSTEMS Talent Edge - Infosys Peoplesoft - Oracle
  13. 13. TALENT PROGRAMMES OF TCS  ILP-Initial learning programme  CLP-Continuous learning programme  LDP-Leadership developing programme  FLI-Foreign language initiative workplace learning . An organization would follow it in three main steps: 1. Finding the right talent 2. Hiring that particular talent 3. Making sure that hired talent stays for a longer period of time
  14. 14. FINDING THE RIGHT TALENT  Campus Hire – Sustaining Leadership Position  94.1% Day 1 slots in campuses across India  No. of Institutes Accredited: 433
  15. 15. RETAINING  Performance Driven Culture - Recognize high performers & high potential employees  Meet Employee Aspirations - Challenging Roles  Enhance Employee Connect - Empowered organization units
  16. 16. ELEMENTS OF EFFECTIVE TM  Recruiting candidates who are talented and competent to support the organisation’s goals.  An active dialogue between managers and employees to determine which employees desire to grow, which are happy to be at their current levels and which are at risk of leaving and their reasons;  An employee development plan that recognizes the new talents and competencies that are needed for each employee’s internal career path to be able to prepare to progress in the organization  A measurement system that will allow the organization to track progress and identify high potential employees in each talent pool when the need for employee movement arises.
  17. 17. RECENT TRENDS IN TM  TalentWar  Technology  Increase in Employer of Choice Initiatives  PromotingTalent Internally  Population
  18. 18. RECENT TRENDS IN TM  TalentWar: Finding and retaining the best talent is the most difficult aspect of HR management. HR survey consultancies are one in their view that organizations globally are facing a dearth of talented employees and it’s often more difficult to retain them. Further research has also shown that there is clear link between talent issues and overall productivity.  Technology andTalent Management:Technology is increasingly getting introduced into people development. Online employee portals have become common place in organizations to offer easy access to employees to various benefits and schemes. In addition employees can also manage their careers through these portals and it also helps organizations understand their employees better.
  19. 19.  Talent Management to rescue HR : HR has been compelled to focus on qualitative aspects equally and even more than quantitative aspects like the head count etc. Through talent management more effort is now being laid on designing and maintaining employee scorecards and employee surveys for ensuring that talent is nurtured and grown perpetually.  Increase in Employer of Choice Initiatives: An organization’s perceived value as an employer as helps improve its brand value in the eyes of its consumer. Most importantly it helps it attract the right talent.
  20. 20.  PromotingTalent Internally:An individual is hired, when there is a fit between his abilities or skills and the requirements of the organization.The next step is enabling learning and development of the same so that he/she stays with the organization.This is employee retention.An enabled or empowered means an empowered organization. It is also of interest to organizations to know their skills inventories and then develop the right individual for succession planning internally.  PopulationWorries Globally:World populations are either young or aging. For example, stats have it that by 2050 60% of Europe’s working population will be over 60! On the other hand a country like India can boast of a young population in the coming and present times. Population demographics are thus a disturbing factor for people managers. Still more researches have predicted that demographic changes in United States will lead to shortage of 10 million workers in the near future!

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