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.It is also known as HCM (Human Capital Management).
Companies that focus on developingtheir talent integrate plans andprocesses to track and manage theiremployee talent, including thefollowing: Sourcing, attracting, recruitingand onboarding qualified candidateswith competitive backgrounds.Managing and defining competitivesalariesTraining anddevelopment opportunitiesPerformance management processesRetention programsPromotion and transitioning.
Assure our success in fulfilling our Mission FULFILL MISSION Help us achieve operational ACHIEVE OPERATIONAL excellence EXCELLENCE Recruit, retain and DEVELOPdevelop the right talent RETAIN RECRUIT Liberating the Potential of People
… BENEFITS FOR ORGANISATION -Increased productivity and capacity -Linkage between individual efforts & business goals -Commitment of valued employees -Better fit between people’s jobs and skills
… BENEFITS FOR EMPLOYEES-Higher motivation & commitment-Career development-Increased knowledge-Contribution towards companygoals-Job satisfaction
… MANAGING TALENT-Corporate identity-Recruitment and selection-Performance management and coaching-Employee development and training-Compensation, rewards and benefits-Success planning and leadershipdevelopment-Compliance, policy and procedures
Talent Inventory Succession Development Plan• Identify needed Planning • Job Rotation Competencies • Identify • Development• Identify Key Successors to key Assignments Position Positions • Formal Training• Identify High • Identify Competency Gaps • Mentoring Potential • Leadership Employees • Develop Recruitment Plans Development
… MOTIVATING TALENT-Recognition & rewards-Acknowledgment-Cash incentives-Gifts-Certificate of appreciation-Opportunities to attendworkshops/training/events-Membership to exclusive clubs-Holiday packages-Scholarships for children
… MOTIVATING TALENTReal world examples:Wipro : - EncoreIndividual Level- Feather in my cap(On the spot recognition)Organisation Level – Master mind(Most innovation solution)
“90% of Indian companies have talent retentionproblems”. - AIMA -Pay (variable) Wipro : 30 to 50 per cent Infosys : 10 to 30 per cent -Benefits TCS: Housing loans Personal computer Automobiles Medical insurance for employee &Family -Learning and growth - Work culture/environment
… TALENT RETENTIONBenefits:Real world examples: InfosysInsurance: 13000 employees-Rs. 10 Lacs –LIC First Indian firm – ESOP Transport : Bus service (Bangalore city to Infosys office)
Learning and Growth:Real world examples:TCS: 4 per cent of revenue spent in learning and growthWork Culture:•Organisation culture•Communication system•Participation•Recognition•Rewards
… TALENT RETENTIONWork Culture:Real world examples:TCS:• Open house session program• One to one session• Queries and discussions are formally recorded and followed up.