What is TalentManagement? A conscious, deliberate approach under taken to attract , develop and retain people with the aptitude and abilities to meet current and future organizational needs.
Why Talent Management? Globalization. Increased Competition. Synchronization between organizational goal and employee’s personal goal. To prevent the high attrition rate .
How does an organizationeffectively manage talent? Recognize Talent. Attracting Talent. Selecting Talent. Retaining Talent. Succession Planning. Performance Management. Workforce Planning. Organization Culture.
Recognize talent- Discover employees strengths and interests.- Encourage them to discover their own latent talents.- Ex- GE had followed the “Promote from within” policy rigorously for more than a century.- 3 Mandatory “Imaginative breakthrough” proposals per year for its managerial employees.Attracting Talent- Employer Branding.- Ex- Offering “internship and coops” programs for fresh graduates.
Selecting Talent- Ensuring the right people are attracted to the organization.- Ex- Behavioral-based interview system by GE.Retaining Talent- Developing and implementing practices that reward and support employees.- Ex- Competitive “Compensation packages” to tackle attrition problem.- Basic salary is reviewed in every 18 months.- Employees retire at 60 only gets retirement benefit whereas those who retire at 62 gets retirement benefit along with social security benefit.
Succession Planning- It s critical to strengthen the talent pool through succession planning. There is a need to identify potential talent and groom it .Succession planning through Employee development - ensuring continuous informal and formal learning and development . Leadership and "high potential employee" development – specific development programs for existing and future leaders.Ex- In 1900 GE started the first corporate R&D laboratory. -In 1950s GE came up with 5 volumes “Blue Books” - detailed guideline for managers.
Performance Management- specific processes that nurture and support performance, including feedback/measurement .- Ex- GE introduced performance based bonuses and pension plans in 1930s.Workforce Planning- planning for business and general changes , including the older workforce and current / future skills shortages.- Ex- GE formed multidisciplinary group called “Work-Out” group.
Organization Culture- development of a positive, progressive and high performance way of operating.- Ex- In 1980s GE implemented Change Acceleration Process(CAP).- Harmonious relationship with trade unions.- Started “GE Work/Life Connections” in US , UK and Ireland.- Company provides “On-or-Near site” child care facilities at 5 locations for its employees who have child below 18 years.
How do leaders ManageTalent?? Put People First- Begin to see people as human beings as people want to be valued in real tangible ways. Be Obsessed- If talent is important then ensure you keep it as a top agenda in the organization. Pursue the best ,weed out the rest- Do not settle for mediocrity. Create an environment of excellence, an environment conducive to success.
Set high standards- Consider yourself as the stage-setter and create right opportunities for your people. Reward your people- everyone wants to be rewarded. If you want the best , attract and retain the best and let them know you appreciate it.
Conclusion : Highly demanding business environment makes it imperative for the organizations to build competence in the form of superior intellectual capital. It is agreed by almost all CEOs of big companies that it is the human resource - a talented one - that can provide them competitiveness in the long run. So it is the duty of the HR department to nurture a brigade of talented workforce, which can win them the war in the business field. The talent has to be spotted, carefully nurtured and most importantly preserved.