November 4, 2012

MU0017 [Talent Management & Employee Retention] Set1 Q2

Q.2 What are the key elements of talent Management system. Elaborate? 

Ans:

Talent management practices and techniques have evolved over time in response to a changing workplace. The most effective talent management processes are organisation-specific and react to an organisation’s distinctive business and human capital framework. Talent management includes a range of interdependent processes and procedures that need to be properly integrated. The organisation will not achieve the desired level of human capital performance if talent management processes do not operate as a unified group.

The key elements of Talent Management System are explained as follows:

Selection: Selection is the process of choosing a candidate amongst a number of probable candidates. Recruitment and Retention has become a big challenge for organisations due to the continuing global talent shortage, the changing worldview of work by new generation employees entering the workforce, and the ever increasing evidence that poor recruitment decisions have a direct impact on the bottom line.


Recruitment process that is not merit-based and has poor reliability and validity are a burden to an organization and can ever expose the company to discrimination claims. Poor hiring choices can affect the organization in additional recruitment costs, training and orientation costs, loss of time, lost opportunity, lost revenue, loss of competitive advantage, tarnish image and reputation. It is about recruiting the right people in the right place at the right time. Organizations need to filter their attraction, recruitment and selection approaches to ensure they have the right talent on board to enable them to remain competitive. A global view that includes a diverse workforce is critical.


Recruitment process that is not merit-based and has poor reliability and validity are a burden to an organisation and can even expose the company to discrimination claims. Poor hiring choices can affect the organisation in additional recruitment costs, training and orientation costs, loss of time, lost opportunity, lost revenue, loss of competitive advantage, tarnish image and reputation. It is about recruiting the right people in the right place at the right time. Organisations need to filter their attraction, recruitment and selection approaches to ensure they have the right talent on board to enable them to remain competitive. A global view that includes a diverse workforce is critical.

Induction and training: Induction is the formal entry of the selected candidates into the organisation and Training is to develop their knowledge, skills and competencies by teaching with respect to the organisational requirement. Employers should not assume that new hires can cover for themselves, and will only need brief introductions and a chunk of corporate information to get them started. Although lost profits due to the training of a new hire has been estimated as 1.0 – 2.5% of total revenue, it is clear that this induction period is vital given that 6.3% of people leave within the first 
6 months of starting in a new role, which is typically due to their induction experience. A proper induction program helps to reduce employee discomfort, improve productivity and save money.

After an effective, useful and timely training experience should be the progressing development chances that support the individual in the role, but also the organisation in achieving its broader objectives. Such training, where possible and practical, should be “in-time” rather than “in-case” to provide training environments and materials that change to meet individual or small group demands precisely at the time when new skills are needed.

Capability development: Customised improvement opportunities for key talent are seen as an essential component for motivation and retention of these people. In the present scenario, developing the current employees is a more cost effective and efficient means of maintaining internal talent pools rather than recruiting new people and wasting vital resources on their training. Career growth also has a major impact on job satisfaction and commitment, to an organisation that relates directly to the retention of dynamic employees.

Both high potentials and core contributors should be given enough opportunities to develop by the internal talent management in order to maintain operational effectiveness and output. Key performers and core contributors require different growth experiences that should be modified accordingly for maximum profit. Committed leaders are required to emphasise the idea on both groups given their competing business priorities.

The Talent Development structure adopted by an organisation needs to support the talent capabilities required for the future and needs to be able to blend with ongoing changes. Good leadership quality in a global and increasingly diverse workplace is a highly sort after competence, and this must be embedded into any comprehensive development program. Other elements will be established by the business strategy.

Performance: A performance management system increases the productivity and confidence in an organisation, if planned and implemented effectively. An example of the problems in performance management is that, 34% of surveyed Australian organisations using appraisals had no formal performance management policy in place.

The increasing number of new generation employees in the workforce adds thrust to the importance of a transparent, objective performance management process as they perform best in a culture that encourages feedback. Performance management systems should be visibly related to training or development and recognition or compensation systems within the organisation in order to increase productivity and retention. Organisations can also defend themselves against legal action resulting from discrimination or unfair claims through use of a legitimate and fair performance management system.

Retention and succession: Retention is the measure taken to encourage the employees to remain in the organisation for longer period of time. Succession helps an organisation to ensure that employees are hired and trained to fill each key position within the organisation. Employee retention is an important issue for top leaders in organisations all over the world. In today’s world an abundance of jobs are available in the market for a job seeker and therefore employers must compete to attract and retain the talent they need to fulfil their organisational objectives. Talent retention is necessary to good quality, customer satisfaction and operational efficiency.

Typically, companies prefer to induct 85% of their leaders through internal placement. For example, Hewitt’s Top 10 Companies in the Asia Pacific develop 76% of their leaders internally while a global survey found a 30% failure rate when placing highly sought after external talent.

It is evident that organisations with high quality strategic improvement programs and succession management programs have greater business results. In addition, increasingly rigid labour markets make succession management a business necessity and force organisations to identify and accelerate the development of future leaders from within. The stable organisations under such pressure need to have an effective succession management policy in place, with a particular focus on the continuity of key specialists and leaders.

Other key elements of talent management
Besides the four above elements of talent management, some other elements are also available that help to characterise the relationship between talent management and conventional recruiting. They include:
• A focus on high impact positions: A talent management policy requires managers and HR to determine an organisation’s success by filling top talent in the appropriate jobs.
• Accountability: Talent management assigns accountability to the chief talent executive for managing the talent pool, who is responsible for results, not effort.
• Rewards and metrics: Talent management builds support and relationship between earlier independent efforts through its common objectives, metrics and rewards. Thus, no independent effort can be considered successful unless the overall talent management effort is also successful.
• Balanced metrics: Talent management attracts managers’ attention by instituting a system of methods and rewards that ensures every executive is acknowledged and rewarded for excellence in human resource management. It simultaneously evaluates employee commitment to ensure that managers reach their productivity goals while using the appropriate organisation behaviours.
• Business approach: The talent management approach is not taken from an overhead or administration model. It is created from and replicates other successful business process models, like supply chain management, finance, and lean manufacturing.
• Recognition of the business cycle: The talent management strategy involves identifying the different types of talent required with respect to changing business situations. Consequently, talent management requires the constant internal movement of talent in and out of jobs and business units based on current business needs and where the company is in its business cycle.
• Truly global: Talent management encourages attracting, retaining, and developing the best talent no matter where it is.
• Focus on service: Flawless service is the expectation of talent management. Customer satisfaction, process speed, quality, and commitment are continually measured.
• Anticipation: While conventional recruiting and retention tend to be reactive, talent management is forward looking. It predicts and alerts managers about upcoming problems and opportunities. It indicates managers to act before the need arises in talent management issues.

The overall objective of this unit helps you to understand the Talent Management System and how it is implemented in an organisation. It also explains the critical success factors used to ensure the organisations have the right people in the right jobs. This unit provides a list of primary and applicable merit principles to state the responsibility and role of an organisation and workforce productivity. You also came to know about the key elements which are required for an effective Talent Management System.

1 comment:

  1. I rarely found this type of blog. Got good knowledge through this blog. Really helpful post on key elements of Talent Management System.

    ReplyDelete

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