February 5, 2018

MU0017 [Talent Management & Employee Retention] Set1 Q1

Q.1 Write a Note on Scope of Talent Management?

Ans:

Scope of Talent Management
The emergence of talent management as a separate technology category can partly be related to the success of HR departments in successfully creating basic technology systems to simplify the processes such as payroll and leave management.

As Talent Management has evolved, some design issues have been identified.

Targeting jobs: The first issue is to identify the types of jobs that will be the focus of Talent Management. In some organisations Talent Management focuses on the CEO and other executive jobs, rather than focusing on a broader category. Other organisations target primarily senior management jobs, mid level managers and other key jobs. One study found that out of the groups and individuals considered as “Talent,” 86% were senior leaders, 82% were mid managers, and 75% were key technical and other contributors. However, these three groups only represent about one third of the total workforces of many organisations.

Targeting high-potential individuals: Another issue associated with talent management is its importance to individuals in organisations. The problem with implementing effective talent management system is that managers at all departments are not committed to the required time and effort, which limits successful activities.

Some organisations concentrate talent management efforts primarily on “high potential” individuals, often referred to as “high-pos.” Attracting retaining and developing high-pos has become the main priority of senior managers and HR efforts. Some organisations classify individuals as being among the top 10% and then set restrictions on the number of people who can participate in intensive talent management efforts. For example, IBM restricted participation in its leadership development programs to only those who were likely to become executives within 18 months.

Targeting primarily high-pos may lead to many of the other employees feeling isolated. Thus, talent management needs to include more than the top 10%.

Introduction
Talent management is a professional term that gained popularity in the late 1990s. It refers to the process of developing and fostering new workers through on boarding, developing and keeping current workers and attracting highly skilled workers at other companies to come work for your company. Talent management in this context does not refer to the management of entertainers. Companies that are engaged in talent management (human capital management) are strategic and deliberate in how they source, attract, select, train, develop, promote, and move employees through the organization.

What is talent management?
            The term talent management means different things to different people. 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. This term is usually associated with competency-based human resource management practices. Talent management decisions are often driven by a set of organizational core competencies as well as position-specific competencies. The competency set may include knowledge, skills, experience, and personal traits. Talent management is the recruitment, development, promotion and retention of people, planned and executed in line with our organisation’s current and future business goals. Because it is aimed at building leadership strength in depth, it creates flexibility to meet rapidly changing market conditions. A structured talent management process will systematically close the gap between the human capital an organization currently has and the leadership talent it will eventually need to respond to tomorrow’s business challenges.

Talent Management as a Strategic Approach
We view talent management as a strategic approach to managing human capital throughout the career cycle: attracting, retaining, developing and transitioning your most important assets.

Attracting Talent: Creating Assessment and Selection Strategies and Processes

Attracting qualified talent is the critical first step in the talent management cycle. The improving economy, Baby Boomer retirement and other factors are creating keener competition for talent these days, making this critical step tougher than ever. So how do you get a leg up on the competition?

Matching the Right Candidate to the Boss
Matching the right person to the right job is an acknowledged need in organizations. But one of the toughest challenges in selection often overlooked is matching the right candidate to his immediate boss. What makes that goal particularly tough is when the boss does not have a clue what kind of candidate would work well with him. Working with various tools, we can design and customize assessment exercises and materials. We also identify critical competencies your people will need, develop success predictors and consult with you on general recruiting strategies.

Retaining Talent: Reducing Turnover and Aligning Talent with Organization Goals

With 75% of employees looking for new employment opportunities at any given time and five million Baby Boomers expected to retire in the next few years, the war for talent is back on. Companies that develop successful retention strategies can win that war. Most companies today would acknowledge that their human assets are their most important asset. But since companies can’t own employees the way they own factories or product, your success or failure hinges on the quality and duration of the relationships you form with your people: retaining talent.

Developing Talent:
Challenging Your People with Executive Coaching and Leadership Development Programs.

Employees cite career development as one of two top job satisfiers, along with compensation. Your employees want to be challenged and developed. If they’re not, they will become less productive or perhaps even leave.

Career Partners International provides a full range of services for developing talent, ranging from career development, executive coaching and leadership development to new job integration, team building and succession planning. And our measurement techniques will demonstrate to top management how investing in your talent pays off.

Need of talent management
Workforce cost is the major portion of resources spends for most organisations. Automation and analysis of the recruiting and hiring processes provides the immediate workforce needs and insights required to significantly improve the bottom line. Performance management provides the ongoing processes and practices to maintain a strong workforce.

Today, many organisations are facing a lot of problems of HR processes and technologies. The future of talent management is enclosed in solutions designed from the ground level to provide business-centric functionality on a unified talent management platform.

Since many competitive business factors have become commoditised, talent is the ultimate driving force behind the business success and creates value. Top organisations rely on Talent Management solutions and services to assess, acquire, develop, and align talent with business objectives while significantly reducing process costs, improving quality of hire, reducing risk, and achieving higher levels of performance.

Though it may seem spontaneous, it is worthwhile to express the fundamental significance of successful talent management practices as follows:
• The key enabler of any organisation is talent.
• The quality of the people is the last true competitive differentiator.
• Talent drives performance.

Talent management requires strong executive support, along with systems and processes all directed towards having the right talent doing the right work at the right time. That’s when talent truly drives higher business performance.
Talent management involves individual and organisational development with respect to a varying and complex operating environment. It also includes the creation and maintenance of a supportive, people oriented organisation culture.

Importance of talent management
Like human capital, talent management is gaining increased attention. Talent management (TM) brings together a number of important human resources (HR) and management initiatives.

Organisations that officially decide to manage their own talent carry out a strategic analysis of their current HR processes. This is to make sure that a co-ordinated, performance oriented approach is adopted.

Many organisations are adopting a TM approach which focuses on co-ordinating and integrating methods which are given as:
• Recruitment: To ensure the right people are attracted to the organisation.
• Retention: To develop and implement practices that reward and support employees.
• Employee development: To ensure 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: To plan for business and general changes, which include the older workforce and current/future skills shortages.
• Culture: To develop of a positive, progressive and high performance way of operating.

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