TALENT MANAGEMENT-TO PRINT

8/7/2019 TALENT MANAGEMENT-TO PRINT

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TALENT MANAGEMENT

Globalization.. A challenging truth of today. Without any doubt has brought

tremendous success to the business worldwide; but at the same time it also breeds enormous of

threats, for both the individual employees and the organizations. Some factors that are posing a

challenge for global businesses are: rapidly emerging market requirements, shifting labour

markets, continuously increasing technical demands, changing employees expectations, winning

expectations of customers having abundance of similar options, changing market practices,

changing operating environments and increasing global competition etc. So, in todays

competitive, global marketplace, businesses with all these present threats and challenges would

no longer run on the rails of old mantras, rather all new out-of-box solutions, creative &

innovative thinking, new skills & competencies, new practices and techniques would be required

to grow and prosper. And all the businesses are keen to survive and grow on all these new

practices, where every practice sets further a new challenge. In this war of new challenges, when

every other weapon is getting failed, only one weapon left behind which can make organizations

to win this war is Talent Management.

As poet and author Ralph Waldo Emerson, has rightly asserted - Asset make things

possible, People make things happen. The talented people of any organization are its prime

source to effectively compete and win. In todays economy, competition is growing at such a fast

pace that every product and service can be quickly duplicated; but talent, knowledge and

innovationscant. At the same time smart, talented, multi-skilled, committed people who are

technologically literate and up to-date, globally astute and operationally active are eager to shift

their jobs as they get better opportunities. So, without the effective talent management strategy, it

is impossible to retain all such employees.

Talent Management, a concept emerged in 1990s, at its initial stages was adopted by 2-



3% of the companies. But now, most of the companies are waking up to realize the importance

of their talented employees. But despite of the implementation of the concept, companies are still

confused about the meaning and its implementation. Even in the best-run organizations, there is

always a bit mysterious about talent. Every different organization use the term to mean so many

different things. Even some organizations are using the term at the place of human resource

management and they used to describe almost each and everything that happens under the broad

term of HRM i.e. recruitment, selection, performance appraisal, compensation, training and

development, incentives, grievance handling and all other practices. But talent management and

human resource management are not one or the same thing. Talent Management is a strategic

approach. It is the ability of the every department of an organization to learn how to empower its

workforce. It involves individual and organizational development through the life cycle of

employees careers. In simpler terms, it refers to the whole process of attracting, attaining and

retaining new talent from outside; and developing and retaining the skills and talent already

having with the company.

Talent Management implies recognizing employees inherent knowledge, skills,

personality, talent and offering him/her the matching position. Every person has a unique

personality, so having a unique talent that doesnt suit to each position; and wrong position

definitely causes discomfort and automatically lowers the levels of effectiveness and

productivity. Every person contributes in the success of an organization; even a peon, watchman

or a shop floor worker plays his own role. No matter how effective and efficient leaders are, they

are only as productive and effective as their teams are. So, to achieve harmony in teams and in

the entire organization, the key ingredient is Putting the Right People at the Right Place and at

the Right Time with the Right Package and Development Plans. While there is no magic

formula to manage talent, the trick is just to locate it, and then to encourage it and develop it.

Talent Management is beneficial for both the organization and the employees.



The organization benefits from:

y Increased efficiency, productivity and competency;

y Reduced hiring costs and Increased revenue;

y Predictability of the performance;

y A better linkage between individuals' efforts and business goals;y Better team management;

y Development of quality culture;

y Reduced employee turnover;

y Assurance of stable management team today and in future ; and

y A better fit between people's jobs and skills.

Employees benefit from:

y Higher motivation and commitment;

y Career development;

y Reduced burden of finding better opportunities;

y Increased knowledge about and contribution to company goals;

y Better recognition of their skills, performance and potential;

y Leadership development;

y Higher job satisfaction.

y Need for Transformation into Talent Management

Traditional HRM approach is now transforming into Talent Management approach

because traditional HRM systems were emphasizing on development of people from the

perspective of developing competencies in the organization i.e. the motive behind were to

develop organizations rather than people working in it. But similarly as technologies,

competencies are also changing at fast pace and so entire approach becomes obsolete and needs

rethinking for the entire development. On the other hand, new emerged Talent Management

focuses on enhancing potential of people by developing their capacities and capabilities.

Following points highlights the reason for the transformation:



y Globalization: Globalization has brought greater challenges and opportunities for

employees also. Workforce in any organization is no longer vying for work and

professional advancement against their peers locally, but instead against those of the

offshore offices or branches. Employees, who have some talent, have tremendous of

opportunities around the globe, and they are also very much willing to shift their jobs

wherever they got better opportunity, income and dignity. This imposes a thoughtful

approach to talent management around the globe. So, to remain a leader, companies must

resourcefully leverage the best talent available, at the lowest possible cost and have to

retain the best talent available with them at any cost.

y Ageing Employees: Developed nations worldwide are facing the problem of ageing

employees and hiring greater numbers of young workers because today in most of the

nations, every one in four is a pensioner. And the biggest problem of today is attaining

and retaining young workers because the expectation levels of young workers are always

higher as compared to aged population and they are quick in switching the jobs. This

demographic is creating global movements of jobs, skills and population and an increased

focus on attracting, developing and retaining key talent. As companies seek to fill labor

demand to execute their business plan, they are developing new and innovative ways to

manage this increasingly scarce asset talent.

y Career Development: In every organization, the employees are more and more

responsible for their own career as they know that they may have better opportunities

outside. However, the HR department shares this core responsibility with all line ma-

nagers and top management for supporting employees in their career development as an

endeavour to keep their loyalty and talent with them. HR managers have to deal with a

new psychological contract where organizations no longer offer long-term employment

and employees accept the responsibility for developing their own employability, both



internal and external, but require the help of the organization to achieve their career

goals. Human resource managers pay greater attention to the careers of the first category,

and among them to the high potential and talented employees, since qualitative flexibility

is expected from them because they make up the central core of the organization.

y Skills Shortage: The success of every organization depends upon the talent and skills of

their employees. So, to develop and manage a global organization implies developing and

managing people who can think, lead, and act from a global perspective, and who must

possess a global mind as well as global skills. But the organizations are facing challenge

of required skills. So, this issue of skills shortages is pushing organizations to engage in

creative recruitment and have turned companies attention to retention practices,

including fostering a sense of community, identifying and investing in the organizations

best people, making it easy to move within the organization, hiring very selectively,

providing decision-making authority to all employees etc. When there is shortage of

skills in this global village, it may not be possible for organizations to simply go out and

find skilled people. So, companies have to focus on the talent management strategy for

developing and retaining their own talented people.

y Growth and Prosperity: As it is already mentioned that survival and growth now

becomes the critical factors for the organizations in today highly competitive global

environment. And in this situation, only people are the last competitive weapon, with the

help of which companies seek to beat the competition, and this is possible only if

companies are successful in managing the talent. So, focusing on talented people,

whether inside or outside, is the last option remained with companies competing locally

or globally.

y Building Winning Teams: Winning teams are the dream of every organization and are

becoming a challenging process as these are no more acting only as winning teams rather



becoming multi-cultured and multi-skilled teams. And to manage these winning teams,

organizations have to have the right people with the right skills and they have to have the

right systems and processes to reinforce the right strategy; which is not possible without

focusing on the best talent which was not there in the traditional HR system.

y Increased Competition: As organizations are going global, competition is also

increasing. No matter how good and competitive your company is, but there is always a

competitor present in the market, who has a continuous watch on the processes and

strategies of your company, and who is always ready to beat you with his new innovative

competitive practices. So, this increased competition has necessitated the need for

selecting and developing best performers on the side of organizations. This made the

organizations to put in all efforts to attain and retain the best talent in the respective field

of operation.

Business Process through Talent Management

Success is the only output for which companies are vying against each other and looking

for new strategies in their business processes from time to time. Business process, in simpler

terms, can be defined as the sequential process of all value-added activities required to transform

input into output or it the outline of all the required steps for managing a business. And

managing a business through fast, efficient, effective, and improved processes is of paramount

importance for enterprises who want to enhance their corporate image, and beat their

competitions, who want to grow in global marketplace and survive any economic recession.

HRM is always essential in any business process initiatives and solutions. But as in the

traditional HR system, the challenge doesnt stop with recruiting the right persons, rather the

challenge would be to create performance culture, winning teams and retaining the best talent

with the organization. So, talent management is the new emerging intervention in the business

process



Spirit of Talent Management

Most of the organizations are confused regarding the meaning and functions of talent

management. They are considering talent management and HRM as one or the same thing. But

this is not true at all. Talent management can be considered as the core function of HRM these

days, whereas some organizations are thinking to establish new departments for this new

discipline. They are taking this as totally different aspect from HRM. The main difference lies in

the spirit or core of talent management. Functions of HR department are very much clear to each

and every person in todays era. So, there is need to explain the core or focus of talent

management, so that we can easily differentiate these two. Talent management is not about

practicing the generalized functions of HR department like HRP, recruitment, selection, training

& development, compensation & other benefits, labour relations, safety & health, grievance

handling, and so on; rather the spirit of talent management lies in realizing and developing the

intrinsic capabilities of all the employees and the main intrinsic capabilities includes the

following:

y Creativity Q uotient, CQ: It is measured as capability/potential of a person to innovate

i.e. to discover new ideas and to implement existing old ideas with new developments.

Every organization needs to look for such kind of persons who have ability to look at old

things from new perspective. But one thing to keep in mind that this is not an inborn

talent, people can acquire this with time and can develop further. For his, a person

should have strong desire, inspiration and knowledge; and a quest to know more in every

area, willingness to collect information on every aspect and to improve his creativity;

whether in unconscious mind or in conscious state.

y Passion Q uotient, PQ: It is measured as potential of a person to learn from every aspect;

and to work effectively and efficiently. All those people comes into this category who

have strong desire to learn and are self motivated to perform their duties with efficient



skills i.e. all who are passionate about their work and learning efforts. It adds to the

persons willingness and quest to know as more as possible and to delve into newer areas.

For this, a person should have the willingness to introspect and accept his/her own

mistakes, a ability to learn from those previous mistakes and potential to continuously

identifying his own areas of improvement.

y Relationship Q uotient, RQ: It can be measured as the capability of a person to relate his

perception, knowledge and learning to the actual situations. This potential will lead a

person to relate himself with the other individuals and the whole environment around

him. This will finally lead to the sense of belongingness and further environment of trust

and team spirit.

y Action Q uotient, AQ: This is the ability of a person to take an action at a particular

situation in the light of above mentioned capabilities. In an organization, if a person is

having very good CQ , PQ and RQ ; it doesnt mean that he/she is efficient and talented

enough. The most important thing to check is - is he really effective in taking right

action by making use of these mentioned quotients? This is the job of Talent Managers to

check that how different persons are behaving at different situations? How they are

taking their responsibility levels, what is their motivation and morale level, and how they

are organizing and implementing the different tasks?

y Emotional Q uotient, EQ: This is the ability of a person to identify and control his own

emotions; and capability to understand the intentions, desires, fears, feelings and

motivations of oneself and others around him; and to act accordingly and appropriately

based on his understanding. EQ may affect a persons ability to perform under pressure,

resolve conflict, and generally cope with challenges. Some researchers and psychologists

claimed that this is an inborn talent, but now studies showed that this talent can be

strengthened and developed over time with continuous learning and practice.



y Leadership Q uotient, LQ: This is the most important aspect, which can be measured as

combination of all above stated quotients i.e. CQ+PQ+RQ+AQ+EQ= LQ . There is a dire

need of leaders to every organization and a person can be an effective leader if he poses

all the desired qualities i.e. a leader must have creativity or the ability to do the things

differently, passion for learning and doing things, capacity to relate the things and act

accordingly, capability to read, identify and control the emotions of oneself and others.

The success of every organization depends upon his leaders. So, this is again the focus

area of talent management to clearly identify, attract and retain the effective leaders.

Talent Management Life Cycle

Talent Management is now increasingly becoming a part of the corporate strategy for

most of the organizations. The main focus of research reports is on abound of retirements, labor

shortages, quality of new hires, and lack of future leaders; which creates a dire need for

organizations to act for minimizing the risk of losing competitive advantage. And to maintain a

competitive advantage, every organization needs to identify, attract, select, develop and retain

their talented employees in a way that they willingly support the companys business goals. In

other words, organizations must become deliberate and strategic in their programs for managing

their talent. And for understanding the strategic process of managing talent, we need to

understand the life cycle of talent management.



A life cycle may be defined as a period consists of different stages i.e. one after another.

Like human beings, the process of talent management also goes through various phases i.e. its

beginning, middle and end. But end here doesnt depict the end of talent management, rather this

is an end of the process of talent management; the whole process or life cycle is a cyclic and

continuous process. It consists of five phases: Talent Mapping, Talent Attraction, Talent

Selection, Talent Reclamation and Talent Retention. Once we start with talent

mapping, the process ends at talent retention and again started from talent mapping; talent

retention is a never ending process, it always goes side by side.



Phase I: Talent Mapping

Talent Mapping is process of mapping the skills of companys own employees and to

find out the star performers in the whole industry; in simple words, this is the process of

identification of talent- inside and outside. Being a proactive approach this is the best alternative

to the recruitment crisis also. In most of the organizations, when a position becomes vacant, then

managers start thinking to recruit some person for the role and the process is being initiated using

traditional methods like advertising, recruitment agencies, internal recruitment, campus

recruitment and through referrals etc.; and this whole process takes more than two months. But

talent mapping on the other hand, saves this whole time and money because in this, recruitment

process starts before the vacancy exists. Based upon the definition, talent mapping can be

understood as Internal and External.

In internal talent mapping, the organization list out all the employees who are performing

extraordinary, who are performing upto the required level, and those who are not performing

upto the expectations. For all the talented employees of the company, the next step of the process

is- Talent Retention. And for the employees who are not performing upto the required level,

organizations create accountability for all these employees for improving and developing their

skills and performance levels either through training, coaching, counseling or help them to exit

the organization. If these employees get successful in developing their skills, they will be

allowed to remain with the organization, otherwise they have to leave, which automatically

strength the companys talent pool.

External talent mapping helps the organizations to locate or pinpoint exactly where the

best talent is working. Organizations keep a continuous watch on the whole industry (same

industry or any related one) and track the high-flyers and rising stars. One best option to this is to

track the high-flyers from college campuses i.e. fresher students; because if you give chance and



opportunity to fresher students, there are more chances of them to stay there for long period. But

one thing to keep in mind is the continuous development of these students or employees.

Phase II: Talent Attraction

This phase comes after the External Talent Mapping. When an organization has tracked

the rising stars from the surrounded environment, then there is need to attract those people to

apply at your organization whenever need arises. Attracting the best people for your growing

business is more critical than ever because with changing demographics at our door, a priority of

every organization is to attract and retain world-class talent to the region. For this organizations

need to develop best attraction strategy. However, talented people often are attracted to strong

brands and thus want to work for these big brands. If your brand has the high value proposition,

that will become the compelling reason for people to follow your organization. So, brand

building is the good start for organization to develop value proposition for emerging talent. So,

first step here is to build strong brand identity and then deliver your promise. Brand doesnt

depict the product brand here; rather this is your company brand. Your company should be in

good books of the society in terms of providing reward and recognition, professional and

personal development, career development, good salary package and incentives, growth strategy

etc.

For building a strong company brand, organization must identify the core strengths and

skills and should work upon that. Advertising may play a great role in this. Advertising should be

very effective and should clearly demonstrate the goals and positive core strengths of your

company. This is the critical factor to be considered while planning for attraction strategy.

Detailed analysis of competitors best practices may also worked as best way out for developing

attraction strategies. Always try to keep a watch on the strategies of best players in the same

industry and other related industries.



Phase III: Talent Selection

Getting the right person in the right job at the right time is what drives your business

success, while having the wrong person in a key job has many costs to an organization. If you

have successfully attracted the best talent, the next question is- is this the right talent for your

offered role? And will this talent be adjustable in your organizations culture and strategies?

Talent selection is a long-term procedure that requires careful planning in order to achieve the

expected results. Every key position or role has a number of complex needs that might be

difficult to pinpoint. These needs may include:

y Key accountabilities that require certain skills

y Motivation that fits the culture and rewards the role

y Behaviors that match the work environment

y Personal skills that can make or break the jobs success

Effective talent selection must make the needs of the job the top priority. How do you find

the best match for all these complex needs, especially the personal skill needs that are so critical

to the roles success? How do you determine what all the needs are for a particular job? All these

needs must be taken care of at the interview phase. Following are some good strategies for talent

selection:

y Competency Based Interviewing

y Performance Based Behavioral Interviewing

y Pre-Employment Testing

y Selection Assessments

y High Potential Selection (not only Performance)

y Assessment Process

y Referencing and Background Check

y Select by Skills (soft and hard skills)

y Try to select fresher students as they have more potential to develop and learn



Talent management should create profiles of the right people based on the competencies

of high performers and should implement proven talent selection tools and strategies. This is not

simply a matter of selecting the best candidate; rather this is about creating right fir for today

and tomorrow.

Phase IV: Talent Reclamation

The dictionary definition of Reclamation is rescuing from error and returning to a

rightful course or the recovery of useful substances from waste products. It is the process of

reclaiming something from loss or from a less useful condition. This is an old age concept, which

has been applied to reclaiming natural resources and assets and put those to productive use; and

the concept is generally used of water reclamation. But equally like water, Talent is also a scare

resource as the corporate world is facing acute shortage of skilled labour and it is imperative to

seed, develop and suitably harvest this resource to feed the corporate need for quality talent.

The concept of Reclamation is well known in the physical world of Land and Real

Estate. Land Reclamation we all know is a way to build and develop physical assets.

Similarly, Talent Reclamation is a way to build and develop the soft infrastructure of an

organization. Two main strategies are helpful in this context are:

y Internal Talent Reclamation: This is main strategy used to build and develop the present

talent of an organization. Every enterprise must ensure that the present talent is upto the

expected level. If present employees are not performing upto the required expectations,

then showing them the exit gate is not a solution to the problem; rather a big problem in

itself. This practice will destroy the brand identity of the enterprise and nobody will be

ready to enter this type of organization. So, one must formulate the strategies to develop

their internal talent upto the fullest level possible.

y Novice Talent Reclamation: Reclamation is the process which, at first instance, required

by new workers to make them compatible with the new environment. No doubt, we are



talking about talent management and in this whole process, I mentioned to attract and

select the talent. But there definitely will be some knowledge gap in the new employees

because in this process, we are focusing on potential hiring. So, an organization needs to

understand the knowledge and skill set, mindset, culture background etc. of an new

employee; to analyze organizations required skill set and present work culture, ethics

etc; and finally to implement various strategies to fill these gaps.

To build and develop the talent set at both levels, following strategies may work

appropriately:

y Prevent need to reclaim

y Knowledge gap analysis

y Training Plan

y Personal development plan

y Provide exposure and experience

y On-the-Job skills enhancement

y Smooth transition

y Talent succession planning etc.

These strategies will work better for the reclamation of the talent in an organization. This

is finally the time, when we cant leave the talent untapped and undeveloped.

Phase V: Talent Retention

This is the last phase and also the toughest part of talent life cycle to retain the selected

and fully developed talented employees of an enterprise. Once we have developed the talent of

all employees, they will be responsible to lead the organization to future success and growth.

And no organization can afford to lose these valued employees. Every organization needs to

formulate and implement retention strategies successfully. In the old time, only those employees

were retained who proved their worth. But now the scenario has changed. In this talent

management arena, every organization need to develop their weak employees and then to retain



them as the valuable asset. Following are some working retention strategies:

y Clear vision, goals and expectations

y Predictive internal surveys

y Detailed gap-analysis

y Communication of predictive gaps and progress to the enterprisey Establish required levels of motivation, trust and overall company spirit

y Leadership Coaching

y Leadership Development

y Team Development

y Career lattices

Career preparation

Career continuity

Career promotion

y Balanced work environment

y Diversity

y Fair evaluation of performance

y Compensation to maintain a decent life style

y Talent Development and Mentoring Programs

y Continuous opportunities for development

This phase, as the last step of the process, is not an end in itself; rather is a continuous

process. This is a step which never terminates; rather becoming complicated day by day because

thinking for innovative retention strategies at daily basis is the toughest job. And Talent Life

Cycle, as a cyclic process, every organization after implementation of retention strategies, needs

to map the talent again side by side.

Conclusion

As the globalization is becoming imperative in this borderless world, the biggest

challenge arises for HRM department is to attain and retain the talented employees.

Organizations are, with time, increasingly recognizing that they lack insight into their current

workforce and lack an understanding of how the HR function can fundamentally assist in

enabling the execution of global business plans. Smart and progressive HR leaders have started

contributing to organizational initiatives by establishing business processes that manage the

supply and demand of talent. As organizations are going global, the expectations of employees



(or especially I can say talented employees), are also increasing. So, organizations have to focus

on aligning employees knowledge and talent with corporate strategy and objectives. Talent

management in the only solution and core competence remained with the organizations in this

competitive environment. And all organizations, especially of developing and emerging

economies like India, must provide ground for global knowledge and local intelligence to come

together and to create new business ethics and models.

TALENT MANAGEMENT-TO PRINT

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