IntroductionIn all businesses today, aligning human resource management with business strategy has become an important element to succeed. Organisational restructuring, managing key resource requirements, performance management systems, career and succession planning have all been re-aligned to form synergy with the company’s overall business strategy.With increased competition, changing workforce demographics, talent shortages and increased globalization, many organizations are now proactively studying leadership, demographic and economic trends, to prepare for their future workforce needs. HR departments are developing comprehensive workforce plans and talent management strategies centered on attracting, assessing, selecting, engaging, and retaining talentThe practice of Talent Management is more important in today’s economy than it has ever been. Now in the new millennium, we find ourselves in the talent age. In the new millennium the only unique asset that many companies have to maintain a competitive edge is their people. In the global market place and every industry around the world, it is the talent and its management that differentiates and sets the tone for success or failure
To achieve organizational goals, one must synchronize their business strategy and human capital strategy. Successful organisations have the right talent in place at all levels – people who look beyond the obvious and take the business into the future. The basis for ensuring this is an integrated approach to talent management.Finding and keeping the right people has an enormous effect on one’s organization’s financial performance. Identifying these talents and hiring people whose talents are similar to those of top performers are crucial steps toward achieving individual and organizational success Talent management and leadership development remain the biggest Human Resources challenges. The two issues are rated “highly critical for success” Talent management means aligning talent strategies with organisational needs; attracting and selecting the right people, identifying and shaping their potential and fuelling their enthusiasm and commitmentEffective talent management is a critical business goal for all leading organisations in today’s economy. Human resource management is a process of bringing people and organizations together so that the goals of each other are met. The role of Human Resource manager is shifting from that of a protector and screener to the role of a planner and change agent. The knowledge age moved the basis of economic value to information assets through integrated communications and computer technology. Now the competitive battlefront is for the best people because they are the true creators of value. PEOPLE provide unique knowledge, an inherent component of the value-proposition that PEOPLE bring to an organization; knowledge gained through education, training, and experience. Investment in PEOPLE will position organizations for continual innovation in an increasingly diverse, competitive and ever-changing climateHuman capital is the most vital resource in any organization and also the most difficult to manage. Today the success of Human Resources professionals is directly linked to the quality of talent and its productivity and they are being held accountable to deliver on stringent and measurable performance metrices. Building a competitive talent pool is a function of attracting, engaging and retaining the right mix of competencies. Companies are also increasingly hiring employees whose personalities and values reflect those of the organizationTalent Management is more and more business critical to organizations, bringing with it, new visibility and challenges. For Human resources people, employees are the face of company’s brand and the most vital asset of one’s business. They drive organisation’s productivity and profitability. Aligning Talent Acquisition to the organization’s strategic objectives is imperative to the success of the organization and Human Resources tend to concentrate in recruiting those key people and focus their attention and resources on developing them. Indian organizations are also witnessing a change in systems, management cultures and philosophy due to the global alignment of Indian organizations. There is a need for multi skill development.It would be apt at this juncture to recapitulate on the nuances on Talent Acquisition and RecruitmentRecruitment and Talent Acquisition are used synonymously but there is quite a lot of difference between the two. Recruitment involves the process of filling up of the vacancies where as talent acquisition shows the strategic hiring of talent not only for the current requirement but also planning for future. McKinsey & Company (1997) that coined the term ‘the war of talent’, predicted that there is high demand for managerial talent in future. The survey report insisted on five elements for tapping the successful talent such as talent mindset, growing great leaders, employee value proposition, continuous top talent recruitment and differentiation. Hence the companies need to be forearmed to anticipate and determine the talents.Recruiting- been viewed as a transactional, commodity based business function to fill job openings with qualified people. In contrast, Talent Acquisition is distinct elements of the Talent Management continuum, a proactive, strategic function, procuring talent for the organization’s value add. Talent Acquisition is no longer a silo in the human resource function, but collaboration with specialists from other functional areas within Talent Management to posture a company for talent who will evolve and become strategic partners within the organization. Talent Management/Acquisition asks: do we have a strategy in place to attract and retain qualified employees; do we know what business is in the pipeline, what the staffing needs are for the next six-twelve months, bill rates that determine potential candidate salaries, etcOn moving to a Talent Acquisition model there is a significant difference between those organizations that practice recruiting and those that have a talent acquisition practicesRecruiting- To identify & select a person for a position.
Talent – A special often creative, artistic or mental gift.
Acquisition – To gain possession of something as a result of effort or experience.Strategic Talent Acquisition takes a long-term view of not only filling positions today, but also using the candidates that come out of a recruiting campaign as a means to fill similar positions in the future In the most enlightened cases of Strategic Talent Acquisition, clients will recruit today for positions that do not even exist today but are expected to become available in the future. Recruiting is involved on the front end of the process; Talent Acquisition would be as a collaborative business partner. Aligning Talent Acquisition to the organization’s strategic objectives is imperative to the success of the organizationRole of Consultancy in Talent Acquisition and Talent Management.The Talent Acquisition needs of companies are becoming more and more intricate – which means more focus and effort for proper functioning. Cross location, multiple skills, blend of technologies and personal attributes makes the hiring process a very involved effortBy outsourcing Talent Acquisition function, the organisation can focus on core business issues, while they have a reliable framework of Talent supply. This is a new emerging paradigm which is making a lot of companies tread this path. Nurturing Human Capital via Talent Management, would be the focus of Talent acquisition and recruitment. Recruitment Support includes activities from pre- and final- screening, interview management, Offer Management and Data Management. Recruitment is integral to talent management and requires considerable executive management mindshare. Recruiting is changing fast, with myriad challenges facing those responsible for attracting, hiring and retaining top talent.The role of human resources has shifted within most leading organizations and Human Resource practitioners are now required to demonstrate value to the business. Talent acquisition platform can be configured to fit the size and structure of any recruiting organization Working closely with the business, Talent Acquisition Consultant- would manage all Experienced Hire RecruitmentTalent Acquisition Consultancy would work in cohesion and coordinate with the respective & assigned business function(s) to source, recruit and select the best Talent for the organiationTalent Acquisition Consultancy – would work in the role of a partner to align strategies that would support business objectives and create processes, tools and cultures that attract, motivate, engage and retain strong, high-potential Talent.Talent Acquisition Consultancy- with the background and exposure of global competence in executive recruiting, and also country specific knowledge; will be in position to play a critically important role in identifying high profile executives and recruiting top global talent. Talent Search Service would range from single assignment to regional or global and could include multiple positions in various locationsTalent Acquisition Consultancy Would Play A Significant Role InIdentifying Top/Senior level Talent for all business groups and be responsible for identification, recruitment and on-boarding of senior level leaders throughout the organization utilizing direct sourcing techniques including personal networking, online search, and leveraging internal tools and resourcesResponsible for providing creative sourcing solutions to customers in a consultative role. Recruiting through a variety of sources, including Internet, professional associations, networking, advertisements, job fairs, university relations, etc. Function as a full business partner to develop staffing processes, identify business issues and recommend innovative solutions.Find, assess, engage, hire, and on-board the highest quality candidates, especially in the critical skill areas. Assess candidate skills, background and fit so as to predict performance levels and styles with a high degree of accuracy.Manage the full life-cycle of the recruiting process – Recruit / Source, contact, screen candidates.Assess candidate’s competency to include job fit, motivational fit and culture fit.Source, identify, and screen candidates to determine if their technical ability, attitude and personality make them a fit for the Client’s cultureDevelop candidate talent pipelines through sourcing channels, recruitment campaigns, internet searches, networking groups, social media, database searchTalent ManagementOnce the Talent Acquisition process is completed the human resource professionals have to concentrate on the next level of Talent Management- Talent Development. It is necessary to develop the skills of the employees through Training and Development Talent Management in organizations is not just limited to attracting the best people from the industry but it is a continuous process that involves sourcing, hiring, developing, retaining and promoting them while meeting the organization’s requirements simultaneouslyTalent Management, as the name itself suggests is managing the ability, competency and power of employees within an organization. The concept is not restricted to recruiting the right candidate at the right time but it extends to exploring the hidden and unusual qualities of one’s employees and developing and nurturing them to get the desired results. Hiring the best talent from the industry may be a big concern for the organizations today but retaining them and most importantly, transitioning them according to the culture of the organization and getting the best out of them is a much bigger concernTo achieve success in business, the most important thing is to recognize the talent that can accompany one in achieving one’s goal. Attracting them to work for you and strategically fitting them at a right place in your organization is the next step. It is to be remembered that placing a candidate at a wrong place can multiply one’s problems regardless of the qualifications, skills, abilities and competency of that personTalent Acquisition and Talent retention are like the two sides of a coin that are critical in the human capital management. Innovative technologies are to be adopted to enhance the process of Talent Management. With the dynamic situation prevailing in the global employability status, the role of human resource managers is very imperative in maintaining the talent balance. Holistic cum participatory approach is to be followed for harnessing the real benefits of Talent Management system. The Talent Management system that acts as a driver to performance excellence has to be integrated with the rest of the areas in the company and through effective Talent Management strategy.The practice of talent management would involve no of strategies used in the management of human capital resources and their application. We shall dwell on few critical issues that are imperative in the management of talent and their significance:- i. e for Talent Management Best Practices:-Key points & factorsTalent Acquisition
Assessing organizational talent readiness and execution capability
Identifying talent gaps
Identifying mission critical positions
selection- identification- & recruitment- of right people
assessment- assessing competencies of apt profile
Retaining TalentIn the current climate of change, it’s critical to hold onto the key people. These are the people who will lead the organisation to future success, and the organisation can’t afford to lose them
Employees are more likely to join stay within an organization if they believe the prospects are good for longer-term career and leadership developmentTo realise this and to attract and retain Talent -Organisation need to have aWorkforce planning ·building a road map for implementationDiversity programmes designed to develop, retain and promote diverse TalentCareer Planning- – scope of advancement in career for employees- their effort being valued and recognized-Selecting Talent:- Management should implement proven Talent selection systems and tools to create profiles of the right people based on the competencies of high performers. It’s not simply a matter of finding the “best and the brightest,” it’s about creating the right fit – both for today and tomorrow.
Coaching and Mentoring- development of-new competencies.
Using development to drive business objectives
Building an effective development plan
Development of employees – for a elevated and key position
Developing processes for Succession Planning and Talent pipelinesManaging Succession: Effective organisations anticipate the leadership and Talent requirement to succeed in the future. Leaders understand that it’s critical to strengthen their Talent pool through succession planning, professional development, job rotation and workforce planning. They need to identify potential Talent and groom it.The cost of replacing a valued employee is enormous. Organisations need to promote diversity and design strategies to retain people, reward high performance and provide opportunities for development.
It’s imperative to assess existing talent within the organization. Talented and ambitious people are more likely to stay with their current employer if they receive positive development, motivation and encouragement to reach their potentialOrganisation need to focus on managing the needs of individual employees, in alignment with organizational objectives, while identifying and deploying top performers accordingly.a) For the individual: Coaching and mentoring based on discovered needs.
b) For the work team: Identifying top performers, or “stars,” and capitalizing on their talent.
c) For the organization: Maximizing return on investment by putting the right person with the right skills in the right job at the right timeIdentification & selection of – high performers- represent the requisite competencies of the organisation and also inspiration to others to follow suit.Focusing on Core TalentCompanies are increasingly looking at bringing exceptional talent on board for those roles that are core to their business and·building a business case for inclusion in the organizations strategic policy
In an increasingly global business world, where teams work across borders, understanding different work cultures is the key to success.In India, there is a high demand for good talent and hence a lot of attention is being given to retaining and engaging that talent. Retaining talent for Indian companies has become a key factor in their growth strategies.We shall just give a brief sketeh of talent management systems adopted in an Indian organisation.Mahindra and Mahindra — A US $12. 5 billion multinational group based in Mumbai, India, with more than 137,000 people in over 100 countries, in the business of utility vehicles, information technology, tractors, and vacation ownership- – created a robust Talent Management system to attract, nurture and promote employees.Anand Mahindra, the group’s 57-year-old vice-chairman and managing director has been grooming some key leaders to replace the ageing stars. A Talent Management programme conceptualised in 2004 to chart out the succession plan for top executives, has already produced eight key leaders.For the group, organisational restructuring posed the greatest challenge keeping in mind the changing dynamics in the business especially the tractor and automotive division. the re-alignment was necessitated by changing dynamics in the business environment. the objective was to grow leadership positions in the UV and tractor market and developing successful businesses in relatively new business areas like IT, financial services, realty and infrastructure development and also service industries like Time share (Club Mahindra). “Keeping in mind the new business objectives the challenge was to re-orient the human resource management towards these objectives. “To achieve these objectives the company began a full reassessment of organisation and management structure with the help of consultants like Mckinsey’s, Arthur Anderson and Korn Ferry. The outcome was, clear roles and responsibilities were identified and the competency required for each role was mapped. The officers went through individual assessments of competencies against the requirement of each role. External consultants as well as internal assessors ran assessment centres and each individual was then placed based on competency and role fitmentTHE RETIREMENT OF ARUN NANDA (Executive Director – 2 Years ago) marked the beginning of the end of a long reign of stalwarts. New leaders are already rising and showing every sign that the group’s succession planning initiatives will help fill the void. Most are in their forties, rising rapidly and are being thrown into different roles in the group – clues that they are being groomed for greater responsibilities.Many emerging leaders were inducted onto the group’s apex-decision making body Group Executive Board in 2010 in preparation for the retirement of six members on the board.Anita Arjundas, the 44-year-old head of the real estate business and the lone woman member of the group executive board, mirrors the emergence of a quiet transition that is taking place inside the automobile-to-aviation group.Conclusion.Today, companies have become fiercely competitive when it comes to attracting and retaining Talent. The present scenario with abundant opportunities has triggered a wave of employees, perpetually “on the move”, forever seeking better opportunities whenever, wherever and however they canTalented people want to be a part of something they believe in and not just a fat pay package. A culture of commitment is the key to employee retention- a culture that concentrates on vision, mission, values and ambitious goals to attract and hold on to talented people. This culture of commitment can only set in if there are guiding principles or core values that are of intrinsic importance to those in the organisation.Cultural dimensions as a tool to retain talent zeroes in on functional, technical and control aspects, while simultaneously dealing with inspiration, emotion, energy, enthusiasm, collaboration and camaraderie, openness and a sense of belongingAt the end of the day, creating and delivering a great employee value proposition is clearly the best way to retain good people. Research shows that companies which have recognised the need to give priority to its people management-driven strategies are the winners