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Ms. Chandra Ganjoo, Executive Director & CPO - Trivitron Group, in conversation with Human Capital Magazine. Talent Management is the assured business strategy that will ensure the attraction of top talent in competition with other employers.
'Talent Management' is a concept of great significance in the Human Resource industry. We are now in an era where companies are aware of the wide range of HR functions and its vital role in business strategy and execution. The term 'talent management' has been growing in popularity as organizations which practiced this process have been recognized for their working pattern in recent years. Today, organizations no longer are far behind in visualizing the talent and knowledge of the employees, a significant intellectual asset can be drilled and obtained from each of the employees to enhance productivity. In short, talent management is the assured business strategy that will make certain the attraction of top talent in competition with other employers.
The process fundamentally uses both integral perceptions and capabilities of individuals and information to help them adapt into a tool for gaining competitive advantage. It is vital to realize that organizations consist of people who add value through proven business processes, innovation, customer service, sales, and many other important activities. As an organization that endeavors to meet its business goals, it must make sure that it has a constant and cohesive process to retain productive and engaging employees and focus on their key strengths. Talent management actually prevents employees from being under-utilized who can else be put to additional use whenever required.
There is no dearth of professionals but there is an acute shortage of able professionals worldwide. There are a huge number of management professionals, graduates from various B- Schools across the globe but how many of them are genuinely employable remains questionable. Hence, the shift from an ad hoc to a strategic talent management program can greatly aid a company in the achievement of its business objectives.
To get the best people on board, it is also significant for the company to retain the image of a preferred employer. Being the company that people would want to work for is more than just hitting or exceeding market medium with an attractive pay scale. In addition to compensation, the factors affecting attraction and retention of workers are many. Through an integrated process of recruiting, assessment, evaluation, and hiring, the business brings the right people at the right time into an organization.
One of the cornerstones of talent management today is Performance Management System. This seamless process is undergoing a transformation as organizations embark on automating goal alignment, assessment, coaching, development and succession processes and delves into the practices of performance management along with a specific focus on their impact in the business.
A lot of companies currently follow the below training and performance support tools-
The buddy system- A significant number of employees quit their job within the first year due to their experience bewilderment and confusion during their first few months. Hence to control this we have introduced the ‘Buddy system’ in the organization, in order to negate the ‘nerves’ that will accompany live call taking. It is essential to also have in-house trainers and coaches who are carefully selected and professionally groomed.
Soft skill development- Essential development and ongoing support in developing advanced skills such as communication, listening, customer service or selling and ways to handle critical situations, also motivates the employee to a great extent. Hence, we identify the skills required to make an effective employee and also offer training and development in those key areas every now and then.
Career management- Every organization has some distribution of the following people
The key to success remains in striking the right balance and develop the new starters and this aspiring, motivated talent with appropriate development opportunities. It can make good logic to use ‘stars’ as mentors to share tacit knowledge to these groups. Employees who are new starters and rising stars need a clear career trail so, that they have the sureness to move on internally and do not get exasperated or disillusioned; at which point they may become poor performers or leave their employer.
It is also critical to satisfying the established 'stars' as they are key knowledge and expertise drivers in the organization. As the organization evolves over a period of time, there is an unceasing need to promote people into new positions. Succession planning is a vital function, permits managers and individuals to recognize the right candidates for a position. This function also must be aligned with the business plan to understand and meet requirements for key positions for about 3-5 years. While this is often a process reserved for managers and executives, it is commonly applied across organizations.
Compensation and benefit is also an essential part of people management and an inseparable concept of Talent Management. Here organizations try to tie the compensation plan directly to performance, appreciation, motivation, and enhancement of employees so that compensation, incentives, and benefits align with business goals and business execution.
There is a process involved in finding roles that require dedicated skill or knowledge and are critical to driving long-term competitive business advantage known as critical roles and gap analysis. Identifying critical skills and positions is a significant part as it allows us to target talent investments to ensure leadership continuity and mitigate risk from leadership attrition and it becomes essential during times of economic turbulence and uncertainty. We call this - critical talent management.
Modifications in the world of work, changing employee expectations, advances in technology are key factors that are crafting a perfect platform and transforming the modern workforce & workplaces. Pitched against a backdrop of growing skills gaps, the pressure is on organizations to rethink their talent approach and systems.