The 21st century has witnessed an explosive pace of technological advancement, facilitating global sourcing and the consequent global operations, which are the main drivers of change in employment patterns, leading to intense competition among employers to attract and retain talent. As talent is rare, valuable, diffi cult and hard to substitute, organisations that attract, select and retain better talent outperform those that do not. Without any doubt it can be said that today an organisation’s success is directly linked to the talent it can acquire and retain.

Retention of employees in organisations deserves special attention since the loss of such employees is costly in terms of new recruitment, training and development, interruptions service, and decreased employee morale. There are persistent efforts by organisations irrespective of their size, age, type, sector, etc to attract the best talent available. Talent has become the key differentiator for performance management and for leveraging competitive advantage especially in knowledge-based organisations.

Talent management is an espoused and enacted commitment to implementing an integrated, strategic and technology enabled approach to human resource management. This commitment stems in part from the widely shared belief that human resources are the organisation’s primary source of competitive advantage; an essential asset that is becoming in increasingly short supply. The benefi ts of an effectively implemented talent management strategy include improved employee recruitment and retention rates, and enhanced employee engagement. These outcomes in turn have been associated with improved operational and financial performance.

To effect maximum change, organisations must transform performance management from a static, oncea- year event into a dynamic, year-round process. At the same time, they must implement a talent management framework in which employees and managers can work together to establish clear measurable goals, competencies, and career development activities that align with corporate objectives. Managers also need to check in with employees throughout the year to discuss progress toward goals and provide constructive coaching. By building this kind of feedback and relationship-building into the talent management process, the organisation will be better positioned to drive the high levels of employee engagement that correlate with competitive success.

People are the most important asset for an organisation. According to a survey by KPMG (2012), people matters are among the top fi ve concerns for business leaders. In this context, the importance of global talent in the organisation has also been increasing. Many organisations are making efforts to acquire, develop and retain talent worldwide. As global competition for talent heats up, organisations that do not prepare ways to acquire, develop, utilise and retain talent may fall behind in a race for global business.

The war of talents will be the major human resource issue in near future. Advancement of an organisation occurs when a fl exible, committed and highly motivated pool of talent who have a strong sense of purpose about their work are present. Organisations today have to change their talent strategies permanently in order to survive in the new environment rather than rebounding back to old practices which were relevant before the recession.

To address the key issues related to Talent Management and Engagement, Jaipuria Institute of Management, Ghaziabad is organising Corporate Summit at Radisson Blu, Ghaziabad, on November 23, 2013, where eminent persons from corporate world will share their strategic issues and come up with a Talent Management Module. This Corporate Summit is attempted to understand the key business challenges organisations face during the slowdown and the implications of these issues on their talent management practices and engagement models. In the event, we will highlight the multi-dimensional role HR as a function will play in addressing these challenges along with the tools which will support it to excel at this seemingly diffi cult task.

 

Dr Daviender Narang, Director - Jaipuria Institute of Management, Ghaziabad

People and Management

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