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Talent Management

Talent Management: The Art of Managing Talent Pool

 

By Prabhat Bhardwaj

Talent Management is a commitment and strategic process of retaining, training and re-training employees to ensure business goals are met effectively and efficiently. However, it has different perceptions, understanding and applications for different organizations across different industries & geographies. Factors such as the life cycle of an organization or the sector it operates in are imperatives of leveraging the right kind & use of Talent management systems and processes.

Talent management is a key tool used by corporations to train employees for their career path and to ensure that they gradually move to the ‘High Potential, High Performance’ category.  A good on-boarding and orientation program ensures smooth beginning, individual & organization role clarity and understanding the vision of the organization, which seldom requires a course correction.  Hiring the right people at right role by mapping their ‘skill set, potential and performance’ is an effective tool for talent management. It brings the focus from a person, who is ‘a good fit for the role’ to a person who is not only a ‘good fit for the role’ but also for the organization as a whole, and one who has the potential not just to grow with the organization but to help grow the organization. This enables the employees to see where best, they fit in the organization and in turn, encourages employees to participate in aligning themselves to the overall objective and direction taken by the company.

The key activities and processes of talent management include -

Developing job description in order to understand the skills, abilities and experience needed from an employee.
Choosing an appropriate fit for a suitable job & skill assessment process.
An effective on-boarding program which ensures alignment to the organization's people, policy and culture.
Continuous mentoring, training and feedback through various performance measurement parameters.
Effective compensation and recognition system to reward an employee for their achievements.
Talent Management also has a flip side attached to it. This practice has various challenges:

Globalization - borderless workplace culture, new opportunities; making the world a diverse and integrated platform leading to fiercely intense competition and therefore leading to higher attrition rates.

Lack of skilled workforce – Newer and more ambiguous job descriptions along with creation of new jobs/designations/hierarchies becomes a huge barrier between assessing the traditionally required skill set and nuvea skills. This demand and supply divide is a serious concern across industries which demonstrates itself in creating often unpredictable situations within organizations.

Advent of the Millennial Workforce: Younger generation or millennials expect to operate in a dynamic and fresh work environment. At times companies are ill-equipped to handle this young workforce and its work-culture demands leading to an employee vs company expectation and hiring mismatch. Companies need to now start evolving to cater to the younger, more diverse work force by creating a work-environment which is conducive to the millennials. They need to develop programs, systems and processes which offer a relaxed, flexible and transparent communication between employees and the organization.

Today, when every organization is understanding the value of best practices; it is imperative that employees are being retained & nurtured. A rightly-skilled employee plays a vital role towards accelerating the growth of the organization. It is therefore critical for all organizations to practice processes and systems for retaining, continually enhancing and developing a superior workforce into a culture of high performance. This talent pool management is fast becoming the key differentiator between organizations that lead the bandwagon or organizations that are less agile and cognitive of the change and therefore end-up as the leviathan last movers.

 

Mr. Prabhat Bhardwaj

VP, HR & Administration
Power2SME

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