Talent Management in current business scenario
Talent Management in current business scenario
Talent retention and acquisition is the term which is most widely used and discussed in modern organization. But in practicality quality seldom wind over quantity. Talent management reduces to just a number game and HR department remains busy in filling the positions popping due the high attrition rate.
The roots can be traced to the recruitment process. Often, in their bid to attract good talent, HR oversells the organization to the new recruit. There is no harm is stretching the organization truths a little, but when they stoop to blatant lies, that's when the organization takes the hardest fall. It is easy to recruit good talent, but very difficult to retain them. Especially, if the foundation of the relationship has been based on misrepresentation of the truth. The new recruit feels cheated, and that's sowing the seeds of self-centeredness.
Where does the problem lie? Or should I say begin? Non-competitive salaries, cultural misfits, unrealistic expectations, non-clarity of performance parameters, unfocused/ biased/ myopic management - the reasons are many.
Traditionally, the contract between employers and employees was that of job security in exchange for loyalty. But, that was the old economy, where factors such as productivity, growth, competitiveness, etc., played second fiddle to loyalty. Long service was rewarded as a virtue. In the era of technology and knowledge, talent is in the driving seat. One who possesses it dictates. Not he who pays for it. It is the demand of the time that business leaders elevate management of talent to a burning corporate priority. It is not a walk in the park for the talent market. Quality people are no longer available in plenty, easily replaceable and relatively inexpensive.
How can you create an enriching workplace? It isn't easy and doesn't happen overnight. But with some planning, a lot of persistence and adept execution of seven key practices, any organization can create an enriching workplace
Job Stretch and Mobility
Mentoring Not Just Managing
Freedom and Stimulation
Deep Immersion
Teaching and Coaching
Diversity of Talents and Personalities
Horizontal Growth Paths
In today's global economy, companies must continually invest in human capital. In the role of business partner, HR leaders work closely with senior management to attract, hire, develop and retain talent. Yet the skills shortage presents both socio-economic and cultural challenges as talent crosses borders. Thus, in view of workforce trends such as shifting demographics, global supply chains, the aging workforce and increasing global mobility, forward-looking organizations must rethink their approach to talent management to best harness talent. By doing so, they will be positively positioned to succeed in a highly competitive marketplace. In addition, organizational culture, employee engagement and leadership development have a significant impact on talent retention. Taking these factors into consideration, an integrated approach to talent management offers a pathway toward sustaining outstanding business results.
To conclude, we can say that the only way to ensure high productivity for organization and high job satisfaction to employees is talent management.
Ref: Seven talent management practices that matter by Tony DiRomualdo
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