| Emerging Trends of Talent management in HRM | | | | enterprise technology. It is not a trivial transition. |
| | | | | Enhanced functionality, dynamic global influences and |
| Introduction | | | | requirements, new solution delivery models and an |
| Talent management is a | | | | infrastructure shift to services-based architectures are |
| professional term that gained popularity in the late | | | | changing the way companies upgrade and adopt new |
| 1990s. It refers to the process of developing and | | | | technology solutions. |
| fostering new workers through on boarding, developing | | | | The success of the talent management market rests |
| and keeping current workers and attracting highly | | | | on: |
| skilled workers at other companies to come work for | | | | • Integrated functionality and usability: Many vendors |
| your company. Talent management in this context | | | | have invested heavily in the usability and integrated |
| does not refer to the management of entertainers. | | | | functionality of their solutions. The ability to seamlessly |
| Companies that are engaged in talent management | | | | integrate data and streamline navigation and use |
| (human capital management) are strategic and | | | | enhances the user experience and encourages |
| deliberate in how they source, attract, select, train, | | | | increased use of the solutions. A single data model |
| develop, promote, and move employees through the | | | | technology infrastructure is ideal to maximize |
| organization | | | | performance and simplify application management. |
| What is talent management? | | | | • Dynamic influences in shaping the global |
| The term talent management | | | | workforce: Companies are being forced to adjust to |
| means different things to different people. To some it | | | | ever-changing global regulatory and compliance issues |
| is about the management of high-worth individuals or | | | | that outline how companies can find, recruit and |
| "the talented" whilst to others it is about how talent is | | | | manage their workforces. In addition to automating HR |
| managed generally - i.e. on the assumption that all | | | | processes, companies are now focusing internally to |
| people have talent which should be identified and | | | | build a performance-based culture centered on |
| liberated. This term is usually associated with | | | | metrics-based business outcomes and driving additional |
| competency-based human resource management | | | | value of the company by adapting and improving the |
| practices. Talent management decisions are often | | | | way they manage their global workforce. |
| driven by a set of organizational core competencies | | | | • Rapid acceptance of the on-demand model: The |
| as well as position-specific competencies. The | | | | majority of most vendors’ revenue comes from an |
| competency set may include knowledge, skills, | | | | annuity-based hosted delivery mode. Indeed, many |
| experience, and personal traits. Talent management is | | | | recognize 100 percent of their revenue from their |
| the recruitment, development, promotion and retention | | | | on-demand solutions. The general acceptance of the |
| of people, planned and executed in line with our | | | | on-demand model owes much to its proven success |
| organisation’s current and future business goals. | | | | within other enterprise application categories such as |
| Because it is aimed at building leadership strength in | | | | CRM. In addition, the diminished impact of security |
| depth, it creates flexibility to meet rapidly changing | | | | issues has helped build the on-demand model. |
| market conditions. A structured talent management | | | | • Demand for service and support excellence: |
| process will systematically close the gap between the | | | | Service and support distinction has surpassed security |
| human capital an organization currently has and the | | | | issues as the key concern for those adopting talent |
| leadership talent it will eventually need to respond to | | | | management applications. Although security issues are |
| tomorrow’s business challenges. | | | | still prevalent, especially if IT is involved in the |
| Talent Management as a Strategic Approach | | | | decision-making process, key stakeholders in the |
| We view talent management as | | | | vendor selection process have shifted their focus |
| a strategic approach to managing human capital | | | | toward ongoing service and support issues as their |
| throughout the career cycle: attracting, retaining, | | | | key areas of interest. Many vendors continue to |
| developing and transitioning your most important | | | | develop support options that meet the needs of their |
| assets. | | | | customers and have become very sophisticated in the |
| Attracting Talent: Creating Assessment and Selection | | | | tools and techniques used to measure service-level |
| Strategies and Processes | | | | performance. |
| Attracting qualified talent is the | | | | • Multinational capabilities: Global enterprises are |
| critical first step in the talent management cycle. The | | | | demanding multi-language capabilities and in-country |
| improving economy, Baby Boomer retirement and | | | | domain expertise to support the ever-changing |
| other factors are creating keener competition for | | | | international laws. A changing global landscape and an |
| talent these days, making this critical step tougher than | | | | increasing assortment of compliance issues require |
| ever. So how do you get a leg up on the competition? | | | | vendors to maintain a strong international presence. |
| Matching the Right Candidate to the Boss | | | | |
| Matching the right person to the right job is an | | | | The time is now to leverage talent |
| acknowledged need in organizations. But one of the | | | | management technologies. Today’s available talent |
| toughest challenges in selection often overlooked is | | | | management solutions can not only support the |
| matching the right candidate to his immediate boss. | | | | changing dynamics of your workforce, but help plan |
| What makes that goal particularly tough is when the | | | | for the future in building both a high caliber workforce |
| boss does not have a clue what kind of candidate | | | | and performance-based culture. |
| would work well with him. Working with various tools, | | | | |
| we can design and customize assessment exercises | | | | Seven talent management practices that matter |
| and materials. We also identify critical competencies | | | | How can you create an enriching |
| your people will need, develop success predictors and | | | | workplace? It isn't easy and doesn't happen overnight. |
| consult with you on general recruiting strategies. | | | | But with some planning, a lot of persistence and adept |
| Retaining Talent: Reducing Turnover and Aligning | | | | execution of seven key practices, any organization |
| Talent with Organization Goals | | | | can create an enriching workplace. |
| With 75% of employees looking | | | | 1. Job Stretch and Mobility |
| for new employment opportunities at any given time | | | | Feel like you're stuck in a box at |
| and five million Baby Boomers expected to retire in the | | | | work? If you do you've got plenty of company. Many |
| next few years, the war for talent is back on. | | | | organizations define jobs narrowly and allow little or no |
| Companies that develop successful retention | | | | movement across organizational boundaries or even |
| strategies can win that war. Most companies today | | | | within them. But to grow, talented people need to be |
| would acknowledge that their human assets are their | | | | constantly challenged and stretched. This means the |
| most important asset. But since companies can’t | | | | ability to take risks, to try new things, and yes, even to |
| own employees the way they own factories or | | | | fail - whether by doing something differently in an |
| product, your success or failure hinges on the quality | | | | existing job or tackling an entirely new one. If |
| and duration of the relationships you form with your | | | | experience is indeed the best teacher how much are |
| people: retaining talent. | | | | we learning if what we do rarely changes? |
| Developing Talent: | | | | SEI Investments, a leading global |
| Challenging Your People with Executive Coaching and | | | | provider of outsourced investment business solutions, |
| Leadership Development Programs. | | | | has created an environment that provides continual |
| Employees cite career | | | | challenge to staff and enables them to regularly move |
| development as one of two top job satisfiers, along | | | | around the organization and to frequently take on new |
| with compensation. Your employees want to be | | | | tasks and responsibilities. |
| challenged and developed. If they’re not, they will | | | | 2. Mentoring Not Just Managing |
| become less productive or perhaps even leave. | | | | Nothing speeds up the transfer of |
| | | | | knowledge and know-how or enhances individual |
| Career Partners International | | | | development more than a quality one-to-one dialogue |
| provides a full range of services for developing talent, | | | | between an experienced person and an |
| ranging from career development, executive coaching | | | | up-and-comer. |
| and leadership development to new job integration, | | | | W.L. Gore, creator of Gore-Tex |
| team building and succession planning. And our | | | | fabrics, is a mentoring-intensive organization. Managers |
| measurement techniques will demonstrate to top | | | | are called "Sponsors" and act as advocates for their |
| management how investing in your talent pays off. | | | | assigned staff. They commit to being knowledgeable |
| | | | | about their activities, well being, progress, |
| Career Development / Career Management | | | | accomplishments, personal concerns and ambitions. |
| These programs are designed for | | | | Each associate has at least one sponsor and some |
| professional and entry- to mid-level managers. CPI | | | | have more than one. |
| provides assessment and feedback, planning, support, | | | | 3. Freedom and Stimulation |
| coaching and other tools, tailored to help your people | | | | Often the environment in which people work can |
| realize their career goals, aligned with organizational | | | | make a huge difference to the speed and quality of |
| goals. | | | | people development. Two ingredients essential to |
| | | | | making a workplace conducive to learning are |
| New Job Integration / Assimilation | | | | stimulation - through frequent exposure to a wide |
| The first one hundred days on a | | | | variety people and ideas and the freedom to explore |
| job are critical for new leaders. We assess and coach | | | | and pursue individual ideas and passions. |
| leaders to gain effectiveness more quickly, avoiding | | | | Google is a nirvana for the best |
| common pitfalls of their new roles. We provide | | | | and brightest technical talent in the world. The |
| feedback, planning and coaching, based on | | | | company's commitment to human capital is strong and |
| assessments. | | | | was a core principle expressed in its now famous IPO |
| Leadership Development | | | | filing in 2004. Staff are given huge amounts of |
| Our leadership development | | | | freedom to determine when, where, how and on what |
| programs include a wide variety of leadership and | | | | they work. Each is allowed to spend 20% of their time |
| management skills for developing talent, including | | | | each week working on personally initiated projects. |
| coaching, conflict management, decision making, | | | | 4. Deep Immersion |
| delegating, mentoring, motivating and performance | | | | Nothing frustrates talented people, |
| management. We develop a leadership model specific | | | | particularly young up-and-comers, more than being |
| to your company’s needs and help organizations | | | | asked to wait their turn before getting the opportunity |
| implement and manage their leadership development | | | | to contribute to important projects or initiatives. This is |
| programs. We provide assessment and feedback, | | | | not only demotivating to people but counter-productive |
| action planning, coaching and support to promote | | | | to performance as opportunities to contribute depend |
| changes that align leadership and organizational | | | | more on tenure and pecking order than merit. |
| performance. | | | | Trilogy, a software company |
| Transitioning Talent; Creating Goodwill through Career | | | | based in Austin Texas not only avoids this problem, but |
| Transition Programs | | | | has created a fast- track, merit-based process that |
| Put as much thought into how you | | | | starts with every new hire. Its induction program is on |
| transition employees out of the company as you do | | | | steroids - goals are not only cultural induction, bonding |
| attracting talent, and the return on investment is usually | | | | and skill development but to create the company's |
| a happier workforce, separated employees who are | | | | next generation of ideas, products and leaders. The |
| more contented, and a community that regards you as | | | | program is led and run by Trilogy's top executives, |
| a good citizen. The benefits of offering exiting | | | | including its CEO. |
| employees quality transition programs far outweigh the | | | | 5. Teaching and Coaching |
| costs and risks of not providing them. | | | | This means having people in the |
| The Corporate Talent Challenge | | | | organization - both managers and specialists - whose |
| 1. This research will help you clearly understand why | | | | role it is to help others to grow, learn and realize their |
| talent management is not just a "new name" for HR, | | | | potential. Many organizations have de-emphasized this |
| but a business imperative with very different | | | | key task as pressure to meet quarterly performance |
| challenges in each industry. | | | | targets have cascaded down to every level of the |
| The Business Drivers of Talent Management | | | | organization. Schools provide an inspiration and model |
| 1. It helps readers understand specifically how to tie | | | | from which other organizations can learn. They have |
| talent management solutions to specific business | | | | teachers whose only job is to develop their student's |
| problems such as the shortage of mid-level managers, | | | | skills and learning. While few organizations are |
| rolling out new products, mergers and acquisitions, and | | | | positioned to employ full-time teachers, many should |
| 8 other business challenges. | | | | encourage and help managers and staff to take on |
| An effective talent management system builds a | | | | this role. They can do this by explicitly acknowledging |
| winning organization by:v Connection corporate | | | | the value of teaching and coaching and including these |
| strategy with the quantity and quality of leadership | | | | responsibilities in the expectations and measures of |
| required to execute it.v Driving leader’s | | | | performance set for managers and staff. |
| accountability for the cultural strategies that support | | | | 6. Diversity of Talents and Personalities |
| business goals.v Identifying those individuals with | | | | The value of diversity in business |
| the highest leadership potential across the organization | | | | seems obvious to most observers, but few leaders |
| early in their careers.v Assessing high-potential | | | | really know how to leverage the differences that |
| talent against a holistic and future facing definition of | | | | people bring to the workplace. As Ricardo Semler, |
| leadershipv Accelerating the development of | | | | head of the innovative Brazilian conglomerate Semco |
| high-potential talent and improving the quality of | | | | puts it - "I prefer Coq-au-Vin to Chicken McNuggets". |
| executive leadershipv Enhancing the focus on | | | | He is not talking about food but rather cultures that |
| growing better leaders at all levels from first line | | | | blend diverse talents and perspectives (like the |
| upwards | | | | ingredients in a slow-cooked Coq-au-Vin) versus those |
| Seven steps of talent management | | | | that impose numbing conformity on their people (like |
| Step 1. Starting with the end in mind-our current and | | | | the industrial-style sameness of Chicken McNuggets). |
| future business needs | | | | And believe me, many companies have Chicken |
| Step 2. What kind of talent does the business need? | | | | McNugget talent - mass produced, standardized and |
| Step 3. What and where are the gaps? | | | | consistently mediocre. Far better to blend diverse |
| Step 4. Identifying high potentials | | | | ingredients into a rich and unique tasting stew - ala coq |
| 4.1 Evaluating current performance. | | | | au vin! |
| 4.2 Identifying potentials | | | | Semco backs up its words with |
| 4.3 Creating an acceleration pool | | | | actions. It regularly pairs younger and older workers |
| Step 5. Assessing readiness for Leadership transitions | | | | together. Its "Lost in Space" program affords young |
| 5.1 Individual Readiness | | | | staff the opportunity to move around the company on |
| 5.2 Organisational readiness or “Talent | | | | a regular basis during their first few years. This helps |
| Audit” | | | | them to both develop new perspectives are well as |
| Step 6. Accelerating development | | | | inject their own fresh ideas throughout the business. |
| Step 7. Focusing and Driving performance | | | | Their "Trading Places" initiative let's people trade jobs |
| 8 (Eight) Principles for success | | | | as a way of gaining new experience and skills. |
| 1. Accurate diagnosis is the first step in effective | | | | 7. Horizontal Growth Paths |
| development | | | | Flattening of hierarchies in recent |
| 2. Ensure development is tied to where our business is | | | | years has severely curtailed growth paths in many |
| going now and in the future. | | | | organizations. But growth shouldn't just be up the |
| 3. Development talent needs to represent a balance | | | | ladder or depend purely on acquiring managerial skills. |
| between fixing weaknesses and leveraging strengths. | | | | Another productive growth path is horizontal and |
| 4. Prioritize potential | | | | progressive organizations have created lateral paths |
| 5. Effective development requires a blend of activities | | | | that allow people to broaden their skills and knowledge |
| including mentoring, classroom learning, coaching, job | | | | within their disciplines and jobs. |
| assignments, action learning etc.. | | | | Companies like IBM, Texas |
| 6. Don’t underestimate the role of management | | | | Instruments and Intel have instituted technical mastery |
| support | | | | programs to allow individual contributors and specialists |
| 7. Creating learning tension will maximize your return | | | | to develop their knowledge and learning and to be paid |
| 8. Developing others becomes a measurable | | | | and recognized for it. This means talent can advance |
| management performance objective. | | | | based on their learning pace rather than have to |
| Ten traps of talent management | | | | change jobs or be promoted to get ahead. |
| 1. Paying lip service to a talent management strategy | | | | |
| 2. No clear definition of ‘Leadership’ | | | | Four steps to making talent management a core |
| 3. Confusing talent management with succession | | | | competence |
| planning | | | | There are four steps that |
| 4. Shrouding the process and Ground rules in mystery | | | | companies can take to quickly assess their talent |
| 5. Waiting for the cream to rise | | | | management process and begin improving their talent |
| 6. Using subjective data to make crucial decisions | | | | management competency: |
| about talent | | | | |
| 7. Ignoring quirks of personality in promotion decision | | | | Step 1 – Identify Key Roles. Analyze the key steps |
| 8. Lazy thinking about development solution | | | | in each part of the talent life cycle (identification and |
| 9. Ignoring the team mosaic | | | | attraction, hiring and inculcation, motivation and |
| 10. Assuming your managers at all levels are | | | | development, appraisal and reward, building and |
| ‘Talent Leader’ | | | | sustaining relationships) and map the key players and |
| | | | | their roles and responsibilities to each stage. Are there |
| Defining Talent Management | | | | gaps in responsibilities – key activities that no one is |
| 1. This framework, the High Impact Talent Management | | | | directly accountable for? Are there overlapping |
| Framework®, is described in detail. | | | | responsibilities – multiple people responsible for the |
| The Future of Talent Management | | | | same activity? Are the right people in the right roles? |
| The research looks into the future | | | | Are line managers provided with consistent and |
| of integrated talent management and how | | | | effective processes, guidelines and tools for managing |
| organizations will likely evolve and mature their | | | | talent? |
| solutions into the future. | | | | |
| Integrated talent management wheel | | | | Step 2 – Take an Inventory of Your Talent |
| Talent is now a global game. It | | | | Management Skills. Identify the critical skills needed to |
| requires a much broader horizon than just a specific | | | | play the key roles in the talent life cycle effectively. To |
| company, city, region or country. And it requires a | | | | what extent does your company employ people who |
| much broader vision even within a company. The | | | | possess them? What might you do to improve or |
| Talent Wheel (Figure 1) highlights the key talent | | | | develop them? What are you doing in-house that might |
| functions that need to be coordinated and integrated | | | | be better outsourced? What have you outsourced |
| within organizations. | | | | that you should be doing in-house? |
| Workforce planning looks at the | | | | |
| supply and demand for talent over a two-year or | | | | Step 3 – Measure the Right Things. Assess the |
| longer period of time for key jobs within the enterprise. | | | | measures you use to evaluate the performance of |
| Key issues are retirements, planned and unplanned | | | | your talent management process at each life cycle |
| attrition, varying staffing options, competencies for | | | | stage such as offer-to-hire ratios, average tenures of |
| superior performers and bench strength for key talent. | | | | new hires, performance ranking, skill fit to job |
| Talent acquisition is the ability of a | | | | requirements, etc. What data are you capturing and |
| company to attract and hire key talent. This is one of | | | | reporting? Does it feed directly into a enterprise talent |
| the two most pressing needs according to | | | | scorecard? How do these measures align with your |
| Accenture’s 2005 survey of global executives. | | | | overall talent management strategy? |
| Key issues are compelling employment brand and | | | | |
| value propositions, referral recruiting, and keeping a gold | | | | Step 4 – Set Up a Process-Wide Feedback Loop. |
| standard for new talent entering the organization. | | | | Everyone managing talent needs to understand the big |
| Talent engagement represents | | | | picture and to connect their role and responsibilities to |
| the extent to which the workforce identifies with the | | | | the overall objectives of the process. How is data |
| company, is committed to it and provides discretionary | | | | captured in each stage of the life cycle reported and |
| effort so that it can be successful. Engagement is a | | | | communicated? How are knowledge and experiences |
| key leading indicator for high performance workplaces, | | | | shared across the process? Where are the |
| improved employee productivity and subsequent | | | | information gaps and missed communications? How |
| turnover. Keep engagement surveys relatively short | | | | much feedback is formally captured and |
| and ensure that data are acted upon by employees | | | | communicated versus informally discussed among |
| and managers. | | | | staff? What key actions might you take to improve |
| Talent development used to be | | | | your feedback mechanisms? |
| synonymous with training, but no longer. Research | | | | Targeted Talent Management |
| shows that 70 percent of what we need to know to | | | | Most large organizations talk |
| do our job, we learn on the job. Informal learning is | | | | about Talent Management as part of their wider |
| more powerful than formal learning through such | | | | strategy. It is a crucial way of securing, developing |
| activities as stretch assignments, cross-functional | | | | and motivating people with the right skills and |
| teams, international assignments and flexible job design. | | | | approaches to meet business objectives. |
| Talent deployment can be | | | | |
| summarized as the right people are doing the right job | | | | But how many of our strategic |
| at the right time. Top talent is assigned to the most | | | | goals are fully met by our talented people? All too |
| vital projects or roles. Alignment is a key aspect of | | | | often, we find that we don't have the right people in |
| talent deployment, and it is most often achieved | | | | place to fill a gap when it appears, or we simply can't |
| through performance management systems and | | | | keep hold of the individuals we want. Even worse, |
| competency databases matching project needs to | | | | talented people may simply not be operating at the |
| employee capabilities. | | | | levels we require. |
| The ability to lead talent is also | | | | |
| key. Great managers are like chess players who | | | | So what can we do to seize |
| understand that different pieces (employees) have | | | | these missed opportunities? I believe that the biggest |
| unique strengths (Buckingham, 2004), and these | | | | single challenge is achieving genuine "connectedness" |
| managers work hard to put employees in positions | | | | between Talent Strategy and Business Strategy. A |
| where they can shine. Great managers also | | | | wide range of people processes often take place |
| understand that their value to the organization is | | | | without a clear relationship with the ultimate aims and |
| through the contributions of others, and it is their | | | | culture of the business. |
| responsibility to develop, guide and enhance the | | | | |
| performance of the people that report to them. | | | | Think about recruitment, |
| Talent retention is the number one | | | | performance management and development - to |
| issue on the minds of global executives according to | | | | what extent are these processes based on a clear |
| the Accenture study (2005). Many CEOs doubt their | | | | analysis of the talents and skills that people will need to |
| company’s ability to retain top talent. Too little and | | | | operate at the next level? To what extent do you build |
| too much turnover can damage a business. It is | | | | people's capability and motivation to meet the needs |
| interesting to observe that when managers of | | | | of the business in a few years' time? It is vitally |
| departing employees are asked why a person left, | | | | important to build a clear definition of what each |
| money is the overwhelming answer. When the | | | | organization really means by talent throughout the |
| employees themselves are asked, money doesn’t | | | | organization. The acid test is simple - do people with |
| even make the top five. | | | | these qualities deliver the kinds of business success |
| These talent functions must work | | | | we are aiming for? |
| together and be part of a seamless system. Being | | | | |
| excellent in one or two areas is a start, but the whole | | | | In a project that I am involved with |
| system must be working effectively. It does little good, | | | | at the moment, I am working with a major organization |
| for example, for a company to attract and hire great | | | | that has a very clear sense of its future strategic |
| talent but then have few challenging development | | | | direction. It is investing now in its people by providing |
| opportunities. Similarly, for CEOs to focus compulsively | | | | feedback and coaching - targeting not only each |
| on retention misses the point that retention probably | | | | person's natural areas of strength, but also pinpointing |
| wouldn’t be a problem if talent engagement, | | | | the specific qualities that the organization will need in |
| development and deployment functions were smoothly | | | | the future. Crucially, this is not a one-hit wonder - the |
| operating. | | | | outcomes are linked to how people are managed, |
| These talent functions are too | | | | developed and motivated. The direct effect on |
| important to be left to separate departments, silos or | | | | business outcomes will be tracked and analysed. It is |
| champions. The essence of a company’s ability to | | | | this joined-up quality that makes a significant difference |
| compete rests with the optimization and integration of | | | | - linking business strategy to people's daily experience |
| these functions – it is the network, not the nodes | | | | of the organization. |
| that provide the value. | | | | |
| The tipping point | | | | It is vitally important that individual |
| Talent management is ready to | | | | aspirations and organizational goals are delivered |
| be tipped. First, there is the growing amount of | | | | together. Too often, these are seen as unequal |
| empirical evidence that shows a clear relationship | | | | partners. However, organizations that genuinely |
| between excellent talent practices and improved | | | | focus on understanding each person's own natural |
| shareholder returns. Among the providers of this | | | | talents tend to achieve corporate success. We need |
| research are McKinsey, Gallup, Collins, Bassi, Watson | | | | to create different routes for people to progress and |
| & Wyatt, Becker and Huselid, and the Fortune | | | | develop; otherwise we will only appeal to a narrow |
| Best Places to Work surveys. | | | | range of people. This approach requires an open |
| Second, there are the best | | | | mind, tackling questions like "How can we use this |
| practices from companies that truly believe that talent | | | | person's talents and energies?", "How can we |
| is the essence of their success. Among these | | | | organize our work differently?" or "Are we aiming for |
| companies are GE, Dell, P&G, HSBC, FedEx, | | | | the wrong things?" But if such issues are genuinely |
| Starbucks, Microsoft and Capital One, to name just a | | | | addressed, great things can be achieved. |
| few. | | | | |
| Third there is the growing | | | | "Alignment" is another key |
| realization that talent issues are board level issues. | | | | element of a successful Talent Strategy. When |
| More investment analysts and company directors are | | | | selecting or developing people, most organizations |
| demanding to know about engagement levels, | | | | focus on the skills, knowledge, experience and |
| segmented turnover data, and the types of | | | | behaviours required for the role. However, some |
| developmental opportunities for top talent. CEOs are | | | | organizations are beginning to look at the behaviours |
| starting to spend 30 percent or more of their time on | | | | required to operate effectively in a particular team or |
| talent issues, and are being held accountable for the | | | | culture. Working with Professors Michael West and |
| strength of their talent pools. For instance, all | | | | Neil Anderson, ASE have an approach that looks at all |
| companies registered in Denmark will be required to | | | | of the factors that drive team performance (not simply |
| include in their annual reports information about | | | | the "types" of people in the team), and this leads to |
| customers, processes and human capital. A minimum | | | | impressive results. We need to understand the |
| of five measures for each is required and | | | | relationship between people's motivations and the sorts |
| comparisons with the previous two years must be | | | | of organizational cultures in which they will thrive. |
| shown. Information for investors about intellectual | | | | |
| capital both current and future should occupy at least | | | | Talent Management should be |
| one-third of the report. | | | | about delivering business success through |
| The confluence of both internal | | | | understanding what we actually mean by talent, and |
| and external factors is causing a new science of | | | | how it will achieve the specific goals of the |
| talent management to emerge and tip. This is very | | | | organization. It is about ensuring that we value the |
| different from traditional human resources concerns. | | | | natural talents and aspirations of our people. It is |
| While HR is more concerned with consistency, | | | | about ensuring that we understand what blockages |
| compliance and treating everyone in the same fashion, | | | | can spoil all our hard work. it is about operating |
| talent management recognizes that different people | | | | people processes that join together not only with each |
| make different contributions to the enterprise, and that | | | | other, but with the business's goals. And finally, it is |
| top talent is the key to competitive differentiation. The | | | | also about understanding how to manage people for |
| seamless and integrated functioning of the talent | | | | alignment as well as ability. If we adopt these |
| management wheel is what will drive companies into a | | | | approaches, not only will business success follow, but |
| leadership position in the new, post-knowledge | | | | we should also have fulfilled and effective people. |
| economy. | | | | Conclusion |
| Increased focus on retaining talent: High performing | | | | The management should be |
| employees are always in demand. | | | | innovative and proactive to win the war of talent. With |
| Good recruiting organizations | | | | the next-generation predictive modeling systems, talent |
| focus equally on internal candidates and external | | | | management and workforce planning can be |
| candidates. Companies have placed additional focus | | | | transformed from reactive administrative functions to |
| on building value and quality within the recruitment | | | | proactive systems capable of accurately forecasting |
| function. HR leaders are gaining more influence over | | | | talent demand right to the individual job. Attracting and |
| organizational direction and value. | | | | nurturing talent has become the single most dominant |
| Continued convergence of organizational expertise for | | | | force. Today attracting brains is more difficult than |
| strategic HR processes: Recruitment, compensation, | | | | foreign direct investment. However, talent is what will |
| performance and learning have been disparate HR | | | | make India enduringly competitive. Strategies are to be |
| (and even non-HR) functions with distinct and unrelated | | | | framed for overcoming talent shortages. Obstacles to |
| business outcomes. | | | | talent are to be identified and overcome. This can |
| Renewed focus on acquiring and managing talent: | | | | make talent flourish if the enabling social and physical |
| CEOs and HR executives are recommitting to talent | | | | infrastructure is in place. In the words of Anil Ambani |
| management. Leading companies are deploying | | | | “Talent is footless and youth will seek a better |
| resources and capital to talent and career | | | | quality of life where ever and whenever”. A rightly |
| development programs, including succession planning | | | | managed talent turns out to be a gold mine. It’s |
| and management. | | | | inexhaustible and priceless. It will keep supplying wealth |
| | | | | and value to the organization. In turn, management |
| How global companies are changing? | | | | needs to realize its worth, extract it, polish it and utilize |
| Corporations around the world | | | | it. Don’t hoard. Talent-spend it lavishly, like a |
| are in the process of deploying the next generation of | | | | millionaire flashing his luxuries, because Talent is wealth. |