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Talent Management

Submitted to: Prof. Nitin Salunkhe

Submitted by: Anshika Bhalla Krishna Rai Pavel Bawa

Concept
All executives and managers have a responsibility today to manage talent. The war for talent was ofcially launched in 1998 when McKinsey & Company, America's largest and most prestigious management-consulting rm, published their now-famous report proclaiming that better talent is worth ghting for. According to McKinsey, talent is the sum of a person's abilities his or her intrinsic gifts, skills, knowledge, experience, intelligence, judgment, attitude, character and drive. It also includes his or her ability to learn and grow Talent management is frequently centered in Human Resources, Human Capital Management, People Development or Organizational Effectiveness.
Source:www.google.co.in/url?sa=t&rct=j&q=implications of talent war&source=web&cd=1&cad=rja&sqi=2&ved=0CC4QFjAA&url=http://bwl.univie.ac.at/fileadmin/user_upload/lehrstuhl_ind_en_uw/lehre/ss11/Sem_Yuri/JIMtalent.pdf&ei=Bj8GUfGdG4byrQe-hoGwAQ&usg=AFQjCNHRQ8gQ8P5bJJgXdc2dkf_RyRPptw&bvm=bv.41524429,d.bmk

Concept
Talent Management, as the name itself suggests is managing the ability, competency and power of employees within an organization. The concept is not restricted to recruiting the right candidate at the right time but it extends to exploring the hidden and unusual qualities of your employees and developing and nurturing them to get the desired results. Hiring the best talent from the industry may be a big concern for the organizations today but retaining them and most importantly, transitioning them according to the culture of the organization and getting the best out of them is a much bigger concern.
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Source:http://www.managementstudyguide.com/talent-management.htm

Talent Management Circle

Talent Management in organizations is not just limited to attracting the best people from the industry but it is a continuous process that involves sourcing, hiring, developing, retaining and promoting them while meeting the organizations requirements simultaneously.

Talent Management Chart by Grovewell

For instance, if an organization wants the best talent of its competitor to work with it, it needs to attract that person and offer him something that is far beyond his imagination to come and join and then stick to the organization. Only hiring him does not solve the purpose but getting the things done from him is the main task. Therefore, it can be said that talent management is a full-fledged process that not only controls the entry of an employee but also his or her exit.

About Talent Management


HR has evolved over time
Personnel Reactive Service Center Phase 2 Strategic Business Partner Phase 3

Phase 1

Few HR groups are truly successful in becoming Strategic Business Partners with their constituents but that is where the field is going and where we need to be
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About Talent Management


Companies are increasingly: Making people decisions in a logical, systematic, objective, factbased, data-driven way. Tying their people policies to their strategic business needs i.e. how do we compete and win in the marketplace? Focusing on Our strategic success is linked to These trends are fundamentally good for our business WHAT WE DO IS MORE IMPORTANT THAN EVER!

Factors impacting the war for talent


Global demographic and economic trends Increasing mobility of people and organizations Transformational changes to business environments, skills and Cultures Growing levels of workforce diversity

Source: http://bwl.univie.ac.at/fileadmin/user_upload/lehrstuhl_ind_en_uw/lehre/ss11/Sem_Yuri/JIM-talent.pdf

Implications of Talent War


First, finding the right talent, at the right time, in the right place, remains an on-going challenge for organizations, particularly during the current global economic recession. Even when economic growth returns, developments in technology alone will profoundly inuence the level of complexity in organizations and specic jobs. Work is also becoming relational, rather than transactional, and an individual's abilities to build and sustain relationships, as well as the organization's ability to build systems and processes to maximize those relationships for business performance will be critical to competitive success. Employers and educational institutions will need to restructure their organizations, jobs and revamp policies and procedures to attract, develop and effectively manage and engage employees for complex and relationship-driven work.
Source:www.google.co.in/url?sa=t&rct=j&q=implications of talent war&source=web&cd=1&cad=rja&sqi=2&ved=0CC4QFjAA&url=http://bwl.univie.ac.at/fileadmin/user_upload/lehrstuhl_ind_en_uw/lehre/ss11/Sem_Yuri/JIMtalent.pdf&ei=Bj8GUfGdG4byrQe-hoGwAQ&usg=AFQjCNHRQ8gQ8P5bJJgXdc2dkf_RyRPptw&bvm=bv.41524429,d.bmk

Cntd
Second, because only 1020% of employees are A players, by denition, organizations cannot afford to ignore their B players: companies' long-term performance even survival depends far more on the unsung commitment and contributions of their B players these capable, steady performers are the best supporting actors of the business world. B players are not necessarily less intelligent than A players, but may be less ambitious or want work-life balance, and provide stability and counterbalance the ambitions of the high-performing visionary A players
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Source:www.google.co.in/url?sa=t&rct=j&q=implications of talent war&source=web&cd=1&cad=rja&sqi=2&ved=0CC4QFjAA&url=http://bwl.univie.ac.at/fileadmin/user_upload/lehrstuhl_ind_en_uw/lehre/ss11/Sem_Yuri/JIMtalent.pdf&ei=Bj8GUfGdG4byrQe-hoGwAQ&usg=AFQjCNHRQ8gQ8P5bJJgXdc2dkf_RyRPptw&bvm=bv.41524429,d.bmk

Cntd
Third, forces within and across national borders will continue to present organizations with an increasingly diverse workforce and challenges to traditional employment and employee management models. This more complex environment will require new leadership capabilities and companies will need to nd and develop a whole new generation of leaders. In addition, many organizations have not adapted their structures and processes to respond to the differing nature of the employeeemployer relationship
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Cntd
Fourth, organizations cannot continue to discuss or attempt to address talent issues in a vacuum. As discussed earlier, context matters. Organizational culture plays a particularly important role in unleashing or constraining the talents of individuals, and the t between individuals, organizational strategy, tasks, structure and processes, as well as the culture, are all critical in winning the global war for talent and sustaining organizational competitiveness. In an age of extreme diversity, where many people no longer work where their employers can watch them or in jobs with easily measurable output, organizations must use creative ways to bind their workforces together (Cairncross, 2002). However, we argue that organizations' responses to these new trends has been slow due to organizational inertia; existing business and mental models developed in a different age; resistance to change; cognitive biases in decision making; and the knowingdoing gap.

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Strategic Business Drivers


Talent management is central to key business drivers in the organization
Customer Expectations Industry Business Climate

Technology Talent Management

Growth Plans

Workforce Dynamics

Competitive Strategy

Legislation

Corporate Culture

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Talent Management Hot Topics


Leadership development Succession planning Retention Competency modeling Innovation

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Leadership Development - Fundamentals


Identifying, selecting and developing leaders is the key human capital challenge for any company. On-boarding is successfully integrating a new hire (especially a new/promoted leader) into an organization or role. Executives brought in from the outside are twice as likely to fail as those promoted internally (Ciampa & Watkins, 1999).

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Succession Planning - Fundamentals

Succession planning is the process of preparing suitable employees to replace key players. May be for a specific position or to create a pool of talent for the future. Closely tied to a companys leadership development efforts.

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Competency Modeling - Fundamentals


A competency is a characteristic or quality the company wants the employee to manifest. Competencies are generally identified for all roles in an organization, although many companies have leadership competency models that cut across positions or functional areas. Can serve as the starting point/framework for all of a companys HR/talent management efforts.

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Innovation Fundamentals
Companies are continually searching for ways to be more entrepreneurial, creative, and innovative. This is a global and cross-industry phenomenon. Organizations need to be more adaptable and responsive. Personality can be connected to innovation in a number of ways.

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Evaluations
From a talent management standpoint, employee evaluations concern two major areas of measurement:
Performance Potential

Current employee performance within a specific job has always been a standard evaluation measurement tool of the profitability of an employee. However, talent management also seeks to focus on an employees potential, meaning an employees future performance, if given the proper development of skills and increased responsibility.

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Thank You
Some organizations may find the whole process very unethical especially who are at the giving end (who loses their high-worth employee). But in this cut-throat competition where survival is a big question mark, the whole concept sounds fair. Every organization requires the best talent to survive and remain ahead in competition. Talent is the most important factor that drives an organization and takes it to a higher level, and therefore, can not be compromised at all. It wont be exaggerating saying talent management as a never-ending war for talent!

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