Professional Documents
Culture Documents
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.
3
Source:http://www.managementstudyguide.com/talent-management.htm
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.
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.
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
6
Source: http://bwl.univie.ac.at/fileadmin/user_upload/lehrstuhl_ind_en_uw/lehre/ss11/Sem_Yuri/JIM-talent.pdf
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
10
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
11
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.
12
Growth Plans
Workforce Dynamics
Competitive Strategy
Legislation
Corporate Culture
13
14
15
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.
16
17
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.
18
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.
19
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!
20