WHY ORGANISATIONS NEED TALENT MANAGEMENT?
Talent Management: A tool to Arrest Attrition rate in an Organisation
Talent Management has become a state of the art managerial technique in an organisation which wants to retain its own cadre.These days its getting pretty easy from the perspective of management to get freshers inducted to its own organisation.But its gets difficult to the same extent to retain them for a long run as opportunities for betterment of their career come flashing to them day by day once they acquire some knowledge on the system through training and practice at the cost of the employer.So, to cater to the need of the situation, people working at the top of management should device out certain tools and techniques to retain them.The technique used may vary from industry to industry depending on the type of job that they are in, the nature of people that they are dealing with.
The primary point, that I feel, the reason behind leaving a organisation is "The feel of detachment" in an employee from the objective and goal of an organisation.The feel that he is not being noticed by the persons who actually holds the key of his career development.The feel that someone else sitting at a level higher or somebody sitting at a proximity close to the top management is taking the credit for the fabulous job that he has recently carried out and even not mentioning his name to the people who actually matters.
Its known that, In an organization, many talented persons do not come to the surface due to their inherent nature. For example, big fishes do not come to the surface of the water and like to stay in deep water. However a fisherman applies his techniques to catch big fishes and gets maximum benefit.
In many organizations, persons try to be visible through networking, personal contacts, recommendations etc. They need not be truly extraordinary and talented but are often visible and are caught in the eyes of topmanagement. They get advantage from the appraisal / promotion policies and reward system. However most successful organizations try to search and encourage talented persons to be visible irrespective of their less interest in networking, contacts, self advertisement and cheap popularity etc.
Hence, many organizations, mostly MNCs & good private companies try to harness maximum benefit from their employees through talent search & talent management. In an organization, many talented people come and join with a dream for achievement, success and career growth. But in later phase of their career, they realize and experience the true culture of the organization and many of them feel neglected & frustrated. They gradually lose interest, become non innovative, less participative and suffer from mental depression. Through Talent Management, attention can be given to all employees irrespective of their nature. Sincere and silent employees will not feel neglected. Fairness and transparency in the appraisal process can lead to satisfaction of employees and thereby least grievances. For this, both controlling and reviewing officers need to be fully retrained to maintain rationality in the marking system.
An Organization can achieve excellence and create an enabling environment only through its rich HR culture and one of the tools is Talent Management.As Walt Disney (1901 - 1966), U.S. film producer and animator rightly said "Of all the things I've done, the most vital is managing the talents of those who work for us and pointing them towards a certain goal".Today, lots of organization are practicing Talent Management through their ways.
To elaborate what may be the different ways through which this can be practised in an organisation are :
1)Recognise talent: Notice what do employees do in their free time and find out their interests. Try to discover their strengths and interests. Also, encourage them to discover their own latent talents.
2) Attracting Talent: Good companies create a strong brand identity with their customers and then deliver on that promise. Great employment brands do the same, with quantifiable and qualitative results. As a result, the right people choose to join the organisation.
3) Selecting Talent: Management should implement proven talent selection systems and tools to create profiles of the right people based on the competencies of high performers. It's not simply a matter of finding the "best and the brightest," it's about creating the right fit - both for today and tomorrow.
4) Retaining Talent: In the current climate of change, it's critical to hold onto the key people. These are the people who will lead the organisation to future success, and one can't afford to lose them. The cost of replacing a valued employee is enormous. Organisations need to promote diversity and design strategies to retain people, reward high performance and provide opportunities for development.
5) Managing Succession: Effective organisations anticipate the leadership and talent requirement to succeed in the future. Leaders understand that it's critical to strengthen their talent pool through succession planning, professional development, job rotation and workforce planning. They need to identify potential talent and groom it.
6) Change Organisation Culture: Let us ask ourselves, "Why would a talented person choose to work here?" If the organisation wishes to substantially strengthen its talent pool, it should be prepared to change things as fundamental as the business strategy, the organization structure, the culture and even the caliber of leaders in the organisation.
Finally, The point of agenda is that every person in an organisation have to change their mindset which includes senior executives as well. Please understand the very purpose of this idea is to think together, how best all can do for the organization. Who says what, does not matter. All are in a family working for the organisation with a common goal. No doubt, one will grow with high moral and esteem, provided he/she sticks to only positive thinking irrespective of many negative elements.