Talent Management Strategies in Indian Industries: The Way of HR for Business Excellence

Transcription

1 Talent Management Strategies in Indian Industries: The Way of HR for Business Excellence Abstract: The study tune with various dimensions of HR role in talent management strategies in Indian Industries. The objectives of is that how the way of HR can enlightens the talent management strategies in Indian Industry. 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 organization s 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. Talent management describes the process through which employers of all kinds firms, government, and nonprofits anticipate their human capital needs and set about meeting them for getting the right people with the right skills into the right jobs in organization. The study also highlighting different talent management strategies like Talent acquisition, Strategic HR in talent management, Talent management myths, Role of HR & Line managers in talent management and so on. The Talent Management is a process also to achieve management goals along with individual goals. Effectively and efficiently use of available manpower to make high productivity. Every organization requires the best talent to survive and remain ahead in competition. Talent is the most important factor that drives for organizational excellence. Thus, the Talent Management identifies and matches the talent with Business requirements for achieving the organizational goals by the way of human resource management. Key words: Talent management-talent acquisition- Strategic HR in talent management- Talent management myths Role of HR & Line managers in talent management I. INTRODUCTION Talent Management is a powerful tool that helps a Company stand out against the Competition. It is a key business process that focuses on how the Company manages and invests in their people to meet the business needs. The future of any company depends on clear and aligned business goals and the right people to successfully implement its strategy. Companies that engage in talent management are strategic and deliberate in how they source, attract, select, train, develop, retain, promote, and move employees through the organization. Talent management is about managing the skills, aptitudes and, to a degree, attitudes of staff to suit Samir Kumar Panigrahi Lecture in Management BIET, Bhadrak, Odisha. samirkpanigrahi@gmail.com company s needs. It's about making sure that company have the staff with the skills. It s not about training everyone to the highest possible level but rather about making sure those companies have appropriate numbers of staff at the appropriate levels of skill and aptitude. HR mostly play an administrative role in Talent Management, they keep the records of who has been on what training, who already has skills and who has developed skills on the job. HR can also develop the policies and procedures around Talent Management. The mindset of the more personal and human resources approach seeks not only to hire the most qualified and valuable employees but also to put a strong emphasis on retention for organizational excellence. II. OBJECTIVES To find out the exact needs of talent management in terms of Knowledge, skills innovation, creativity and attitude and also the enhancement of potential talent for higher technology. To procure right types of talent personnel for right jobs at the right time. To provide right kind of training to personnel to increase their talent for higher Productivity. To enhance the Talent acquisition and retentions to meet the global challenges. To know the capability of the industries to cope-up with the current and increasing the needs of talent in industry. To find out the different type of talent management myths for corporate sustainability To enhance the skills of managers in talent management stradegies III. METHODOLOGY The methodology involves mostly quantitative and qualitative in nature with observable behaviors. The Data taken from the literature, annual reports and manuals, journals, internet, newspapers, articles, magazines published at national and international level are also referred for the purpose. 48

2 TALENT MANAGEMENT: STAGES FROM PERSONNEL TO STRATEGIC HR Talent Management has become one of the most important buzzwords in Corporate HR today. The followings are the stages of talent management: Stage 1: Personnel Department In the 1970s and 1980s the business function which was responsible for people was called "The Personnel Department." The role of this group was to hire people, pay them, and make sure they had the necessary benefits. The systems which grew up to support this function were batch payroll systems. In this role, the personnel department was a well understood business function. Stage 2: Strategic HR: In the 1980s and 1990s organizations realized that the HR function was in fact more important -and the concepts of "Strategic HR" emerged. During this period organizations realized that the HR had a much larger role: recruiting the right people, training them, helping the business design job roles and organization structures (organization design), develop "total compensation packages which include benefits, stock options and bonuses, and serving as a central point of communication for employee health and happiness. The "Head of Personnel" became the "VP of HR" and had a much more important role in business strategy and execution. The systems which were built up to support this new role include recruiting and applicant tracking (ATS), portals, total compensation systems, and learning management systems. In this role, the HR department now became more than a business function: it is a business partner, reaching out to support lines of business. Stage 3: Talent Management: We are now entering a new era: the emergence of "Talent Management." While strategic HR continues to be a major focus, HR and L&D organizations are now focused on a new set of strategic issues: How can we make our recruiting process more efficient and effective by using "competency based" Recruiting instead of sorting through resumes, one at a time? How can we better develop managers and leaders to reinforce culture, instill values, and Create a sustainable "leadership pipeline?" How do we quickly identify competency gaps so we can deliver training, e-learning, or Development programs to fill these gaps? How can we use these gaps to hire just the right people? How do we manage people in a consistent and measurable way so that everyone is aligned, Held accountable, and paid fairly? How do we identify high performers and successors to key positions throughout the Organization to make sure we have a highly flexible, responsive organization? How do we provide learning that is relevant, flexible, convenient, and timely? These new, more challenging problems require new processes and systems. They require tighter integration between the different HR silos -- and direct integration into line of business management processes. TALENT MANAGEMENT: THE ROLE OF HR AND LINE MANAGERS A significant part of ensuring a successful future relies on the role that the managers play in identifying and developing their future successors. 1. The TM Process supports Managers in addressing skill and ability gaps and provides action plans to close these gaps. 2. Managers identify key positions and high potential people and review individual potential against position requirements. 3. Talent Management is the process for identifying leadership needs and assessing candidates worldwide. 4. Talent Management Interfaces: Talent Management, Performance Management, Leadership Development and Compensation Management work together to ensure that skilled leaders are in place to meet the business challenges. Talent management is understanding where you are today with staff and where you need to go with staff to meet the company's needs. During this process understands the limitations that a person(s) have and where to best develop or acquire that talent. HR is the function who hires the right people, develops those people and helps the managers to drive performance actively. It s through TM an organization achieves its business objectives and be successful. Having a talent management strategy presents many practical challenges which can help to resolve by working closely with both line managers and HR professionals. TALENT MANAGEMENT PROCESS: THE WAY OF HR Organizations are made up of people: people creating value through proven business processes, innovation, customer service, sales, and many other important activities. As an organization strives to meet its business 49

3 goals, it must make sure that it has a continuous and integrated process for recruiting, training, managing, supporting, and compensating these people. The following are the process of Talent Management 1. Workforce Planning: Integrated with the business plan, this process establishes workforce plans, hiring plans, compensation budgets, and hiring targets for the year. 2. Recruiting: Through an integrated process of recruiting, assessment, evaluation, and hiring the business brings people into the organization. 3. On boarding: The organization must train and enable employees to become productive and Integrated into the company more quickly. 4. Performance Management: by using the business plan, the organization establishes processes to measure and manage employees. 5. Training and Performance Support: of course this is a critically important function. Here provide learning and development programs to all levels of the organization. 6. Succession Planning: Succession planning, a very important function, enables managers and individuals to identify the right candidates for a position. This function also must be aligned with the business plan to understand and meet requirements for key positions 3-5 years out. While this is often a process reserved for managers and executives, it is more commonly applied across the organization. 7. Compensation and Benefits: clearly this is an integral part of people management. Here organizations try to tie the compensation plan directly to performance management so that compensation, incentives, and benefits align with business goals and business execution. 8. Critical Skills Gap Analysis: this is a process we identify as an important, often overlooked function in many industries and organizations. How do identify the roles, individuals, and competencies which are leaving? What should do to fill these gaps? We call this "critical talent management" and many organizations are going through this now. In the center of this process are important definitions and data: job roles, job descriptions, competency models, and learning content. TALENT ACQUISITION: THE FUNCTION OF HR Talent acquisition is the process of finding and acquiring skilled human labor for organizational needs and to meet any labor requirement. The talent acquisition team within a company is responsible for finding, acquiring, required to meet company goals and fill project requirements. Talent acquisition as a unique function and department is a relatively new development. In many companies, recruiting itself is still an indistinct function of an HR generalist. A separate designation of talent acquisition was required to meet the advanced and unique functions. Talent acquisition as a function has become closely aligned with marketing and PR as well as Human Resources. The Modern talent acquisition is becoming a unique skill-set. Because talent acquisition professionals many times also handle post-hire talent issues, such as employee retention and career progression, the talent acquisition role is quickly becoming a distinct craft. Some recruitment industry advisors even advocate for a talent department unique from the HR department, because talent acquisition and development is so intertwined with a company s ultimate success and effectiveness. GLOBAL TALENT MANAGEMENT: THE ROLE OF CORPORATE HR Talent management on a global scale in multinational corporations. In particular, it focuses on the role of the Corporate HR function in facilitating the successful management of key talent across the organization. 1. Enhance practitioner effectiveness: It will develop knowledge around the concept of global talent management in multiple settings. As this knowledge is shared, this will enable HR practitioners in multinationals to co-ordinate and manage the flow of key talent across the firm, and consequently impact on firm performance. 2. Enhance the effectiveness of global talent management practices, functions, or systems: It will clarify what the key roles in global talent management are, and how these roles can be carried out most effectively. The emphasis in the study is on including different types of corporate settings, some more centralized and others more decentralized, and across a range of industry sectors, in order to explore the impact of organizational context on the effectiveness of global talent management practices and roles. 3. Enhance the effectiveness of organizations through HR: Global talent management is recognized as being of fundamental importance to the future successful development of multinational firms. One of the major difficulties firms face today is finding sufficient numbers of highly skilled, global managers who can implement the firm s globalization strategy. INTEGRATED TALENT MANAGEMENT: A NEW WAY OF HR STRATEGY Organizations require an integrated approach to talent management. There is a need to strategize in HR functions to enable and support the business functions. assessing, and hiring candidates to fill roles that are 50

4 1. Aligning Business strategies with the HR strategies: Business HR is one function that is developing fast as part of the human resource department. The person is responsible for ensuring a smooth relationship between business and HR functions. They work with business heads to develop people strategies to support both short term and long term business objectives. 2. Performance Planning and Evaluation: An integrated HR approach means that are uniform and standard procedures for employee performance evaluation and compensation, up and down the organization. Performance is linked to growth and the process adds value for employees to evaluate their work on their own. 3. Strategic Manpower Planning: HR and Business function are interrelated. None can exist without the other. HR functions need to work in collaboration to assess current and future manpower requirements are plan for the same. 4. Mapping employee Talent: An ever increasing emphasis is being laid on identifying the top performing and talented employees to think of ways to develop, nurture and retain them. Further organizations also like to keep skill inventories for contingencies. TALENT MANAGEMENT: MYTH AMONG HR PRACTITIONERS Talent management is a very useful concept for the organizations. This can be attributed to some flaws in the implementation and some myths among HR practitioners regarding the same. Some of the Myths and Solutions are: Myth 1 - Paying higher compared to Rival Firms will stop the Employee from Leaving: Offering more compensation than rivals or above industry standard will prevent employees from leaving and will also attract the best talent. Reality: Paying higher than rival firms may help to a certain extent in retaining your employees. It may also help you poach certain employees from your rivals but in the long run, money fails to motivate people. Money is a hygiene factor; its absence may be a de-motivating factor but presence surely cannot be motivating for long. Solution: It is the day to day work, organizational culture and career progression that motivate people more on a daily basis. Analyze each employee on what motivates whom and try to align their career interests with their growth in the organization. Myth 2 - Rewards and Incentives only Motivate People: The first myth is that its rewards and incentives only that motivates people to give their hundred percent and work more productively. Consequently it s the rewards and incentives that are at the focus of HR people. Reality: It is the attributes and the culture of the organization that is most likely to motivate people to work better and be happy with their jobs. Leadership and job empowerment are other factors that contribute to that happiness of employees. Solution: Work on making the organization a better place in terms of enriching the culture, improving senior junior relationships and of course laying due emphasis on how the employees are being compensated. Myth 3 - Employee Engagement is Useless: In industries where the attrition rate is low there is a common feeling prevalent that employee engagement programs are of no benefit. Further there is also a feeling that employee engagement helps only the employees and not the organization. Reality: There is no direct connection between levels of attrition and employee engagement. In fact employees who are engaged well are more productive and take ownership of their work. Since organizations about people, well engagement not only improves employee performance but also organizational or corporate performance. Solution: Customize engagement strategy for each employee and show the connection between employees work commitment and organizational success. Improvise key drivers such as manager s expertise and future career opportunities and development. Myth 4 - Low Growth Periods do not require Employee Engagement: Organizations typically believe that low growth is an industry wise phenomenon and does not demand employee engagement. Employees are naturally left with lesser options to switch jobs. Reality: In absence of employee engagement the organizations stands at the risk of losing projects in hand. Continued absence of employee engagement may in fact de-motivate an employee to contribute his best. Solution: Employee engagement is critically required to retain and polish talent that is essential for future growth and opportunities. IV. CHALLENGES AND PROBLEMS The challenges and problems thwarting talent management strategies in Indian industries. For a strong talent management system and practice is necessary to go beyond the existing issues and benchmark against the best in the country for effective talent management in industry. The various talent management activities and practice has not been conducive for continuity and long term planning in the industry. On the positive side, technological changes have had immense influence in the recent past. The time has come to follow and approach the rehabilitation of weak talent management 51

5 activities and practice to start a reconstruction mode in industry. The challenge for the development of talent is not only to come on top of the competition among the industry in the country but also at internationally competitive practice and system by effective by effective & efficient talent management practices in industries by the way of human resources management. V. DISCUSSION The major challenge faced by industry is to protect the impact of competition. The real challenges of the talent management practice are how to transform into global competition. The concern organization and HR department has to empower, engage and energies the talent management activities and practice to create effectiveness & efficiency of industry in the country. The emergence of talent management practice in the country has presented new challenges for entrepreneurs. How well Challenges are met in the context of talent management activities and practices in changing economic & environment scenario in the industry. VI. SUGGESTIONS Sufficient and regular talent management programme is to be adopted in the Indian industry. Proper HR policy is to be adopted within the stipulated time period for effective talent management system in the industry The exiting talent management programme should be revised and new programme is to be adopted in practice. There must be innovative talent management programme for HR & Line managers and also required employees The HR department should be provided required facilities for talent management programme for the overall employee development to meet the global competences All the employees should be given opportunity for advantage without any prejudice for development of talent management. The concern organization and other related agencies including HR department should come forward for making awareness for various talent management programme provided in the industry. Proper allocation of fund should be made to improve the quality of talent management programme in the industry. VII. CONCLUSION This study highlighted the importance of talent management strategies in Indian industries. The way of HR activities enrich the implications of talent management stratagems for over all development of organization. The study enhancing the new way of innovation and creativity among the employees for organizational sustainability. The study depicted with the different talent management strategies like Talent acquisition, Strategic HR in talent management, Talent management myths, Role of HR & Line managers in talent management and so on. The talent management as the discipline that promotes an integrated approach to identifying, capturing, retrieving, sharing, and evaluating an enterprise s information assets. These information assets may include databases, documents, policies, tacit expertise and experience in individual Employees. The study also discussed the different problems and perspectives for sustainability of organization. Thus the HR plays a major enabling role in helping identify the potential of talent management strategies for organizational excellence. REFERENCES [1] Arora, R. 2002, Implementing KM A Balanced Score Card Approach, Journal of Knowledge Management, 6, (3), [2] Bender, S. and A. Fish, 2000, the Transfer of Knowledge and the Retention of Expertise: The Continuing Need for Global Assignments, Journal of Knowledge Management, 4, (2), [3] Bersin & Associates, Talent Acquisition Systems 2011: Market Realities, Implementation Examples and Solution Provider Profiles. [4] Bhatt, G., 2001, Knowledge Management in Organizations: Examining the Interaction between Technologies, Techniques, and People, Journal of Knowledge Management, 5, (1), [5] Brelade, S. and C. Harman, 2000, Using Human Resources to Put Knowledge to Work, Knowledge Management Review, 3, (1), [6] Carpenter Mason, Talya Bauer, and Berrin Erdogan. Management and Organizational Behavior Flat world Knowledge, 409 [7] Carter, C. and H. Scarborough, 2001, Towards a Second Generation of knowledge management: The People Management Challenge, Education and Training, 43, (4/5), [8] "Debunking Ten Top Talent Management Myths", Sims, Doris, Talent Management Magazine, December [9] Desouza, K. and Y. Awazu, 2003, Knowledge Management, HR Magazine, November

6 [10] Egan, M., 2003, Creating a Knowledge Bank, Strategic Human Resource Review, 2, (2), [11] Hislop, D., 2003, Linking Human Resource Management and Knowledge Management via Commitment, Employee Relations, 25, (2), [12] Martensson, M., 2000, A Critical Review of Knowledge Management as a Management Tool, Journal of Knowledge Management, 4, (3), [13] Miller, R., 2002, Motivating and Managing Knowledge Workers, Knowledge Management Review, 5, (1), [14] Schein, Edgar. Increasing Organizational Effectiveness through Better Human Resources Planning and Development, Sloan Management Review, 1977, 19:1 p. 1 53