Downloaded 27 times
More Related Content
Similar to talent management (hrm)
talent management (hrm)
- 1. TALENTMANAGEMENT notes for review -By Divya budhini (tybms)
- 2. Index 1.Introduction 2.objective & Importanceof TM 3. Types 4. Talent gap 5. Benefit 6. Succession & Career Planning 7. Training & Development 8. Talent management process 9.The future of career management
- 3. Introduction The term talentmanagement refers to the commitment of an organization to hire, manage, develop and retain the talented employees to flourish. It comprises all the processes and systems that are linked to retaining and developing an effective and superior workforce. This tutorial explains the importance of talent management and discusses the various methodologies, processes, and benefits related to talent management. Talent means aptitude, skill, or the ability to perform a particular work or job. According to the lexicon of management, talent refers to identification, inculcation, utilization, and retention of a set of skills or abilities of the employees in the interest of the organization What is Talent Management? Talent management is an integral part of human resource management. Talent management can be defined as a deliberate approach implemented to recruit or hire, develop and retain people with required aptitude or skills to meet the present and future goals or needs of the organization. It is the creation and maintenance of a supportive and pro-people organizational culture. Talent management is, therefore, the commitment of an organization to recruit, develop, retain the most talented and qualitative employees available in the job market. Overview 1) strategic framework 2) Hr framework
- 4. Strategic framework Vision statement Missionstatement Strategic time frame Strategic objective Aligning business strategies with hr strategies Performance planning and evaluation Strategic manpower planning Mapping your talents
- 5. Hr framework ◦ Employeehandbook ◦ Job description ◦ Organizational chart ◦ Competency framework ◦ Performance management process ◦ Recruitment and selection ◦ Job evaluation ◦ Orientation and induction program
- 6. Objectives of talentmanagement ◦ Filling In The Gaps ◦ The primary objective of the process is to bridge the gap between the talent present in the organization and the talent required to accomplish a goal. ◦ This requires developing a sound integrated talent management plan that not only aids individual employee growth but also the growth of the company as a whole. ◦ Enhancement Of Performance ◦ Talent management process aims to improve the level of performance of employees in the current position and makes them ready for the next level transition. ◦ It poses challenges before them, provides them with the opportunity to showcase their best and play a significant role in the company’s growth. ◦ Accurate Decision Making ◦ A proper talent management process helps make necessary decisions about employee hiring and his further promotions based on his contribution in the company’s achievements. ◦ The company has a clear picture of the performance of all its employees and can further plan business development strategies based on the present situation. ◦ A Measurement Of Before And After Effects ◦ It is important to have a measurement of impacts of the process during and after its implementation. ◦ This helps in making necessary changes in the ongoing process if it lacks an important feature and makes it easier to analyze the after-effects of the process with more clarity. ◦ Operational Objective ◦ Companies investing in talent management have a heavy business that requires close attention, along with daily operations, ◦ marketing objectives and processes that lead to revenue generation. Ultimately a good talent management model will increase the possibility of securing top talent, ◦ while also driving revenue.
- 7. Value Addition AndCreation An adequate talent management process tests the employee's potential and adds a little more value to his skill set. This reduces the chances of errors and creates a learning opportunity. The employee himself gets the reality check of his abilities and strives to perform better by creating newer values. Effect On Employee Engagement Poor employee engagement is directly linked to problems with staff retention levels. This can cost the business considerably. In this economic environment, training and development opportunities can be significant to the job seekers and to the present employees. Therefore, providing the employees with the platform to express and connect can increase employee engagement levels to a considerable level. Increase In Productivity Of The Organization A requisite pool of talented employees can simplify the process of achieving a goal by increasing productivity in a given span of time. This further helps in saving time to focus on other business development techniques. Client Satisfaction It has been observed that companies with a systematic approach to talent management have overall organisational integration which leads to higher client satisfaction. This is because the whole process divides the tasks among the employees based on their abilities and skills and the clients would then have to deal with fewer people which helps in meeting their needs rapidly. A Long-Term Investment Investing in talent management has long term benefits. It leads to significant growth in revenue generation, the emergence of innovative ideas and increased efficiency in employee's performance. This helps in to maintain and retain the company’s position and reputation in the ever-expanding market. Importance Of Talent Management
- 8. Types Talent management includeswithin its fold those individuals who can make a difference to the organization’s goals, either through their immediate contribution or in the long run. Talent is a composite state made up of various elements. An Individual is said to be talented when he/she possesses or acquires the following elements. Skills, knowledge, intelligence, and experience Ability to learn and grow Judgment, attitude, character Perseverance and self-motivation Talent is a set of unique abilities possessed by individuals. There are two types of talent found in an organization. They are unidimensional and multidimensional. Both types of talent have the same objective, however, with different perspectives Unidimensional Talent ◦ In an organization, we observe that some employees are best in a particular skill and ability. For instance, some employee may be best in administration, some of them best in sales, while some employees may be best in their respective functions. When individuals possess a singular talent in any particular field, it is called unidimensional talent. Multidimensional Talent ◦ On the other hand, in an organization we also observe that employees are adept at multiple skills and abilities. For example, one employee is best in administration sales, accounting and production at a stretch. Such an employee is said to possess multi-dimensional talent. ◦ Multi-dimensional talent is much sort after by organizations. Every organization seeks to retain employees with multidimensional talent as they prove highly beneficial in bridging the gap between organizational objectives and goals. Skill and Knowledge as Defined in Talent Management Skill and knowledge both are the abilities of individuals. Knowledge is information- based and skill is the ability to perform a particular task in the required time frame. ◦ Knowledge − It is the theoretical and practical understanding of any subject. It provides the foundation to gain skills on any subject or action. For example, an employee having good knowledge of English language and grammar may not be able to speak in good English, because communicating in English is a distinct skill. ◦ Skill − One can develop skills through experience, training, and continuous effort. For example, an employee can develop communication skills while continuously practicing and communicating with colleagues or subordinates.
- 9. What is TalentGap? Talent gap simply refers to a lack of skilled personnel in an organization. Every organization occasionally faces the tough issue of talent gap. The HR Department makes an all-out effort to fill this gap through various methods, most of which are discussed in subsequent chapters of this tutorial. Persistent talent gap is likely to hamper the growth and development of an organization. It also has a negative impact on the employees’ motivation as they feel demotivated due to lack of talented people to look up to for necessary instructions and advice to work effectively.When an organization is fraught with talent gap, it performs rather poorly in every respect. This is when HR managers step in to fill the gap by recruiting talented people to work in the organization How to Fill the Talent Gap? To fill the talent gap in an organization, the HR Department needs to follow certain basic steps. It helps in working out solutions to deal with talent gap. Following are the steps to address talent gap. Know the Knowledge, Skills and Abilities (KSAs) required for the positions or vacancies. Identify the areas where proficiency needed. Look for persons with required KSAs within the industry or market. Select the right or deserving candidates with required proficiency. Identify the skill gap of the candidate to the position. Devise plans to mitigate the skill gap. Provide training and refreshment to the newly-hired employees. Roll out professional development plans to help employees succeed in their role. Periodical assessment of individual performance and identify the areas where extra training or specialized attention is required. A continuous alignment between organizational needs and employees performance is essential in meeting the goals of an organization. It is found that talent gap has a moderate-to-high negative effect on business. It also reduces competitiveness and productivity. It hampers the turnout rate and reduces employees’ morale in an organization. The HRD needs to take strategic steps to reduce talent gap to a negligible level so as not hamper the productivity of the workforce. Talent gap
- 10. Following are someof the strategies that can help reduce the talent gap in an organization − • Develop a Culture of Talent Development Culture is the environment for people at work. Every organization has its own culture. Culture in an organization includes the norms and behavior that outline its shared values. Managers need to build and maintain an effective culture for the larger interest of the organization. • Organizational culture should be so nurtured that it will facilitate to retain, sustain, and grow talent. • Act as a Role Model Be transparent about your own needs to learn, develop and share. Embrace openness. Leaders are never more powerful than when they are shown to be learning. • Reinforce the Value of Learning Go beyond the preliminary conversation about goals. Ask employees what they want to accomplish and what they feel their gaps are. When someone completes an assignment, celebrate both the outcome and the learning, especially if the assignment wasn't completed smoothly. Reinforce shared values. • Build Sustainable Processes Managers should coach and develop their people. Every employee knows what areas they need to improve, and for those with particularly high potential, career tracks should be developed that give them a sense of a sustainable relationship with the organization. • Strengthen Shared Values Every employee should be able to connect their daily work productivity and responsibilities to the values of the organization. They need to understand the job and the reason for completing the job successfully. • Leverage Problems as Opportunities Problems in the workplace should be seen by employees as opportunities to develop their skills and hone their talent for future performance. Learning the causes and stresses inherent in the problems can be helpful for both the organization and the employees. Strategies to Reduce Talent Gap
- 11. Talent management isintegral to modern businesses and is one of the crucial management functions in an organization. Here, we have listed down the major benefits that Talent Management has to offer − It helps the organization fulfill its vision with the help of efficient and promising talented people. Talent management also assists the organization to build a talent pool comprising a list of talented people to meet future exigencies. It makes the organization more competitive and progressive. It paves the way for future leadership. It helps automate the core processes and helps capture data for making better decisions. Automates repetitive tasks like creating salaries thereby releasing time and resources for making strategies and more critical decisions. Benefit for Organization The following points explain how talent management can be beneficial for organizations − Enhances individual and group productivity and capacity to compete effectively in a complex and dynamic environment to achieve sustainable growth. Assists in hiring quality workforce. Establishes better match between jobs and skills. Helps retain top talent thereby reducing the cost of hiring new recruits. Helps in understanding the employees better. Keeps employees engaged constructively. Effective use of available man-hours. Helps develop leaders for tomorrow within the organization. Helps in evaluating employee’s readiness to take up new roles. Benefit for Employees The following points explain how Talent Management can be beneficial for employees − Promotes long-term association with the organization. Persistent and higher productivity of employees. Keeps the employees motivated which helps in career development. Helps the employees get job satisfaction from their work. Thus, talent management can be beneficial for both organizations as well as individual employees Benefits of Talent Management
- 12. Career Planning andSuccession Planning A process through which an employee chooses the goals of his work life and look for the ways to reach the goals is known as career planning. On the contrary, succession planning is all about recognizing and developing the employees who can take the critical positions in the organization, when they become vacant. While career planning is a part of career management, succession planning is a step of succession management. Career planning is nothing, but the planning process performed by an individual for his/her career. As against, the succession planning is an organizational strategy adopted to keep the business going, by replacing the key incumbents, with the best-selected employee for that position. In career planning, one person holds various positions in his work life. Conversely, in succession planning, a single position is held by different persons in an organization. Career planning is helpful to get success in one’s career. On the other extreme, succession planning ensures consistency in leadership, for the key roles in the organization. BASIS FOR COMPARISON CAREER PLANNING SUCCESSION PLANNING Meaning Career Planning is the process through which an individual selects the goals of his work life and finds ways to reach the goals. Succession Planning is a process who tends to spot and develop the employees, that can occupy the key positions in the organization, when they become vacant. Subset of Career Management Succession Management What is it? Individual Planning Organizational Strategy Position One employee holds different positions, in his/her work life. One position is held by different employees, over a period. Ensures Success in one's career. Continuity in leadership for all key positions. difference Career planning succession planning
- 13. Integration of learningwith talent management is another important tool in today’s corporate learning and development. Integrated talent management encompasses processes for performance management, compensation reviews, succession management, leadership training and development, and recruiting. Talent management is a broad-based approach and the practice of viewing all employees as talent is increasingly being recognized. Regular training and development processes keep talent intact for the organization to grow. The process can be summarized as follows − •Identify Training and Development Needs − An organization needs to determine training and development requirements for the employees to achieve a desired target. Also, there is a need to specify the nature of training to be provided to each category of employees within an organization. •Established Objectives − Organization should have a specific objective for training and development. Clear summarized objective must be formulated. •Select Training and Development Method − Training and development methods should be selected as per the job requirements. It could be on-job training or off-the-job training. •Implement Training and Development Program − Human resources training and development programs should be implemented by qualified and successful trainers. Trainers must be made aware of the organizational objectives. •Evaluate Training and Development Program − There should be thorough evaluation of ongoing training and development programs, which helps in delineating improved measures. Process of Training and Development
- 14. On the jobtraining method ◦ Training and development is an ongoing process in an organization to achieve organizational goals to improve the skill and knowledge of employees. There are two methods of training and development. ◦ On-the-Job Training ◦ On-the-job training is provided to employees while working. It is provided to both new and experienced employees through learning at the personal level or by observing subordinates or managers perform the job and trying to learn from them. In other words, on-the-job training is teaching the skills and competencies essential to perform a job within the workplace or work environment. ◦ Benefits of On-the-Job Training • It is a flexible method as it allows employees to learn job requirements while working. • It is inexpensive as there are no expenses incurred in training on the job. It uses the existing equipment, machinery and other elements required for learning the job. • It can be structured using hands-on application supported by classroom type instruction. • The trainee is highly motivated and encouraged to learn. • It provides a practical approach to learn the job. • Employees must take active participation in the job. • There is no work disruption because trainees are productive during learning. ◦ It is carried out by experienced employees.
- 15. Off the jobtraining method ◦ Off-the-Job Training ◦ Off-the-job training provides limited knowledge and experience to the employees as the training is concerned only about learning the job requirements. The overall development of employees is carried out only through off-the-job training. The type of training that is undertaken at a site away from the actual workplace for a particular period is called off the-training. It aims at providing a stress-free environment to the employees to enable them to concentrate only on learning. ◦ The trainees feel free to express their views and opinions during the training session. It enables them to explore innovative ideas. ◦ Off-the-Job Training Methods ◦ Following are some of the methods used for on-the-job training. ◦ Lectures ◦ Role Plays ◦ Audiovisuals ◦ Case Studies ◦ Simulation ◦ Seminars and Conferences
- 16. Methods of trainingand development On-the-job Off-the-job Training at workplace Training outside the workplace Practical in nature Theoretical in nature Direct acquaintance with job requirement Indirect approach to learn the job Less time consuming More time consuming Learning by doing Learning by acquiring knowledge No work disruption No actual work during the training Carried out by experienced employees Carried out by experts who have less practical knowledge Useful for product industries Useful for service industries
- 17. Future of talentmanagement 1) Talent war 2) Technology and talent management 3) Promoting talent management 4) Population worries globally 5) Talent management to rescue HR 6) Increase in employer of choice initiatives
- 18. Cost associated intalent management advertisement outsorcing Online portal Interview cost Compensation Selection cost Training and development
- 19. Risk involved intalent management 1 2 3 4 5 6 7 1.High employee turnover Industrial dispute fraud Employee grievances Employee retention False training Wrong recruitment
- 20. Understanding the talent Sourcing thetalent Attracting the talent Recruiting the talent Selecting the talent Training and development retention Promotion Competency mapping Performance appraisal Career planning Succession planning Exit