Talent Management, Acquisition and the Importance of Role Consultancy
In all businesses today, aligning human resource management with business strategy has become an important component to succeed. Organisational restructuring, managing meaningful resource requirements, performance management systems, career and series planning have all been re-aligned to form synergy with the company’s overall business strategy.
With increased competition, changing workforce demographics, talent shortages and increased globalization, many organizations are now proactively studying leadership, demographic and economic trends, to prepare for their future workforce needs. HR departments are developing comprehensive workforce plans and talent management strategies centered on attracting, assessing, selecting, engaging, and retaining talent
The practice of Talent Management is more important in today’s economy than it has ever been. Now in the new millennium, we find ourselves in the talent age. In the new millennium the only rare asset that many companies have to continue a competitive edge is their people. In the global market place and every industry around the world, it is the talent and its management that differentiates and sets the tone for success or failure
To unprotected to organizational goals, one must synchronize their business strategy and human capital strategy. Successful organisations have the right talent in place at all levels – people who look beyond the obvious and take the business into the future. The basis for ensuring this is an integrated approach to talent management.
Finding and keeping the right people has an enormous effect on one’s organization’s financial performance. Identifying these talents and hiring people whose talents are similar to those of top performers are crucial steps toward achieving individual and organizational success Talent management and leadership development keep the biggest Human Resources challenges. The two issues are rated “highly basic for success” Talent management method aligning talent strategies with organisational needs; attracting and selecting the right people, identifying and shaping their possible and fuelling their enthusiasm and commitment
Effective talent management is a basic business goal for all leading organisations in today’s economy. Human resource management is a course of action of bringing people and organizations together so that the goals of each other are met. The role of Human Resource manager is shifting from that of a protector and screener to the role of a planner and change agent. The knowledge age moved the basis of economic value to information assets by integrated communications and computer technology. Now the competitive battlefront is for the best people because they are the true creators of value. PEOPLE provide rare knowledge, an inherent part of the value-proposition that PEOPLE bring to an organization; knowledge attained by education, training, and experience. Investment in PEOPLE will position organizations for constant innovation in an increasingly different, competitive and ever-changing climate
Human capital is the most vital resource in any organization and also the most difficult to manage. Today the success of Human Resources professionals is directly connected to the quality of talent and its productivity and they are being held accountable to deliver on stringent and assessable performance metrices. Building a competitive talent pool is a function of attracting, engaging and retaining the right mix of competencies. Companies are also increasingly hiring employees whose personalities and values mirror those of the organization
Talent Management is more and more business basic to organizations, bringing with it, new visibility and challenges. For Human resources people, employees are the confront of company’s brand and the most vital asset of one’s business. They excursion organisation’s productivity and profitability. Aligning Talent Acquisition to the organization’s strategic objectives is imperative to the success of the organization and Human Resources tend to concentrate in recruiting those meaningful people and focus their attention and resources on developing them. Indian organizations are also witnessing a change in systems, management cultures and philosophy due to the global alignment of Indian organizations. There is a need for multi skill development.
It would be apt at this juncture to recapitulate on the nuances on Talent Acquisition and Recruitment
Recruitment and Talent Acquisition are used synonymously but there is quite a lot of difference between the two. Recruitment involves the time of action of filling up of the vacancies where as talent acquisition shows the strategic hiring of talent not only for the current requirement but also planning for future. McKinsey & Company (1997) that coined the term ‘the war of talent’, expected that there is high need for managerial talent in future. The survey report insisted on five elements for tapping the successful talent such as talent mindset, growing great leaders, employee value proposition, continuous top talent recruitment and differentiation. Hence the companies need to be forearmed to anticipate and determine the talents.
Recruiting- been viewed as a transactional, commodity based business function to fill job openings with qualified people. In contrast, Talent Acquisition is definite elements of the Talent Management continuum, a proactive, strategic function, procuring talent for the organization’s value add. Talent Acquisition is no longer a silo in the human resource function, but collaboration with specialists from other functional areas within Talent Management to posture a company for talent who will evolve and become strategic partners within the organization. Talent Management/Acquisition asks: do we have a strategy in place to attract and retain qualified employees; do we know what business is in the pipeline, what the staffing needs are for the next six-twelve months, bill rates that determine possible candidate salaries, etc
On moving to a Talent Acquisition form there is a meaningful difference between those organizations that practice recruiting and those that have a talent acquisition practices
Recruiting- To clarify & select a person for a position.
Talent – A special often creative, artistic or mental gift.
Acquisition – To gain possession of something as a consequence of effort or experience.
Strategic Talent Acquisition takes a long-term view of not only filling locaiongs today, but also using the candidates that come out of a recruiting campaign as a method to fill similar locaiongs in the future In the most enlightened situations of Strategic Talent Acquisition, clients will recruit today for locaiongs that do not already exist today but are expected to become obtainable in the future. Recruiting is involved on the front end of the time of action; Talent Acquisition would be as a collaborative business partner. Aligning Talent Acquisition to the organization’s strategic objectives is imperative to the success of the organization
Role of Consultancy in Talent Acquisition and Talent Management.
The Talent Acquisition needs of companies are becoming more and more complicate – which method more focus and effort for proper functioning. Cross location, multiple skills, blend of technologies and personal attributes makes the hiring course of action a very involved effort
By outsourcing Talent Acquisition function, the organisation can focus on chief business issues, while they have a reliable framework of Talent supply. This is a new emerging paradigm which is making a lot of companies tread this path. Nurturing Human Capital via Talent Management, would be the focus of Talent acquisition and recruitment. Recruitment sustain includes activities from pre- and final- screening, interview management, Offer Management and Data Management. Recruitment is integral to talent management and requires important executive management mindshare. Recruiting is changing fast, with myriad challenges facing those responsible for attracting, hiring and retaining top talent.
The role of human resources has shifted within most leading organizations and Human Resource practitioners are now required to demonstrate value to the business. Talent acquisition platform can be configured to fit the size and structure of any recruiting organization Working closely with the business, Talent Acquisition Consultant- would manage all Experienced Hire Recruitment
Talent Acquisition Consultancy would work in cohesion and coordinate with the respective & stated business function(s) to source, recruit and select the best Talent for the organiation
Talent Acquisition Consultancy – would work in the role of a partner to align strategies that would sustain business objectives and create processes, tools and cultures that attract, motivate, include and retain strong, high-possible Talent.
Talent Acquisition Consultancy- with the background and exposure of global competence in executive recruiting, and also country specific knowledge; will be in position to play a critically important role in identifying high profile executives and recruiting top global talent. Talent Search Service would range from single assignment to regional or global and could include multiple locaiongs in various locations
Talent Acquisition Consultancy Would Play A meaningful Role In
Identifying Top/Senior level Talent for all business groups and be responsible for identification, recruitment and on-boarding of senior level leaders throughout the organization employing direct sourcing techniques including personal networking, online search, and leveraging internal tools and resources
Responsible for providing creative sourcing solutions to customers in a consultative role. Recruiting by a variety of supplies, including Internet, specialized associations, networking, advertisements, job fairs, university relations, etc. Function as a complete business partner to develop staffing processes, clarify business issues and recommend inventive solutions.
Find, estimate, include, hire, and on-board the highest quality candidates, especially in the basic skill areas. estimate candidate skills, background and fit so as to predict performance levels and styles with a high degree of accuracy.
Manage the complete life-cycle of the recruiting course of action – Recruit / Source, contact, screen candidates.
estimate candidate’s competency to include job fit, motivational fit and culture fit.
Source, clarify, and screen candidates to determine if their technical ability, attitude and personality make them a fit for the Client’s culture
Develop candidate talent pipelines by sourcing channels, recruitment campaigns, internet searches, networking groups, social media, database search
Once the Talent Acquisition course of action is completed the human resource professionals have to concentrate on the next level of Talent Management- Talent Development. It is necessary to develop the skills of the employees by Training and Development Talent Management in organizations is not just limited to attracting the best people from the industry but it is a continuous course of action that involves sourcing, hiring, developing, retaining and promoting them while meeting the organization’s requirements simultaneously
Talent Management, as the name itself indicates is managing the ability, competency and strength 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 uncommon qualities of one’s 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
To unprotected to success in business, the most important thing is to recognize the talent that can join one in achieving one’s goal. Attracting them to work for you and strategically fitting them at a right place in your organization is the next step. It is to be remembered that placing a candidate at a wrong place can multiply one’s problems in spite of of the qualifications, skills, abilities and competency of that person
Talent Acquisition and Talent retention are like the two sides of a coin that are basic in the human capital management. inventive technologies are to be adopted to enhance the time of action of Talent Management. With the dynamic situation prevailing in the global employability position, the role of human resource managers is very imperative in maintaining the talent balance. Holistic cum participatory approach is to be followed for harnessing the real benefits of Talent Management system. The Talent Management system that acts as a driver to performance excellence has to be integrated with the rest of the areas in the company and by effective Talent Management strategy.
The practice of talent management would include no of strategies used in the management of human capital resources and their application. We shall dwell on few basic issues that are imperative in the management of talent and their significance:- i. e for Talent Management Best Practices:-
meaningful points & factors
- Assessing organizational talent readiness and execution capability
- Identifying talent gaps
- Identifying mission basic locaiongs
- selection- identification- & recruitment- of right people
- assessment- assessing competencies of apt profile
In the current climate of change, it’s basic to keep up onto the meaningful people. These are the people who will rule the organisation to future success, and the organisation can’t provide to lose them
Employees are more likely to join stay within an organization if they believe the prospects are good for longer-term career and leadership development
To realise this and to attract and retain Talent -Organisation need to have a
Workforce planning ·building a road map for implementation
varied programmes designed to develop, retain and promote different Talent
Career Planning- – scope of advancement in career for employees- their effort being valued and recognized-
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.
- Coaching and Mentoring- development of-new competencies.
- Using development to excursion business objectives
- Building an effective development plan
- Development of employees – for a elevated and meaningful position
Developing processes for series Planning and Talent pipelines
Managing series: Effective organisations anticipate the leadership and Talent requirement to succeed in the future. Leaders understand that it’s basic to strengthen their Talent pool by series planning, specialized development, job rotation and workforce planning. They need to clarify possible Talent and groom it.
The cost of replacing a valued employee is enormous. Organisations need to promote varied and design strategies to retain people, reward high performance and provide opportunities for development.
It’s imperative to estimate existing talent within the organization. Talented and ambitious people are more likely to stay with their current employer if they receive positive development, motivation and encouragement to reach their possible
Organisation need to focus on managing the needs of individual employees, in alignment with organizational objectives, while identifying and deploying top performers consequently.
a) For the individual: Coaching and mentoring based on discovered needs.
b) For the work team: Identifying top performers, or “stars,” and capitalizing on their talent.
c) For the organization: Maximizing return on investment by putting the right person with the right skills in the right job at the right time
Identification & selection of – high performers- represent the required competencies of the organisation and also inspiration to others to follow suit.
Focusing on chief Talent
Companies are increasingly looking at bringing exceptional talent on board for those roles that are chief to their business and·building a business case for inclusion in the organizations strategic policy
In an increasingly global business world, where teams work across borders, understanding different work cultures is the meaningful to success.
In India, there is a high need for good talent and hence a lot of attention is being given to retaining and engaging that talent. Retaining talent for Indian companies has become a meaningful factor in their growth strategies.
We shall just give a fleeting sketeh of talent management systems adopted in an Indian organisation.
Mahindra and Mahindra — A US $12. 5 billion multinational group based in Mumbai, India, with more than 137,000 people in over 100 countries, in the business of utility vehicles, information technology, tractors, and vacation ownership- – produced a strong Talent Management system to attract, nurture and promote employees.
Anand Mahindra, the group’s 57-year-old vice-chairman and managing director has been grooming some meaningful leaders to replace the ageing stars. A Talent Management programme conceptualised in 2004 to chart out the series plan for top executives, has already produced eight meaningful leaders.
For the group, organisational restructuring posed the greatest challenge keeping in mind the changing dynamics in the business especially the tractor and automotive division. the re-alignment was necessitated by changing dynamics in the business ecosystem. the objective was to grow leadership locaiongs in the UV and tractor market and developing successful businesses in comparatively new business areas like IT, financial sets, realty and infrastructure development and also service industries like Time proportion (Club Mahindra). “Keeping in mind the new business objectives the challenge was to re-orient the human resource management towards these objectives. “
To unprotected to these objectives the company began a complete reassessment of organisation and management structure with the help of consultants like Mckinsey’s, Arthur Anderson and Korn Ferry. The outcome was, clear roles and responsibilities were identified and the competency required for each role was mapped. The officers went by individual assessments of competencies against the requirement of each role. External consultants in addition as internal assessors ran assessment centres and each individual was then placed based on competency and role fitment
THE RETIREMENT OF ARUN NANDA (Executive Director – 2 Years ago) marked the beginning of the end of a long reign of stalwarts. New leaders are already rising and showing every sign that the group’s series planning initiatives will help fill the void. Most are in their forties, rising rapidly and are being thrown into different roles in the group – clues that they are being groomed for greater responsibilities.
Many emerging leaders were inducted onto the group’s apex-decision making body Group Executive Board in 2010 in preparation for the retirement of six members on the board.
Anita Arjundas, the 44-year-old head of the real estate business and the lone woman member of the group executive board, mirrors the emergence of a quiet change that is taking place inside the automobile-to-aviation group.
Today, companies have become fiercely competitive when it comes to attracting and retaining Talent. The present scenario with abundant opportunities has triggered a wave of employees, perpetually “on the move”, forever seeking better opportunities whenever, wherever and however they can
Talented people want to be a part of something they believe in and not just a fat pay package. A culture of commitment is the meaningful to employee retention- a culture that concentrates on vision, mission, values and ambitious goals to attract and keep up on to talented people. This culture of commitment can only set in if there are guiding principles or chief values that are of inherent importance to those in the organisation.
Cultural dimensions as a tool to retain talent zeroes in on functional, technical and control aspects, while simultaneously dealing with inspiration, emotion, energy, enthusiasm, collaboration and camaraderie, openness and a sense of belonging
At the end of the day, creating and delivering a great employee value proposition is clearly the best way to retain good people. Research shows that companies which have recognised the need to give priority to its people management-pushed strategies are the winners