THE WAR FOR TALENT - TALENT MANAGEMENT

The global talent crunch which is triggered by the huge demographic shifts and the economic expansion has made organizations to rethink about the talent management - identify, recruit and retain the best. The term has not been so popular a decade ago but these days or even didn’t exist but today this is far more sophisticated. To win this war, organization needs well quipped & experienced army of commanders and generals who excel at the new competencies and transform human resource into a truly strategic function.

Today, business leaders and top executives understand that there are three significant components to a successful business:

• Have the right strategy
• Execution of operations should be aligned to that strategy
• Grabbing the best people to execute those operations.

Finding the best people are essential to an organization success, but keeping them is even more important. It needs time consumption and resource engagement for identifying the new talent than to retain the top talent you already have in your organization.

HR plays a Strategic role in the business success because it is not just limited to identify the best people. It is assuredly about identifying the best people at reasonable cost, with the minimum attrition and the getting the best performance. They guide the CEOs and the top management for the right decisions.

Talent Management integrates all aspects of human resource beginning from talent acquisition to compensation, employee development, employee satisfaction and employee relations. The competitive market, business expansion and the need of skilled workforce has alarmed the human resources to get the scarce resource, develop them to their full potential and make them stay in the organization. Compensation and incentive plans are now far more viable for the skilled workforce due to the proposition of switching towards higher compensation plans in other organization which are in quest of talent.

Following can be considered as the key components of making a better talent management system that involves all aspects of HR and integrate them into a holistic process.

• Improvement of sourcing channels.
•  Improve screening methods.
• Using professional and social networks and relationship building in the industry.
• Competitive compensation & reward plan.
• Technological advancements to streamline the system and minimize the errors.
• Implementation of an effective assessment/appraisal system.
• Employee engagement.
• Better career and succession plan.
• Clarity of goals and communication.
• An effective training department to ensure employee development to their full potential.
• A better work environment and management techniques.

The success of any organization depends upon the extent to which the human resource department is able to integrate talent management applications and move towards a holistic process. After adopting new talent management applications, majority of the organizations then realize the need for integration. These technological investments are made to streamline processes and improve efficiency & effectiveness. If the organizations have multiple systems of records and databases and the conflicting processes, they cannot enjoy the full power of technological advancements. 

Talent management is increasingly becoming an imperative part and business leaders have more strategic expectations of their HR leadership. In past years, CEOs and top executives had more focus on performance management rather than engaging their potential to deal the talent scarcity and retention, but now the focus has shifted to maintain the talent management system and focus the HR analytics.

CEOs are ready to offer the strategic seat to HR leaders now, and want them to align business strategies and the processes. Retaining the talent with competitive compensation is critical for an organization and the annual merit increase is a very significant financial decision for CEOs where they approve a spending that adds millions in the budget, so they need the evidence that would justify it. Do you think that HR Leaders can get a WIN in the WAR FOR TALENT MANAGEMENT for their organizations?