Professional Documents
Culture Documents
Submitted By:
NAVDEEP KAUR
ROLL NO.(SPECIALIZATION: - HUMAN RESOURCE &IT)
DECLARATION
1
I, the undersigned hereby declare that the final project report submitted to my college i.e.
DIPS Institute of Management & Technology in partial fulfilment for the Degree of Master of
Business Administration Study the Effectiveness of Talent Management Practices Across
Various Organisations is a result of my own work under continuous guidance and kind cooperation of our college faculty member, Ms. Megha Sharma. I have not submitted this
training report to any other university for the award of degree.
NAVDEEP KAUR
CERTIFICATE OF GUIDE
This is to certify that the project entitled Study the Effectiveness of Talent Management
Practices Across Various Organisations is submitted as a final project report of the
requirement for the degree of MBA, affiliated to the Punjab Technical University,
Jalandhar is a work carried out by Navdeep kaur, Roll. No. under my supervision &
guidance.
Project Guide
ACKNOWLEDGEMENT
Research is an endless ocean and one requires guidance and support by several individuals
in order to derive out a hand full of pearls from its depth. It is difficult to acknowledge so
precious a debt as that of learning, as it is the only debt that is difficult to repay except
through gratitude.
I take the privilege to pay my deepest appreciation and heartiest thanks to all my teachers
of DIPS, JALANDHAR whose constant guidance is unbounded source of inspiration for
us. I would like to express my sincere thanks to my Project guide Ms. Megha sharma
who provided me valuable insights on my topic and helped me to clearly chalk out my
area of study.
Last but not the least; I would take the opportunity to thank my parents, friends and all
those visible and invisible hands that contributed to make this project a success.
Thank you
(Navdeep Kaur)
EXECUTIVE SUMMARY
4
The subject of talent is much in the news today. Demographic projections point to a
coming shortage of skills in many industries, and some companies are already feeling
the pinch. Others recognize that a significant portion of their workforce, especially at
senior leader levels, prompting concerns about where they will find and develop the
next generations of managers and key contributors needed to lead their companies.
Global business environment gives new meaning and urgency to the notion of talent
management. Companies ability to compete effectively in terms of cost, quality,
service or innovation depends on having enough of the right people, with the right
skills, deployed in the appropriate locations at appropriate points in time. To do that,
companies have to understand and define their talent needs in the context of their
business goals and build practical, long-term plans to source, develop and retain that
talent when and where its needed. Earlier, more informal approaches to finding and
managing talent are not likely to work in this complex environment. The changing
nature of the workplace and workforce characterized by continual movements of
jobs and people around the world calls for a highly planned and rigorous approach to
identifying, developing, deploying and rewarding talent.
To evaluate the current state of the art in this area, I focused on talent management
practices in my research project. This report details the overarching framework for
defining and understanding talent management, evolution of talent management, focus
of talent management, process of talent management and challenges faced for
managing talent. It covers the key findings and conclusions and the main
recommendations that have been drawn from the results from the survey of over 30
managers. It also includes extracts from the case studies, articles and comments from
the extensive literature review
TABLE OF CONTENTS
Chapter no.
Contents
Page no.
Acknowledgement
Executive summary
1
Introduction
7-36
Review of Literature
37-41
Research Methodology
42-44
45-54
Recommendations
55-56
Conclusion
57-58
Bibliography
59
Annexure
60
CHAPTER-1
INTRODUCTION
The beginning of the journey will open up with the introduction of Talent Management
and its development.
7
1.1
TALENT MANAGEMENT
For the purpose of this research, we are defining talent management as follows:
Talent management is the additional management processes and opportunities that
are made available to people in the organisation who are considered to be talent.
Every organisation has a talent management system whether it recognises it or not.
Something happens to the talented people in an organisation, whether they are being
developed and motivated or whether they are being stifled and neglected in terms of
development opportunities.
The definition of talent can also vary between organisations, or within thesame
organisation over time. Many organisations seek to map individuals acrossthe organisation
in terms of performance and potential, and it is those who areidentified as high performers
with high potential who are most often the focus oftalent management.
With businesses going global and competition becoming intense, there is mounting
pressure on organizations to deliver more and better than before. Organizations therefore
need to be able to develop and deploy people who can articulate the passion and vision of
the organization and make teams with the energy to perform at much higher levels.
These people build and drive the knowledge assets of a corporation, the value of which
has been established to be many times more than the tangibles. The capacity of an
organization to hire, develop and retain talent is therefore the most crucial business
process and priority on the CEOs agenda.
Talent management implies recognizing a person's inherent skills, traits, personality and
offering him a matching job. Every person has a unique talent that suits a particular job
profile and any other position will cause discomfort. It is the job of the
Management,particularly the HR Department, to place candidates with prudence and
caution. A wrong fit will result in further hiring, re-training and other wasteful activities.
Talent Management is beneficial to both the organization and the employees.
Theorganization benefits from: Increased productivity and capability; a better
linkagebetween individuals' efforts and business goals; commitment of valued employees;
8
reduced turnover; increased bench strength and a better fit between people's jobs and
skills. Employees benefit from: Higher motivation and commitment; career development;
increased knowledge about and contribution to company goals; sustained motivation and
job satisfaction.
In these days of highly competitive world, where change is the only constant factor, it is
important for an organization to develop the most important resource of all the Human
Resource. In this globalized world, it is only the Human Resource that can provide an
organization the competitive edge because under the new trade agreements, technology
can be easily transferred from one country to another and there is no dearth for sources of
cheap finance. But it is the talented workforce that is very hard to find. The biggest
problem is how to retain the present workforce and stop them from quitting?
1.2
Replacement Planning
Benefit
Tactical
Leadership
HR
Development
Classroom (external)
Communication
Secretive
Timeframe
1 3 yrs
TO
Focus
Replacement
Talent Pool
Benefits
Tactical
+ Flexibility
Leadership
HR
HR + Line
On The Job
Development
Classroom
Action Learning
Mentoring
Timeframe
1 3 yrs
1 3 yrs
Replacement
Benefits
Tactical
Leadership
HR
Talent Pool
+ Flexibility
HR + Line
On The Job
Development
Classroom
Action Learning
Systems View
Strategic
CEO + HR
Similar more
job rotation
Mentoring
Timeframe
1 3 yrs
1 3 yrs
10
3 5 yrs
1.3
First, let us look at some of the reasons for the importance of talent management.
Globalization: Now for any jobseeker the whole world is the potential place to find
employment. One can know the opportunities available in any part of the world easily and
the number of talent seekers has also increased.
Increased Competition: Increased competition in the market place has necessitated the
need for consistently good performance on the side of organizations. These have made the
companies to put in all efforts to hire and retain the best talent in the respective field of
operation.
Increasing Knowledge: The knowledge era has necessitated the retaining of those talents
which have the ability to assimilate new technologies and knowledge, which are growing
at a pace never seen before.
Talent management (TM) brings together a number of important human resources (HR)
and management initiatives. Organisations that formally decide to "manage their talent "
under take a strategic analysis of their cur rent HR processes. This is to ensure that a coordinated, performance oriented approach is adopted. Quite of ten, organisations adopting
a TM approach will focus on coordinating and integrating:
Recruitment - ensuring the right people are attracted to the organisation.
Retention - developing and implementing practices that reward and support employees.
Employee development - ensuring continuous informal and formal learning and
development
Leadership and "high potential employee" development specific development
programs for existing and future leaders.
Performance management - specific processes that nurture and support performance,
including feedback / measurement
11
Workforce planning - planning for business and general changes, including the older
workforce and current / future skills shortages.
Culture - development of a positive, progressive and high performance "way of
operating" .
An important step is to identify the staff or employees (people and positions) that are
critical to the organisation. They do not necessarily have to be senior staff members. Many
organisations lost a lot of "organisational knowledge" in the downsizing exercises of a few
years ago. The impact of the loss was not immediately apparent. However, it did not take
long for many companies to realize their mistake when they did not have people with the
knowledge and skills to either anticipate or solve problems that arose.
The current discussions about skill shortages and the ageing population are also helping
organisations to focus on the talent management issue. I t may not be possible to simply go
out and recruit new people to meet operational needs. Many leading companies have
decided to develop their own people, rather than trying to hi re fully skilled workers. In
summary, every organisation should be implementing talent management principles and
approaches.
High
Low
Leveraging
Processes
Key Business
Processes
Support Processes
Service Processes
Low
High
Impact on customers
12
Talent management is a key business process and like any business process takes inputs
and generates output.
Talent Management v/s Traditional HR Approach
Traditional HR systems approach people development from the perspective of developing
competencies in the organization. This can actually be a risk-prone approach, especially
for companies operating in fast evolving industries, since competencies become redundant
with time and new competencies need to be developed. Thus, over time, the entire
approach to development of people might be rendered obsolete calling for rethinking the
entire development initiative.
Talent management on the other hand focuses on enhancing the potential of people by
developing capacities. Capacities are the basic DNA of an organization and also of
individual potential. In fact, the following appropriately describes the role of talent
management:
Point of Departure
Translating organizational
vision into goals and
mapping the required
level of capacities and
competencies to achieve
goals
Navigation
Aligning individual
values and vision with
organizational values
and vision
13
Point of Arrival
Assessment of talent to
profile the level of
capacities and set of
competencies possessed
within the organization
Enhancing capacities to
learn, think relate and act
through development
initiatives
Helping individuals
Developed individuals enabling
realize their full potential breakthrough performance
through learning and
development
Different organisations are seeking to achieve different things from their talent
management systems, while all are seeking to achieve some form of talent management.
This reflects the strategic objective of the talent management system. This shapes the way
in which the talent management system is viewed, implemented, and put into operation,
such that the same activity can result in a different action and/or outcome depending on
the perspective employed.
There is the process perspective which proposes that it includes all processes needed to
optimise people within an organisation (Farley, 2005). This perspective believes that the
future success of the company is based on having the right talent so managing and
nurturing talent is part of the every day process of organisational life.
There is the cultural perspective that believes talent management is a mindset
(Creelman, 2004), and that you must believe that talent is needed for success
(Michaels, Handfield-Jones, & Axelrod, 2001) This can be seen where every individual is
dependent on their talent for success due to the nature of the market in which they operate,
and is typical of organisations where there is a free internal labour market, with
assignments being allocated according to how well they performed on their last
assignment. Alternatively, this can be an organisation where the development of every
individuals talent is paramount and appreciated, and allowing people to explore and
develop their talent becomes part of the work routine.
There is the competitive perspective which is underpinned by the belief that talent
management is about identifying talented people, finding out what they want, and giving it
to them if not, your competitors will (Woodruffe, 2003). This tends to be the default
14
There is the more general HR planning perspective which claims talent management
isabout having the right people matched to the right jobs at theright time, and doing the
right things (Mucha, 2004). This is often identified withcompanies currently experiencing
rapid growth which to some extent is driving thetalent management system, and once they
become more stable in terms of size ofoperations their perspective might change.
Succession planning tends to be moreprominent in organisations taking this approach.
Finally, there is the change management perspective which uses the talent management
process as a driver of change in the organisation, using the talent management system as
part of the wider strategic HR initiative for organisational change (Lawler, 2005). This can
either be a means of embedding the talent management system in the organisation as part
of a broader change process, or it can put additional pressure on the talent management
process if there is widespread resistance to the change process.
The various perspectives and ways in which they may impact on HR practice are outlined
in table 1 below. An organisation may shift its perspective over time in accordance with
changes in the organisation's strategy, and indeed the development and embeddings of the
talent management system itself. The cultural perspective would be exceedingly difficult
to achieve as a starting point when introducing talent management, but may be where an
organisation would intend to be in a number of years after developing a development or
HR planning perspective, for example.
15
Perspective
Core belief
Recruitment
& Selection
Retention
Succession
Planning
Development
Approach
Process
Include all
processes to
optimise people.
Competence
based,
consistent
approach.
Good on
processes such
as work-life
balance
& intrinsic
factors that
make people feel
they belong.
Routine review
process based
on performance
review cycle.
PDPs and
development
reviews as part
of performance
management.
Maybe some
individual
interventions.
Cultural
Allow people
the freedom to
demonstrate
their talent,
and to succeed
and fail.
Develop
in-house if
possible, if not
look outside.
Individuals
negotiate
their own
development
paths. Coaching
& mentoring
are standard.
Competitive
Keep talent
away from the
competition.
Good people
like to work
with good
people. Aim to
be employer of
choice.
Geared towards
retention
letting people
know what their
target jobs are.
Both
planned and
opportunistic
approaches
adopted.
Mentors used to
build loyalty.
Developmental
Accelerate the
development of
high potentials.
Ideally only
recruit at entry
point and then
develop.
Clear
development
paths and
schemes to
lock high
potentials into
career paths.
Identified
groups will be
developed for
each level of the
organisation.
Both
planned and
opportunistic
HR Planning
Right people in
the right jobs at
the right time.
Target areas of
shortage across
the company.
Numbers
and quotas
approach.
Turnover
expected,
monitored and
accounted for in
plans.
Detailed inhouse
mappings
for individuals.
Planned in
cycles according
to business
needs.
Change
Management
Use talent
management
to instigate
Seek out
mavericks and
change agents
Projects and
assignments
keep change
Can be a bit
opportunistic
initially until
Change agents
develop others
who align
16
change in the
organisation.
to join the
organisation.
agents, but
turnover of
mainstay staff
can occur.
change is
embedded.
Introspect
to
Reflect &
contemplate
Learn
Flow
Introspection is the individuals willingness to look back and learn, ability to learn
from mistakes and identifying areas of improvement.
Reflection and contemplation is the individuals ability to observe his own thoughts,
actions and emotions/feelings and using the awareness to improve further and perform
better.
Getting into the flow is the individuals ability to get into a new experience and flow
with the experience. It is the persons child-like ability to derive joy out of learning.
17
An individuals quest to know more leads his mind to create images. Enhancing an
individuals capacity to think helps the person not only take learning to a higher level of
intellect but also improves creativity. Capacity to think comprises of the following:
Capacity
Analysis
Judgment
to
Creativity
Think
Analysis is about asking the right questions and breaking complex things into simpler
elements.
Creativity is about generating new thoughts and breaking the existing patterns of
thought.
Judgment requires both. This is what helps an individual take quality decisions.
Capacity
Empathizing
to
Listening
Relate
Trust
Listening is the individuals ability to listen with warmth and respect. Active listening
is free of biases, evaluation and pre-conceived notions.
Empathizing is the ability to put self in someone elses shoes and getting out of ones
own shoes.
18
It is about
It is the
individuals ability to enact his intentions. Following are components of capacity to act:
Capacity
Organizing
to
Implementing
Act
Work
under
pressure
Organizing refers to the individuals ability to organize his time and resources so as to
enable him to convert intentions into reality.
Implementing means delegating, attention to detail, and focus on the right process.
Perform under pressure means the ability to work under pressure and time constraints
and handle multiple tasks without negative stress.
The individuals values help in discriminating amongst alternatives and act as the bedrock
for decisions. They act as multipliers in enhancing the individuals capacities, a sigma of
which reflects the individuals true talent.
Thus:
(LQ + CQ + RQ + AQ) X Values = Talent
19
1.4
INPUT
Structure
Roles
Competencies required
(Selecting and developing)
Talent Management
Knowledge
Tapping the full potential
OUTPUT
Breakthrough Performance
20
Organizations provide individuals the opportunity and space for physically manifesting
their talent into performance for achieving individual and organizational vision. Talent
manifests into performance as follows:
Talent
+
Vision/Mission/Strategy
+
Skills & Competencies
+
Role & structure
+
Opportunity
+
Encouragement & Recognition
+
Training & Development
+
Coaching
+
Action Plan & Goals
+
Resources
Performance
Management
System
Performance
21
Thus the domain of talent management focuses not only on development of individuals
intrinsic capacities, but also on culture building and change management to provide the
other elements listed above for manifestation of talent into performance.
The service and consulting areas of talent management that thus emerge are:
Talent appreciation
Potential enhancement
Acquisition of talent
Knowledge management
Talent appreciation (TAP)
TAP focuses on assessing the way individuals learn, think, relate to others, and act. Tap is
used to evaluate the capacities, competencies and values of individuals for assessment of
potential for career development and succession planning.
This is intricately linked to helping organizations map their capacity and competency
requirements and then assessing talent to draw up individual development plans. The
talent profiling thus done for organizations helps them identify critical competencies to be
developed and capacities to be enhanced in order to meet future business requirements and
achieve plans.
Potential enhancement (PEP)
The focus of PEP is to create learning experiences and solutions for individuals that will
help convert talent into competence.
22
Competence building modules which focus on specific areas like consulting skills,
problem solving, service quality, strategic selling, process designing, interviewing
skills, etc.
Defining the values which are needed to display the desired behaviors
Knowledge Management
As said earlier, the domain of talent management includes culture-building and change
management. Knowledge management services are aimed at leveraging knowledge for
performance by creating an environment for sharing by building trust. The focus of
knowledge management is to connect people and technology to capture and harness the
tacit knowledge of the organization. By making trust the bandwidth of communication,
knowledge management enhances sharing and thereby creates an appropriate environment
for talent to translate into performance.
23
with
your
overall
talent
management
strategy?
stage of the life cycle reported and communicated? How are knowledge and experiences
shared across the process? Where are the information gaps and missed communications?
How much feedback is formally captured and communicated versus informally discussed
among staff? What key actions might you take to improve your feedback mechanisms?
With so much of the costs and performance of a business now dependent on people, isn't it
time managing them became a core competency of your organization?
1.7 Challenges
The challenge of talent management has two facets to it. First is how to find new people
and second is how to retain the present workforce. Each of the challenges has to be tackled
in the most efficient way possible.
The First Challenge - Where to find new talent?
All the organizations are finding loads of business opportunities and consequently, their
revenues are growing at a rapid pace. The increasing business opportunities has
necessitated that these organizations go in for massive recruitment. But, the question is
where to find the best talent which is able to fit the job description and also adjust to the
organizations values and norms. If we scan the environment, we find there is a shortage of
skilled workforce that can be employed.
Some of the possible reasons that have led to the shortage are: Demographic Constraints: This is a common problem faced by many of the
developed countries, where a large chunk of its population is nearing the age of
retirement or is over 50 years. USA, Germany and Japan are facing the same problem. All
these countries will see a decline in their workforce and talent. In the coming years, they
will see a great shortage in their skilled professionals.
Existing Educational System: The graduates and the postgraduates that are being
churned out of the universities are found to be ill-equipped to handle the challenges of the
workplace. They are mostly equipped with only the theoretical aspects of the issues and
lack the application part. The educational system is faulty and does not take industry needs
25
1.8
ASSETS ?
More and more companies today are taking a holistic approach to talent management
from attracting and selecting wisely, to retaining and developing leaders, to helping
employees transition out of the company. Talent management is viewed as a strategic
26
approach to managing human capital throughout the career cycle: attracting, retaining,
developing and transitioning your most important assets.
Attracting Talent: Creating Assessment And Selection Strategies And Processes
Experience Matters
Customized Solutions
Leadership Development
Executive Coaching
Succession Planning
citizen. The benefits of offering exiting employees quality transition programs far
outweigh the costs and risks of not providing them.
Provide individualized programs that focus on helping the employees achieve smooth
career transitions whether the need is for outplacement, relocation, retirement or other
major career changes. Offer both individual and group training and consultation, tailored
to the organizations needs.
Outplacement
Partner/Spouse Relocation
Retirement Planning
Retaining Talent: Reducing Turnover And Aligning Talent With Organization Goals
With 75% of employees looking for new employment opportunities at any given time and
five million Baby Boomers expected to retire in the next few years, the war for talent is
back on. Companies that develop successful retention strategies can win that war.
Most companies today would acknowledge that their human assets are their most
important asset. But since companies cant own employees the way they own factories or
product, the success or failure hinges on the quality and duration of the relationships it
forms with its people: retaining talent.
Experience in the industry helps in facing the tough issues to keep its productive
employees through progressive and innovative talent management solutions tailored to the
organization and industrys unique needs.
It can be achieved by guiding it through aligning individual and organizational goals and
consult on change management issues. Or should develop in-placement and redeployment
programs and provide tools and competency assessments. Assist organizations to design
career development programs, reduce burnout, and improve compensation and benefits
keys to reducing costly turnover.
conducive to learning are stimulation - through frequent exposure to a wide variety people
and ideas and the freedom to explore and pursue individual ideas and passions.
Google is a nirvana for the best and brightest technical talent in the world. The company's
commitment to human capital is strong and was a core principle expressed in its now
famous IPO filing in 2004. Staff are given huge amounts of freedom to determine when,
where, how and on what they work. Each is allowed to spend 20% of their time each week
working on personally initiated projects.
4. Deep Immersion
Nothing frustrates talented people, particularly young up-and-comers, more than being
asked to wait their turn before getting the opportunity to contribute to important projects
or initiatives. This is not only demotivating to people but counter -productive to
performance as opportunities to contribute depend more on tenure and pecking order than
merit .
Trilogy, a software company based in Aust in Texas not only avoids this problem, but has
created a fast - track, merit -based process that starts with every new hire. Its induction
program is on steroids - goals are not only cultural induction, bonding and skill
development but to create the company's next generation of ideas, products and leaders.
5. Teaching and Coaching
This means having people in the organization - both managers and specialists - whose role
is to help others to grow, learn and realize their potential . Many organizations have deemphasized this key task as pressure to meet quarterly performance targets have cascaded
down to every level of the organization.
Schools provide an inspiration and model from which other organizations can learn. They
have teachers whose only job is to develop their student 's skills and learning. While few
organizations are positioned to employ full - time teachers, many should encourage and
help managers and staff to take on this role. They can do this by explicitly acknowledging
the value of teaching and coaching and including these responsibilities in the expectations
and measures of performance set for managers and staff
.
6. Diversity of Talents and Personalities
The value of diversity in business seems obvious to most observers, but few leaders really
know how to leverage the differences that people bring to the workplace. As Ricardo
Semler, head of the innovative Brazilian conglomerate Semco puts it
30
" I prefer Coq-au-Vin to Chicken McNuggets" . He is not talking about food but rather
cultures that blend diverse talents and perspectives ( like the ingredients in a slow-cooked
Coq-au-Vin) versus those that impose numbing conformity on their people (like the
industrial - style sameness of Chicken McNuggets) .
Semco backs up its words with actions. I t regularly pairs younger and older workers
together . Its "Lost in Space" program affords young staff the opportunity to move around
the company on a regular basis during their first few years. This helps them to both
develop new perspectives are well as inject their own fresh ideas throughout the business.
Their "Trading Places" initiative let's people trade jobs as a way of gaining new experience
and skills.
31
1) Ed Evans, executive vice president and chief personnel officer, ALLIED WASTE
INDUSTRIES
Talent management challenges: Getting truck drivers to feel enthusiastic about their
jobs is no easy task for any HR manager, but Evans says that the company has launched a
number of efforts in the past several months to do just that.
Talent
Over the years, Interpublic, like many advertising agencies, moved away from a
tradition of strong internal development. As revenue grew, many agencies became too
shortsighted and focused more on just recruiting, he says.
Now that margins are tight again, Interpublic, like all agencies, has to focus on retaining
and developing its best talent. "We have a lot of people who do recruiting, but I want to get
the right balance where I retain, develop and then recruit people," he says.
Talent
33
The company also wants to make sure that it is hiring employees from different
backgrounds and perspectives. While the traditional kinds of diversity training and hiring
of minorities are longstanding practices at Cigna, Murabito is trying to get the company to
focus more on "diversity from a sense of a more diverse mind-set," he says.
Historically, Cigna has focused on hiring employees from within the industry, but
Murabito wants to change that. "Industry experience is not necessarily the thing that will
drive the strongest results," he says.
Talent
management initiative: Over the past several months, Cigna has begun
holding sessions in which diversity experts speak to senior leaders to raise awareness
around the need to recruit a more diverse workforce, Murabito says. And each Cigna
business head has put together a strategic plan to achieve that goal. "I'm not suggesting
that for every position we need to look at different industries," he says. "It's about having a
different approach and mind-set."
Challenges
34
CHAPTER-2
Review Of Literature
35
A detailed survey of the concerned literature has been carried out based on various
journals, reviews concerned magazines, questionnaire and internet and presented below:
Any Organization needs to have a vision and a well defined strategy on hiring for the
future. We should have the right talent to attract and retain the best available talent for
which a number of measures for talent management are required.
[KARTHIKEYAN,2007]. Emphasis has been paid on initiatives that can be put in place to
help organization to retain and nurture the talent [PANDIT, 2007]. The fundamental
aspects about the definitions of human recourses have been discussed and planning of new
models has been discussed. The need to disband the conventional school of thoughts about
organizational behavior has been advocated and a new approach has been suggested for
HR [ANANDARAM, 2007.]
THE STRATEGIC DEVELOPMENT OF TALENT by William J. Rothwell
"Rothwell ignites the imagination, expands the possibilities, and offers practical
strategies any organisation can use to effectively develop, retain and utilise talent for the
benefit of an organisation and enter the fluid, flexible future. Managers at all levels will
cheer the sanity Rothwell suggests."
Forced rankings
Telecommuting
Job sharing.
All three represent options for progressive departments to think about and perhaps adapt to
their circumstances. All of them move toward better management of the talent in the
department, helping to make the most of staff.
Five imperatives that companies need to act on if they are goin to win the war for talent
and make talent a competitive advantage:1. Embrace a talent mindset
2. Craft a winning employee value proposition
3. Rebuild your recruiting strategy
4. Weave development into your organisation
5. Differentiate and affirm your people
These techniques and indeed, every employee development practice that seems novel now
forced ranking performance evaluation systems, 360 degree feedback programs,
executive coaching, etc. were all common in the 1950s. Except at a few very large firms,
they have been scaled back and, in many cases, largely abandoned. The reason was not
that these practices failed to develop talent. It was because they were too costly. And the
biggest cost was the difficulty they faced in managing the unpredictability of the demand
for talent.
38
"This is an outstanding reference work that succinctly explains a simple and practical
approach to the identification, assessment and management of talent in the current,
dynamic operating business environment. The book plainly gives advice on how to avoid
high staff turnover, poor morale, and poor performance."
NEWSLETTER
Sriiddar S Preetham (July 2007), Managing talent, HRD Newsletter, vol23 issue -4
Focusing on the challenge of attracting and retaining talent faced by Indian HR
mangers, the article outlines initiative that can be put in place to help organization
retain nurture and retain the talent
JOURNALS
KARTHIKEYAN J (May 2007), Talent management strategies, NHRD journal,
Hyderabad, p23-26
Organization need to have a vision and a well defined strategy on hiring for the future.Do
we have the right talent within to attract and retain the best available talent? A number of
measures for talent management are Suggested..
PANDIT Y V L (May 2007), Talent retention strategies in a competitive environment,
NHRD journal, Hyderabad, p27-29
Focusing on the challenge of attracting and retaining talent faced by Indian HR
mangers, the article outlines initiative that can be put in place to help organization
retain nurture and retain the talent
39
CHAPTER-3
RESEARCH
METHODOLOGY
becoming scarce.So do we have the right talent within to attract and retain the best
available talent?
The purpose of the study was to study the effectiveness of talent management practices
carried out in selected organisations and to eliminate the problems and recommend
solutions.
3.2 OBJECTIVES
To study the effectiveness of talent management practices.
To identify the ways to attract, develop and retain talent.
To establish upcoming trends in talent management.
Sample Size
30 employees of different organisation
Sampling Technique
Non-probability convenience sampling
All respondents who are easily accessible & willing to share the information will be
administered. A Non-probability sampling i.e convenience sampling will be used.
3.3.3 Statistical Tools Used
Average- Average is an attempt to find one single fig to describe whole fig.
Mean (X) = fX / f
f= Frequency
X= Variable in question
Standard deviation () = fX2/n (fX/n)2
Where n = number of observations
X = Mean
Z-test
If sample size 30 then it is large sample so Z- test will be applied
Standard error = / n
42
CHAPTER 4
ANALYSIS &
INTERPRETATION
Less than a
year
1
12
1-2 years
2-5 years
5-10 years
2
6
3
6
4
3
43
More than 10
years
5
3
Very low
1
12
Low
2
15
Neutral
3
3
High
4
0
organisation.
Very High
5
0
z-test
(i)
(ii)
Parametric test
Sample size=30
Therefore z-test is applicable
(iii)
Standard error= standard deviation/n
(iv)
Level of significance= 5%
(v)
Two tailed test
(vi)
H0: talent management is a strategic priority
H1: talent management is not a strategic priority
F
12
15
3
0
0
x
5
4
3
2
1
Fx
60
60
9
0
0
D
2
1
0
-1
-2
Fd
24
15
0
0
0
Fd2
48
15
0
0
0
30
15
X
129
39
1.3
1.69
63
2.1
0.41
Finding:From data it can be seen that 50% of the employees feel that talent management
strategic priority in their organisation.
is low
Option
X
Strongly
disagree
1
7
Disagree
Neutral
Agree
2
11
3
6
4
6
45
Strongly
Agree
5
0
Finding:A factor that may underlie an organizations Talent Management effectiveness is the
extent to which those practices are integrated into an overall TM system. While just
20%of respondents say their practices are integrated into such a system while major
portion i.e 37% disagree to this.
Q 4) Within your organization what kinds of Talent development activities are carried
out?
Option
Class room
Coaching
Assignments
workshops
X
1
12
2
5
3
2
46
Action
External
All of
learning
development
the
programs
5
6
above
4
5
Finding:Class room workshops, development programs are mostly used by the organization to
carry out talent development activities.
Q 5) Various talent development activities carried out in your organisation to develop
talent are effective.
Option
X
Respondents
Extremely
Somewhat
Not at all
effective
effective
effective
1
8
2
18
3
4
Strongly
disagree
Disagree
Neutral
Agree
1
4
2
5
3
15
4
6
Strongly
Agree
47
5
0
Significantly
decrease
Somewhat
1
4
2
7
No change
decrease
3
8
Somewhat
Significantly
increase
increase
4
5
5
6
Finding:The good news from this finding is that perhaps companies have learned from the last
economic downturn that short term cuts in TM result in long term pain. So in total
48
37% of the organizations feel that budget for recruiting, developing and retaining
employees is going to increase over the next three years.
Q 8) How difficult is it to find high quality talent management staff when recruiting
externally at different levels?
Option
X
Respondents
Impossible
1
4
Difficult
Average
Easy
Very easy
2
13
3
6
4
6
5
1
Finding:In this survey 43% rated their availability as Difficult while just 13% felt that its
easy to find high quality talent while recruiting.
Q 9) Attracting, developing & retaining talent is one of the top challenges for your
organisation
Option
Strongly
disagree
Disagree
Neutral
Agree
X
Respondents
1
4
2
2
3
12
4
6
Strongly
Agree
49
5
6
Option
No
Cant say
Yes
X
Respondents
1
4
2
21
3
5
Finding:-
50
Over 70 percent either don't or aren't sure how they measure staff performance and
productivity in terms of business value creation. These figures paint a frightening
picture of companies ill-prepared to manage a more complex talent market.
Q 11) To what degree is globalisation impacting how you acquire and manage talent
Option
X
Respondents
Very low
1
4
low
neutral
high
Very high
2
5
3
3
4
10
5
8
Q 12) To what degree is recession impacting how you acquire and manage talent
Option
Very low
low
neutral
51
high
Very high
X
Respondents
1
0
2
4
3
7
4
7
5
12
Finding:Over 40 percent of all survey participants say that global factors are making a very
high difference and nearly 23% say that it is making highly adverse impact in their
talent management and acquisition strategies
CHAPTER-5
RECCOMMENDATION
52
CHAPTER-6
CONCLUSION
54
A clear and compelling picture emerges from the research. Without a doubt, the global war
for talent is intensifying, and those companies that are effectively competing by acquiring
and developing top talent ultimately will be the winners.
Highly demanding business environment makes it imperative for the organizations to build
competence in the form of superior intellectual capital. It is agreed by almost all CEOs of
55
big companies that it is the human resource - a talented one - that can provide them
competitiveness in the long run.So it is the duty of the HR department to nurture a brigade
of talented workforce, which can win them the war in the business field. The talent has to
be spotted, carefully nurtured and most importantly preserved.
Right person for the right job - is the new mantra.
BIBLIOGRAPHY
Six Ways to Mine Teen Talent," Andrea C. Poe, Society for Human Resource
Management, March 2001
Winning the Best and Brightest: Increasing the Attraction of Public Service," Carol
Chetkovich, The PricewaterhouseCoopers Endowment for The Business of
Government, July 2001.
Attracting and Keeping The Best and the Brightest: Survey Results From Council for
Excellence in Government Principals on How to Get, Develop and Retain Excellent
People in Government Service," Council for Excellence in Government, 2002
Development, And Work Motivation," Ruth Kanfer, Phillip L. Ackerman, Academy
Of Management Review, 2004.
Staying Ahead of the Curve 2004: Employer Best Practices for Mature Workers,"
Study Conducted for AARP by Mercer Human Resource Consulting, September 2004
Talent Management: Overview: Talent Management Series Part I," Nancy R.
Lockwood, SPHR, GPHR, Society for Human Resource Management, July 2005.
Taking Action against the Quiet Crisis in Recruitment and Retention," AFT Public
Employees, AFL-CIO. 2005
WEBSITES
http://www.citehr.com/cms_articles.php
http://www.peopleatwork.com.au/rec_articles.asp
www.hr-guide.com
www.hr.com
http://humanresources.about.com
56
www.managementparadise.com
ANNEXURE
57
Q 2)
2. Disagree
3. Neutral
4. Agree
5. Strongly agree
Q 7) Do you expect your companys spending on talent management will
1. Significantly decrease
2. somewhat decrease
3. no change
4. somewhat increase
5. significantly increase
Q 8) How difficult is it to find high quality talent management staff when
recruiting externally at different levels?
1. Impossible
2. Difficult
3. Average
4. Easy
5. Very easy
Q 9) Attracting, developing & retaining talent is one of the top challenges for your
organisation
1. Strongly disagree
2. Disagree
3. Neutral
4. Agree
5. Strongly agree
Q 10) Does your organisation know how to measure talent performance and productivity in
terms of business value creation
1.no
2.cant say
3 yes
Q 11) To what degree is globalisation impacting how you acquire and manage talent
1. very low
2 low
3. neutral
4 high
5.very high
Q 12) To what degree is recession impacting how you acquire and manage talent
1.very low
2.low
3.neutral
4.high
5.very high
59
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