There are a number of reasons why attracting and retaining talent should be at top priority of any company. Here we will discuss some of them:-
Managed Talent helps in understanding the available talent pool in the organization. As knowing beforehand the upcoming shortages and the current talent pool can help in better management and allow better use of resources. Best talent can be identified and possible strategies can opt for their stay in the company and succession planning becomes more efficient and easy as talented people are identified early.
It improves organization’s competitive advantage. For taking long term benefits of the talent it is necessary to focus on training and investment in the employee benefits. Talent management helps in solving many difficulties related to retention and recruitment. A managed talent programme will help a company to focus on company’s need according to the current trends and upcoming talent. Managed talent leads to better financial returns. A company with the best leaders and talent management capabilities will give faster and better revenues.
There was a study which states that, in the organizations where talent management is aligned to organizational strategy, have an average project success rate of 72 percent, while organizations in which it was absent, and have an average project success rate of 58 percent. Aligned talent management and organizational strategy may create competitive advantage which is required to sustain and grow in the organization.
1. Common Best Practices in Talent Management
Talent management is a continuous process of grooming their employees by different training and development programs. There are some of the best practices which companies are applying in their day to day business for retaining their talent and getting their best. This is proved that organizations who successfully implemented the best talent management practice are more competitive globally. Below are some of the common best practices across the companies:-
1. Alignment of Goals: -There should be a clear understanding among employees about the goals of the company like what are his/her role responsibilities, how his/her success will be measured against the set goals, and how his/her role will contribute to the overall success of the organization. A company should review its goals frequently to ensure that they reflect the company’s current priorities. For an example a quarterly goal which is no longer relevant for a company, they don’t want its employees to focus on the same.
2. Internal Talent Pool: – Employee turnover can happen anytime, so a company needs to be ready to replace its top talent. A talent pool challenges an organization to identify the critical skills and competencies which it needs to succeed in the long run. It helps in identifying the high-performing and high-potential employees, who can replace the positions when the situation arises. It is up to the company whether it will go with the existing talent or look for the new options.
3. Motivation is the key: -It is a company’s responsibility to seek out the best performing employees, appreciate their efforts, and reward them accordingly.
4. Continuous feedback:-Keep a close eye on the things so that errors can be corrected before going off track. A manager can give feedback to its employees on a regular basis so that the problems can be handled. Nowadays companies are using automated talent management, which makes the performance appraisal much faster and easier for everyone to complete. A company should include 360-degree feedback in the process to broaden the feedback.
5. Focus on the solutions: – Encourage employees for their creative ideas. There are some of the factors which should be there in every organization for sound execution -1. Communication-it will link the initiatives of talent management to the business drivers so that proper functioning of the things can be done.2. Accountability-Role clarity should be there so that each individual knows what is expected of them 3.Skill—developing the right skills and providing coaches and mentors for support. 4. Alignment—Placing the right kind of system which identifies high potential, to examine for development and try to do that kind of development that brings some change.5. Measurement-there is a saying that ‘You can’t manage, what you can’t measure’ so clarification should be there for every initiative and objective.
6. Combination of Technology and Expertise: – Technology with the right expertise and potent blend of talent are some of the ingredients of a superb talent management. A five-star talent management includes best-in-class content to drive the assessment and development of people, and a system constructed by knowledgeable experts who have seen a range of implementations—they should know what works, and what doesn’t. Software should support the process, but it can’t stand alone. The world of technology is changing rapidly; companies are using every possible method for hiring and retaining the talent. The year 2016, also witnessed some out of box strategies used by some organization, which has grabbed everybody’s attention. Let’s take a look on some of the ideas:-
· Recruitment on Tinder: -When everybody was busy in recruiting candidates through the traditional and mainstream social media such as LinkedIn, the CEO of the start-up Mychefit took one step ahead and used Tinder (the famous dating site) to find out the potential chefs for the company. He also suggested some social sites also, like Snapchat, Meetup.com or Eventbrite, and gaming sites like IGN, Gamespot etc. to reach out the candidates.
· Proximity matters: – Facebook offers a one-time subsidy of between $10,000 and $15,000 to their employees who buy or rent house within 10 miles of their Menlo Park corporate headquarters. They believe that shorter commute time assists workers as they feel little exhausted and give more time to spend at home with their families. However staying in Silicon Valley is a costly affair but facing a short commute will let them stay later at work also. The reason behind the importance of commute time is that, according to a study, a longer commute time can increase the probability of quitting the job more than 92 %.
· TV advertisements for Recruitment: – TV advertisement has gained popularity among companies as it has a wide reach and it allows viewers to ‘see and feel’. Major firms like Walmart, Coors, and Koch, they are using TV advertisements for employer branding and recruiting purpose. Recently, General Electric also made a major investment in the budget of TV advertisements for recruitment with a campaign called ‘get yourself a world-changing job’.
· Café recruitment: – SAP (German based company), is running HanaHaus cafe by name of its software. The reason for coming up with the café which is quite far from its main building but near to Silicon Valley, as it offers an ideal place to interact with the budding techies. This café helps the staff to offer software advice and side by side they can interact with techies and entrepreneurs who might later convert into their customer, recruits, or partners. Capitol One, an innovation center in San Francisco, has a 360Café on the first floor of the building. This offers as a community workspace for employees as they can simply walk around and interact with contributors. It’s close presence with too many techies, innovators, and entrepreneurs allow the firm’s employees to quickly and easy to learn things, to test concepts, and to bounce ideas off of the patrons.
· Uber’s mobile game recruitment: – Every time Uber come up with some outrageous methods for recruitment. This time also it has launched a mobile game called Uberdrive, that lets potential drivers get a feel for what it’s like to be a driver for Uber. They have designed a fun way to attract drivers and also let them win in-game cash. If a player or the driver gets interested, can easily signup and start the recruitment process through the game.
· Blind interviews: – MNC’s like Deloitte, Google, BBC, and HSBC are using these interviews as it proved to minimize discrimination. Some firms believe that hiding some specific resume information like GPA, university name, hobbies etc. reduce biasness as it does not always predict on-the-job success.
· Personalized effect: – There was a study conducted by Wipro of the candidates who have spent six months in the company. The study revealed that employees, who got the personal on boarding, were 32% less likely to quit the job as compared to a traditional company focused on boarding process. Google also found that by sending a simple reminder to the hiring manager, the day before a new candidate start, lowers the time required for the new-hire to reach their expected productivity level by as much as 25 percent.
· Employee centred advertisement: -Schmidt and Derek Chapman conducted a study on the job posting and found out that candidate-cantered advertisements received almost 3 times more responses than employee-cantered advertisements. This proved that a different, attractive, motivated and candidate focused advertisements attract more candidates. Google conducted an experiment and found that if a company have women in the job posting or description panel that will automatically minimize the masculine words and significantly increase the women applicants. Now there are vendors that offer software that can identify and replace the words that discourage woman applicants.
· Aggressive target poaching: -Attracting top talent from top competitors firms makes a firm strong while weakening the competitor. The CEO of Yammer openly posted ‘Quit your job within 60 days and Yammer will give you a $25,000 signing bonus’. This offer was for Yahoo employee and in return, they have received at least 70 resumes.
· Widen the recruitment base: -Organizations like Nestlé Purina, McKinsey, and BCG are using remote colleges to avoid the multiple college recruiting. This practice has widened the reach of their campus recruitment, allows companies to get the best candidates and saves the unnecessary travel costs and time.
· LSD for creativity: – One of the strange trends but very popular nowadays in Silicon Valley. Professionals are experimenting with ‘micro dose’ of LSD for stimulating productivity, innovation, and creativity. Rick Doblin, founder and executive director of the Multidisciplinary Association for Psychedelic Studies, discussed the effects of LSD ‘to feel a little bit of energy lift, a little bit of insight, but not so much that you are tripping. Technology stars Steve Jobs and Bill Gates both famously experimented with LSD. The extensive use of this drug can be the result of the popular burning man festival of this year.
2. Future of Talent Management
Future of talent management is very uncertain as technology is rapidly changing the whole scenario of doing business. There are some challenges which a company has to solve to go forward. Some of them are as follows:-
· Rapidly changing workforce
Technical advancement has changed the workplace. Whenever the required skills appear to be absent, a company move to the third party and get the work done. According to the United States Department of Labor, in the US 15.5 million people are self-employed and the interesting fact is that these workers will acquire 40% of the total US workforce by 2020.
Nowadays a talented person does not limit hisher capabilities to just one organization, if they get a chance they might work for more organization.
· Future workforce is different
The age of baby boomers has passed away and the millennial are taking up the charge. Organizations and especially HR department must prepare for a different wave of employees who have a different approach to careers. Millennials are taking responsibility for their careers, which proves that they are a bit choosy about applying for jobs and want a personalized touch in everything, from recruitment to job profile. Deloitte’s 2014 survey also showed that 75% of millennial respondents believe that organizations aren’t doing enough to develop the future talent.
Job flexibility is on their priority followed by financial benefits and early promotions. A survey conducted by PWC proved that millennial would give up pay for a more flexible schedule. They came prepared to work hard, just on their own terms.
· People management is replacing talent management
As the international workforce has created more diversity in the work culture and companies are shifting from talent management to people management. This shift means that from now onwards collective approach will not going to work as different people have different needs and requirements. So the focus should be on improving the work culture through better engagement and empowerment. The fact is that if employees will not get enough opportunities to show their talent and satisfactory work environment, they can go elsewhere, (Josh Bersin, a consultant of HR and talent management). A series of Deloitte studies also proved that 13% of the world’s workers are passionate about their work.
Findings & Conclusion
The main purpose of the study was to explore the emerging areas of talent management. The study find out that a talent pool is necessary for an organization to accomplish the organizational sustainability for the future. The talent management practices are different across levels and vary according to the organization. With the increasing competition, dearth of talent, globalization, and ever-growing need to manage talent gives it so much of importance. This study has gone deeper into the meaning of talent management by giving real life examples of companies which are using new technologies for recruiting, managing and developing their talent. The study has also talked about the future of talent management and the upcoming strategies which will soon take over the current technologies for various Hr functions. Lastly, it can be concluded that without a proper talent management it is impossible for a company to sustain in business for longer.