Talent Management Myths & Insights

1. Changing Talent Management
TALENT MANAGEMENT MYTHS & INSIGHTS
The Indian market is witnessing an exponential increase in the Small and
Medium-sized enterprises (SMEs) with the direct rise in global opportunities.
The contemporary SME sector is sifting through a mode of being an economy The Industry Is Witnessing A
based to knowledge intensive business systems. Business leaders need to Transformation In The System
accelerate and rework their talent retention strategies. And as the TM specialists Of Talent Management And
believe, this initiative would help employees continue in their careers for a Leadership
longer time. Also, these experts believe that the purpose of such strategies
should be to identify, engage, develop and mentor talent.
Talent Management
Earlier, talent strategy was all about protecting existing competitive advantage
but currently it is about finding continuous advantages that address business
realities of tomorrow. The changes are as a result of a non-linear shift that helps
sustain leadership and talent, in its long term.
A Talent Management
Investment Is A Quick
An effective illustration of this non-linear change (or an unpredictable change) Solution Across Organizations
is the history of the high-jump event at the Olympics. It has been observed that
there are four distinct ‘business models’ in this event. Each of the models has
enabled athletes to achieve breakout performance.
Formerly, it was the ‘scissors’ style (a hurdling style) that was dominatingly
used. Most high jumpers used the scissors approach as the style helped them
win the game. Should we have to compare these athletes to business
individuals then the latter would have been competing on cost, market share,
and margins.
The approach was religiously followed by the other high-jump players until
one of them decided to change the rules of the game, some day, by inventing
the ‘western roll’ (style - high jumpers launched and landed on the same foot
and faced their back to the bar).
The western roll was the style for 25 years until the next out-of-the-box-thinker
introduced the ‘straddle,’ also called the ‘eastern roll’ (style - high jumpers
launched and landed on their opposite feet and then faced the bar).
In the 1968 Olympics, former gymnast Dick Fosbury broke the Olympic record
by three inches, creating the third discontinuous change – ‘Fosbury Flop.’ (The
‘Fosbury Flop’ was a straight approach where the player jumped with both his
feet and twisted the body at 180 degrees, like a gymnast, looking away from the
bar.)
These nonlinear shifts exemplify innovative thinking. . Each transformed the
high-jump ‘industry’.
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2. Talent Myths Realities
Management
Business leaders are still recovering from their conservative ideas on talent
management. There are many myths associated with the term which needs to
be replaced by facts and analysis. TM strategies require almost constant
reinvention because old assumptions are no longer valid.
The cliché that 'people are the greatest assets' is no longer true. The ‘right talent’ Myth: Talent Management Is
is the phrase used. Many such myths needs to be unlearned and re- Non-Strategic
understood by the respective ‘realities.’ Reality: Talent Management Is
Business Imperative
Myth: Talent management is non-strategic.
Reality: TM is business imperative, which needs to be capitalized and
rewarded to expect returns (financially). It is very important to improve the
quality of talent resources in order to face the competitors’ market.
Myth: People make organizations ‘smart’.
Reality: It is very necessary to work the other way around the myth.
Organizations that deploy TM as their prioritized approach and also create an
environment to engage their talent make their people smart.
Myth: The size of the organization matters. Large organizations hold a
Myth: The Size Of The
Organization Matters
mindset that says, ‚No one can compete with us‛‛ and smaller organizations
Reality: Effort, Perception,
adopt a mindset saying, ‚We can’t compete with the big guys‛ attitude.
Willingness And Talent
Reality: Both of these varied sized companies would fail in their approach. It
Engagement is What Matters
is not the size of the organization but it is the ‘effort to scale’ and ‘perception
of their strengths and challenges’ that matter. The main reason that the
employees leave the company is because of their relationship with the
manager and not the organization.
Myth: Talent is inborn.
Reality: ‚One can achieve world-class performance through ‘deliberate practice’.‛
Talent development is the key driver to success and competitiveness in a
scenario where demand and supply for highly skilled and adaptable talent
are not in sink and are out of proportion.
A Future Leader Is Someone
Who Gets To The Root Level
Of The Problem Even If Low-
2 Level Tasks Are Involved
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3. Talent Myths Realities
Management
Leaders Are Vital…
Business leaders must think differently to source and engage their right Myth: Managers Do What
talent. It is essential to build on ‘Employer Brand’ to attract the best They Are Expected To
candidates. It helps in simple recruitment steps and an effective ‘on-board Reality: A Right Manager
experience’. Leaders should also replace the myth of South Pole theory Would Even Perform Lower
which is to hire candidates who have achieved a top score in their Levels Of Work If The Work
academics. Instead, leaders must understand that in reality, grades are Demands
not the only indicator of success in the real business world.
Myth: Employees (mostly managers) do what they are expected to do.
Reality: The right (adaptable) employees/ managers understand the need
to tackle the lower level of work even if it is beneath their job
responsibility. They understand that their success in the past has always
been in performing the station work, accurately. They should address the
problem by layer and provide clarity strategic solutions that can act as a
guide for people in the lower levels. Each layer of work requires different
skills, time and value.
Myth: The future leaders are the current high-performing managers
Myth: Future Leaders Are
Current High-Performing
Reality: Current high-performing managers are effective for the present
Managers
days of an organization but may not be potential for its future days. The
Reality: Current High-
right combination of engagement, ability and aspiration builds a high
Performing Managers Are
performer and a successful employee. While a right employee is in the
Potential Today But Not
making, an organization’s responsibility is to provide him the aid to
Tomorrow
develop his skills. Investing in learning and development (L&D) helps
rebuild and redefine high performance.
Leaders/ High Value Specialists are a vital part of a successful
organization. While their technical and professional skills add to the
organizational success, it also becomes important for this rank of
employees to be engaged through organizational culture and practices.
This brings us to the topic of organizational ‘Culture’.
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4. Adopting Organizational Culture
Organizational Culture
Culture Myth: Just because your strategy demands, it doesn't mean your
culture will allow it
Culture Reality: Lack of culture or the wrong culture can kill business Myth: Because Strategy
excellence. Workplace freedom and bottom line discipline can co-exist Demands, Culture Will Not
Allow It.
Workplace freedom and bottom line discipline that co-exist, determine an Reality: Lack Of Culture
organizational culture. A culture gives organization an edge. Influencing Affects Business Success
culture in an organization is based on values, beliefs, decisions, behavior,
and practices. An organization’s personal, social and structural culture is
based at both motivational and ability level of influence.
Culture Myth: Shifting organization culture: You Do It ‘Down Up’.
Culture Reality: An organizational culture should be a ‘Top Down’
approach. We do not change an organizational culture. We only manage or
shift it.
Myth: To Change An
The growing industry needs to unlearn these predetermined myths and Organizational Culture, One
base their understanding on relevant facts and insights as their business Must Adopt ‘Down-Up’
advances. As a progressing business, one must create high levels of Approach
engagement to endure the intensifying industry prospects. In return, what Reality: We Should Shift Or
does a talent expect from the organization? How can one lead an Manage An Organizational
organization better and improve efficiencies to create a better workplace? Culture. And, It Should Be A
Investing in talent management is the answer to create a better workplace. ‘Top-Down’ Approach
Talent Management, a part of every organization’s learning needs
investment and learning. Right employees, employer brand, accurate
approach, leaders, culture and values determine an organization’s success.
It is important to redefine and redesign the leadership and management
plans to break through the benchmark of high-performance To ensure
financial returns, it is important to capitalize on the support system of the
organization. A strong support system that consists of talent and talent-
driven processes makes an organization and its culture effective. These
futuristic organizations will be able to create and develop leaders at every
level who will have the ability to manage talent.
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