2. Introduction
Talent management is defined as the
methodically organized, strategic process
of getting the right talent onboard and
helping them grow to their optimal
capabilities keeping organizational
objectives in mind.
The process thus involves identifying
talent gaps and vacant positions,
sourcing , onboarding the suitable
candidates and growing them within the
system and developing needed skills so
that they can achieve the overall goals of
the organization.
3. Practices of corporates
Organizations which wish to attract the best of talents and retain employees across
all levels must have an integrated approach to talent management.
Talent management practices are holistic in nature and aim at supporting such
practices which improve the communication of goals and performance expectations
across different levels in an organization. These practices and strategies can be
categorized into the following heads:
• Developing the existing talent pool
• Maximizing employee satisfaction
• Attracting talent visibility
• Planning in advance for succession
• Acting upon the performance reviewed
The practices which help in attracting and retaining the best of talent in an organization
are pay, benefits, learning and development and a proper work environment which can
be group centric or individual and the benefits can be tangible or intangible.
4. Pay: This is the most determining
factor for retaining the talent pool in
which should be kept competitive. IT
majors like Wipro and
pay for retaining the employees and
best performance from them. Flexible
another effective tool for encouraging
performers for example Eicher
its employees to design their own
package which suits with their needs.
Benefits: Benefits which provide social
and futuristic security to the
a major tool for retaining the best
organization. For example, Infosys
insurance scheme to its 13,000
Bangalore and is also one of the first
companies for introducing Employee
Plans (ESOP). Similarly, many other
organizations design and develop
packages for retaining their talent.
Learning and Development: It enables
the retention of the most competent
and ambitious employees in the
organization and at the same time
provide a competitive advantage by
building the intellectual base in an
organization. For example, Wipro
provides ample learning opportunities
to its employees for developing their
leadership potential. Wipro has
designed a Life Cycle Stage
Development program, which selects
the employees with the leadership
potential and trains them in
accordance with their level in the
organization.
Organizational Culture: A healthy work
environment boosts the morale and
spirit of the employee and strengthens
the bond of relationship between the
management and the employees. Work
culture is influenced by the
organizational communication system,
feedback mechanism and the effective
implementation of recognition and
rewards. Many Indian organizations
have taken innovative initiatives for
maximizing employee satisfaction and
improving the overall organizational
productivity.
5. Talent Management in the contemporary
scenario has received increasing importance
from the corporate world and have been
acknowledged as the key for providing a
competitive edge and a leadership advantage
by developing the top talents and resources in
an organizations.
For competing and staying ahead in the
competitive battle, business leaders plan and
implement best practices in talent
management for acquiring the best of the
talent pool from the market and capitalizing
proactively on the available opportunities.
Effective talent management strategies should
be long term focused and have various
feasibilities or alternatives for making the best
of the available opportunities.
6. Anticipating change and creating an adaptable workforce: In today’s fast changing
competitive world, business leaders are in search of talents who can quickly adapt with the
change, proactively anticipate change and adapt with it, can cope up with the challenges
and be constantly updated with the latest developments and corporate practices.
Talent management identifies the potentiality of future plans and the strengths of the
employees needed to be developed thereon. To get a clear picture of the potentiality of the
employees, it is necessary to get the picture of workforce and thus the talent management
processes. The employee profiles including their education, experience, certificates,
interests, job duties and responsibilities, performance history should be constantly updated.
The Talent Management strategy should be aligned with the overall corporate practices and
the future business goals, as it would result in superior productivity, focused approach and
an integrated involvement from all the functional departments. Goal alignment creates a
sense of employee ownership and accountability amongst the employees, thus improving
their commitment towards their job and overall motivation.