2. What is Talent
Management?
A conscious, deliberate approach under
taken to attract , develop and retain
people with the aptitude and abilities to
meet current and future organizational
needs.
3. Why Talent Management?
Globalization.
Increased Competition.
Synchronization between organizational
goal and employee’s personal goal.
To prevent the high attrition rate .
6. Recognize talent
- Discover employees strengths and interests.
- Encourage them to discover their own latent
talents.
- Ex- GE had followed the “Promote from within”
policy rigorously for more than a century.
- 3 Mandatory “Imaginative breakthrough” proposals
per year for its managerial employees.
Attracting Talent
- Employer Branding.
- Ex- Offering “internship and coops” programs for
fresh graduates.
7. Selecting Talent
- Ensuring the right people are attracted to the
organization.
- Ex- Behavioral-based interview system by GE.
Retaining Talent
- Developing and implementing practices that reward
and support employees.
- Ex- Competitive “Compensation packages” to tackle
attrition problem.
- Basic salary is reviewed in every 18 months.
- Employees retire at 60 only gets retirement
benefit whereas those who retire at 62 gets
retirement benefit along with social security
benefit.
8. Succession Planning
- It 's critical to strengthen the talent pool
through succession planning. There is a need
to identify potential talent and groom it .
Succession planning through
Employee development - ensuring continuous
informal and formal learning and development .
Leadership and "high potential employee"
development – specific development programs
for existing and future leaders.
Ex- In 1900 GE started the first corporate R&D
laboratory.
-In 1950s GE came up with 5 volumes “Blue
Books” - detailed guideline for managers.
9. Performance Management
- specific processes that nurture and support
performance, including feedback/measurement .
- Ex- GE introduced performance based bonuses
and pension plans in 1930s.
Workforce Planning
- planning for business and general changes
, including the older workforce and current / future
skills shortages.
- Ex- GE formed multidisciplinary group called
“Work-Out” group.
10. Organization Culture
- development of a positive, progressive and high
performance way of operating.
- Ex- In 1980s GE implemented Change
Acceleration Process(CAP).
- Harmonious relationship with trade unions.
- Started “GE Work/Life Connections” in US , UK
and Ireland.
- Company provides “On-or-Near site” child care
facilities at 5 locations for its employees who have
child below 18 years.
11. How do leaders Manage
Talent??
Put People First- Begin to see people as
human beings as people want to be valued in real
tangible ways.
Be Obsessed- If talent is important then
ensure you keep it as a top agenda in the
organization.
Pursue the best ,weed out the rest-
Do not settle for mediocrity. Create an
environment of excellence, an environment
conducive to success.
12. Set high standards- Consider yourself as
the stage-setter and create right opportunities for
your people.
Reward your people- everyone wants to
be rewarded. If you want the best , attract and
retain the best and let them know you appreciate
it.
13. Conclusion :
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 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.
