Talent Management – a Buzzword in Corporate Hr Today
Not surprising to know, 60-70% of the Indian CEOs spend their time in strategising talent recruitment and retention (according to a BTI study). The next obvious question that our mind poses is “Why? ” The scope of corporate HR has much widened since the 1990s, from the mundane activities of just hiring and paying the workmen, to the ‘strategic HR’ activities like training the recruitees as well. Restructuring the organisation (e. g. , some companies moved from centralised to decentralised organisational structure) has led to the restructuring of the job roles and concentrating on compensation management too, with equal importance.
The learning management systems to manage the learning and keeping track of competency paths of all the employees in the organisation is one such advancement, typical to the strategic HR function, alongwith the Applicant Tracking System, and Compensation system in the list. Having entered an intriguing area as this, the question that pricks is – “Are we still in the strategic HR function days? ” Today the recruiters are not bothered on how to acquire talent; they are bothered to make a cost effective and more efficient ‘competency based recruitment system’.
Acquiring talent is easier today than retaining the talent. Today the Learning and Development department is not bothered on how to train the employees; they are bothered about filling the competency needs of their employees for the future needs as well, in addition to the present. The CEOs are concerned about succession planning and finding ways to hone and up-bring the existing talent pool, laying greener pastures for the organisation tomorrow. Thus we own all rights to say that today we are in the “Talent Management era” and that strategic management perspective has just become old.
HR function has moved all the way from a ‘Business function’ to ‘Business partner’, to what is called ‘Business integration’ today. Process improvements for efficiency and effectiveness, competency management, performance management, and succession planning top the priority list of activities in organisations in this era. Effectiveness and efficiency comes only when we have appropriate talent pool at place, hence managing the talent is becoming very vital activity. Walking on the paths of Mr.
Jack Welch, to be #1 or #2 in the industry, every organisation is trying to knock out the other in every aspect from ‘product’ to ‘people’. Competition has increased tremendously and hence the demand for right talent! The industry has thus turned a hot cake for employees, where they have numerous avenues to go (unlike in the past), if they do not receive the “asset like treatment” in the existing organisation. It has become two- sided, wherein the employee is benefitted in terms of “growth in career and competencies” and the organisation gets his services in return.
If not taken care of appropriately, then he walks out. Talent retention is thus, one very important motive of talent management, apart from the core objective of taming the talent for surviving in the industry. Last but not the unimportant, in today’s context the organisations brand image goes the way it treats and nurtures its people. From the business perspective, its seems apt to conclude with what Mr. Tufan Ghosh, the CEO of Columbia Asia Hospitals, says – “If you do not get your people right, chances are you wont get anything else right”!