Scope of Human Resource Management
Human resources are undoubtedly the key resources in an organization, the easiest and the most difficult to manage! The objectives of the HRM span right from the manpower needs assessment to management and retention of the same. To this effect Human resource management is responsible for effective designing and implementation of various policies, procedures and […]
Factors Leading to Efficiency at Workplace
Following factors play a crucial role in increasing the efficiency of employees at workplace. Clearly defined roles and responsibilities Employees need to have well defined roles and responsibilities at the workplace. Individuals need to be clear as to in which all areas they need to contribute their level best and what all skills would help […]
Common Resource Pool Model of Human Capital Management
Human Capital Management is defined as a process that ensures the right candidate is hired for the right job, trained form time to time, managed well and also retained in the organization. Human Capital management makes the best possible use of skills and experiences of employees and motivates them to deliver their level best. Human […]
Indicators of Career Program Effectiveness
A career development program is a planned mechanism to integrate a series of activities related to individual career planning by the employees and organizational career management for the employees. The main objective of designing and developing a career management program is to provide employees with an opportunity to grow within the organization and expand their […]
Designing and Implementing an Effective Work from Home Policy
Need for Effective Work from Home Policies With work from home and remote working becoming quite popular and the norm in many organizations, it is imperative that Human Resource (HR) Managers think about ways and means to design and implement effective work from home policies. Indeed, with remote work being reported by nearly half of […]
There is no dearth of professionals but there is an acute shortage of talented professionals globally.
Every year B-schools globally churn out management professionals in huge numbers but how many of are actually employable remains questionable! This is true for other professions also.
The scenario is worse even in developing economies of south East Asia. Countries like U.S and many European countries have their own set of problems. The problem is of aging populations resulting in talent gaps at the top.
The developing countries of south East Asia are a young population but quality of education system as a whole breeds a lot of talent problems. They possess plenty of laborers - skilled and unskilled and a huge man force of educated unemployable professionals. These are the opportunities and challenges that the talent management in organizations has to face today - dealing with demographic talent problems.
Now if we discuss the problem in the global context, it’s the demographics that needs to be taken care of primarily and when we discuss the same in a local context the problem becomes a bit simpler and easier to tackle. Nonetheless global or local at the grass roots level talent management has to address similar concerns more or less. It faces the following opportunities and challenges:
The recent economic downturn saw job cuts globally. Those who were most important to organizations in their understanding were retained, other were sacked. Similarly huge shuffles happened at the top leadership positions. They were seen as crisis managers unlike those who were deemed responsible for throwing organizations into troubled waters. It is the jurisdiction of talent management to get such people on onboard, who are enterprising but ensure that an organization does not suffer for the same.
The downturn also opened the eyes of organizations to newer models of employment - part time or temporary workers. This is a new challenge to talent management, training and developing people who work on a contractual or project basis. What’s more big a challenge is increasing the stake of these people in their work.
While organizations focus on reducing employee overheads and sacking those who are unessential in the shorter run, it also spreads a wave of de motivation among those who are retained. An uncertainty about the firing axe looms in their mind. It is essential to maintain a psychological contract with employees those who have been fired as well as those who have been retained. Investing on people development in crisis is the best thing an organization can do to retain its top talent.
Leadership in action means an ability to take out of crisis situation, extract certainty out of uncertainty, set goals and driving change to ensure that the momentum is not lost. Identifying people from within the organization who should be invested upon is a critical talent management challenge.
Setting standards for ethical behavior, increasing transparency, reducing complexities and developing a culture of reward and appreciation are still more challenges and opportunities for talent management.
(Since an opportunity is the other face of challenge and vice versa, the words challenge and opportunity have been used interchangeably in the article)
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