Systematic Approach to Training
A comprehensive training programme involves the systematic development of various competencies and facilitating the development of the knowledge, skills and attitude required by the employees at work. It includes specific interrelated and interdependent steps which progress systematically for getting the desired outcomes from the training & development efforts. Understanding Organization’s Aims and Objectives The systematic […]
Building an Employer Brand
Organizations, today, are working towards talent optimization. They have come to realize that creating a standout employer brand is essential to have ‘people advantage’. Talent and marketing are the new sides of a branding coin. It has become essential for organizations to position themselves in an attractive way and communicate the company identity and work […]
Work Life Balance: Different Perceptions
Before we try to understand the reasons of work & life imbalance, we need to understand what perceptions do various people have about the work-life balance priorities and how they strive for attaining a harmonious balance between their personal life and work life. The causes of work-life balance could be many such as tedious and […]
The Importance of Background Checks while Hiring New Employees
What are Background Checks? In recent years, corporates have been conducting background checks on potential recruits. Before we launch into a discussion about the importance of these background checks, we will first explain what is meant by background check. To put it simply, the process of verifying the credentials of new and potential recruits before […]
Talent Management by Successful Companies: Insights from Recent Research
Talent Management by Successful Companies The previous articles discussed how successful companies develop and nurture leaders and groom them for higher roles as their career progresses. The role of the HRM function is critical, as there needs to be excellence all around and not just in one area. In other words, it is not enough […]
Organizations which wish to attract the best of talents and retain employees across all levels must have an integrated approach to talent management.
According to latest survey findings from Accenture High Performance Report, about 85% senior executives view talent management as a major competitive differentiator for attracting and retaining skilled workforce and developing the highly talented leaders. Many Indian organizations have realized that it is the quality of people which they employ, retain and develop will ensure their business profitability and provide them a competitive advantage.
Talent management is concerned with delivering business success by understanding what an organization actually means by talent and how it can achieve the long term organizational goals. It aims at ensuring that the organizations value natural talents and understand the obstructions to an effective performance.
Talent management solution integrates the needs of the management, executives and employees into one system and unifies information across all the major HR processes like performance management, recruitment and selection, learning and development, succession planning and career development.
According to a survey report of May 2006 from the Economist Intelligence Unit (EIU) and Development Dimensions International (DDI), maximum CEO’s from across different industries globally spend their major chunk of time in recruiting, performance management, talent management, succession planning, mentoring and retention.
Talent management strategies 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 strategies can be categorized into the following heads:
According to a report from CIPD’s 2006 learning and development survey, managing talent is not a very easy job and various factors influence the talent management strategies and policies of an organization.
The report equally highlights that about 74% of the respondents did not have a properly conceived plan for management of talent. Some of the major strategic challenges to talent management are:
However, for many organizations talent management is a major strategic issue and they view it as a critical factor for providing them with a competitive advantage in the competitive war for talent.
Effective management of talent requires a thorough diagnosis of the employee attitudes and also the organizational culture.
The tools 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.
Pay: This is the most determining factor for retaining the talent pool in an organization which should be kept competitive.
IT and ITES majors like Wipro and Infosys implement variable pay for retaining the employees and extracting the best performance from them.
Flexible benefits are another effective tool for encouraging high performers for example Eicher Group which allows its employees to design their own compensation package which suits with their needs.
Benefits: Benefits which provide social and futuristic security to the employees can serve as a major tool for retaining the best talent pool in an organization.
For example, Infosys provides a group insurance scheme to its 13,000 employees in Bangalore and is also one of the first Indian software companies for introducing Employee Stock Option Plans (ESOP). Similarly, many other Indian organizations design and develop innovative benefit 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 programme, 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.
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Competency Management Approach for Setting Superior Performance Benchmarks
February 12, 2025
