The turbulent and struggling world economies have forced organizations to work in extremely competitive landscapes these days. It has become even more important for the businesses to not only have right workforce at the right time at the right place but also to retain that talent in order to succeed. As a matter of fact, individuals offering a unique blend of required qualification and experience have become a very rare commodity and therefore, it is necessary for organizations to leave no stone unturned to retain such individuals at any cost if they want to survive and grow.
What is Talent?
First of all, it is important for us to understand what actually talent is. Talent is unique to the requirements and context of your organization. There might be people who have all the skills, qualifications and values to succeed in certain environment but you have to determine whether they offer any value to your organization and goals.
In simple words, talent is only talent if you can use it properly. The term talent can be defined as “how much experience and knowledge (human capital) individuals can bring to the roles they are performing or what their potential is.” You have to realize what they are capable of, what their qualities are, what they are made of and how you can leverage it in your business.
Talent management is “an integrated, dynamic process which enables an organization to define, acquire and develop the talent it needs to meet its strategic requirements.” In this regard, your talent management should be aligned with your strategic requirements to attain the outcome you desire. Talent management can also be described as under.
It is of utmost importance to manage talent these days because the lack of talent management in an organization can create many problems for the higher authorities.
- It will create gaps in leadership pipeline.
- Impending retirement of key employees will create problems as there will be no one to replace them.
- You will have to develop new employees to meet future business needs
- Your organization will be lacking in “fresh perspectives” due to utter lack of new blood.
- It will also decrease the loyalty of the employees, leading to lack of motivation and engagement within the organization.
Winning the War for Talent:
Now we come to the actual theme of the webinar, “Winning the War for Talent” by Martin Adams, Managing Director, Propel and Kathryn Wilton, Managing Consultant, Cubiks. Before we move any further; have a look at the diagrammatic illustration of Talent Management Cycle.
In the following lines, we shall discuss each aspect of talent management cycle one by one.
- Talent Attraction:
Recent global recession resulted in huge number of people losing their jobs overnight. It means that a huge talent pool is still available to the organizations to choose from. However, it is essential for you to focus on attracting only those individuals that can offer real value to your organization and are suitable to its culture.
Most successful organizations leverage relationships that is, they rely on referrals and relations to find suitable candidates. Similarly, they have denounced old methods to hire new employees and now depend largely on technology such as the use of social media to find the right candidates. Big companies such as L’Oreal have adopted a unique attraction approach by defining a clear attraction strategy based on their corporate values.
- Talent Acquisition:
As far as talent acquisition is concerned, most successful organizations clearly define skills and behaviors they want to have in their employees. They conduct structured, best practice interviews and use scientifically based assessment tools to evaluate candidate’s potential. They help their HR managers to develop fundamental skills to identify top talent and also provide a realistic job preview to the candidates.
- Talent Deployment:
It is important for an organization to “match the talent with the task” to attain best possible outcome. Successful organizations have a clear link between people and business strategies. They define clear roles for various employees to meet current and future business needs. They use objective assessment tools and Talent Audits to regularly map and benchmark talent at their disposal. They keep their talent mobile and also invest in maintaining pipeline and developing people’s skills.
- Talent Development:
“An organization’s best and least costly source of new talent can often be found already in the business.” Organizations are able to find dormant talent within their own people and nurture their skills and competencies by investing in practical, targeted development programs. Successful organizations look beyond competencies by understanding the desires and aspirations of their people. They also take help of experienced and skillful managers to get feedback and combine current performance data with objective measures of future potential.
- Talent Retention:
Organizations spend billions of dollars every year to hire and retain talented employees. However, research indicates that every 1 of 4 employees resigns within first 6 months of hiring and 3 out of 4 organizations are facing problems in talent retention. In this regard, successful organizations regularly assess employees’ engagement and act accordingly. They develop a culture of self development and feedback and understand the career aspirations of their people. Finally, they deploy robust selection techniques to hire right people in the first place.
Attracting right talent and retaining it has become absolutely necessary for the organizations. Those companies who are successfully managing this vital part of their business are leading the race. On the other hand, those organizations which pay no heed to talent acquisition, development and retention are just lagging behind others and are struggling to survive.