MMS-I(B)

TALENT MANAGEMENT:
ACQUISITION AND RETENTION
Karthika Nair (84) Karishma Sharma (100) Bhavana Bhat (63) Bhavna Sajnani (117) Sneha Khushoo (103) Sneha Shet (106)

INDEX
SERIAL NO. 1. 2. 3. 4. 5. 6. 7. TOPICS DEFINING TALENT MAGEMENT NEED FOR TALENT MANAGEMENT STRATEGIES FOR TALENT MANAGEMENT NEED FOR SURVEYS TALENT MANAGEMENT ACTIVITIES ANALYSIS OF COLLECTED DATA ACKNOWLEGDEMENTS 29 24 18 22 12 9 PAGE NO. 2

DEFINING TALENT MANAGEMENT

WHAT IS TALENT? Talent in general terms refers to the capabilities, skills or the art, a person possess in a particular field. It also refers to those people who have high potential, scarce knowledge and skill or who can successfully bring about transformation and change in the organization. Such individuals are usually sought after in the market and their contributions to the business add direct value to its strategic or competitive positioning

WHAT IS TALENT MANGEMENT? Talent management can be defined as attracting and integrating highly skilled workers and developing and retaining existing workers. It is knowing:

where talent is now and in the future what skills and experience that talent will need what talent you currently have, where it is and how good it is how you can best develop that talent to meet future needs.

Talent management is essentially making sure you have the right person in the right place at the right time

Brief History: The origins of Talent Management can be traced to the 1990s with the realization of the immense value of the Human Asset for organizational success surpassing every other resource. Today it is a very widely used terminology with Google returning about 26,300,000 results. Many companies commit the mistake of putting a herculean effort in attracting the best employees but fritter away this valuable resource by not making any effort to develop or retain them. Companies have initially thought of talent management as a means to solve high employee turnover. In course of time it has become part and parcel of the corporate strategy itself with a key responsibility placed on the line managers. One cannot wish away the fact that these managers have to play a pivotal role in nurturing the talents and skills

of those reporting to them. In other words, it is a case of joint trusteeship between the line and staff functions. However, in Indian Companies, talent management is of fairly recent origin Scope of Talent Management: In the recent days, the HR Department of any organisation is vested with the responsibility of managing the Talent in addition to its conventional function of providing good human capital to an organization. In order to perform this function, they use the following methods viz. 1. Identifying the Talent which is required 2. Right Selection of the Talent 3. Implementing competitive compensation plans 4. Training and continual development of Competencies 5. Practicing state-of-theart performance appraisal systems 6. Aligning the acquired Talent 7. Developing and nurturing the Talent, and 8. Retaining the Talent The scope of Talent Management is quite wide and adopts an integrative approach to the functions mentioned above. The purpose is to have a synergistic effect between the various activities so as to ensure a maxi-maxi effect. Consequences of failure in Managing Talent: Organizations have to face the following problems, if they fail to manage talent. Loss of key leaders - sometimes not finding even an approximate replacement. Repeated turnover of key persons from an organization will affect the very Work culture within the organization. Poor performance affecting targets and productivity. Financial crisis

Tools for Managing Talent: In this process, the HR Manager has to execute 2 types of functions1. To find leaders who will take the organization from where it is today to the next step forward In other words, to commanding heights of excellence.2.To put in place the existing staff in such activities which helps in retaining and developing them. Keeping in view the budgetary constraints and the organization size where he had to manage, few of the following tools can be used in retaining talent. 1. Timely performance appraisals with suitable rewards and recognitions. 2. Creating an environment for staff to pursue higher education. 3. Mentoring of staff in some special and important cases in terms of attitudes, outlook, mindset etc. 4.Providing On the- job training for certain categories of employees, organize development programs for executives in-house or sponsor and encourage staff to attend workshops and seminars. 5. Implement job rotation and job enrichment wherever possible, so that staff can become experts in multi tasking and assume higher responsibilities. Finally to conclude the future of organizations depends on how the whole organization and not just HR anticipates and reacts to changes in this era of talent shortages. They have a long way to go to lead organizations implement far reaching changes and bringing about transformation among the members of the organization. Talent Management is a continuous process. Talent Management in an Organisation, it refers to those special steps an organization adopts to recruit, develop and retain its pool of top talent. The steps adopted should normally be creative and should not project bureaucracy. Talent Management also denotes a deliberate

approach taken up by an organization to attract, develop and retain people with the aptitude and abilities to meet not only the current requirements but also future organizational needs. In todays talent-hungry market scenario, one of the greatest challenges that organizations are facing is to successfully attract, assess, train and retain talented employees. Talent Management encompasses in itself the entire process of Planning, Recruiting, throughout

Developing, Managing,

and Compensating

employees

the organization. Organizations have realized the need for talent management and are now focusing to develop and retain the existing talent in their organization rather than trying to acquire a new talent because the cost of identifying, developing and retaining the talent internally is more cost effective instead of replacing the talent which is lost from external market. Though it may appear initially that in the process of retaining talent, we are spending more in terms of increased wages, rewards and recognition, when we practically analyze, the cost of acquiring a new talent is higher. Apart from higher cost of acquiring the new talent it has to additionally face the initial hiccups of this new employee getting along with the organizational goals and strategies. Every business unit is making sure that they can respond and withstand the challenges of talent crisis by developing an effective talent management strategy like identifying the key talented people in the organization, cultivating and developing the skill of their present workforce and retaining highly talented employees by protecting them from competitors Talent management is a useful term when it describes an organization's commitment to hire, manage and retain talented employees. It comprises all of the work processes and systems that are related to retaining and developing a superior workforce. What appears to differentiate talent management from organizations that use terminology such as human capital management or performance management, is their focus on the manager's role, as opposed to reliance on Human Resources, for the life cycle of an employee within an organization. Talent management does give managers a significant role and responsibility in the recruitment process and in the ongoing development of and retention of superior employees. In some organizations, only top potential employees are included in the talent management system. In other companies, every employee is included in the process.
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It also involves the sharing of information about talented employees and their potential career paths across the organization. This enables various departments to identify available talent when opportunities are made or arise.

Opportunities and risks: There are numerous advantages of introducing the program, but its worth noting that there are also certain risks, as well as necessary conditions which should be ensured before the implementation process. The organization has to be mature and determined to undergo change, because after the program is implemented nothing is as it used to. It must be understood that the organizations culture will be transformed permanently; promotion processes will be based on clear and transparent criteria as well as open communication. Valuable employees will need to be identified, which brings the risk of division between the better people (Talents) and worse employees (remaining members of the organization). Increased promotion expectations in the selected participants, disappointment and decreased motivation in those who failed to qualify or were eliminated during the revision process, lack of consistency in implementation, resistance of the managerial staff being aware of these risks allows to effectively prepare for the process. First of all, the chance for promotion among the people qualified as talents (HiPo) must be realistic. AstraZeneca calculated a ratio based on the natural staff turnover as well as the companys growth plans. This helped to define the optimum number of participants in the program, so that over the next 3 years every participant would be offered concrete development opportunities through position change. Clear and efficient communication, as well as proper preparation of the managerial staff was vital in the implementation process.

Benefits of having an effective talent management program are:

Right Person in the right Job: Through a proper ascertainment of people skills and strengths, people decisions gain a strategic agenda. The skill or competency mapping allows you to take stock of skill inventories lying with the organization. This is especially important both from the perspective of the organization as well as the employee because the right person is deployed in the right position and employee

productivity is increased. Also since there is a better alignment between an individuals interests and his job profile the job satisfaction is increased.

Retaining the top talent: Despite changes in the global economy, attrition remains a major concern of organizations. Retaining top talent is important to leadership and growth in the marketplace. Organisations that fail to retain their top talent are at the risk of losing out to competitors. The focus is now on charting employee retention programs and strategies to recruit, develop, retain and engage quality people. Employee growth in a career has to be taken care of, while succession planning is being performed those who are on the radar need to be kept in loop so that they know their performance is being rewarded.

Better Hiring: The quality of an organization is the quality of workforce it possesses. The best way to have talent at the top is have talent at the bottom. No wonder then talent management programs and trainings, hiring assessments have become an integral aspect of HR processes nowadays.

Understanding Employees Better: Employee assessments give deep insights to the management about their employees. Their development needs, career aspirations, strengths and weaknesses, abilities, likes and dislikes. It is easier therefore to determine what motivates whom and this helps a lot Job enrichment process.

Better professional development decisions: When an organization gets to know who its high potential is, it becomes easier to invest in their professional development. Since development calls for investment decisions towards learning, training and development of the individual either for growth, succession planning, performance management etc, an organization remains bothered where to make this investment and talent management just make this easier for them.

Apart from this having a strong talent management culture also determines how organization rate their organizations as work places. In addition if employees are positive about the talent management practices of the organization, they are more likely to have confidence in the future of their organization. The resultant is a workforce that is more committed and engaged determined to outperform their competitors and ensure a leadership position in the market for their organization.

Apart from the above there are other advantages like:

Makes recruiting process more efficient and effective by using "competency based" recruiting instead of sorting through resumes, one at a time. Better develops managers and leaders to reinforce culture, instil values, and Create a sustainable "leadership pipeline". Helps to quickly identify competency gaps so as to deliver training, e-learning, or development programs to fill these gaps and to use these gaps to hire just the right people. Helps manage people in a consistent and measurable way so that everyone is aligned, held accountable, and paid fairly. Identifies high performers and successors to key positions throughout the organization to make sure to have highly flexible, responsive organization. Provides learning that is relevant, flexible, convenient, and timely.

NEED FOR TALENT MANAGEMENT

Organizations know that they must have the best talent in order to succeed in the hypercompetitive and increasingly complex global economy. Along with the understanding of the need to hire, develop, and retain talented people, organizations are aware that they must manage talent as a critical resource to achieve the best possible results. Few, if any, organizations today have an adequate supply of talent. Gaps exist at the top of the organization, in the first- to midlevel leadership ranks, and at the front lines. Talent is an increasingly scarce resource, so it must be managed to the fullest effect. The idea of managing talent is not new. Four or five decades ago, it was viewed as a peripheral responsibility. Now, talent management is an organizational function that is taken far more seriously. This emphasis on talent management is inevitable given that, on average, companies now spend over one-third of their revenues on employee wages and benefits. An organization can create a new product and it is easily copied. Lower the prices and competitors will follow. Go after a lucrative market and someone is there right after you, careful to avoid making your initial mistakes. But replicating a high-quality, highly engaged workforce is nearly impossible. The ability to effectively hire, retain, deploy, and engage talentat all levelsis really the only true competitive advantage an organization possesses. Organizations have been talking about the connection between great employees and superior organizational performance for decades. There are several drivers fueling the emphasis on talent management: 1. There is a demonstrated relationship between better talent and better business performance. Increasingly, organizations seek to quantify the return on their investment in talent. The result is a body of proof that paints a compelling picture of the impact talent has on business performance. E.g.- A study from IBM found public companies that are more effective at talent management had higher percentages of financial outperformers than groups of similar sized companies with less effective talent management. More and more research is showing the strong link between mature, integrated talent management processes and financial results. Truly successful organizations realize that the only true sustainable competitive advantage they have is their people, and they use strategic talent management to maintain this advantage.

2. Talent is a rapidly increasing source of value creation. The financial value of the companies often depends upon the quality of talent. Less attrition means lesser expenditure on hiring: BPOs and start ups, for example where the attrition rate is the highest remain occupied in searching for people every now and then. Now this incurs financial losses to the organization. An organization not only pays an employee for his/her work but also spends a considerable amount on their training and development. There is transfer of skill and expertise and when the same employee leaves after a brief stint with the organization, it costs the latter. The problem gets even worse when such a scenario occurs at the top level. An unoccupied executive position can cost an organization dearly. The solution - a proper talent management in place can solve this problem. The following facts become worth consideration here: New employees cost the company 30-60 % more than the existing employee in terms of compensation only. There is an additional cost incurred on training and developing the new individual. The process of recruitments itself costs an organization in a big way, right from advertising a post, to attracting talent and finally short listing and hiring someone for the job. Often there is a compromise in hiring when the need is urgent.

3. The context in which the business is done is more complex and dynamic. Hypercompetition makes it more difficult than ever to sustain a competitive advantage long term. New productsand new business modelshave shorter life cycles, demanding constant innovation. Technology enables greater access to information and forces us to move at the speed of business. Global expansion adds to these challengesa single company may, for example, have its headquarters in Japan, its R&D function in China, and its worldwide sales operations based in California. Record layoffs, lower engagement, and less opportunity for advancement all present additional challenges to managing talent. 4. Employee expectations are also changing. This forces organizations to place a greater emphasis on talent management strategies and practices. Employees today are: Increasingly interested in having challenging and meaningful work

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More loyal to their profession than to the organization Less accommodating of traditional structures and authority More concerned about work-life balance Prepared to take ownership of their careers and development

If talent management is a core part of any organizationif it can be hard-wired into the fabric and operations of an organizations most essential functionsHR and senior leadership must work together. The most successful initiatives are driven by HR with active and enthusiastic support from the CEO and other senior leaders who provide the resources, the budget, the communication and support necessary for success. But HR needs to step up and play a critical rolemore so than in the past. One wouldnt question who owns the marketing process or the financial oversight of an organization thats clearly the domain of the top marketing or financial officer and their teams. Likewise, HR needs to own and put in place professional talent management processes. And they need to get closer to the business. One way to do this: Work with line managers to develop business plans that integrate talent plans, including advice on the ability to meet the business goal with the talent on board. When gaps exist, talent management professionals need to offer solutions to close them. In short, talent management professionals have to be trusted business advisors that execute the talent management process. Talent management has never been more of an immediate concern than it is right now. But in the rush to fill a perceived talent management void, organizations must be careful not to rush into implementing initiatives or programs that are more about taking action than about implementing a well-crafted solution. Careful planning, culminating in a sound talent strategy that is tightly connected to the organizations overall business strategies and business needs, is required for talent management to become ingrained in an organizations culture and practices. Only when this happens is it possible for talent management to be both effective and sustainable.

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STRATEGIES FOR TALENT MANAGEMENT

The vivacious nature of global business is putting an ever-increasing pressure on companies to be constantly on the lookout for incomparable talent in a market where demand far exceeds supply. Given the current focus on the linkage between talent and an organisation's business challenges and strategies, effective strategy execution requires sufficient numbers of the right people with the right skills and knowledge, in the right roles. Pressing business necessities, such as increasing turnover as the economy improves, globalisation of markets and labour forces, aggressive competition and heightened corporate oversight, have intensified the need to acquire, develop, deploy, motivate and retain key talent. Getting the right people with the right skills into the right jobs, a common definition of talent management is the basic people management challenge in organizations. While the focus of talent management tends to be on management and executive positions, the issues apply to all jobs that are hard to fill. This has made talent management one of the most pressing issues facing senior business executives Introduction Distinctly called human capital management, employee relationship management and workforce management, among others, talent management is not a new concept, but one that in the past corporations haven't been set to finalize. In most companies functions such as recruitment and succession planning, learning and development, performance management, workforce planning, compensation and other HR or training functions have often been isolated in departmental silos. While important individually, these programs are usually a loose potpourri of HR initiatives with little relation to each other, little arrangement with the organization's vital few business goals and little real way of measuring their bottom-line impact. Talent Management enables organizations to rapidly align, develop, motivate, and maintain a high-performance labor force. They also alleviate the hassle of writing performance reviews by automating the task and ensuring quality of reviews and reviewed on time. Organizations can establish and communicate critical corporate goals, measure performance improvement, and ensure that all levels of the organization are aligned to attain critical business objectives. The six dimensions of talent management are as shown-

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TALENT MANAGEMENT DIMENSIONS Develop strategy

DESCRIPTION

Establishing the optimum long term strategy for attracting, developing, connecting and deploying the workforce

Attract and retain

Sourcing ,recruiting and holding onto the appropriate skills and capitalize, according to business needs

Motivate and develop

Verifying that people's capabilities are understood and developed to match business requirements, while also meeting people's needs for motivation, development and job satisfaction

Deploy and manage

Providing effective resources deployment, scheduling and work management that match skills and experience with organizational needs

Connect and enable

Identifying individuals with relevant skills , collaborating and sharing knowledge and working effectively in virtual settings

Transform and sustain

Achieving clear measurable and sustainable change within the organization, while maintaining day to day continuity of operations

SIX DIMENSIONS OF TALENT MANAGEMENT Source: IBM Institute for Business Value/Human Capital Institute.

Talent management and HR Talent management suddenly evoked the charm and attention for the business world. Much of the reason may be due to the fact that technology has finally begun to catch up. Human resource management systems (HRMS) providers, already present in many businesses, have begun to create add-on applications that provide a strategic layer on top of the more administrative HR functionalities they already offer. It seems obvious then that the functions that make up talent management can no longer be viewed independently, or hidden in HR or training departments if they are to be truly successful. Rather, talent management must be

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counterfeit from a true partnership between management and the departments that oversee the "people function." The main characteristics of HR and TM are as shownHR process Goals Greater efficiency , obedience TM Process Better management of people to achieve strategic business goals metrics Shorter time to hire , lower cost to Higher fill, higher percentage quality hires , stronger

of leadership pipeline

employees reviewed benefits users More efficient HR performance HR professionals / power users Better business performance Business professionals Decision makers Technology Feature solutions rich single HR specialist HR specialist, senior executives, business managers, function Comprehensive , configurable cross managers , HR

applications, designed for HR functional solutions designed for professionals business managers

CHARACTERISTICS OF HR AND TM PROCESS

The greatest talent management system on the market is worthless if the organization is not prepared to adopt and integrate it. Each company needs to take inventory of its people and processes, answer questions about its direction and who is responsible for getting it there. Most importantly, companies need to break down the ever present "departmental silos" by creating an environment in which technology can be leveraged to facilitate and maximize an already well-thought-out program and to link it the organization's strategic goals.

Talent management challenges Business success relies on successful talent management. If a hospital executive can't find nurses, a retail store executive can't develop and engage store managers, or a lab director can't keep great scientists, they will have difficulty meeting their organization's strategic business
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objectives. The challenges of finding, keeping, developing, and motivating people in key positions are precisely what progressive HR professionals should be focusing on. These managers face ongoing talent management challenges that are critical to their achieving business goals. The main challenges are as shown-

Challenges in Talent Management

Many organizations believe that effective talent management practices can be a significant source of demarcation in today's cutthroat competition in a globally integrated economy. At the same time, industries face their own set of unique challenges a situation that has led ventures to focus on different pieces of the talent management "puzzle." A recently completed study by IBM highlights how knowledge- and service-intensive industries tend to spend significant time and attention on talent management activities, while not-for-profit organizations appear to struggle to make the most of their workforce. Knowledge-intensive industries tend to focus on developing and connecting their employees. Financial services companies tend to focus on employee attraction and retention, Retailers apply a notable number of talent management practices overall and finally Government agencies, educational institutions and some healthcare firms fall short in managing talent and sustaining change Effective talent management processes and systems can have a significant positive impact on business. The most valuable systems are those that deliver direct value to the business manager, which are easy to use, and that are integrated across functions. Processes and systems that meet these criteria are well-suited to help companies meet their critical talent management challenges. Strategies for talent management
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Talent Management, usually referred as Human Capital Management, is the process recruiting, managing, assessing, developing and maintaining an organization's most important resourceit's people! The typical strategies include:1. Merge talent management data by having incorporated exceptional capabilities in learning, performance, and compensation management software. 2. Automate the talent management process into an online solution there by reducing time and costs of performance reviews. 3. Recognize and close employee performance gaps by instantly turning automated performances appraisals into training development plans. 4. Align training demand with performance needs and strategic goals directly there by reducing time and money spent on non-strategic training activities. 5. Eliminate conflicting evaluation criteria by applying a standardized solution that impose consistent language, feedback, and evaluation criteria 6. Use reliable, fair pay-for-performance initiatives Talent Management processes is typically found in numerous parts of an organization. Thus, many organizations struggle to align their talent management under one consistent strategy. It may be a considerable challenge to make this happen. For example, a cohesive talent management strategy is as shown-

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Cohesive Talent Management Strategy

Conclusion Failures in talent management are mainly due to the mismatch between the supplies and demand not due to the failure in the concept. We need a new way of thinking about the talent management challenge. A new framework for talent management has to begin by being clear about the objectives. Talent management is not an end in itself. It is not about developing employees or creating succession plans. Nor is it about achieving specific benchmarks like a five percent turnover rate, having the most educated workforce, or any other tactical outcome. The goal of talent management is the much more general, but the most important task of TM is to help the organization to achieve its overall objectives.

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NEED FOR SURVEYS

Gathering an accurate understanding of how employees feel about each other, their leaders, their current positions, and the organization as a whole. Determining what aspects of your organization are currently working effectively, what are opportunities for improvement? The consistent measurement of these elements will instil accountability among leaders for making progress in areas needing improvement. It also helps in capturing new areas of opportunity as they emerge.

Survey Life Cycle

Set Up

Survey
Administration

Data Analysis

Results Delivery

Action Planning

Surveys help determine: Satisfaction levels of employees Their willingness to be with the organization Their expectations Their discontent Areas of improvement for organization in order to retain employees Incentives and changes that would help raise productivity Issues not known to the management

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Survey Sample:

What you say counts!

I have a clear idea about what is expected out of me

Agree/Disagree Agree/Disagree
Agree/Disagree Agree/Disagree Agree/Disagree Agree/Disagree

I feel appreciated for my efforts

The top management is approachable here I am provided enough encouragement and help from my colleagues when needed I manage to leave on time from work always My supervisor deals promptly with complaints/problems

My supervisor is open to suggestions/feedback

I am regularly updated with the internal happenings/news across our company I feel comfortable with my current team Considering everything I am satisfied working for the company @ the present time.

Agree/Disagree
Agree/Disagree Agree/Disagree Agree/Disagree

Employee Name: Date of Joining:

Unit:

Reporting Manager:

Signature:

Talent Management Practices-Importance Versus Ability to Put These In Place

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All employees cant be made happy. It is necessary to check alignment of Company goals and values to that of employees. It is necessary to ensure employee engagement to the roles slated for them to fill. It is necessary to find the top performers 21% hardworking and talented employees. Company should invest in high potential employees to increase output levels. Companys should develop a leadership pipeline and retain these key performers. Employees should be trained in domains that suit their aptitude. Focus should be on training programs on applied learning to engage employees and increase their productivity levels. A career graph for employees should be made. It is necessary for employees to feel satisfied emotionally and professionally. A good career with a healthy working environment is the key to retaining employees. Choose employees who perform better and invest in them by helping them gain more domain knowledge, giving them challenging jobs and paying them well. They would stay back with the Company and will help the Company grow as their ambitions and interests are being directed through the right channel by the company.

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Visibly supporting employee development can increase performance by 20%.

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TALENT MANAGEMENT ACTIVITIES

Talent management includes following activities: Culture and values Culture and values play a very important role in every organisation. It is very necessary to portray a very clear message about Companys mission and its work culture to all the employees. A laid back employee would not do well with a Company with very rigorous plans and strategies. Workforce planning Workforce must be planned in a very organised and systematic manner. All the positions should be matched appropriately so that there is no employee dissatisfied with his work. Resources must be allocated well and on time for good performance.

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Recruitment It necessary to understand how well a candidate will suit certain position. Roles should be mapped strategically.

On boarding new hires New hires should be trained well and should be given enough time and resources to work on.

Training and development It forms and important part of every organisation. Training and development helps employees face new challenges and be ready for projects on various domains.

Coaching Time to time coaching must be given to every employee. Knowledge management and sharing system should be in place.

Employee Engagement Employee engagement is very important for the growth of the organisation.

High performer development Performers should be identified and recognised and invested on.

Rewards and recognition They act as incentives for employees to work on.

Succession planning It is necessary to plan in advance so that things are well organised and in place.

Talent record-keeping/reporting and analysis

Company needs to get constant feedback about practices and proceedings in the above activities from employees at all levels in organization.

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ANALYSIS OF COLLECTED DATA

Research Design: We have collected primary data for our study.

Sampling Design: Our sample size (n) is 5 and since n<30 we have used the t-test method of sampling. We have used the paired t-test since we have compared two sets of data,each representing certain statistics on before and after talent management practices were introduced in the company.

Formulation of hypothesis: : = i.e. there is no significant difference in the attrition rate after the adoption of

talent management practices. : > i.e. there is a decrease in the attrition rate after the adoption of talent management

practices.

Data collection: The data that we have collected for our study is primary data. We have collected two sets of data for 5 different sectors of a company (due to privacy concerns we have not been permitted to name the company). The five different sectors are Accounts, Sales, HR, Marketing and IT. One set of data represents the no. of employees who had joined one of the above five sectors of the company in the year 2005 and had left the company on or before 2007 i.e. in a span of two years from their date of joining. And this set of data pertains to the period during which talent management polices had not been adopted by the company.

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The second set of data represents the no. of employees who had joined one of the above five sectors of the company in the year 2009 and have left the company on or before 2011 i.e. in a span of two years from their date of joining. This set of data however pertains to the period during which talent management policies were practiced by the company.

Data analysis: The following graphs represent the above two sets of data. The graph below represents the no. of employees who joined one of the five sectors of the company in the year 2005 and left on or before 2007. And this set of data pertains to the period during which talent management practices were not adopted by the company.

70 60 50 40 30 20 10 0 Accounts HR Sales Marketing IT

The next graph represents the no. of employees who had joined one of the five sectors of the company in the year 2009 and left on or before 2011. And this set of data pertains to the period during which talent management practices had been adopted by the company.

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70 60 50 40 30 20 10 0 Accounts HR Sales Marketing IT

Testing of hypothesis: Before Accounts HR Sales Marketing IT 53 45 58 62 49 After 30 33 27 35 27 Difference (X) 23 12 31 27 22 115 0 121 64 16 1 202

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/(n-1))

= 7.11

( = 23 = 7.23

: Assuming = 5 % Degrees of freedom = n 1 =4 = 2.132 > Therefore we reject

Results and findings: Since > , we reject and conclude that the attrition rate of the company has

decreased after the adoption of talent management practices. Attrition analysis for 2009
MEC 1Jan Count Leavers JAN'09 FEB'09 MAR'09 APR'09 MAY'09 JUN'09 JUL'09 AUG'09 SEP'09 OCT'09 NOV'09 DEC'09

104

104

100 -1 95.08 28 29%

99 -3

96 -1

96 0

96 -3

95 -1

92 -1

91 -6

85 -4

83 -4

-4 Average HC for 2009 Resignations in 2009 Attrition % in 2009

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MEC 1 January Headcount Less - Voluntary Leavers

JAN'10 FEB'10 MAR'10 APR'10 MAY'10 JUN'10 JUL'10 AUG'10 SEP'10 81 85 -4 85 -3 90 -6 90 -5 91 -1 96 0 98 -7 97 -3

Attrition analysis for 2010

Average HC for 2010 Resignations in 2010 Attrition % in 2010

90.33 29 32%

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ACKNOWLEDGEMENTS

No work can acquire the desired degree of perfection without proper assistance and guidance. We are highly indebted to our Prof. Sandeep Bhanot for his constant support and invaluable suggestions. We express our deep gratitude for providing us with an opportunity to explore this subject and in the process acquire deep insights in the said area.

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