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Talent Management - Scope and Process

Talent Management - Scope and Process

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Published by srpr1
This is a brief paper on Talent Management. The paper covers an introduction,
Talent Management Vs Human Capital Management, A Brief History,
Scope of Talent Management,
Process of Talent Management, Consequences of failure in Managing
Talent, and
Tools for Managing Talent. This would be of special interest to students undergoing
undergraduate and post graduate programs in management.



This is a brief paper on Talent Management. The paper covers an introduction,
Talent Management Vs Human Capital Management, A Brief History,
Scope of Talent Management,
Process of Talent Management, Consequences of failure in Managing
Talent, and
Tools for Managing Talent. This would be of special interest to students undergoing
undergraduate and post graduate programs in management.



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Published by: srpr1 on May 16, 2009
Copyright:Attribution Non-commercial

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02/27/2013

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TALENT MANAGEMENT – SCOPE & PROCESSBDr. T.Thomas, Head (Academics) &Prof. Jyothi Raghavan, Regional DirectorRai Business SchoolBalanagar, Hyderabad-500 037Introduction:
Before going into the discussion on Talent Management, it would be apt tounderstand the word “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 peoplewho have high potential, scarce knowledge and skill or who can successfully bringabout transformation and change in the organization. Such individuals are usuallysought after in the market and their contributions to the business add direct valueto its strategic or competitive positioning.Coming to the word Talent Management in an Organisation, it refers to those specialsteps 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 organizationto attract, develop and retain people with the aptitude and abilities to meet not onlythe current requirements but also future organizational needs.In today’s talent-hungry market scenario, one of the greatest challenges thatorganizations are facing is to successfully attract, assess, train and retain talentedemployees. Talent Management encompasses in itself the entire process of Planning, Recruiting, Developing, Managing, and Compensating employeesthroughout the organization. Organizations have realized the need for talentmanagement and are now focusing to develop and retain the existing talent in theirorganization rather than trying to acquire a new talent because the cost of identifying, developing and retaining the talent internally is more cost effectiveinstead of replacing the talent which is lost from external market. Though it mayappear initially that in the process of retaining talent, we are spending more interms 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 thenew talent it has to additionally face the initial hiccups of this new employee gettingalong with the organizational goals and strategies.1
 
Every business unit is making sure that they can respond and withstand thechallenges of talent crisis by developing an effective talent management strategylike identifying the key talented people in the organization, cultivating anddeveloping the skill of their present workforce and retaining highly talentedemployees by protecting them from competitors.
Talent Management and Human Capital Management:
Many authors say that TM and HCM are the same. However, according to Donald H Taylor (http://donaldhtaylor.wordpress.com/2007/03/26/talent-management-is-not-the-same-as-human-capital-management/) they are not the same. He says,“Whereas Talent Management is focused on the individual, human capitalmanagement, with its academic/accounting origins in aiming to understand thevalue of people, includes the aggregate view. For this reason, HCM has to include anidea of the overall value of the human asset in an organization. It also, from thisdata, includes analysis of the hot spots and problems in the current developmentand deployment of employees.” However, for the purpose of our discussion we shalltake them to be synonymous. Some other closely related terminologies are, HRIS(HR Information Systems) or HRMS (HR Management Systems), and HR Modules. Itis beyond the scope of this paper to bring forth the subtle differences.
A Brief History:
 The origins of TM can be traced to the 1990s with the realization of the immensevalue of the Human Asset for organizational success surpassing every otherresource. Today it is a very widely used terminology with Google returning about26,300,000 results. Many companies commit the mistake of putting a herculeaneffort in attracting the best employees but fritter away this valuable resource by notmaking 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 timeit has become part and parcel of the corporate strategy itself with a keyresponsibility placed on the line managers. One cannot wish away the fact thatthese 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 theline and staff functions. However, in Indian Companies, talent management is of fairly recent origin.
Scope of Talent Management:
2
 
In the recent days, the HR Department of any organisation is vested with theresponsibility 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 required2. Right Selection of the Talent3. Implementing competitive compensation plans4.Training and continual development of Competencies5.Practicing state-of-the–art performance appraisal systems6. Aligning the acquired Talent7. Developing and nurturing the Talent, and8. Retaining the Talent The scope of TalentManagement is quite wide and adopts an integrative approachto the functions mentioned above. The purpose is to have a synergistic effectbetween the various activities so as to ensure a maxi-maxi effect.
Process of Talent Management:
 The HR managers today are required to identify the talent gap and forecast theshortfalls in advance based on their experience and based on the changes takingplace in the organization. They have to focus their plans and initiatives to helpimprove the availability of needed talent and knowledge. Recent surveys indicatethat more than 62% HR managements are worried about the shortages of Talentcompany -wide. HR Manager should keep in mind the following factors which areresponsible for employees to change jobs frequently.1. Rapid changes in the world economy.2. Strong and continuous economic growth3. Globalization making easy the business boundaries4. Most competitive job market5. New competency requirements3

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