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ACQUISITION AND RETENTION
Karthika Nair (84) Karishma Sharma (100) Bhavana Bhat (63) Bhavna Sajnani (117) Sneha Khushoo (103) Sneha Shet (106)
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
Developing and nurturing the Talent. Right Selection of the Talent 3. in Indian Companies. Identifying the Talent which is required 2. Implementing competitive compensation plans 4. talent management is of fairly recent origin Scope of Talent Management: In the recent days. In other words. Aligning the acquired Talent 7. Poor performance affecting targets and productivity. and 8. The purpose is to have a synergistic effect between the various activities so as to ensure a maxi-maxi effect. if they fail to manage talent. it is a case of joint trusteeship between the line and staff functions.sometimes not finding even an approximate replacement. In order to perform this function. Training and continual development of Competencies 5. 1. Consequences of failure in Managing Talent: Organizations have to face the following problems. Practicing state-of-the–art performance appraisal systems 6. 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.of those reporting to them. Loss of key leaders . Retaining the Talent The scope of Talent Management is quite wide and adopts an integrative approach to the functions mentioned above. However. they use the following methods viz. Repeated turnover of key persons from an organization will affect the very Work culture within the organization. Financial crisis 3 .
outlook. 3. 1.2. 2. few of the following tools can be used in retaining talent. Mentoring of staff in some special and important cases in terms of attitudes.Providing On –the.To put in place the existing staff in such activities which helps in retaining and developing them. develop and retain its pool of top talent. so that staff can become experts in multi tasking and assume higher responsibilities. Talent Management is a continuous process.Tools for Managing Talent: In this process.job training for certain categories of employees. The steps adopted should normally be creative and should not project bureaucracy. 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. To find leaders who will take the organization from where it is today to the next step forward – In other words. 5. organize development programs for executives in-house or sponsor and encourage staff to attend workshops and seminars. to commanding heights of excellence. 4. it refers to those special steps an organization adopts to recruit. Talent Management also denotes a deliberate 4 . mindset etc. Timely performance appraisals with suitable rewards and recognitions. Keeping in view the budgetary constraints and the organization size where he had to manage. Talent Management in an Organisation. the HR Manager has to execute 2 types of functions1. Implement job rotation and job enrichment wherever possible. Creating an environment for staff to pursue higher education. They have a long way to go to lead organizations implement far reaching changes and bringing about transformation among the members of the organization.
manage and retain talented employees. 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. and Compensating employees the organization. What appears to differentiate talent management from organizations that use terminology such as human capital management or performance management. rewards and recognition.approach taken up by an organization to attract. one of the greatest challenges that organizations are facing is to successfully attract. Though it may appear initially that in the process of retaining talent. developing and retaining the talent internally is more cost effective instead of replacing the talent which is lost from external market. 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. develop and retain people with the aptitude and abilities to meet not only the current requirements but also future organizational needs. for the life cycle of an employee within an organization. every employee is included in the process. assess. we are spending more in terms of increased wages. 5 . train and retain talented employees. 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. as opposed to reliance on Human Resources. Talent Management encompasses in itself the entire process of Planning. is their focus on the manager's role. when we practically analyze. It comprises all of the work processes and systems that are related to retaining and developing a superior workforce. Recruiting. In today’s talent-hungry market scenario. Managing. 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. In some organizations. 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. In other companies. only top potential employees are included in the talent management system. throughout Developing. the cost of acquiring a new talent is higher.
as well as necessary conditions which should be ensured before the implementation process. Opportunities and risks: There are numerous advantages of introducing the program. This enables various departments to identify available talent when opportunities are made or arise. First of all. AstraZeneca calculated a ratio based on the natural staff turnover as well as the company’s growth plans. Increased promotion expectations in the selected participants. It must be understood that the organization’s culture will be transformed permanently. which brings the risk of division between the ―better‖ people (Talents) and ―worse‖ employees (remaining members of the organization). Clear and efficient communication. lack of consistency in implementation. resistance of the managerial staff – being aware of these risks allows to effectively prepare for the process. The organization has to be mature and determined to undergo change. so that over the next 3 years every participant would be offered concrete development opportunities through position change. because after the program is implemented ―nothing is as it used to‖. Valuable employees will need to be identified.It also involves the sharing of information about talented employees and their potential career paths across the organization. as well as proper preparation of the managerial staff was vital in the implementation process. promotion processes will be based on clear and transparent criteria as well as open communication. but it’s worth noting that there are also certain risks. 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 6 . the chance for promotion among the people qualified as talents (HiPo) must be realistic. The skill or competency mapping allows you to take stock of skill inventories lying with the organization. people decisions gain a strategic agenda. This helped to define the optimum number of participants in the program. Benefits of having an effective talent management program are: Right Person in the right Job: Through a proper ascertainment of people skills and strengths. disappointment and decreased motivation in those who failed to qualify or were eliminated during the revision process.
Their development needs.productivity is increased. likes and dislikes. No wonder then talent management programs and trainings. 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. develop. Retaining top talent is important to leadership and growth in the marketplace. Retaining the top talent: Despite changes in the global economy. In addition if employees are positive about the talent management practices of the organization. career aspirations. Apart from this having a strong talent management culture also determines how organization rate their organizations as work places. attrition remains a major concern of organizations. succession planning. Since development calls for investment decisions towards learning. training and development of the individual either for growth. Better Hiring: The quality of an organization is the quality of workforce it possesses. Organisations that fail to retain their top talent are at the risk of losing out to competitors. it becomes easier to invest in their professional development. abilities. an organization remains bothered where to make this investment and talent management just make this easier for them. The best way to have talent at the top is have talent at the bottom. It is easier therefore to determine what motivates whom and this helps a lot Job enrichment process. 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. The focus is now on charting employee retention programs and strategies to recruit. strengths and weaknesses. 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. Also since there is a better alignment between an individual’s interests and his job profile the job satisfaction is increased. 7 . performance management etc. Better professional development decisions: When an organization gets to know who its high potential is. Employee growth in a career has to be taken care of. they are more likely to have confidence in the future of their organization. retain and engage quality people.
and paid fairly. responsive organization. Identifies high performers and successors to key positions throughout the organization to make sure to have highly flexible. one at a time. Provides learning that is relevant.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. 8 . Better develops managers and leaders to reinforce culture. convenient. and timely. instil values. 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. e-learning. Helps to quickly identify competency gaps so as to deliver training. and Create a sustainable "leadership pipeline". flexible.
More and more research is showing the strong link between mature. Increasingly.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. Now. deploy. Go after a lucrative market and someone is there right after you. integrated talent management processes and financial results. E. develop. in the first. Gaps exist at the top of the organization. Few. and engage talent—at all levels—is really the only true competitive advantage an organization possesses. There are several drivers fueling the emphasis on talent management: 1. Four or five decades ago. The ability to effectively hire. highly engaged workforce is nearly impossible. Truly successful organizations realize that the only true sustainable competitive advantage they have is their people. The idea of managing talent is not new.. careful to avoid making your initial mistakes. if any. companies now spend over one-third of their revenues on employee wages and benefits.to midlevel leadership ranks. organizations seek to quantify the return on their investment in talent. This emphasis on talent management is inevitable given that. on average. it was viewed as a peripheral responsibility. The result is a body of proof that paints a compelling picture of the impact talent has on business performance. retain. There is a demonstrated relationship between better talent and better business performance. An organization can create a new product and it is easily copied. Lower the prices and competitors will follow.g. But replicating a high-quality. and they use strategic talent management to maintain this advantage.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. talent management is an organizational function that is taken far more seriously. and retain talented people. Talent is an increasingly scarce resource. so it must be managed to the fullest effect. and at the front lines. organizations today have an adequate supply of talent. organizations are aware that they must manage talent as a critical resource to achieve the best possible results. Organizations have been talking about the connection between great employees and superior organizational performance for decades. Along with the understanding of the need to hire. 9 .
‖ Global expansion adds to these challenges—a single company may. There is an additional cost incurred on training and developing the new individual. 4. The problem gets even worse when such a scenario occurs at the top level. Now this incurs financial losses to the organization. Hypercompetition makes it more difficult than ever to sustain a competitive advantage long term. The following facts become worth consideration here: New employees cost the company 30-60 % more than the existing employee in terms of compensation only. Technology enables greater access to information and forces us to move ―at the speed of business. Talent is a rapidly increasing source of value creation. for example where the attrition rate is the highest remain occupied in searching for people every now and then.2. The process of recruitments itself costs an organization in a big way. its R&D function in China. An unoccupied executive position can cost an organization dearly. The context in which the business is done is more complex and dynamic. The financial value of the companies often depends upon the quality of talent. Less attrition means lesser expenditure on hiring: BPO’s and start ups. for example. demanding constant innovation. The solution . 3. Record layoffs. have its headquarters in Japan. This forces organizations to place a greater emphasis on talent management strategies and practices.a proper talent management in place can solve this problem. to attracting talent and finally short listing and hiring someone for the job. right from advertising a post. There is transfer of skill and expertise and when the same employee leaves after a brief stint with the organization. and less opportunity for advancement all present additional challenges to managing talent. Employees today are: Increasingly interested in having challenging and meaningful work 10 . New products—and new business models—have shorter life cycles. Often there is a compromise in hiring when the need is urgent. lower engagement. Employee expectations are also changing. and its worldwide sales operations based in California. An organization not only pays an employee for his/her work but also spends a considerable amount on their training and development. it costs the latter.
culminating in a sound talent strategy that is tightly connected to the organization’s overall business strategies and business needs. talent management professionals need to offer solutions to close them. talent management professionals have to be trusted business advisors that execute the talent management process. And they need to get closer to the business. Careful planning. In short. is required for talent management to become ingrained in an organization’s culture and practices. But HR needs to step up and play a critical role—more so than in the past. One way to do this: Work with line managers to develop business plans that integrate talent plans. 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. HR needs to own and put in place professional talent management processes. the communication and support necessary for success. Likewise. One wouldn’t question who owns the marketing process or the financial oversight of an organization— that’s clearly the domain of the top marketing or financial officer and their teams. When gaps exist. 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 organization—if it can be hard-wired into the fabric and operations of an organization’s most essential functions—HR and senior leadership must work together. 11 . the budget. including advice on the ability to meet the business goal with the talent on board. Only when this happens is it possible for talent management to be both effective and sustainable. 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. The most successful initiatives are driven by HR with active and enthusiastic support from the CEO and other senior leaders— who provide the resources.
develop. Getting the right people with the right skills into the right jobs. but one that in the past corporations haven't been set to finalize. motivate.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. Pressing business necessities. and ensure that all levels of the organization are aligned to attain critical business objectives. performance management. among others. This has made talent management one of the most pressing issues facing senior business executives Introduction Distinctly called human capital management. They also alleviate the hassle of writing performance reviews by automating the task and ensuring quality of reviews and reviewed on time. these programs are usually a loose potpourri of HR initiatives with little relation to each other. Organizations can establish and communicate critical corporate goals. motivate and retain key talent. compensation and other HR or training functions have often been isolated in departmental silos. Talent Management enables organizations to rapidly align. employee relationship management and workforce management. The six dimensions of talent management are as shown- 12 . Given the current focus on the linkage between talent and an organisation's business challenges and strategies. globalisation of markets and labour forces. aggressive competition and heightened corporate oversight. the issues apply to all jobs that are hard to fill. and maintain a high-performance labor force. deploy. measure performance improvement. While the focus of talent management tends to be on management and executive positions. In most companies functions such as recruitment and succession planning. develop. such as increasing turnover as the economy improves. have intensified the need to acquire. While important individually. learning and development. in the right roles. talent management is not a new concept. little arrangement with the organization's vital few business goals and little real way of measuring their bottom-line impact. workforce planning. effective strategy execution requires sufficient numbers of the right people with the right skills and knowledge. a common definition of talent management is the basic people management challenge in organizations.
according to business needs Motivate and develop Verifying that people's capabilities are understood and developed to match business requirements. Human resource management systems (HRMS) providers. have begun to create add-on applications that provide a strategic layer on top of the more administrative HR functionalities they already offer.TALENT MANAGEMENT DIMENSIONS Develop strategy DESCRIPTION Establishing the optimum long term strategy for attracting. It seems obvious then that the functions that make up talent management can no longer be viewed independently. talent management must be 13 .recruiting and holding onto the appropriate skills and capitalize. scheduling and work management that match skills and experience with organizational needs Connect and enable Identifying individuals with relevant skills . already present in many businesses. connecting and deploying the workforce Attract and retain Sourcing . Much of the reason may be due to the fact that technology has finally begun to catch up. 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. Rather. or hidden in HR or training departments if they are to be truly successful. developing. while also meeting people's needs for motivation. collaborating and sharing knowledge and working effectively in virtual settings Transform and sustain Achieving clear measurable and sustainable change within the organization. development and job satisfaction Deploy and manage Providing effective resources deployment.
lower cost to Higher fill. a retail store executive can't develop and engage store managers. or a lab director can't keep great scientists. business managers. 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. obedience TM Process Better management of people to achieve strategic business goals metrics Shorter time to hire . If a hospital executive can't find nurses. function Comprehensive . HR applications. answer questions about its direction and who is responsible for getting it there. Talent management challenges Business success relies on successful talent management.counterfeit from a true partnership between management and the departments that oversee the "people function. configurable cross managers . 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. higher percentage quality hires ." The main characteristics of HR and TM are as shownHR process Goals Greater efficiency . Each company needs to take inventory of its people and processes. they will have difficulty meeting their organization's strategic business 14 . Most importantly. 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.
while not-for-profit organizations appear to struggle to make the most of their workforce. 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. which are easy to use. The most valuable systems are those that deliver direct value to the business manager. At the same time. The challenges of finding. keeping. These managers face ongoing talent management challenges that are critical to their achieving business goals. industries face their own set of unique challenges – a situation that has led ventures to focus on different pieces of the talent management "puzzle.objectives. Knowledge-intensive industries tend to focus on developing and connecting their employees." A recently completed study by IBM highlights how knowledge.and service-intensive industries tend to spend significant time and attention on talent management activities. and that are integrated across functions. 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. 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. Strategies for talent management 15 . and motivating people in key positions are precisely what progressive HR professionals should be focusing on. developing. Processes and systems that meet these criteria are well-suited to help companies meet their critical talent management challenges.
a cohesive talent management strategy is as shown- 16 . Automate the talent management process into an online solution there by reducing time and costs of performance reviews. For example. 5. usually referred as Human Capital Management. and evaluation criteria 6. Align training demand with performance needs and strategic goals directly there by reducing time and money spent on non-strategic training activities.Talent Management. Merge talent management data by having incorporated exceptional capabilities in learning. It may be a considerable challenge to make this happen. Use reliable. fair pay-for-performance initiatives Talent Management processes is typically found in numerous parts of an organization. performance. 3. 2. many organizations struggle to align their talent management under one consistent strategy. Thus. Eliminate conflicting evaluation criteria by applying a standardized solution that impose consistent language. developing and maintaining an organization's most important resource—it's people! The typical strategies include:1. and compensation management software. is the process recruiting. assessing. feedback. managing. 4. Recognize and close employee performance gaps by instantly turning automated performances appraisals into training development plans.
having the most educated workforce. The goal of talent management is the much more general. 17 . but the most important task of TM is to help the organization to achieve its overall objectives. or any other tactical outcome. Nor is it about achieving specific benchmarks like a five percent turnover rate.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. 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. We need a new way of thinking about the talent management challenge.
It also helps in capturing new areas of opportunity as they emerge. what are opportunities for improvement? The consistent measurement of these elements will instil accountability among leaders for making progress in areas needing improvement. 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 18 . Determining what aspects of your organization are currently working effectively. their current positions.NEED FOR SURVEYS Gathering an accurate understanding of how employees feel about each other. their leaders. and the organization as a whole.
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” 19 .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.
Employees should be trained in domains that suit their aptitude. It is necessary to check alignment of Company goals and values to that of employee’s. It is necessary to ensure employee engagement to the roles slated for them to fill. 20 . Company’s should develop a leadership pipeline and retain these key performers. 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. It is necessary for employees to feel satisfied emotionally and professionally. Company should invest in high potential employees to increase output levels. A career graph for employees should be made. It is necessary to find the top performers – 21% hardworking and talented employees.All employees cant be made happy. Focus should be on training programs on applied learning to engage employees and increase their productivity levels. 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.
Visibly supporting employee development can increase performance by 20%. 21 .
• Workforce planning Workforce must be planned in a very organised and systematic manner.TALENT MANAGEMENT ACTIVITIES Talent management includes following activities: • Culture and values Culture and values play a very important role in every organisation. All the positions should be matched appropriately so that there is no employee dissatisfied with his work. It is very necessary to portray a very clear message about Company’s 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. Resources must be allocated well and on time for good performance. 22 .
• High performer development Performers should be identified and recognised and invested on. • On boarding new hires New hires should be trained well and should be given enough time and resources to work on. • Succession planning It is necessary to plan in advance so that things are well organised and in place. • Coaching Time to time coaching must be given to every employee. • 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.• Recruitment It necessary to understand how well a candidate will suit certain position. 23 . Training and development helps employees face new challenges and be ready for projects on various domains. • Rewards and recognition They act as incentives for employees to work on. • Training and development It forms and important part of every organisation. Roles should be mapped strategically. Knowledge management and sharing system should be in place. • Employee Engagement Employee engagement is very important for the growth of the organisation.
ANALYSIS OF COLLECTED DATA Research Design: We have collected primary data for our study. 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). : > i. Marketing and IT.e. We have used the paired t-test since we have compared two sets of data. 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. The five different sectors are Accounts. in a span of two years from their date of joining. there is no significant difference in the attrition rate after the adoption of talent management practices. Sales. One set of data represents the no. there is a decrease in the attrition rate after the adoption of talent management practices.e. HR.each representing certain statistics on before and after talent management practices were introduced in the company. And this set of data pertains to the period during which talent management polices had not been adopted by the company. 24 . Formulation of hypothesis: : = i. Sampling Design: Our sample size (n) is 5 and since n<30 we have used the t-test method of sampling. Data collection: The data that we have collected for our study is primary data.
This set of data however pertains to the period during which talent management policies were practiced by the company. 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. of employees who had joined one of the five sectors of the company in the year 2009 and left on or before 2011. 25 . And this set of data pertains to the period during which talent management practices had been adopted by the company. in a span of two years from their date of joining. 70 60 50 40 30 20 10 0 Accounts HR Sales Marketing IT The next graph 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. Data analysis: The following graphs represent the above two sets of data.The second set of data represents the no. And this set of data pertains to the period during which talent management practices were not adopted by the company. The graph below represents the no.e.
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 23 σ √ σ √ 26 /(n-1)) .
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 95.11 ( √ = 23 √ = 7.23 /σ : Assuming α = 5 % Degrees of freedom = n – 1 =4 = 2.132 > Therefore we reject Results and findings: Since > .= 7. we reject and conclude that the attrition rate of the company has decreased after the adoption of talent management practices.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 27 .
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% 28 .
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. 29 . We are highly indebted to our Prof. Sandeep Bhanot for his constant support and invaluable suggestions.ACKNOWLEDGEMENTS No work can acquire the desired degree of perfection without proper assistance and guidance.
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