COLLEGE NAME

A REPORT ON

A NEW PARADIGM FOR TALENT MANAGEMENT AND WORK LIFE BALANCE

SUBMITTED TO

SUBMITTED BY:

TABLE OF CONTENTS

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Page # Declaration Acknowledgement Executive Summary Chapter-1 Introduction 1.1 1.2 Chapter-2 Chapter-3 Objective of the study Limitations of the study 1

Literature Review Research Methodology

Chapter-4

Talent Management 4.1 Dimensions of Talent Management 4.2 Talent management and HR 4.3 Challenges 4.4 The shift- New Approach 4.5 The strategic talent decision science 4.6 Ten steps 4.7 Strategies 4.8 Talent Management models

Chapter-5

Work life balance 5.1 The imbalance of life and work 5.2 The 3 pillars of work life balance 5.3 Developing a work life balance strategy

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5.4 Making work-life balance a normal practice 5.5 Checklist 5.6 Impact of work life balance at work 5.7 Ways to ensure WLB- WLB initiatives

Chapter-6

Conclusion

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Chapter-7

Recommendation

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Chapter-8

Bibliography

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DECLARATION

I, ___________ pursuing PGDM (HR) at WTIM hereby declare that I have completed the three months Capstone Project on the following topic:

³A new paradigm for talent management and work life balance´

The information submitted is true & original to the best of my knowledge.

Signature of the Student

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Bharti Deshpande (Project Guide) 5 . Prof.TO WHOM IT MAY CONCERN This is to certify that Miss. She has successfully completed the following project: ³A new paradigm for talent management and work life balance´ I wish her all the good luck in future. NAVI MUMBAI has completed her Capstone project under my guidance. ________________ student of PGDM (HR) from WITM .

NAVI MUMBAI for giving me the opportunity to undertake this project and would also like to thank my internal guide Prof. 6 . Bharati Deshpande for giving invaluable guidance and support in the completion of the project. At the outset. encouragement and valuable help for completing this project. who took time out of their busy schedules and provided easy access to the information required. I am grateful to Mrs Noopur Gandhi . I wish to thank and express my gratitude to those who extended their valuable co-operation and contribution towards the project.Fujitsu INDIA for giving me inputs and infinite moral support. Lastly.ACKNOWLEDGEMENT It gives me an immense pleasure to present the report on ³A new paradigm for talent management and work life balance´ undertaken as Capstone Project in partial fulfilment of the requirement for the course Post Graduate Diploma in Management (HR). I wish to thank people who provided me their inspiring guidance. HR Manager . I would like to extend my gratitude to WTIM .

Today there is a need for the HR profession to redefine itself and how it contributes in more quantitative terms. The direction in talent management is to a fact-based understanding and prioritization of what is needed. Companies need to set up governing bodies that cut across all talent initiatives and include people from business units to establish priorities and review progress continuously CHAPTER -1 PROJECT INTRODUCTION Over recent decades we witness the development of the autonomous and reflective individual. It¶s important not to adopt individual processes and tools in isolation from others. 7 .EXECUTIVE SUMMARY The project deals with the study of talent management and work life balance where it talks about that Talent management is a new. Power is diffused and shared. If you believe in talent management. Also. provides a framework for gaining a competitive advantage in which HR can contribute. the HR is in danger of overselling itself and faces a serious challenge to defend why it should exist at all. you destroy those silos. more holistic approach to HR. develop and deploy talent. retain. estimate the gaps in its industry and determine the skills it needs to meet business objectives. internal and external to the organization.Today each company needs to understand the problem it faces. benefits. It is an individual that has a full set of needs. HR grew up in functional silos²recruiting. plan. Translating workforce planning business strategy into talent management activities. More companies are beginning to adopt processes and tools to more effectively recruit. or from the human capital management (HCM) platform. ³In contrast with traditional management. where structures and systems are In addition to these generic changes (especially in the Western Hemisphere). learning and training. the world has recognized increasing shifts due to the internalization of business.

1 OBJECTIVE OF STUDY The objectives include:   To study the new approach to talent management and work life balance. 2. Non availability of the staff members at FUJITSU 8 . To identify the new strategies of managing talent and balancing work-life 1. Lack of time-As the duration for this project was short and that restricted me to work on few parts of it.1.2 LIMITATIONS OF THE STUDY 1.

³It doesn¶t make any difference if you¶re operating a business in Mumbai.SHRM CEO and President Laurence O¶Neil 9 . 1 challenge facing every organization is finding and growing skilled talent. Beijing or New York ² the No.´ .

The most famous among them were Birbal the Genius and Tansen the Music Aztec. Talent WHAT IS TALENT MANAGEMENT? Talent management is a set of competency-based human resource management practices aimed at getting the best out of its highWe can also define high-performance talent management as the planning and execution of an integrated set of management processes that drive business value by creating and continuously optimizing workforce talent. The human resource industry is transforming itself. With the TALENT MANAGEMENT In the ancient times Kings like Akbar used to keep Nine Genius with him. So.CHAPTER-2 LITERATURE REVIEW INTRODUCTION TO THE TOPIC An organizations success to a larger extent depends on its human capital. The phrase itself incorporates several key themes: 10 . The role of the Human Resources function has changed dramatically over the past few decades and will become increasingly more strategic in nature in the future. developing them and retaining them is a challenge for any organization. as today hr pros are being asked to think and act strategically in support of the business Attracting the best and brightest employees. They were Super Stars of that time.

³talent´ is a word that carries a value statement. 1. Fig. Effective management of talent has a number of critical components that must be treated in an integrated fashion: a.1. And the ability to manage talent well will separate the high-performance businesses from the rest.1 11 . there is management and then there is ³the talent´). Borrowed from the world of entertainment (in a movie studio. It's about Specific. Developing deeply specialized workforce talent through learning and collaboration solutions. recruiting. Integrated Management Techniques that Multiply Talent: The potential value in a company¶s people must then be managed to multiply that value. It's about Talent: The words we use reflect our attitudes. b. and workforce planning c. Unlike a ³resource´ (which can only be depleted) or ³capital´ (which is an economic abstraction). 2. the word correctly connotes the fact that parts. Creating and industrializing a unique talent strategy in light of the overall business strategy. Defining and deploying talent through targeted sourcing.

A reputation for losing good performers can be extremely damaging and hard to change. Why Do Good Performers Leave? Keeping hold of good performers is vital if businesses are to grow and continue to be profitable in the future. Li mi t ed ch an ce t o u se t h ei r n at u ral t al en t s Sometimes good performers are restricted to those roles in which they have previously performed well. h en ce t h ei r wo rk i s n ot i mp ort an t Employees naturally want to feel their work serves some purpose. aligning rewards and incentives with business results.‡ Measuring and managing the performance of people. Th ey fee l t h ei r con t ri b u t i on i s n ot valu ed or ap p reci at ed b y ot h ers. but does run the risk of them departing in 12 . and not the reality. sometimes the link between their contribution or role and the final product or service is not easily visualized. and ‡ Finding new sources of value in workforce performance through innovation and continuous improvement. Unfortunately unspoken appreciation is rarely recognized. There may be opportunities for growth that have not been communicated successfully to the problem is when good performers expect to be promoted much faster than the company is used to. A few words of thanks can go a long way towards retaining good employees. Here the firm needs to find ways to reduce the gap if at all possible. Our research suggests that high 4. Here are some of the top reasons why good performers leave: Th ey p ercei ve a la ck of ad van ce men t op p ort u n i t i es The first point to emphasize is that the key is the employee`s perception of the situation. For the firm this may seem sensible. 3. It¶s about Driving Business Results and High Performance: Talent management drives business performance because it is informed by strategic intent and focused on bringing about business outcomes based on that intent.

People management is notoriously difficult and the value of having managers highly skilled in this area is enormous. far too many good performers are lost due to communication breakdowns. it may be appropriate for the firm to adopt the values of its best performers. If this is a common problem. work was a matter as well. Th ei r e xp ect at i on s h ave n ot b een fu lfi l led These expectations may have been unrealistic. An additional benefit will often be that similar high performers are attracted by these values.search of opportunities to use other skills they may possess. It may be worthwhile reassigning roles so that managers who are not strong in this area can focus on other aspects. One of the vehicles to help provide attainment of personal and professional goals is work-life benefits and programs. Either way. Implementation of these programs in the United States (³U. managers are behind a significant proportion of employee departures. Equally.´) 13 . or have been due to slightly misleading information at the recruitment stage. The departure of a favored manager is often followed by the departures of good performers unhappy with the style adopted by the replacement. WORK LIFE BALANCEThe role of work has changed throughout the world due to economic conditions and social demands. improving the quality of the pool from which the firm recruits.S. Th ey a re u n h ap p y wi t h t h e way t h ey are b ei n g man aged Unfortunately. Regular dialogue between management and employee can help to minimize this type of situation. a realistic job preview at the interview stage is to be recommended. Finding opportunities for employees to use additional skills may be difficult but with luck you may be able to create some. Originally. Th ey d o n ot sh are t h e fi rm` s valu e s For some individuals it can be very difficult to sustain working in an environment or culture that does not share their values.

achievement and enjoyment in the other three quadrants of one¶s life (e. y Employees under stress result in huge corporate spending by way of wellness programmes and counselling. friends and self) is critical as well Work-life balance is not as much about the ³balance´ as it is about the ³imbalance´. work-life balance is a two prong approach. to attain the right balance organisations need to focus both on the individual and the approach the organisation takes to tackle issues of work-life balance. However. due to fundamental beliefs about the goals of such programs. family. study on the subject has revealed that for best results there has to be coordination between three pillars of work-life balance. Hence. depression. ³Work-life balance is meaningful achievement and enjoyment in everyday life. cancer The aforementioned findings reveal that work-life balance is as much about the role of the organisation as it is about the individual. Achievement and enjoyment at work is a critical part of anyone¶s work-life balance. CEO of Worklifebalance. The impact on corporate spending is almost fifty percent higher than in the case of employees who work in relatively relaxed conditions y Work-life imbalance is one of the most dominant reasons for ailments like heart attacks.´ The primary way companies can help facilitate work-life balance for their employees are through work-life programs and training. The other prong of work-life balance. In addition. These include: organisational initiatives and 14 .g.and the European Union (³EU´) countries differs. Are work-life balance programs in existence as a result of a social responsibility to employees or to provide a competitive advantage to employers? Many people think of work-life balance only in the framework of what the company does for the individual. Furthermore.com1. Corporate burnout rate is rising at an alarming rate with employees feeling the pain more than ever before. which many individuals overlook. According to Jim Bird. relates to what individuals do for themselves.

Building strength Programmes and initiatives To begin with every work-life initiative should be screened first at the programmatic level. The following is a programme menu that depicts the type of programmes that should be included in the work -life effort of every organization: y Employee assistance programmes or EAPs that aim to provide employees with emotional and professional support in stressful times y Flexi time initiatives that allow employees to work long hours and take an extra day off in lieu of the extra hours y y Day care centres and other children-friendly arrangements like an on-campus crèche On-campus gymnasium and yoga classes that help employees unwind Experts believe that programmes such as these work better as they are more precise and userfriendly. individual responsibility plays a major part in creating a successful work-life balance. This expert¶s say is because of lack of individual responsibility and accountability towards maintaining the desired balance. but the of a tilted balance lies completely with the individual. Employers can only provide the necessary benefits. By a supportive culture we mean the involvement of the CEO and other top Individual responsibility Work-life initiatives may fail to show the desired results in spite of an effective programme and a supportive culture. thereby lowering work-related stress and discomfort. Hence. For. employees finally end up taking extra work home without really getting rewarded for it. These three factors play a critical role in determining the success of corporate work-life initiatives. Cultural sculpting Work-life initiatives like other initiatives can fail if corporate culture does not support them. These programmes help organizations channelize their energies in the right way. 15 .programmes. corporate culture to support the initiatives and the role of the individual. Organizations that pursue seriously the cause of work-life balance ideally have a series of programmes and initiatives catering to employee needs. Interventions that discourage employees from working overtime in the name of worklife balance do not work well.

16 . high employee-burnout and low employee productivity y Work-life balance can be attained through an integrated solution where programme quality.Work-life balance is an essential and individual accountability is thus the only way forward for success with work-life initiative THE IMBALANCE y Work-life imbalance can lead to high employee turnover. culture and individual responsibility complement each other.

This article examines the next evolution for how HR department organization structure can deliver value based TALENT MANAGEMENT FOR 21ST CENTURY The author focuses on four major practices: ‡ Companies should balance make-versus-buy decisions by using internal development programs to produce most--but not all--of the needed talent. HR departments should operate as a business within a business. filling in with outside hiring. 17 . ‡ Firms can reduce the risks in forecasting the demand for talent by sending smaller batches of candidates through Henceforth taking the four major practices together. Others have focused on the strategy and direction of HR departments.S. PETERHONEY WONDERS WHETHER TALENT MANAGEMENT IS A CONTRADICTION IN TERMS. It states that the survey reveals that 73% of the executives agree the linked between talent management process to business strategy to help organization succeed.Articles THE TWENTY FIRST CENTURY HR ORGANIZATION Like any value-creating staff function. these principles form the foundation for a new paradigm in talent management: a talent-on-demand system TALENT MANAGEMENT MUST MESH WITH BUSINESS GOALS FOR POSTRECESSION SUCCESS The article talks the survey which reveals the link of talent management process in the achievement of business goals of the business enterprises in the U. It explains that organizations recognize the importance of talent management integration with business strategy.

manages and develops its people currently and for the future. the acknowledgement that talents need to be identified and developed. It further discusses about the how company can manage their talent successfully in the organization by encouraging their personnel to take challenges and rotate. it can be identified and developed. HOW TO KEEP UP WITH THE WAR FOR TALENT? : A COMPARATIVE STUDY BETWEEN TALENT MANAGEMENT IN COMPANY X AND LITERATURE SUGGESTIONS FOR IDENTIFICATION OF TALENT In this case study author discusses talks about the how to keep on war for talent and also a comparative study between talent management in company X was conducted. Further he defined TM as the process ³The process by which an organization identifies. the focus on current and future. not just one or the other. He emphasizes that he regarded talent as a natural predisposition to do something well. But can it? He stresses on TM being a process with the implication that it will always be work in progress. clear understanding of the roles in the organization. the responsibility of top recruitment and 18 . Those two words side by side Suggest that talent can be managed. He if confused from the juxtaposition of the two words µtalent¶ and µmanagement¶.In this article the writer discusses about his understanding about the concept of talent management. He stresses that he remains doubtful that talent can be managed. and the way leadership talent is managed in the company is crucial for gaining competitive advantage. but. The problem discussed for companies today is to keep their up with the war for talented workers.

filling in with outside hiring. companies already have such a model. global supply chains. It talks about Internal development the norm back in the 1950s. Most firms have no formal programs for anticipating and fulfilling talent needs. Thus. HR leaders work closely with senior management to attract.development. It's time for a fundamentally new approach to talent management. hire. Yet the skills shortage presents both socio-economic and cultural challenges as talent crosses borders. TALENT MANAGEMENT: DRIVER FOR ORGANIZATIONAL SUCCESS In today's global economy. the stable business environment and captive talent pipelines in which such practices were born no longer exist. the aging workforce TALENT MANAGEMENT FOR 21ST CENTURY This article is given by harvard business review and talks about the talent management in 21st century. The areas that are in need of further development are leadership development. in view of workforce trends such as shifting demographics. relying on an increasingly expensive pool of outside candidates that has been shrinking since it was created from the white-collar layoffs of the 1980s. The company should encourage their employees to take challenges to be able to discover who can learn the most from them. companies should balance make-versus-buy decisions by using internal development programs to produce most--but not all--of the needed talent. firms can reduce the risks in forecasting the demand 19 . companies must continually invest in human capital. First. learning and training. develop and retain talent. one that has been well honed over decades to anticipate and meet demand in uncertain environments: supply chain management. Second. It described about the four practices in particular for talent management.. In the role of business partner. Fortunately.

BUILD ON YOUR DESIRED BUSINESS OUTCOMES FOR SUCCESS This article discusses that effective talent management must be relentlessly focused on your organizations¶ desired business outcomes and this differs traditional approaches to talent selection and development focused on worthy. The ³talent management´ has become a vital element in establishing a human capital management (HCM) environment . Talent management has never been more of an immediate concern than TRENDS IN HUMAN CAPITAL MANAGEMENT: THE EMERGING TALENT MANAGEMENT IMPERATIVE This core of this article is that how talent management is a leading strategy for improving the workforce and an element of human capital management Today. To ensure perceived (and real) relevance for contemporary talent management practices. Talent management tops the list as a strategy for radically improving workforce productivity to drive higher value for the organization. enabling technologies and definition of talent management. there is a progressive movement to transform the HR function and establish a Human Capital Management (HCM) environment that truly leverages the workforce as a competitive weapon. most organizations are struggling to understand the characteristics. organizations need to shift dramatically. or selecting the right people for the right job at the right time. training and developing managers. but HR-centric goals such as building a leadership bench.Organizations leading the way in HR transformation are focusing less on administrative aspects and more on strategic issues. Today. 20 .

Integrate and optimize processes. but most importantly. This article provides a common understanding of talent management discusses current macroeconomic. workforce. Apply robust technology to enable processes and Prepare the workforce for changes associated with the new environment WORK--LIFE INITIATIVES AND ORGANIZATIONAL CHANGE The article of work life balance discusses about the employer work--life initiatives which are acting as a as potential organizational change phenomena. with enterprise resource planning (ERP) technology as the core enabler. Develop a roadmap for technology and process integration. While work--life initiatives serve a purpose in highlighting the need for organizational adaptation to changing relationships between work. It also offers guidance for implementing an effective talent management strategy. 21 . climate) factors. and technology trends and challenges and highlights the business results organizations stand to gain. and personal life. organizations must Define a clear vision for talent management. Work--life initiatives address two main organizational challenges: structural (flexible job design. To create a sophisticated talent management environment. family. human resource policies) and cultural (supportive supervisors.The process of managing the supply and demand of talent to achieve business goals represents one of the greatest opportunities for organizations to not only overcome these critical issues. survive and thrive for years to come.

ageing populations. declining fertility rates. Although work-life balance practices can help a company gain competitive advantages by developing committed employees and contributing to company success. are discussed. companies that follow a product leadership business strategy need to invest in their employees in order to attract and retain the best employees 22 . The research suggests that gender remains embedded in the ways that respondents negotiate home and work life.THE ABILITY OF WORK±LIFE BALANCE SOCIAL/ ORGANIZATIONAL ISSUES There is increasing evidence that work±life imbalance has a direct impact on societal issues. It is documented that work±life bala in newly industrialized nations. Companies pursuing a cost leadership strategy are not likely to adopt these expensive practices. In this article EXPLAINING ORGANIZATIONAL RESPONSIVENESS TO WORK-LIFE BALANCE ISSUES: THE ROLE OF BUSINESS STRATEGY AND HIGH PERFORMANCE WORK SYSTEM This first study to examine how the type of business strategy an organization follows will influence the likelihood of its adopting of WLBPs and how this relationship is mediated by high performance work system. HPWS. WORK±LIFE BALANCE AMONG MEN AND WOMEN IN MID-LIFE This study of Work-life Balance since long either ignore gender or take it for granted. But. and decreasing labour supply. such as delayed parenting. In this article research was carried out by conducting semi-structured interviews with men and women in mid-life (aged 50 to 52 years) in order to compare their experiences of work±life balance. is a system of human resources management practices that gives employees the skills. some work-life balance practices such as on-site day care and compensation for eldercare are costly. knowledge and motivation to improve productivity in order to help an organization gain a competitive advantage. Recommendations for work±life balance to be addressed via a comprehensive multilevel approach are made.

Set Goals. learn a new skill or fulfilling 23 . a paradigm shift to life-work balance can be seen The workplace and work itself become subordinate to building personal relationships and strong bonds in a shared human community. do not appear to be related to business strategies in our data. The writer of this article also stressed how the workplace has become a subordinate to building personal relationships and commonalities across fundamental human attributes.The results show that there is a positive relationship between product leadership strategy and the adoption of some WLBPs such as fitness and recreation programs and employee assistance programs. This article talks about the definition of sabbaticals ³as a planned job pause-paid or unpaid whereby an individual takes time to rest. volunteer . 2. But childcare and eldercare service. WORK-LIFE BALANCE GIVING WAY TO LIFE-WORK BALANCE This article explains that the current generations value personal benefits of friendship and close social bonding more than anything. With the economic slowdown many employers are opting to offer sabbaticals then to layoffs. younger people now give 10 PRINCIPLES FOR SUCCESSFUL WORK-LIFE BALANCE This article mentions about the 10 principles which an employee can use to get more done in less time²and get back to a healthy balance between time spent at work and home. Cost leadership strategy is negatively related to adoption of these programs. two very important WLBPs used to help employees deal with dependent care obligations. These ten principles include 1. In large measure. But now. travel.PEOPLE MANAGEMENT Sabbaticals and programmess like unpaid leave offer benefits to both the employer and employees. It explains the issues affecting diverse workers and a diverse working environment from a perspective of work-life balance and later as work-life integration. Focus these patterns can help individuals in delivery of successful balance between their work and personal life SABBATICAL SAGA.

Many fortune 500 companies offer this and be a place where everyone wants to work. Sabbaticals are an essential part of work life balance and understandably helpful in grim economy too. Eligibility and benefits will vary from company to company´.a lifelong dream before returning to work. reduced turnover and no re-hiring cost. But then today also many of the companies are unaware of this concept as an approach to people management. Also it is mentioned why sabbaticals are required to give as employers retain their valued employees. Hiring new set of employees costs very high. 24 . re-engaging them. Given this employer are opting for unpaid time-offs also known as sabbaticals.

HR Manager was interviewed.Chapter-3 RESEARCH METHODOLOGY Qualitative method will be used in the study.Mrs. Nupur Gandhi. 25 . Qualitative method strives on understanding data through giving emphasis on determining people words and actions. It also includes data from company and other referral sites and sources. B) Secondary source This will include data collection from various websites and books. This project titled as mentioned involves the study of Talent management and quality of work life including work-life balance in a new paradigm is completed by collecting data from the below mentioned two sources- Sources of Data collection A) y Primary source Un-Structured Interview.

measure performance improvement. talent management is not a new concept. compensation and other HR or training functions have often been isolated in departmental silos.recruiting and holding onto the appropriate skills and capitalize. according to business needs 26 . workforce planning. these programs are usually a loose potpourri of HR initiatives with little relation to each other. develop. and ensure that all levels of the organization are aligned to attain critical business objectives. performance management. but one that in the past corporations haven't been set to finalize.Chapter-4 TALENT MANAGEMENT Distinctly called human capital management. Organizations can establish and communicate critical corporate goals. In most companies functions such as recruitment and succession planning. employee relationship management and workforce management. They also alleviate the hassle of writing performance reviews by automating the task and ensuring quality of reviews and reviewed on time.1 DIMENSIONS OF TALENT MANAGEMENT Talentmanagement dimensions Description Develop strategy Establishing the optimum long term strategy for attracting. developing. little arrangement with the organization's vital few business goals and little real way of measuring their bottom-line impact. among others. The six dimensions of talent management are as shown in table 1below 4. learning and development. and maintain a high-performance labor force. While important individually. motivate. connecting and deploying the workforce Attract and retain Sourcing . Talent Management enables organizations to rapidly align.

scheduling and work management that match skills and experience with organizational needs Connect and enable Identifying individuals with relevant skills . Human resource Many HR processes and systems that organizations use today to manage people suffer from three fundamental flaws as shown in figure () below 27 .Motivate and develop Verifying that people's capabilities are understood and developed to match business requirements. while maintaining day to day continuity of operations Table 1-Six dimensions of Talent Management Source: IBM Institute for Business Value/Human Capital Institute. while also meeting people's needs for motivation.2 TALENT MANAGEMENT AND HR Talent management suddenly evoked the charm and attention for the business world. development and job satisfaction Deploy and manage Providing effective resources deployment. collaborating and sharing knowledge and working effectively in virtual settings Transform and sustain Achieving clear measurable and sustainable change within the organization. Much of the reason may be due to the fact that technology has finally begun to catch up. 4.

answer questions about its direction and who is responsible for getting it there. a retail store executive can't develop and engage store managers. The challenges of finding.Figure 1: Fundamental Flaws in HR systems Because of these flaws in most HR systems ± limited direct business impact. They do not adopt them as vital to achieving their business goals. The greatest talent management system on the market is worthless if the organization is not prepared to adopt and integrate it. 4. and poor integration ± business managers use them only halfheartedly. and motivating people in key 28 . difficult for managers to use. Most importantly.3 TALENT MANAGEMENT CHALLENGES Business success relies on successful talent management. Each company needs to take inventory of its people and processes. developing. 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 wellthought-out program and to link it the organization's strategic goals. they will have difficulty meeting their organization's strategic business objectives. keeping. If a hospital executive can't find nurses. or a lab director can't keep great scientists.

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. while not-for-profit organizations appear to struggle to make the most of their workforce. Financial services companies tend to focus on employee attraction and retention." A recently completed study by IBM highlights how knowledge. These managers face ongoing talent management challenges that are critical to their achieving business goals. Knowledge-intensive industries tend to focus on developing and connecting their employees. industries face their own set of unique challenges ± a situation that has led ventures to focus on different pieces of the talent management "puzzle.positions are precisely what progressive HR professionals should be focusing on.and service-intensive industries tend to spend significant time and attention on talent management activities. At the same time. 29 . The main challenges are as shown in figure 2 below Figure2: Main challenges 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.

Processes and systems that meet these criteria are well-suited to help companies meet their critical talent management challenges. The recession means many employees are paralysed with fear and can¶t do their own jobs. Most top executives today haven¶t bought into the new paradigm that we are living in a knowledge worker age. snuffed out like a solitary candle exposed to a strong wind.4 THE SHIFT ±NEW APPROACH Managing talent in tough economic times Companies don¶t know what to do about uncertainty and unpredictability.which are easy to use. These companies are still in a TOP DOWN mode and are concerned about being seen to be active. Hierarchical. When employees are fearful it undermines trust there is no transparency or honesty and eventually they will panic. reducing costs aggressively and increasing earnings in the short term to appease investors. It¶s a race to the bottom and it¶s got some very ugly aggressively macho characteristics. Many pay lip service to this. they are not on the same page as the leadership and can¶t execute with excellence. command and control ways. Confidence has disappeared and has been replaced by its polar opposite .fear. The PR teams are churning out the press releases everywhere. and that are integrated across functions. The industrial age is over. 4. In this environment ³innovation´ and ³creativity´ is stifled. slashing jobs. Failure 30 . nodding attentively but go straight back to the old ways of working. The old paradigm It doesn¶t work anymore.

ideas and creates the unexpected. love it or hate it.0. as does Facebook. Think ³I need to have my Technology Group integrated from more than one nationality and culture to foster innovation as well as driving down cost´. 31 . Letting employees and managers decide for themselves what greatness looks like to them. open your systems to web 2. y y y a high level of trust empowerment collaboration Initiate new organic growth and thinking in your organisation. Embrace new technology . how it fits in. Twitter. but don¶t manage the process or the outcome. The corporate landscape is beginning to be littered with examples . Empowerment. New approach to talent management -talent management for competitive advantage Talent All of us will be succeeded by Generation Y at some point in the not too distant future. Tomorrow¶s leaders. Not ³what I want´ but ³what can I do?´ It¶s a positive force that¶s needed and its source must be the CEO and his team. It definitely fills a need in society. The Talent paradigm shift is only possible with a complete change from the top. Generation X is now in charge and They will be succeeded by the media generation (Y) and this demands of us a change in approach. When experts say offshore don¶t think cost reduction.I would say in my experience over 50% of the global organisations of today are old paradigm organisations staring at failure down the road at some POINT. Because then its sustainable and not a one off.sometimes its anarchic but it connects people. Creating the conditions for innovation is more important than the innovation itself.Mostly this has resulted in failure particularly over the last 10 years. Introduce the tools.

like accounting and sales. organizations will increasingly succeed not simply through HR practices. talent decisions reside with countless strategic managers. and employees. which. human resource and business leaders must look beyond the HR profession. leaders. but for what it will need tomorrow. As talentship evolves. and to reflect the notion of stewardship for the resource of employee talents. Today's HR is focused mainly on its professional practice. is important but incomplete.View talent management as a long-term strategy. even companies with "best in class" HR functions have little difficulty generating examples. and Start developing talent not for what your business needs today. but by the quality of decisions about talent resources. Full strategic partnership requires a "decision science" that enhances decisions about talent resources. The decision science of talentship The lessons from marketing and finance tell us that the goal of a talent decision science would be "To increase the success of the organization by improving decisions that impact or depend on talent resources. Talentship is to HR what finance is to accounting. y y Focus your talent strategy on your core. deciding about the talents available to them. the Be opportunistic and go after the strong talent now available in the market. finance and marketing enhance decisions about money and customers. what makes your organization unique . throughout the organization. They must learn how the strategic "decision sciences" of finance and marketing evolved from the professional practices of accounting and sales. It holds true that in the long term. The examples carry a remarkably consistent message: The talent decision 32 . Just as with decisions about financial and customer resources.5 THESTRATEGIC TALENT DECISION SCIENCE As HR strives to gain greater strategic influence." The term "talentship" describes the new decision science. and what marketing is to sales. and their own personal talents. but was not made well. 4. When we ask business and HR leaders to think of a decision that depended on or affected talent.

Impact In talentship. such as marketing. Answering the impact question for talent resources requires what we call "talent segmentation. and efficiency. effectiveness. in turn." "change agents. and efficiency What will be the elements of the decision framework that supports talentship? Nearly all decisions that depend upon or affect people within organizations can be described in terms of three elements: impact. The elements of a talentship point of view: impact. 1998). unlike in finance and marketing. these elements have useful analogies within existing decision sciences. action on talent issues throughout the organization. it becomes the default framework for things such as signature authority action. or even obstructive. Moreover. and thus which segment should get more attention. but. "impact" concerns "How much will strategic success increase by improving the quality or availability of a particular talent pool?" The analogy in marketing is "How much will organizational profitability increase by improving market share or sales success with particular customers or customer segments?" In marketing. Poor talent decisions seldom focus on HR programs." a term we coined to describe the logical 33 . This is one reason that HR is seen as administrative. ." and "employee advocates" (Ulrich. customer segmentation determines how much strategic success would increase by improving sales to a particular customer segment. such competencies are not logically linked to a decision-making framework. HR managers are often perceived to be effective business partners only when they help business leaders work around the HR control systems.mistakes are NOT being made by HR professionals. often resent such systems. They are good partners within a bad system. because they imply that managers are not to be trusted with talent decisions. effectiveness. Enhancing the strategic role of for mapping the organization's talent resources. This improves talent decisions within the HR function and outside it. Managers. where the opportunity for impact and improvement is the greatest.

2001). sales. such as ratio of HR staff to total headcount. etc." Traditionally. Effectiveness In talentship. When business leaders consider only the average value of talent. "efficiency" concerns "How much HR program and process activity do we get for our investments (such as time and money)?" The analogy in marketing is "What program activity (advertising. training hours per employee. they routinely overlook talent pools that could have a significant effect for every product" would never be tolerated. cost per hire. "Efficiency" is independent of "impact" or "effectiveness. typical efficiency measures include the number of television program segments acquired per advertising dollar. in which improvements in market share most improve sales and profits. just as "impact"--differentiating among talent pools based on their importance to strategic success--must be at the heart of talentship. Differentiating among customer segments is fundamental to marketing. benefit costs per employee. Attending only to efficiency 34 ." Most of today's HR measures focus on efficiency. Efficiency In talentship. "effectiveness" concerns "How much do HR programs and processes affect the capacity and actions of employees in talent pools?" The analogy in marketing is "How much does an advertising or pricing program change the behavior of the customers in a customer segment?" "Effectiveness" is independent of "impact. in press). Corporate Leadership Council. 2004.) is generated for a certain investment of resources?" In marketing. HR functional costs as a percentage of revenues (Conference Board. or the number of billboards acquired per region.differentiation of talent pools by their importance to strategic success (Boudreau & Ramstad. HR organizations are in favour of effectiveness can produce well-meaning HR programs that have large "effectiveness" on low-"impact" talent pools.

and is increasingly perceived as a µmust have¶ by any credible organization. bandied around by HR professionals and business leaders alike.the CEO / a particular department / only HR? Building and delivering a successful talent management strategy will take time and money ± you want to know there is genuine commitment before you create your strategy. 35 . rather than contradicts. what are missing etc. For example. Retention of the best performers b. consider whether there is a µburning platform¶. Consider this in the context of your organization ± Clarify what people management processes already exist. You will use these measures later to help build the business case. Check you have a µburning platform¶ ± Establish whether these issues really do present a genuine business dilemma or risk. what could be improved. This will ensure the outcome complements. HR efficiency may get more than optimal amounts of attention 4. the rest of the HR agenda. What business issue are you trying to solve? ± Talent management has become a buzzword. is your recruitment activity successfully attracting talented candidates? Does your performance management system accurately identify talented individuals? Is a fair proportion of your training and development budget targeted at talented individuals? 5. Create the talent management strategy ± Pull together your talent management strategy outlining what needs to be done in the light of existing HR processes and teams. Fine ± but start by clarifying exactly what issues you are trying to solve. Define what success would look like ± Discuss with key parties what success would look like for the organization and for them. 4.can produce extremely articulates all three elements. Lack of successors to senior positions c. This should cover both quantitative measures (KPIs) and qualitative measures (what success will µlook and feel¶ like).6 TEN STEPS TO SUCCESSFULLY DEVELOPING A TALENT MANAGEMENT STRATEGY 1. 3. Consider for whom this is an issue . for example: a. Over-reliance on external recruitment over internal promotion 2.

Proceed with implementation ± Now you have a well thought-through strategy. You can now get on with building your integrated talent management process. The business case should detail the financial cost and benefits of the program as well as the risks of not taking action (e. y Talent management activity is rooted at the heart of the business and is seen as a credible activity which reflects well on HR y It is easy (or easier!) to gain buy in and commitment from line clients and to secure budget and resource. Gain buy-in and approval ± Define your business case emphasizing the burning platform which is driving the issue. developing and maintaining an organization's most important resource²it's people! 36 . y HR is recognized as an integrated. mutually-supportive department which does not suffer 4. is the process recruiting.6.7 STRATEGIES FOR TALENT MANAGEMENT Talent Management. e. assessing. all our competitors are doing it and we¶ll start to lose our talent if we don¶t catch up). reduced reliance on external hires to fill critical senior positions.g. 8. usually referred as Human Capital Management. increased retention of high performers. and approval to go ahead. budget etc. increased ability to attract the very best to join your organization. This will both give you valuable feedback.g. Present the strategy ± Present your talent management strategy and business case to secure appropriate resource. Discuss your talent management strategy with µallies¶ around the business and your HR colleagues first. Typical outcomes from developing a successful talent management strategy y Improved business results / a reduction in the business issues which the talent management strategy was designed to address. managing. 7. but also will help you to secure buy in and understanding from within your team to ensure HR presents a µjoined up¶ approach to talent management.

4. and compensation management software 2. performance. Eliminate conflicting evaluation criteria by applying a standardized solution that impose consistent language. Thus. and evaluation criteria. Automate the talent management process into an online solution there by reducing time and costs of performance reviews. Merge talent management data by having incorporated exceptional capabilities in learning. feedback. Recognize and close employee performance gaps by instantly turning automated performances appraisals into training development plans. 3. 5. 6. a cohesive talent management strategy is as shown in figure 3 below 37 . many organizations struggle to align their talent management under one consistent strategy. It may be a considerable challenge to make this happen. Use reliable.strategic training activities. Align training demand with performance needs and strategic goals directly there by reducing time and money spent on non. fair pay-for-performance initiatives Talent Management processes is typically found in numerous parts of an organization. For example.The typical strategies include- 1.

Figure 3: Cohesive Talent Management Strategy To apply these strategies a 4 level engagement model is applied the business managers which is as shown in figure 4 Figure 4: 4-Level Engagement Model 38 .

and ultimately save the company money. successful companies will prepare succession plans for top spots. Firms realize that high-caliber leaders. and keep transitions short. They seek strategies that. These strategies include: ‡ Cultivating Existing Talent: By ³farming´ rather than ³hunting´ for the right skills.Other strategiesForward-thinking organizations are changing their strategies for building the workforce. Because According to one survey of senior-level human resources and line executives. companies will not risk leaving mission-critical positions open. minimize the risks of losing critical talent. ‡ Planning Ahead for Succession: Especially as baby-boomers retire in large numbers. unlike the recruiting practices of the ´Internet Boom. the components of an integrated Talent Management suite include: ‡ Performance Management ‡ Learning Management ‡ Succession Planning ‡ Career Development ‡ Competency Management Eight ways to win and keep top performers Executives have little difficulty appreciating the importance of high-caliber human resources. 60% reported they did not even know who the top talent was in their markets. companies will keep skilled employees longer. and by providing learning opportunities. The challenges lay in identifying the best people. managers and product developers are critical in serviceoriented professions. A similar percentage admitted that they do not have a structured 39 . decrease training costs. 65% shared that they were unable to effectively recruit top talent. tactics. realities and attitudes necessary to win top talent. According to Gartner4. Here we present eight strategies.´ deliver long-term results. companies will reduce attrition and conserve their knowledge capital. and reduce or eliminate hiring cycles ‡ Improving Employee Satisfaction: By supporting employees in their personal career plans. attracting them and retaining their services.

What respondents share with pollsters about what motivates them as employees bears little resemblance to the harsh supply-and-demand reality: The strongest candidates command the highest compensation. sell prospective employees on your corporate culture.It's not as simple as throwing money at the problem. But generous and wide-ranging benefits. Encourage Supportive Management . you will need to allocate the necessary resources. Successful companies 40 . Complement Compensation . Consider the mounting demand for private bankers and wealth managers.approach to recruit for management positions. Of course. In addition to throwing money.In many lines of business or geographies. Treat Candidates as Customers . interact with them as if you are trying to close a sale. To protect your investment and avoid costly turnoverrelated disruption later. the Middle East and Asia. and how do you keep them on your side? Be Ready to Pay to Play . salary must keep pace with inflation. and raises are your primary weapon in the ongoing battle to retain your company's most vital talent. Barclays Wealth has developed a two-part program to keep pace: "The scheme is familiar with institutional investments and an ability to transition to wealth management.As a baseline. are increasingly useful in helping you keep the best people while encouraging their continued professional development. Because candidates increasingly hold the leverage. the competition for your talent does not end after they've signed on. First. it's best to think of winner-take-all salaries as investments. especially in Europe. companies can succeed with two approaches. All this despite a clear need for these abilities: 48% of these HR executives stated that half their management talent was hired from outside the firm. your growth strategy or another forward-thinking attribute. So how do you attract people who will succeed. corporate leaders need to throw their weight.Despite the common refrain that "it's not about the money. For excellence that will raise the bar within your organization. second. Since historical compensation scales and models have become obsolete. the balance of power has shifted. such as tuition assistance or specialized training. frequently re-evaluate and update your compensation structures." it's about the money.

but rather what you do with the talent you already have. 4. Companies who follow guidelines like these.4. concrete ways. effectively drawing on these and managing them to achieve your organization¶s goals. For lasting success. No human-resources-driven retention policy will accomplish anything unless it's pushed out to supervisors and managers who take action.8 TALENT MANAGEMENT MODELS The Talent Management Model In the high-stakes hunt for talent. It's not about the talent that you need. you can¶t simply rely on finding stars that will produce miracles for you. Second.1 41 .have leaders who invest in the success of their subordinates. First. better position themselves to compete in a marketplace with a pronounced talent shortage. but in recognizing the talents of the people you have. there aren¶t enough of them to go around. you have to honestly ask yourself. ³Just how many wonder workers can we really tolerate in our organization? And for how long will they be able to tolerate us?´ Excellent performance results do not depend upon the high talent you can snare. the best talent managers take ordinary people and get them to do extraordinary thing Fig. Managers must support their reports in real. however. These efforts require buy-in annual ".

Fig.2 42 . 4.

43 . as shown on the chart below.4 But for all of us that believe that business performance is driven by talent. this chart shows the huge leverage that superior Talent Management practices have. From a productivity standpoint to turnover impact.HR often complains that they are not perceived to be strategic and don¶t represent much of the overall budget of a company. HR and certainly talent management as a percentage of revenue is often below 1%. Fig. organizations with suboptimal talent management practices are doomed to mediocrity. 4. We have to acknowledge that indeed. it is at the center! More importantly.

Not MY WAY or YOUR WAY but a THIRD WAY. It allows your teams to develop third alternatives. Companies should first balance make-versus-buy decisions by using internal development programs to produce most-but not all--of the needed talent. Breakthrough requires a ³break´ with the old ways of thinking. Third. our way. Second. firms can reduce the risks in forecasting the demand for talent by sending smaller batches of candidates through more modularized training systems in much the same way manufacturers now employ components in just-in-time production lines. acceptance of the new paradigm. A new framework for talent management has to begin by being clear about the objectives. The goal of talent management is the much more general. 44 . But there is no breakthrough without a change in paradigm. filling in with outside hiring. companies can improve their returns on investment in development efforts by Every successful activity has involved a breakthrough. or any other tactical outcome. Nor is it about achieving specific benchmarks like a five percent turnover rate. Talent management is not an end in itself. It's time for a fundamentally new approach to talent management. We need a new way of thinking about the talent management challenge. It is not about developing employees or creating succession plans. It starts with your culture. having the most educated workforce. your leadership style.CHAPTER-6 CONCLUSION Failures in talent management are mainly due to the mismatch between the supplies and demand not due to the failure in the concept. You can¶t manufacture innovation but you can create the right conditions for it. but the most important task of TM is to help the organization to achieve its overall objectives.

Talent management as a long-term strategy. and this will undoubtedly take them away from their 45 . 3. Engagement and employment brand as dynamics that can create momentum in building an organic talent culture -Be opportunistic and go after the strong talent now available in the market. 4. but for what it will need tomorrow. 2.CHAPTER-7 RECOMMENDATION 1. Focus your talent strategy on your core. what makes your organization unique Start developing talent not for what your business needs today.Experienced people need opportunities to coach and mentor newer employees.

³Home work the new favourite´ by Priya C Nair Ascent Times of India.govt. Auckland.www. March 17¶2010.dol. 2002.CHAPTER-8 BIBLIOGRAPHY: Books ³Human resource management´ by V S P Rao y Articles ³Work anywhere´ by Mark Dixon Hindustan times. Corporate Leadership Council. www.com y ³Work-life survey report 2006´ Equal Employment Opportunities Trust EEO Trust.eeotrust. A quantitative analysis of the effectiveness of performance management strategies.org. 2006. Workplace Productivity Working Group (WPWG). March 16¶ 2010.nz/productivity y y y 46 .nz y ³The Workplace Productivity Challenge´ Summary of the report of the Workplace Productivity Working Group. ³Building the high-performance workforce¶.corporateleadershipcouncil. 2004 www.

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