Talent Management -Current Trends
Posted on 8th May 2017
Talent Management has been a buzz word for all corporates as all feel talent gaps lead to organizations not being able to meet the goals. This is reflected in a lot of surveys that have been carried out by various organizations, for CEOs this has been the biggest concern and still organizations are trying to find the best way to deal with it. To solve this huge concern first we need to understand how can TM solve the business requirement of an organization.
TM is a process that helps organization be ready for meeting the business requirement and increase the efficiency of an organization reducing the flux that exits in an organization. TM practices needs to be aligned to organization goals and has to be specific to the organizations need and will be different for every organization and depends on the state of the organization.
An organization with growth projections will have a different Talent requirement than the organization which is struggling to meet its financial goals and will be different to organization which are in businesses which are in industries which are undergoing recessions or consolidation.
We have seen the telecom industry go through the consolidation in the last three- four years, the BPM industry has been through it earlier and now we the IT services organizations going through it.
With the changes in regime in the US and the changes that are being bought about in US the Software services will now have to start looking at a very different strategy around talent keeping in mind the availability of talent and the financial impact the change is going to bring to the organizations.
Indian MNCs have already started preparing for the future but have limited options and the talent management teams are burning midnight oil to deal with the strategic shift.
Gone are the days when HR was the sole custodian of talent in the organization, now it is imperative that line managers take responsibility of not only managing talent but also ensuring that they are future talent ready.
Now owning the P & L also brings talent management as an added responsibility to the business owners and to ensure that these line managers are successful it becomes important for Talent management specialist to be able to partner with the line managers for success of business.
With this the responsibility of talent managers shifts to consulting and are they ready to fulfill the responsibilities is becoming a big concern.
The mindset of talent managers need to go through drastic change as they are used to be owning the talent management process and now they are becoming consultants to ensure that the line managers become successful.
With the pressure on cost most CEOs are trying to Identify the right approach to making HR a leaner business enabler rather than a heavily staffed support function moving into specialization within HR will help HR folks contribute to the success of organization. Organizations are becoming transnational organization to ensure the capability of talent building stays closer to regions and the decision with respect to talent is faster.
Linking the talent management process to the business goals is the first step to designing a robust and sustainable TM strategy, coupling it with an excellent succession planning management creates wonders to the talent program. Organization who combine this with the development plan generally have lesser issue in the talent requirement for the future.
Talent management is going to be the core activity of HR function and will continue to play a pivotal role in the success of the HR function and the organization in the times to come. It is very critical today and will even be more relevant in the next few years as the talent war thickens. HR professionals who are professionally qualified in Talent Management will be more successful and well prepared to meet the future requirement that business owners will have with their HR business partners.