Homework Title / No. : TERM PAPER Course Code: MGT-512

Course Instructor : MR. DEV DHAR SHETTY Course Tutor (if applicable) :

Date of Allotment : OCTOBER Date of submission : 10-12-2009

Student’s Roll No. B 35 Section No. : RS 1901

Declaration: I declare that this assignment is my individual work. I have not copied from any other student’s work or from any other source except where due acknowledgment is made explicitly in the text, nor has any part been written for me by another person.

Student’s Signature :

FARAZ ALAM

Evaluator’s comments: _____________________________________________________________________

Marks obtained : ___________ out of ______________________

Content of Homework should start from this page only:

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2009

FARAZ ALAM

LOVELY PROFESSIONAL UNIVERSITY

10/12/2009

TALENT MANAGEMENT

ON

(TALENT MANAGEMENT)

Submitted in the partial fulfillment of the Degree of masters of business administration

SUBMITTED BY:- GUIDED BY :-

Name : Faraz Alam Mr. Devdhar Shetty

Regd. No : 10906032

Roll no. : RS1901B35

SUBMITTED TO

Department of Management , Lovely Professional University Phagwara

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ACKNOWLEDGEMENT

I take this opportunity to present my votes of thanks to all those guidepost who really acted as lightening pillars to enlighten our way throughout this project that has led to successful and satisfactory completion of this study.

We are really grateful to our COD Mr.Devdhar Shetty for providing us with an opportunity to undertake this project in this university and providing us with all the facilities. We are highly thankful to our teacher for his active support, valuable time and advice, whole-hearted guidance, sincere cooperation and pains-taking involvement during the study and in completing the assignment of preparing the said project within the time stipulated.

Lastly, We are thankful to all those, particularly the various friends , who have been instrumental in creating proper, healthy and conductive environment and including new and fresh innovative ideas for us during the project, their help, it would have been extremely difficult for us to prepare the project in a time bound framework.

Name : Faraz Alam

Regd.No : 10906032

Roll No. : RS1901B35

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Talent management

Before going into the discussion on Talent Management, it would be apt to understand the word “Talent”. Talent in general term 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 “Keeping People Who Keep You in Business”, a talent is not rare and precious. Everyone has talent – too many to possibly name all. Talent is behavior; things we do more easily than the next person. We speak of “natural born talent” but those with a gift, knack, ability or flair for something can refine and develop that talent through experience. Talent, however, cannot be taught.

Coming to the word Talent Management in an Organisation, it refers to those special steps an organization adopts to recruit, develop and retain its pool of top talent. The steps adopted should normally be creative and should not project bureaucracy. Talent Management also denotes a deliberate approach taken up by an organization to attract, develop and retain people with the aptitude and abilities to meet not only the current requirements but also future organizational needs.

Talent management refers to the process of developing and integrating new workers, developing and retaining current workers, and attracting highly skilled workers to work for your company. Talent management in this context does not refer to the management of entertainers. The term Talent Management was coined by David Watkins. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as "the war for talent."

It is an accepted truth that turnover will happen and companies need to device a strategy to curb unprecedented turnover from affecting organisational success. Today, companies have become fiercely competitive when it comes to attracting and retaining talent. In today’s scenario about 75 per cent of the senior executives admit that employee retention is a major concern , the obvious reason being the ‘increasing rate of turnover’ . This dynamically changing and volatile demand-supply equation with such erratic attrition trends and cut throat competition has led organisations to focus on mechanisms pertaining to attracting and retaining talent.

In today’s talent-hungry market scenario, one of the greatest challenges that organizations are facing is to successfully attract, assess, train and retain talented employees. Talent Management encompasses in itself the entire process of Planning, Recruiting, Developing, Managing, and Compensating employees throughout the organization.

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Organizations have realized the need for talent management and are now focusing to develop and retain the existing talent in their organization rather than trying to acquire a new talent because the cost of identifying, developing and retaining the talent internally is more cost effective instead of replacing the talent which is lost from external market Despite intense competition being the key to market development and success, organisations have failed to identify some of the major reasons which highlight why ‘good performers’ leave . One major reason why people leave their organisation is because of the organisation’s failure to bring about a correlation between pay and performance. Human Resource experts in the industry believe matching the right blend of talent with the right job profile can lead to superior performance.

Now every business unit is making sure that they can respond and withstand the challenges of talent crisis by developing an effective talent management strategy like identifying the key talented people in the organization, cultivating and developing the skill of their present workforce and retaining highly talented employees by protecting them from competitors. Although the need for talent management is critical, many organizations flounder when it comes to effectively leveraging a state-of-the-art technology solution. The primary difficulty lies in sharply diminished business benefits when organizations fail to take advantage of talent solutions that integrate fully with the core human resources (HR) system of record and with each other. As a result, organizations often miss a decided competitive advantage when it comes to areas such as user adoption, the optimal use of technology and employee development, which is so critical in the talent shortage. Often this failure stems from poor strategic planning and—as statistics show.

An integrated approach is ideal for the forward-thinking organization expanding its talent management scope or for an organization exploring talent management for the first time. Real-time integration that optimizes all aspects of talent management can best be achieved with a solution from the same vendor that provides the core HR system.

History

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Talent management is a process that emerged in the 1990s and continues to be adopted, as more companies come to realize that their employees’ talents and skills drive their business success. Companies that have put into practice talent management have done so to solve an employee retention problem. The issue with many companies today is that many organizations put tremendous effort into attracting employees to their company, but spend little time into retaining and developing talent. A talent management system must be worked into the business strategy and implemented in daily processes throughout the company as a whole. It cannot be left solely to the human resources department to attract and retain employees, but rather must be practiced at all levels of the organization. The business strategy must include responsibilities for line managers to develop the skills of their immediate subordinates. Divisions within the company should be openly sharing information with other departments in order for employees to gain knowledge of the overall organizational objectives. Companies that focus on developing their talent integrate plans and processes to track and manage their employee talent, including the following:

Sourcing , attracting and recruiting qualified candidates with competitive backgrounds

Managing and defining competitive salaries

Training and development opportunities

Performance management processes

Retention programs

Promotion and transitioning

Talent management is also known as HCM (Human Capital Management), HRIS (HR Information Systems) or HRMS (HR Management Systems), and HR Modules.

Human capital management

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Companies that engage in talent management (Human Capital Management) are strategic and deliberate in how they source, attract, select, train, develop, retain, promote, and move employees through the organization. Research done on the value of such systems implemented within companies consistently uncovers benefits in these critical economic areas: revenue, customer satisfaction, quality, productivity, cost, cycle time, and market capitalization. The mindset of this more personal human resources approach seeks not only to hire the most qualified and valuable employees but also to put a strong emphasis on retention. Since the initial hiring process is so expensive to a company, it is important to place the individual in a position where his skills are being extensively utilized.

The term talent management means different things to different organizations. To some it is about the management of high-worth individuals or "the talented" whilst to others it is about how talent is managed generally - i.e. on the assumption that all people have talent which should be identified and liberated. From a talent management standpoint, employee evaluations concern two major areas of measurement: performance and potential. Current employee performance within a specific job has always been a standard evaluation measurement tool of the profitability of an employee. However, talent management also seeks to focus on an employee’s potential, meaning an employee’s future performance, if given the proper development of skills.

The major aspects of talent management practiced within an organization must consistently include:

Performance management.

Leadership development

Workforce planning/identifying talent gaps

Recruiting

This term of talent management is usually associated with competency-based human resource management practices. Talent management decisions are often driven by a set of organizational core competencies as well as position-specific competencies. The competency set may include knowledge, skills, experience, and personal traits (demonstrated through defined behaviors). Older competency models might also contain attributes that rarely predict success (e.g. education, tenure, and diversity factors that are illegal to consider in relation to job performance in many

countries, and unethical within organizations).

Marketplace of talent managementPage | 8

A talent marketplace is an employee training and development strategy that is set in place within an organization. It is found to be most beneficial for companies where the most productive employees can pick and choose the projects and assignments that are most ideal for the specific employee. An ideal setting is where productivity is employee centric and tasks are described as “judgment-based work,” for example, in a law firm. The point of activating a talent marketplace within a department is to harness and link individuals’ particular skills (project management or extensive knowledge in a particular field) with the task at hand. Examples of companies that implement the talent marketplace strategy are American Express and IBM.

Application of talent management

In current economic conditions, many companies have felt the need to cut expenses. This should be the ideal environment to execute a talent management system as a means of optimizing the performance of each employee and the organization. However, within many companies the concept of human capital management has just begun to develop. “In fact, only 5 percent of organizations say they have a clear talent management strategy and operational programs in place today.

Aligning your leadership and workforce with strategic business objectives is critical for competition in the global marketplace. A strategic approach to talent management requires companies to put in place the incentives and compensation to quickly attract top talent, the training and coaching to develop a productive workforce, and the mechanisms to efficiently deal with turnover and succession. Real-time insight into the precise nature and status of your existing workforce and the needs for near-term and long-term hiring is also paramount. Without real-time data, your talent management decisions will either be based on guesswork, or be delayed until IT can pull together and analyze the appropriate information. For many leading companies, the key to managing their workforce effectively and strategically is the talent management software solution from Authoria. Authorial has developed software for talent management.

Software for managing talent

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Talent management software integrates the solutions you need to attract, retain and develop a nimble and productive workforce. This automates the management of recruitment, performance evaluation, compensation, succession planning and benefits communication, and helps you to better align your workforce with organizational needs and objectives. Dashboards customized to the needs of managers and decision-makers throughout the organization enable you to better predict market trends and respond with the appropriate talent decisions. Access to a central repository of actionable intelligence provides management with the information to make timely and strategic hiring decisions. And comprehensive reporting and analytic tools allow managers to make more informed decisions, improving efficiency, consistency and compliance throughout the organization.

The advantages of an integrated approach to management of organizational talent

Talent management provides many advantages for an organization seeking to improve competitiveness through more strategically managed workforce:

Identify top performers — It helps you analyze and understand the characteristics of your top-performing employees, so you can more easily find and attract similar talent.

Improve decision-making — by accessing real-time insight into the skill sets of existing talent, the status of available talent and the current and future needs of the organization, you can make more effective hiring decisions.

Increase efficiency — by streamlining management tasks and pooling data on people, profiles and positions within a single database.

Enhance performance — support the strategic objectives of the organization by aligning the skills and assignments of your workforce with the needs of your company.

Managing talent is not something that a company falls into - it's a deliberate undertaking that can be advantageous to the company and each of the individuals within the organization. To begin the process, Human Resources must strategically analyze the current process and integrate the following:

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Recruitment - presenting the company so that the right people will be attracted and desire employment.

Retention - initial a reward and support program for existing employees.

Employee Development - constant learning and development.

Leadership Development - development programs for employees with high potential.

Performance Management System - feedback and measurements that nurture and support employee performance.

Workforce Planning - keeping up with changing workforce; include older workforce and plan for future skills shortages.

Business Culture - presenting a positive way of performing.

Companies can benefit from developing and retaining the workforce they have and individuals can benefit from a company that encourages and develops them to meet their aspirations. A Performance Management System is vital to achieving the goals of both the company and the individuals. The specific needs are different for each company but the common elements include -

Employee Development - focus on personal development and plans for formal and informal training.

Salary Review - compensation can be linked to performance and review should be in the process.

Personal Performance - related to tasks, responsibilities that can all be linked to compensation review.

Business Performance - Individuals/Teams - track business goals as related to groups and teams within an organization.

Organizations can save hundreds of thousands of dollars by not only retaining the talent that are already working for the company, but increasing performance of the same individuals by working with them and initiating a performance management system. If the employee feels valued and on a career path where they will personally benefit - production tends to increase and the employee is far less likely to seek employment elsewhere.

Initiating a talent management plan can also be used to attract the types of employees that you want to join your organization. This process will enable you to learn what types of people work best in the organization; where improvements can be made and how to make adjustments as business and culture change. Performance Management System and Talent Management plan can work hand in hand to improve the overall environment of the organization.

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Hiring and retaining talent has become more difficult. Talent management is a necessary resource. Worksites offers competency models and workshops on building a competency model. Develop and retain your best talent.

Financial Value of the Talent Management

Variables (leadership competencies, experience, skill, interest, rewards) that motivate people to succeed have been identified and successfully put into practice. Talent management is no longer a cutting-edge field being solely tapped by pioneers. It is a viable path toward improving organizational performance. Contents

Increase Revenue Companies that want to grow and improve their systems and processes must focus on the people practices that allow or foster that growth and improvement. The best practices are known to be -

Increase Revenue

Customer Satisfaction

Improve Quality

Increase Productivity

Reduce Cost

Reduce Cycle Time

Increase Return to Shareholders & Market Capitalization

Integrated, strategically aligned human capital asset management systems have provided significant economic benefits to companies that have embraced them as ongoing processes instead of one-time events. Research done on the value of such systems to companies consistently finds benefits in these seven critical economic areas: revenue, customer satisfaction, quality, productivity, cost, cycle time, and market capitalization.  This clearly shows that adopting and investing in best-practice talent management systems results in bottom-line improvement in each of these key areas.

Increase Revenue

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It was initially thought that companies that make more money were associated with better talent management practices only because they could afford them (.19 correlation), but the 2001 Watson Wyatt Human Capital Index Study showed that talent management practices actually increase financial performance (.41 correlation). 

According to Watson Wyatt’s research 15% of profit performance is driven by:

Management participation

Open management style

Taking some risks, but not too many

Top managers spending 20% of time with customers

Around 20% of top management should be outsiders

Management training is deemed important

Top managers are effectively incentivized

Succession planning is done

A good appraisal system is in place

Employees get feedback

In addition to supporting Becker and Huselid’s 1998 results, the 2001 Watson Wyatt Human Capital Index study showed precisely which HR practices have an impact on the bottom line.  49 specific HR practices across 6 dimensions played the greatest role in creating shareholder value. The research quantified exactly how much an improvement in each practice could be expected to increase a company’s market value. For example, a company that makes a significant improvement (one standard deviation) in all of the practices categorized under “Total Rewards and Accountability” should see its value improve by 16.5 percent, and a significant improvement in 43 key HR practices is associated with an increase of 47 percent in market value.  Results included: 

16.5% impact on company market value from total rewards and accountability

9% impact from a collegial, flexible workplace

7.9% impact from recruiting and retention excellence

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7.1% impact from the integrity of communications

6.5% impact from the implementation of focused HR service technologies

33.9% loss from non-prudent use of resources

Careful inspection of all the data shows that for every available correlation calculated over time, the relationship between past HR practices and future financial performance is stronger than the relationship between past financial outcomes and future HR practices.  This is the first study to show that HR practices actually increase financial performance (.41 correlation) instead of inferring that companies that make more money can afford better HR practices (.19 correlation).

Given companies of comparable size, those who’s CEOs exhibited more emotional intelligence competencies showed better financial results as measured by both profit and growth.

The divisions of leaders with a critical mass of strengths in emotional intelligence competencies outperformed revenue targets by a margin of 15-20 percent.

Customer Satisfaction

Knowing and using the critical competencies associated with success creates results. 

The 1998 Watson Wyatt study, Competencies and the Competitive Edge, showed that when an organization identifies and communicates the core competencies that it needs to be successful in the present and the future, it has developed a powerful tool to help meet its goals. Competencies define and communicate an organization’s strategy and help employees to understand that strategy and achieve its goals. The many roles that competencies can play in an organization include:

Articulating what the organization values

Providing a common language for employees and managers to describe value creation

Establishing a new paradigm for human capital management programs (organizational levers)

Focusing on the development of the individual instead of an organizational structure

Linking pay, promotions and growth directly to what the organization values to be successful

Guiding employees and managers to what is expected and how value is defined even in times of dramatic change and restructuring

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Competencies serve as a powerful communication vehicle to focus all members of the organization on the skills and activities that will create both value and wealth.  Competency-based programs can make a difference to the bottom line. Analysis of the financial data clearly shows that companies with competency- based programs perform better in the marketplace. Such programs help focus the organization and all the individuals in it on what they can do to add value to the organization.

Contributions are role-related rather than position-related. Adopting this view of contribution to value will help organizations think differently about their human resource and development programs. Organizations can focus on competencies needed for the future and identify the roles that employees do and must play.

Programs that build employee commitment can bring great returns. Data from this and other Watson Wyatt studies clearly demonstrate that both individual and organizational performance increase when employees are committed to their companies. Ensuring that organizational levers that build employee commitment are in place and working will affect the bottom line.  This was most notable when the competencies focused on attributes and behaviors that promoted customer satisfaction.

Training is important, but it is no substitute for good management. A large majority of the organizations participating in Watson Wyatt’s study identified training and development as the driver of future corporate success. The high-performing companies identified it slightly more often than the others.

Putting people first by adopting high performance management practices translates into improved morale, more innovation, better customer service, higher productivity, greater cost reduction, greater flexibility, and increased skills development.

Improve Quality

Motor vehicle manufacturing firms implementing flexible production processes and associated practices for managing people enjoyed 47 percent better quality and 43 percent better productivity than firms relying on traditional mass-production approaches, according to a worldwide study by Wharton School's John Paul MacDuffie. 

Overall financial performance improved 3.8% per year for ten years when companies stayed with traditional talent management practices, 6.8% when they realized they needed to re-design their talent management practices, and 10.1% when they launched a completely new talent management system

Increase Productivity

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Initial research on 740 companies’ HR practices found that those using high performance work systems (HPWS are defined as integrated talent management practices) had economically and statistically significantly higher levels of company performance.  One standard deviation of improvement on their bell curve of integrated talent management systems was associated with changes in market value from Rs 7,50,000 to Rs 30,00,000 per employee. 

Employee productivity was calculated as the logarithm of net sales per employee using gross rate of return on assets (GRATE), which is less sensitive to depreciation and other non-cash transactions, and Tobin’s q, a future-oriented and risk-adjusted capital-market measure of performance that reflects both current and anticipated profitability and often mirrors the price that the market will pay for intangible assets (goodwill).

Further research that included three US surveys and the experience of more than 2,400 companies continued to show significant impact of systems that select, maintain, develop, and reinforce employee performance on both market-based and accounting-based measures of company performance (while statistically controlling for R&D investment, industry market changes, capital improvements, sales growth trends, etc.).  Moving from the 60th percentile of integrated HPWS to the 80th

percentile improved market valuation by $20,000 per employee.  This reflects both operational excellence and alignment with the company’s strategy.  When the elements are present, but not aligned with the company strategy there is a 27% drop off in measured gains.

Gallup Management Journal reported the following in 2001:

19% of all employees are actively disengaged from their jobs

55% of all employees are not engaged in their jobs and

26% of all employees are engaged in their jobs

at a cost of $292-355 Billion per year to the US economy.

Great people management equals great shareholder value: European companies with the best human capital management deliver around twice as much shareholder value as their average competitors.

Reduce Cost

ASTD and SHRM studied companies that are renowned for their ability to retain top talent (Linbeck, Kennedy& Rossi, Zachary, Dow Chemical, Edward Jones, Great Plains, Sears, and Southwest Airlines).  One key finding was that all of these companies implemented competency-based position profiles so that employees understood the skills and abilities required to move into leadership positions.

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You must also avoid wasting your money on bad human capital investments:

The 2001 Watson Wyatt Human Capital Index study showed precisely which HR practices have an impact on the bottom line.  49 specific HR practices across 6 dimensions played the greatest role in creating shareholder value. Additionally, one dimension, "Prudent Use of Resources" identifies six practices that diminish shareholder value (e.g. training that is not connected to the business objectives and not evaluated for ROI).

A new book shows how Microsoft, Intel, Nokia, Starbucks, Singapore Airlines and 20 other world-class organizations are luring and holding high-quality employees. One senior executive said, "Microsoft has a market capitalization of $450 billion, the largest in the world. If you add up every desk and chair, every computer, every building, every piece of land, everything we own, including the $17 billion or so we have in the bank, it comes to about $30 billion. If you then add in things like goodwill and other financial assets, maybe you'll come up with another $70 billion, if you really struggle. But that means that there is $350 billion more that people have given us credit for that is not there. What is it? Well, it's the stuff in smart people's heads.“ With that knowledge Microsoft has built and maintains a human capital management system very similar to Mundo Strategies’ system to prevent employees from wanting to leave the company even as the stock took a beating in the past few years.

Supervisors who received training in how to listen better and resolve employee problems found that lost-time accidents were cut by 50 percent, formal grievances were reduced from 15 to 3 per year, and productivity goals were exceeded.  

Retention is one of the more obvious areas that effective talent management practices can affect.  What attracts and retains high performers?

79% stay because of opportunities for advancement

69% stay because their job is redesigned

65% stay because they are learning new skills in their current job.

Why do high performers resign?

56% leave because they are dissatisfied with company management

56% leave due to inadequate opportunity for promotion

50% leave due to dissatisfaction with pay

Reduce Cycle Time

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There is very little research into the impact of talent management practices on company cycle time.  One classic work on cycle time showed that steel mini-mills using a high-commitment approach to management required 34 percent fewer labour hours to make a ton of steel and had a 64 percent better scrap rate than mini-mills using a command and control approach.

Increase Return to Shareholders & Market Capitalization

The five highest return to shareholders from 1972-1992 (Southwest Airlines Co. 21,775%, Wal-Mart Stores, Inc. 19,897%, Tyson Foods, Inc. 18,118%, Circuit City Stores, Inc. 16,410%, and Plenum Publishing 15,689%) differentiated themselves from their competitors and the market only through the way they managed their people during the infancy of talent management.

Whereas at the start of the 1990s studying its earnings and fixed assets and adding a token amount for goodwill invariably gauged a company’s stock market valuation, by the end of the decade a seismic shift had taken place.  When accountants Ernst & Young came to look at the issue, they found that the largest slice of most companies' market capitalization was held in intangibles - primarily, the talent, knowledge and teamwork of its staff. In high-tech companies like Nokia, the percentage was as high as 95 per cent; but even 'old economy' stalwarts like BP, despite its huge investments in oil platforms and exploration equipment, notched up a significant 74 per cent.

The upshot was that even companies operating in the same sector with similar earnings could experience widely differing stock valuations. Those ignoring the new emphasis on 'intangibles' invariably found themselves penalized by the markets.

Watson Wyatt also reported that a 26% increase in market value in 2000 was driven by common talent management best practices:

Use of knowledge and contract workers

Recruiting excellence

Consistent pan-European HR practices

Good union-management relations

Lack of hierarchy, clear leadership

Teamwork and 360° feedback

Customer-focused environment

Remuneration

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Sharing information with employees

The difference between a non-strategic HR system and one that has removed the barriers to performance is dramatic.   Improving the relative sophistication of the HR system by adopting best practices does not provide measurable value (20%-60% adoption of a strategic HR system).  Integrating the strategic elements of HR into the broader fabric of the organization provides a significant improvement in shareholder value (60%-80%).

When HR systems have adopted best practices and aligned those systems with business priorities and initiatives they return the greatest shareholder value (80%-100%).

The five-year survival rates of initial public offering showed that firms whose talent management practices scored in the top one-sixth of IPO firms had a 33 percent higher probability of surviving than those in the lowest one-sixth. Firms in the upper one-sixth in providing financial rewards to all employees, not just managers, had almost twice as much chance of surviving for five years, according to research by Theresa Welbourne of Cornell and Alice Andrews of Vanderbilt.

Conclusion

Companies that want to grow and improve their systems and processes must focus on the people practices that allow or foster that growth and improvement.  The best practices are known.  The key variables (leadership competencies, experience, skill, interest, rewards) that motivate people to succeed have been identified and successfully put into practice.  Talent management is no longer a cutting-edge field

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being solely tapped by pioneers.  It is a viable path toward improving organizational performance.  Organizations that don’t want to be left behind must identify, adopt, and invest in talent management.  The alternatives are not very attractive.

Identifying and developing talent in a complex environment requires talent managers to take a singular approach. There is no one size to fit all organizations and across all time frames. While there are some common principles of good practice , peoples’s understanding of talent and how they manage it will be tightly defined to their particular organization and its business strategy.

References

Abstract 1

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Most large companies talk about talent management but few have effectively defined and executed a fully integrated plan. There are many benefits of taking on the complicated multi-layered project of creating an integrated talent management structure .

Ramesh C. Manghirmalani

  Thu, Jun 26, 2008 09:28:56 IST

URL :- http://www.merinews.com/article/talent-management/136416.shtml

Abstract 2

Talent management

IT TAKES Talent to spot Talent! A tone deaf will never be able to appreciate the music of maestros. Only a seasoned jeweller would know that all that glitters is not real! And, only those who can recognise the worth of a diamond can value it, for others it's just a stone! Talent is doing easily what others find difficult.

SALMA ALIAKBAR

URL :- http://www.hinduonnet.com/jobs/0407/2004072800100100.htm

Abstract 3

Dec 07, 2009 – Following fairly severe economic slowdown across global economies, cost reduction efforts naturally took centre stage as organisations sought to maintain profitability and remain competitive.

A shift is underway, however, because organisational reactions to the downturn have had major unintended consequences for the relationship between organisations and

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their employees from both a brand and talent management perspective.

It’s important to recognise that the decisions you make in regards to talent management this year have far reaching consequences, often setting the tone for the relationship with potential employees for years to come. Basically, the only thing more worrisome than the prospect of too much change is too little change, especially in a downturn where many competitors are chasing too few customers and dollars .

URL:- http://www.24-7pressrelease.com/press-release/retention-and-talent-management-following-a-downturn-127905.php

Abstract 4

By Mitch Betts

November 16, 2009 06:00 AM ET

Surveys show that "talent management" -- the process of attracting, developing and retaining highly skilled workers -- will be one of the top priorities for human resources managers in 2010, yet only 20% of HR managers say they do a very good job of it.

URL:-

http://www.computerworld.com/s/article/345163/Talent_Management_Yields_Dramatic_ROI

Abstract 5

Money alone cannot buy job satisfaction

Martin Dewhurst, Matthew Guthridge and Elizabeth Mohr

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Last Updated: December 08. 2009 7:12PM UAE / December 8. 2009 3:12PM GMT

URL:-

http://www.thenational.ae/apps/pbcs.dll/article?AID=/20091208/BUSINESS/712089944/1137

Abstract 6

Talent management: driver for organizational success

HR Magazine, June, 2006 by Nancy R. Lockwood

In today's global economy, companies must continually invest in human capital. In the role of business partner, HR leaders work closely with senior management to attract, hire, develop and retain talent. Yet the skills shortage presents both socio-economic and cultural challenges as talent crosses borders. Thus, in view of workforce trends such as shifting demographics, global supply chains, the aging workforce and increasing global mobility, forward-looking organizations must rethink their approach to talent management to best harness talent. By doing so, they will be positively positioned to succeed in a highly competitive marketplace. In addition, organizational culture, employee engagement and leadership development have a significant impact on talent retention. Taking these factors into consideration, an integrated approach to talent management offers a pathway toward sustaining outstanding business results.

URL:- http://findarticles.com/p/articles/mi_m3495/is_6_51/ai_n26909340/

Abstract 7

Talent Management: Strategies and Challenges

The vivacious nature of global business is putting an ever-increasing pressure on companies to be constantly on the lookout for incomparable talent in a market where demand far exceeds supply. Given the current focus on the linkage between talent

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and an organisation's business challenges and strategies, effective strategy execution requires sufficient numbers of the right people with the right skills and knowledge, in the right roles. Pressing business necessities, such as increasing turnover as the economy improves, globalisation of markets and labour forces, aggressive competition and heightened corporate oversight, have intensified the need to acquire, develop, deploy, motivate and  retain key talent. Getting the right people with the right skills into the right jobs, a common definition of talent management is the basic people management challenge in organizations. While the focus of talent management tends to be on management and executive positions, the issues apply to all jobs that are hard to fill. This has made talent management one of the most pressing issues facing senior business executives.

By - Dr. Vidyeswari V Jitha G. NairLecturer (HR)SCMS, Cochin 

Abstract 8

Talent Management Made Simple

So you're trying to wind your way through the tangled web of Talent Management? Your Uncle Paul is here to help you. As a Talent Management Consultant, I've seen and heard a lot of things. The best ones are highlighted here, for your reading pleasure!

January 23, 2009

URL:- http://talent-management.jp3.com/

Abstract 9

Talent management: driver for organizational success.

Publication: HR MagazinePublication Date: 01-JUN-06

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In today's global economy, companies must continually invest in human capital. In the role of business partner, HR leaders work closely with senior management to attract, hire, develop and retain talent. Yet the skills shortage presents both socio-economic and cultural challenges as talent crosses borders. Thus, in view of workforce trends such as shifting demographics, global supply chains, the aging workforce and increasing global mobility, forward-looking organizations must rethink their approach to talent management to best harness talent. By doing so, they will be positively positioned to succeed in a highly competitive marketplace. In addition, organizational culture, employee engagement and leadership development have a significant impact on talent retention. Taking these factors into consideration, an integrated approach to talent management offers a pathway toward sustaining outstanding business results.

Abstract 10

Managing talent in a downturn

Liz Grime, Renie den Herder. Training and Development in Australia. Surry Hills: Aug 2009. Vol. 36, Iss. 4; pg. 6, 2 pgs

Abstract (Summary)The payoff from this change in focus is reflected, not just in a significant boost in employee competencies, but also in greater employee engagement. This feeds into the culture of the organisation, and leads to commitment to the organisation's performance that is freely given rather than a forced show of commitment. Richard Goyder of Wesfarmers says: "You don't get growth simply by demanding it; you get it by creating a culture where employees want to see growth happen, and see their part in it".

In addition, leaders need to provide clarity to employees about the organisation's strategic direction. And they need to address employees' fundamental concerns, as well as being willing to "share the pain" with employees. Beyond this, they need to find that point of balance where they provide positive leadership and yet they are willing to listen to employees.

Liz Grime is a member of Hay Group's consulting team in Sydney. She holds a Masters in Organisational Psychology from UNSW and a first class Bachelor of Arts (Hons. Psychology) from the University of Manchester, U.K. She possesses expertise in the impact of organisational factors on human behaviour. Her current consulting work covers leadership development, performance management, team effectiveness and coaching.

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Renie den Herder is a member of Hay Group's consulting team in Sydney. Her experience with Hay Group was gained in The Netherlands and Australia. She holds a Masters in Organisational Psychology from Utrecht University, The Netherlands. She has particular expertise in developing and facilitating (custom-made) training and development programs, for the development of management, HR professionals and employees.

Abstract 11

Talent Management Continues to Go High TechAnonymous. HR Focus. New York: Oct 2009. Vol. 86, Iss. 10; pg. 8, 2 pgs

Abstract (Summary)

As the economy continues to move toward recovery, talent management remains a key initiative. Many employers are planning to replace their manual talent management processes with automated ones that integrate compensation, recruiting, performance management, learning management, career development, and succession planning, according to a survey by Watson Wyatt. The survey also found that 37% of companies have made talent management a higher priority as a result of the economic crisis, while only 15% of employers have made it a lower priority.

Abstract 12

Talent managementSarah Cook, Steve Macaulay. Training Journal. Ely: Sep 2009. pg. 44, 5 pgs

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Abstract (Summary)

Tim Richardson, head of leadership development and talent management, said in a podcast in 2007: "We've got an active pipeline management going on, so we're looking at them and tracking them through their career from a manager, through to senior manager, director and partner

Abstract 13

Success through succession at Hudson's Bay Company; Talent-management system proves its worth in a takeoverAnonymous. Human Resource Management International Digest. Bradford: 2009. Vol. 17, Iss. 5; pg. 6

Abstract (Summary)

This paper aims to highlight the success of the Hudson's Bay Company (HBC) talent-management and succession strategies. It describes the origins of the talent-management and succession strategies and the advantages they brought during a hostile takeover. It reveals that the top team selected to report directly to the new HBC was made up completely of internal HBC executives, that internal promotions to supervisory roles rose by 40 percent in the first year after the takeover, and that the downward trend in staff turnover continued. The paper highlights the importance to the company of having leadership profiles and regular talent-review sessions, and using them to ensure individualized development plans and support. It demonstrates how to engage top talent through a sound talent-management and succession strategy.

Abstract 14

Talent Management Takes On New Urgency

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Bill Leisy, Dina Pyron. Compensation and Benefits Review. Saranac Lake: Jul/Aug 2009. Vol. 41, Iss. 4; pg. 58

Abstract (Summary)

Talent management has a direct and quantifiable connection to overall business risk management, business improvement and cost management. In fact, there are serious potential pitfalls in not having the right people with the right skills in the right jobs at the right time. An amalgam of forces is bringing talent management to the forefront of today's human resource risk concerns--forces that include the ongoing crisis in financial and economic markets, changing business strategies, ups and downs in recruitment as well as retention and an aging workforce. But perhaps the most powerful force at play is globalization. With many organizations now viewing the entire world, not just a single country or region, as the milieu in which they conduct business, managing talent optimally is an increasingly complex and critical goal. The most basic talent management programs focus almost entirely on filling open positions with qualified individuals. But at the other end of the continuum, and far more likely to contribute to an organization's success, is a fully integrated approach that addresses all segments of the talent management life cycle--recruitment, development, retention and transition--and aligns each segment with the organization's vision, mission and values. Also, any organization that maintains a global presence needs to maintain a truly global perspective, striving for consistent implementation of an integrated talent management program throughout the world.

Abstract 15

A Supply Chain Model for Talent Management

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Peter Cappelli. People and Strategy. New York: 2009. Vol. 32, Iss. 3; pg. 4, 4 pgs

Abstract (Summary)

Talent management is the process through which employers anticipate and meet their needs for human capital. Getting the right people with the right skills into the right jobs -- a common definition of talent management -- is the basic people-management challenge in any organization. Failures in talent management may be more recognizable than the concept itself. Helping the organization achieve its goals begins with recognizing that the most important problem faced by virtually all employers is uncertainty. This results in a need for a more rapid response to changes in competitive environments. The risk-management problem facing talent management is analogous to problems already analyzed in the field of operations research. The most important approach to developing employees increases the value of employee contributions by speeding the process that gets them to jobs that add greater value to the organization. Career decisions used to be the most important task performed by the executives and managers in charge of talent management.

Abstract 16

Talent Management: Quantifying Risks and Returns

Richard Arvey. People and Strategy. New York: 2009. Vol. 32, Iss. 3; pg. 15, 1 pgs

Abstract (Summary)

Peter Cappelli makes several observations and remarks that are quite insightful. He argues that there is a new way to think about talent management, and he particularly discusses the role of risk in viewing possible mismatches between the talent needed in an organization and the talent available to meet the organization's needs. Cappelli suggests using multiple choices and strategies (a mix and match perspective). The technique is fairly straightforward where what is needed is quantitative data on the variance, the returns and the covariances or correlations between different assets with regard to their returns.

Abstract 17

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Creating an Innovative Talent PoolDenis Fred Simon, Cong Cao. The China Business Review. Washington: Nov/Dec 2009. Vol. 36, Iss. 6; pg. 34, 5 pgs

Abstract (Summary)

Intense international competition and an increased emphasis on innovation as the key to economic and technological leadership has made talent a primary differentiator for countries and companies alike. This helps to explain why over the last decade so much attention has been focused on the training, cultivation, and retention of critical talent around the world. Millions of Chinese students have received degrees in science, engineering, and management since 1999, when undergraduate and graduate enrollments expanded significantly. Government officials have tried to upgrade the existing Chinese science and technology (S&T) workforce and improve research and development performance by dispatching many talented individuals overseas for advanced education and research experience to expose them to top international standards of science and technological know-how. Despite high demand for S&T talent, close to one-third of Chinese college graduates over the last three years have been unable to find satisfactory employment.

Abstract 18

The fall and rise of talent managementGuy Sheppard. Personnel Today. Sutton: Oct 27, 2009. pg. 10, 2 pgs

Abstract (Summary)

Nurturing talent is a long-term, often resource-hungry exercise that may be difficult to justify during a recession. Over the past three years, the proportion of employers undertaking talent management activities has fallen from about half to just over one-third, according to research carried out for the Chartered Institute of Personnel and Development (CIPD). It concludes that cost is creating a barrier to their use. However, one trend that emerged in the CIPD research suggests that effective use of talent management is being made in response to the recession. Philip Clarke co-owner and director of HR consultancy Independent, is optimistic that the importance of talent management is recovering, partly because the recession has resulted in a marked shift away from big salaries to secure talent. Clarke argues that the starting point for the long-term nurturing of talent must be to question the organization's vision and values. Once you understand that, you can start to build a long-term talent strategy.

Abstract 19

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Talent Management at Homeland Security: A Corporate Model Suggests a Recipe for SuccessThomas D Cairns. Employment Relations Today. Hoboken: Fall 2009. Vol. 36, Iss. 3; pg. 19

Abstract (Summary)

The downturn in the US economy and rising unemployment have not slowed the talent wars. Instead, the talent wars have escalated, as the need to hire, promote, and retain talent increases and the supply of talented people decreases. This article reviews the essential elements of General Electric's effective talent-management process and compares them with those of a federal government agency. The purpose of this exercise is to highlight the key factors of success and determine how they can be transferred to obtain successful outcomes in other organizations. Talent management encompasses a broad range of HR practice areas -- recruiting and staffing, performance management, succession planning, professional development, diversity, and culture. The authors examine the elements of Senior Executive Service's talent management using criteria from the third largest federal agency, the US Department of Homeland Security. The culture of the federal government varies widely by agency.

Abstract 20

BRINGING TALENT INTO FOCUSJennifer J Salopek, Paul Harris, Paula Ketter, Michael Laff, et al. T + D. Alexandria: Oct 2009. Vol. 63, Iss. 10; pg. 40, 3 pgs

Abstract (Summary)

After a period of phenomenal growth more than doubled the company's employees and increased its retail locations five-fold, the need for internal leadership candidates became dire. The pipeline was dry, says Mary Pater, director of talent management and learning strategy at Luxottica Retail. The known talent pool was down to about 30 people when the training and development organization became involved. Now directed by performance and potential, the training and development team targets a pool of 5% to 10% of associate's with highly focused career development plans, cross-functional training sessions, simulations and action learning, mentoring, coaching, and follow-up in a seven-week "Leadership Challenge" program that enjoys exceptional executive involvement and support. The training and development organization employs 60 professionals who are mostly field-based. By leveraging Web-based delivery and reusable learning objects, time to deploy the new initiative was cut from the five to nine months per module to eight months for the entire program of 12 basic and five intermediate modules.

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Web-Addresses -

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THANK YOU.....!

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