«Published Annually Vol. 6, No. 1 ISBN 978-0-979-7593-3-8 CONFERENCE PROCEEDINGS Sawyer School of Business, Suffolk University, Boston, Massachusetts ...»
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Available at: http://www1.worldbank.org/finance/assets/images/ Capacity development is a process of change and it is about managing transformations. People's capacities and institutional capacity and a society’s capacity change over time. It takes place at three different levels i.e. the individual level, the organizational level and the societal level. These three levels are interlinked and interdependent. An investment in capacity development must design and account for impact at these multiple levels. However my research basically focuses on the Talent Management aspect. As if we focus on the individual level then automatically it will lead to the organizational capacity development and in turn it will also lead to societal development.
The changing trends have clearly indicated that the transformation of management from regular routine recruitment process to focus towards intangible capital management. In knowledge oriented society human capital is a strategic resource in attainment of competitive advantage. Talent Management is striking for numerous reasons as it is the best remedy to achieve the entire organizational goal with few employees who are the key players and best performers.
The following points are majorly considered in Talent Management like the strategy of recruitment and retention, compensation and assessment review. Generally, Talent Management is handled by HR Department. But now top level management is fully participating in Talent Management. The primary thing of Talent Management is to attract and retain qualified persons in a company to attain full potential.
Engagement and motivation is the key to Talent Management and in motivating the employees, one important factor is preferred job characteristics between gender and among different age groups. As an illustration, it is generally noticed that “Equity at workplace” is in priority list of females, however “high standards” is of greater importance amongst males.
Talent management is basically constituent of five elements such as attracting, selecting, engaging, developing and retaining employees and it is generally concerned with identifying the talent gaps, succession planning, retaining talented employees by variety of initiatives as well as implementing different strategies. Finding the talent is not at all a solution but to place it at the right position is the biggest challenge. The talent positioning means the right talent at right time at the right place with the required skill set.
Keywords—Talent Management, Fast Track promotions, Succession planning, Career development, Human Capital Management.
Employee’s knowledge and skill are very important weapons which gives competitive advantage to the company in cut throat competition. An effective individual means a person with self confidence, positive thinking learns from failure, self reliant and motivated. To become an efficient person one needs a set goal, time management, good communication skills and leadership qualities. The different organizations which are dealing with management of talent strategically and purposefully explains states that the steps of attracting, selecting, developing them through training programs, retaining them by promoting and giving them decent salary hike. It cannot be only a sole responsibility of HR Department to attract and retain talent instead it should be done at all levels of hierarchy in the organization.
Conference papers © Knowledge Globalization Institute, Pune, India, 2012
There are few important things which should be implemented for Talent Management i.e. support of the CEO and top level management , the Manager’s mentoring during the process of Talent Management similarly the accountability and support of the executive team is key factor in the success of Talent Management. The whole process of Talent Management should be designed and followed with perfection.
Needless to say, the demand for both the quantity and the quality of talented employees will grow worldwide.
The main aim of employers is to attain their strategic goals with fewer talented persons but the employers are facing problems in filling the critical positions where they need specific skill set persons along with experience as they are in shortage. This leads to frustration in individuals as well as employers. The economic downturn has allowed the companies to streamline their processes and focus on Talent Management of the employees.
Fig. 1 Capacity Development by Talent Management
Motivation and Engagement is the key to Talent Management  and in motivating the employees, one gender and among different age groups. To engage talented employees one needs positive leadership. As it helps in engaging the talented employees and convinces them to stay as well. The engaged employees always indicate higher job satisfaction and have confidence in the future of the organization. To motivate talent after recession is not really an easy task but if top management helps talent grow by exposing them to as well as channelizing their potentiality with the company’s strategic goals.
II. CURRENT TREND
HR Managers are busy in finding innovative ways to hunt for key players and best performers to retain them in the company. Earlier whenever recession had hit then too many employees were retrenched. But then after the recession the gap of workforce requirement and availability becomes wide.
As there is shortage of talent in the market hence war begins to fetch the best workers. This whole idea leads to a long term HR planning related to Human capital management. The key players should be retained in spite of any kind of recession in the market.
Workforce is a greatest asset for any organisation . It is the need of the hour to plan and implement Talent Management to have competitive advantage on others. The customer is king and hence to employ excellent work force is essential and hence organizations should attract, motivate, nurture and retain talent.
The Talent Management is about the selection of the group of key employees with the high potential to develop, learn and grow in the organization hence Talent Management means to have a strategic group of employees who can generate, design and develop the ideas, which can help the organization to survive the future recessions successfully. The top management has to empower the talents to change the organization. The top management has to support their effort in pushing new ways of business through the organization. The talents need a support from the top management.
Due to cost cutting it is very difficult to recruit highly paid worker but, if we pay peanuts then only monkeys can be hired. So after going through the whole procedure of recruitment HR Managers have to really spend a lot of time and energy as well as finance of the company to hire talent. This investment can be calculative decision only if they stay in an organisation for long and the company will be able to reap the benefits out of their calibre. Apart from it the cost of training and development is also generally high but if capacity development is taken care then automatically the organizations can achieve their strategic goals.
B. Capacity Development by Talent Management: An Obligation
In this globalized world and the initiative of the organization to hire, build and nurture their talent will decide their existence and competence in the economy. The role of the talented employee is remarkable in the organizational growth and this whole network tends to expand if these key players are retained in the organization and they are nurtured by further training and development as well as motivation.
The all above evidences clearly signifies the importance of the Capacity Development by Talent Management is an obligation on the current organizations to sustain in the market. It is vital component to audit the human resource and to build up human capital through Talent Management.
C. Capacity Development by Talent Management: A wide Concept
The demand of skilled workers in market is immense and hence to meet these requirements is the major focus of any organization. Then the capacity development by talent management acts as a conjuration for this kind of situation. Intense cost pressure from the market, demanding customers are major factors for urgent need to fill the talent pool of an organization.
The HR department should sit along with the Technical department to scrutinize the applicants. An intelligent brain is not only a requisite of filling a position but the talented person should be committed and stable as that is very important aspect to retain an employee. Training and development as well as motivation are two important pillar of success of employee development by talent management. These two pillars are the major contributory factors in retaining the talented employees in any organization. This whole concept leads to a fact that by employee development an organization can have intelligent workers, who will align their goals with strategic goals of the company.
IV. NEED OF CAPACITY DEVELOPMENT BY TALENTMANAGEMENT There are varied reasons in various organizations to have the talented employees and also to nurture and support them with different types of training and development programmes at work place. Following are the
different reasons for need of Capacity Development by Talent Management:
A. Globalization Every business must be prepared to deal with the global economy. Besides training and developing local employees and managers, many companies are sending their employees and managers to work in international Conference papers © Knowledge Globalization Institute, Pune, India, 2012 locations and hence the organizations require outstanding employees. Capacity development by talent management is a boon for the fulfilment of the above mentioned purposes.
B. Need for Leadership The ageing workforce and globalization mean that the organizations will need to identify, train, and develop employees with managerial talent through capacity development by talent management. Executive, administrative, and managerial occupations will experience the greatest turnover due to death and retirement.
This will lead to loss of talent.
C. Increased value placed on intangible assets and human capital
Generally, in today’s world the organisations are interested in intangible assets and human capital as a way to gain advantage over competitors. Capacity development by talent management can help a company’s competitiveness by directly increasing the company’s value through contributing to intangible assets.
D. Focus and link to business strategy The organisation’s business strategy because its plans for meeting goals such as profitability, market share, and quality is attained by effective workers, who are developed due to implementation of capacity development by talent management strategies.