MBA 2008-10

ROLE OF HR IN TALENT MANAGEMENT A Project in Human Resources Management

Under the Provision of: Head of the Department: Mallika Singh Mr. Anand Sharma Project Guide: Ms. Shakshi Bhagya

Prepared By:

PREFACE
The researches provide an opportunity to a student to demonstrate application of his/her knowledge, skill and competencies required during the technical session. Research also helps the student to devote his/her skill to analysis the problem to suggest alternative solutions, to evaluate them and to provide feasible recommendations on the provided data. This project report is on role of HR in talent management .Although I have tried my level best to prepare this report an error free report every effort has been made to offer the most authenticate position with accuracy.

Acknowledgements
I would like to acknowledge our Prof. SHIKHA BHARGAVA for firstly having given us a very relevant topic for the project. This topic is not only relevant in consideration of the examinations, but most importantly also, in the current market situation. The research that was done for the information for this topic has quite lucidly proven its increasing importance and role in the effectiveness of the Human Resources Department. We acknowledge our sincere thanks to Mr. ATUL SINGHAI, (Head of the Department) for providing us with facets from his wisdom and also for providing facilities and directions that enabled us to complete this work successfully. I would like to make a mention of Mr. PRATAP VERMA, of FICCI (Federation of Indian Chamber Of Commerce and Industry), who has been our mentor and from whom we have obtained a lot of information. This information was very coherently presented. Also, the language used by him made most of the documents easy to comprehend.

I would also like to acknowledge Mr. V.A Govan (HR) ,PERMALI WALLACE Pvt. Ltd and Mr. B.D Daheria (GM) ,Amtek auto Ltd., for their valuable information and coordination. I would also like to acknowledge that most of our source of information for this project has been thanks to the widespread reach of the internet and this has enabled us to understand concepts, examples and practices in various companies.

CONTENTS

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

Title of the topic and its objectives Introduction Company profile Research methodology Data analysis and interpretation Observation and findings Suggestions Conclusion Bibliography Successful stories related to talent management Annexure

TITLE OF THE STUDY AND ITS OBJECTIVES

TALENT MANAGEMENT
NEED OF STUDYING TALENT MANAGEMENT
The supply side puts pressure on companies to attract the best talent and ensure that employees join the company and choose to stay in the organization rather than look for opportunities elsewhere. Present study is supposed to find out the existing Indian talent scenario so as to analyze its emerging challenges and trends. To know the objectives of studying this topic talent management I would like to put light on what are the organizations challenges:-

* defining the needed talent * attracting a sound applicant pool * selecting the most qualified * determining whos ready for a new job * Succession management * retaining the best employees

So, the objective of the study of Talent Management System is to: *To define the meaning of talent management and its current trends like EVP system.
*To identify various upcoming challenges of talent management. *To establish upcoming trends in talent management. *capture the right talent, convert the talent by providing them with appropriate developmental opportunities, which will help them take on key positions in the organization. All this in turn will help in retaining the right talent. *Reduce administrative and training costs.

*Achieve organizational goals through successor identification and workforce development. *Developing Individual Development Plans for each with components like: - Mentoring - Training - Management Development Programs - Cross-functional deputations *Designing career paths for the identified talent.

INTRODUCTION
In most of the Indian companies people work for a time period and after getting some experience, training and skills they switch off to another company. Why? These can be some reasons because they dont get the desired position, desired department, training which they need for personal growth, dont get opportunities to prove themselves, dont get jobs which can be matched with their talent and skills. Every organization should keep in mind that no company can survive in the market without man power, for being in the competition they have to manage their existing talents, attract the talent and provide more training and work which can match their talent. Managing talent is a problem as well as a challenge for an organization. But what is this talent management? Talent Management is competency development, recruitment, staffing development, retention of staff & evaluation of talent extending to opportunities of display & application of the same in their work profiles & as value added services to the organization. The results of effective execution of this brainwave is increased revenue, productivity,quality,customer satisfaction & also contributes to employee retention, decreased cost to the company, decreased cycle time, decreased risk of errors. In a nutshell, this will help all employees of the organization to be jacks of many traits & masters of one leading to an enjoyable & more efficient working atmosphere in the organization.

Talent Management in simple terms is ensuring the appropriate mix of competencies, knowledge, and attitudes required to fuel organization performance at all cost. It includes: Talent acquisition-Recruitment Engagement -keeping the people involved & charged Dynamic Performance Appraisal Training & Competency maintenance Talent Management is a strategic approach to Managing Human Capital- the most valuable assets of company. Talent Management helps in managing people throughout the career cycle of employees. It can be divided into the following parts: * Attracting talent: Assessment & Selection Acquisition planning * Retaining Talent Retention strategies * Developing Talent: Career Development/ Career Management New Job integration Leadership Development Executive coaching Team Building

Succession Planning * Transitioning Talent: Out placement Senior Management programs Retirement Plannings rep

Talent management definition

1. A conscious, deliberate approach undertaken to attract, develop and retain people with the aptitude and abilities to meet current and future organizational needs.

(2) Talent management involves individual and organizational development in response to a changing and complex operating environment. It includes the creation and maintenance of a supportive, people oriented organization culture. Nothing is as important as identifying, training, and holding onto talented people BY JACK WELCH TALENT MANAGEMENT is a set of business practices that enable companies to attract, retain and engage talent in order to achieve business goals and optimize performance.
.

Diagram shows every aspect of talent management IN NUTSHELL:*** TALENT MANGEMENT is dynamic, ongoing process of systematically identifying, assessing, and developing talent for future critical roles to ensure continuity and effective organizational performance.

*** Talent Management is a powerful tool that helps a Company stand out against the Competition. It is a key business process that focuses on how the Company manages and invests in their people to meet the business needs. With it, the Company can make the best use of their talent and support the associates development consistently.

KEY REFORMS:
Why invest in TALENT MANAGEMENT? Senior leaders lack confidence in their current talent management processes. Research shows that whether down to an inherent lack of strategic focus or a loss of knowledge due to cuts in HR, senior leaders are not reaping the benefits of talent management. Organizations are operating in an increasingly dynamic environment. Skills and behavior need to continually evolve to keep pace with change. To be world class organization need to be able to predict the leadership DNA that will determine the stars of the future. Effective talent management is the closest that an organization can get this crystal ball. Organizations are becoming more complex. They are leaner and flatter, leading to greater leaps between roles. More matrixes organizations are also increasing the impact of leaders. There are fewer training positions. Making the right decision about a person/role fit is therefore becoming more important than ever. Short term talent management is no longer working.

Recent high profile failures have demonstrated that relying on hiring people from outside the organization is a high risk strategy. To be world class organizations need to adopt a more long term strategic approach to talent management. What can world class TALENT MANAGMENT achieve? 1. World class talent management lifts performance above the average and average performance is expensive.

2. World class talent management is the most effective way to develop a pipeline of world class leaders. Average Vs World class talent management: To get the most out of talent management, you need to be doing four things well.

Decode your strategy

Average organizations anchor their talent management in their current strategy or set of business circumstances. From this they develop general, organization wide requirements of what makes a successful leader. World class organizations have talent management processes that look to the future. They are based on an understanding of how the business situation will evolve and incorporate benchmarked research to determine the behaviors of leaders currently excelling in similar circumstances. The organizations talent is then developed against these areas. This means that when a person reaches a critical role with in a world class organization they have the right skills to meet the challenges of today, not yesterday.

Evaluate your talent to your strategy

Average organizations use a tool that enables them to measure the potential and performance of their best people as an end point o evaluate their talent.

World class organizations also measure performance and potential of their top talent but serve more as a starting point. They also match this against the specific requirements needed in individual roles. Doing this enables them to see exactly where a person is capable of moving and what development would stretch them to move that bit. it provides a talent map for senior leaders to see exactly where the gaps in talent are now and how they can be filled in the future. Talent retention map:

Enhance your talent to deliver your strategy

Average organizations undertake talent management reviews to fulfil a short term need and rely on tactical hiring from outside the organization to fill gaps. World class organizations treat their talent management as a pipeline not a tap. They take a long term approach to talent management, acting on their reviews and investing heavily in developing their best people to fulfil specific roes in the future.

Develop a talent management culture

In average organizations senior leaders understand the importance of talent management and endorse it but the process of talent management is owned by HR. World class organization understands that talent management affects the bottom line. The processes are owned by the board and senior managers with the help of HR. talent management with in world class organizations provide them with a mandate for action.

COMPANY PROFILE PERMALI WALLACE Pvt. Ltd.

Permali Wallace Private limited was established in 1961 in Technical and Financial collaboration with Permali Limited, Gloucester, U.K. and Chase Lowe & Co., Manchester, U.K. to manufacture Densified Wood based impregnated

laminates for Engineering & Industrial Applications. In 1975, collaborated for manufacture trhe glass fibre based laminated and cast epoxy parts. In 1982, Technical collaboration with BTR Permali RP Ltd.,UK for developing sheet moulding sompounds, dough moulding compounds and components thereof. We have also extended our products range and this can broadly be described as ranging from wood Veneer based Components, glass reinforced composites SMC & DMC moulded components, epoxy resin castings, cotton fabric composites, composites using combination of both glass and wood compreg, other composites using high tech fibres like polyester, kevlar, etc. Permali Wallace is an ISO 9001 certified company, will be ISO 14001 certified company with in 3 months and also applied for OHSAS certification for occupational health and safety management system. Permali Wallace follows 5S management system. They have completely adopted 3-S and providing ongoing training for last 2-S.

Permali Wallaces mission is to assist the planning and management of research activities.

DEPARTMENTS:
The factory is spread over 9 acres of land at Bhopal in India. It has different production divisions, which is divided into 2 parts: DEPARTMENTS: Non technical department Technical department

VENEER STORE PRESS SHOP DEPT. PERMAGLASS DEPT. TUBE & RING DEPT. MACHINE MOULDING DEPT. HAND LAB DEPT. MACHINE SHOP TOOL DEPT. MAINTENANCE DEPT. MACHINERY & EQUIPMENTS

* PURCHASE DEPT. * STORE * FINANCE DEPT. * COSTING DEPT. * SALES & MARKETING * PERSONNAL & ADMINISTRATION * TIME OFFICE

PRODUCTS:

PERMALI
Vacuum impregnated material based on wood veneers and phenolic resin. Components like Arc Control Pot, Tension Plates, Lifting Bar, Fish Plates, Stud Nuts,pipe support having application in oil Circuit Breakers, Tap Changers, Turbo Generators,Transformers, & Railways,cryogenic pipe lines.

PERMAWOOD
Partially impregnated wood veneer and synthetic resin based ompreg material.Components like coil clamping Rings, coil support Platform, etc having application in Transformers upto 400Kv.

PERMATRED
Resin Impregnated hard wearing chequered densified wood based insulated flooring material.Components like insulated flooring sheets having application in power stations.

HYDULIGNUM
Densified Wood Material for Engineering purposes.Components like match Plates, Patterns, Jig fixtures having application in Foundries and for Neutron Shielding application.

PERMAGLASS
Polyester, Phenolic, Melamine, silicone, polyimide and other modified resin systems. Prepregs, semiconducting materials and cotton fabric based laminates. Components like Mounting Panel, Operating Rod, Base Plate, Studs, Nuts having application in circuit Breakers, Rectifiers, Generators, Motors, etc.

PERMAGLASS TUBES
Glass Fiber/ Filament Wound & vacuum moulded tubes with epoxy polyester, phenolic and other modified resin systems. Components like EDF Tube, Resistor Tube, Arc chamber tube having application in MOCBS & SF breakers upto 400 KV. MOULDING COMPOUNDS AND COMPONENTS:

SMC & DMC

Sheet Moulding Compound (SMC), Dough Moulding Compound (DMC) and compression moulding,Components like switch segments OLTC, Gear Case Parcel tray having application in Switchgear locomotives, Automobiles & Defence .

STANDARD PERMALI 'G'

Sandwitched with glass fibre surfaces for added mechanical strength and excellent anti tracking surface properties.

PERMAWOODG
Standwitched construction of Permawood with glass fibre surfaces for higher mechanical and electrical properties. Based on glass fibre, nomex, high silica, carbon fibre, etc for electrical and defence applications.

CUSTOMERS:
WE supply material for every industry such as: Electrical industries Defence Railways Automobile Foundries Textile industries Telecommunication industries Chemical industries Petroleum industries Atomic energy plants

R&D
Our Research and Development set up is approved by Department of Science & Technology, Government of India since 1976. The R&D has substantial number of highly qualified and experienced staff with number of Doctorate persons in relevant field all the time. The R&D Department so for has been able to develop several products which are required for critical application in Power, Defence, Aerospace, Railways and Automobile sectors. It has also been able to develop and commercialise several products which are innovative and or substitute for several imported items.

SPECIAL ACHIEVEMENTS
Our Director received Plastics International Industrial Award in 1997 at Paris (France) in the best Prepreg Category. In 1998 again, we were given a meritorious commendation in the best Prepreg Category.Crompton Greaves Limited Nasik, our valued Customer has given us" Business Excellence Award" for six consecutive years.

RESEARCH METHODOLOGY:
PRIMARY DATA Questionnaire SECONDARY DATA Journals and Research Paper Newsletters HR websites DATA COLLECTION: Through questionnaire: The questionnaire includes questions like recruitment process, retention techniques, succession planning, career development, training and development, reward system, identification of talent etc. answered by HR head and employees of the organization.

Through secondary data: Talent management books, magazines, internet, journals etc. DATA ANALYSIS BASED ON QUESTIONNAIRE: HR PERSONS 1.

2.

3. In your organization who is primarily responsible for:

no one
RECRUITING INDIVIDUALS FURTHER DEVELOPING EMPLOYEES RETAINING EMPLOYEES

department head yes

HR staff yes yes

mento outside r consultant

yes

yes

yes

yes

yes

4.

5.

6. .In the next 3 years how effective will be following elements of compensation be in terms of attracting and retaining top performers.
most effective(1) BASE PAY HEALTH CARE BENEFITS RETIREMENT BENEFITS CHILD CARE COSTS JOB SECURITY YES YES YES YES YES 2 3 4 5

7. EMPLOYEES VIEWS:
1.

2.

FINDINGS:
1. The talent is identified by competencies and the HR professional view to

increase career growth opportunity. 2. HR staffs as well as the department heads are responsible for recruiting individuals 3. Retaining the current talent is top priority for the organization.

4. Class room workshop, mentoring and coaching are usually used by the organization to carry out talent development activities.
5. Base pay and Job security are the two main areas for retaining talent in

coming years. Other than this, training plays an important role in motivating the employee. 6. Organizations are using certification for improving the training programs. 7. The organizations budget for recruiting, developing and retaining employees is going to increase over the next three years. 8. They are clear about their role and responsibility and they know about other staff members also. 9. Most of the respondent are satisfied by job description, salary review, health care benefits etc.

RECOMMENDATIONS:
1. The organization should identify the crucial talent initiative to attract and

retain the employee. 2. They should know which talent management elements can have the greatest impact on the business and therefore provide a better basis for prioritization and implementation. 3. To create a sophisticated talent management environment, organizations must: Define a clear vision for talent management 4. Apply robust technology to enable processes 5. Prepare the workforce for changes associated with the new environment

CONCLUSION:
As organizations continue to pursue high performance and improved results through TM practices, they are taking a holistic approach to talent management from attracting and selecting wisely, to retaining and developing leaders, to placing employees in positions of greatest impact. The mandate is clear: for

organizations to succeed in todays rapidly changing and increasingly competitive marketplace, intense focus must be applied to aligning human capital with corporate strategy and objectives.

DATA COLLECTION THROUGH SECONDARY DATA:

According to Mr. Govan (HR) Permali Wallace Pvt. Ltd, how Talent Management helps companies: #Recruit and retain talented people globally and cost-effectively. #Reduce administrative and training costs. #Achieve organizational goals through successor identification and workforce development. #Gain visibility and control of the entire talent management process. #Transform the workforce into a true enterprise asset. Talent Management can be implemented as a hosted or licensed solution, and features a modular format that allows you to integrate it with existing platforms and services. Available in many different languages, it includes the following components: Recruitment multilingual and multicurrency web-based applicant tracking, candidate sourcing, and hiring process management. Learning Management role-based learning, certification, compliance, skills and competency management, content development and management, virtual learning and collaboration, for-profit training, and budget control.

Employee Performance Management tracking and management of employee development processes with 360-degree feedback. Competency Management tools to help develop, monitor, and manage workforce skills, abilities, knowledge, and behaviors. Succession Planning customized views of current and future development plans, the ability to earmark individuals for achievement, and prescribed learning recommendations to nurture those individuals.

According to Permali Wallace pvt. Ltd. what exactly Talent Management is: With businesses going global and competition becoming intense, there is mounting pressure on organizations to deliver more and better than before. Organizations therefore need to be able to develop and deploy people who can articulate the passion and vision of the organization and make teams with the energy to perform at much higher levels. These people build and drive the knowledge assets of a corporation, the value of which has been established to be many times more than the tangibles. The capacity of an organization to hire, develop and retain talent is therefore the most crucial business process and priority on the CEOs agenda. Key Business Processes

The following matrix appropriately defines key business processes for an organization:

Talent management is a key business process and like any business process takes inputs and generates output.

The process of talent management

Talent Management v/s Traditional HR Approach

Traditional HR systems approach people development from the perspective of developing competencies in the organization. This can actually be a risk-prone approach, especially for companies operating in fast evolving industries, since competencies become redundant with time and new competencies need to be developed. Thus, over time, the entire approach to development of people might be rendered obsolete calling for rethinking the entire development initiative.

Talent management on the other hand focuses on enhancing the potential of people by developing capacities. Capacities are the basic DNA of an organization and also of individual potential. In fact, the following appropriately describes the role of talent management:

Point of Departure Translating organizational vision into goals and mapping the required level of capacities and competencies to achieve goals Assessment of talent to profile the level of capacities and set of competencies possessed within the organization Gap analysis and identification of development path

Navigation Aligning individual values and vision with organizational values and vision

Point of Arrival Clear understanding of the varied roles within the organization and appreciation of the value-addition from self and others leading to building a culture of trust, sharing and team orientation

Enhancing capacities Individual growth to meet and accept to learn, think relate varied, incremental and and act through transformational roles in an overall development initiatives scenario of acknowledged need for change Helping individuals Developed individuals enabling realize their full breakthrough performance potential through learning and development

The focus of talent management

At the heart of talent management is developing the following intrinsic human capacities: 1. Capacity to learn (measured as learning quotient LQ) Enhancing an individuals capacity to learn improves the persons awareness. It adds to the persons quest to know more and delve into newer areas. This capacity is developed by holistic education that teaches how to learn, an

enabling environment and good mentoring. Capacity to learn comprises of the following:

Introspection is the individuals willingness to look back and learn ability to learn from mistakes and identifying areas of improvement. Reflection and contemplation is the individuals ability to observe his own thoughts, actions and emotions/feelings and using the awareness to improve further and perform better. Getting into the flow is the individuals ability to get into a new experience and flow with the experience. It is the persons child-like ability to derive joy out of learning.

2. Capacity to think (measured as conceptual quotient CQ) An individuals quest to know more leads his mind to create images. Enhancing an individuals capacity to think helps the person not only takes learning to a higher level of intellect but also improves creativity. Capacity to think comprises of the following:

Analysis is about asking the right questions and breaking complex things into simpler elements. Creativity is about generating new thoughts and breaking the existing patterns of thought. Judgment requires both. This is what helps an individual take quality decisions.

3. Capacity to relate (measured as relationship quotient RQ) It is important for an individual to be able to relate to his learning and thoughts. This leads the person to be able to relate to other individuals and the environment around him. The outcome is indeed a sense of belongingness and

an environment of trust at the organizational level and team spirit at the individual level. Capacity to relate comprises of the following:

Listening is the individuals ability to listen with warmth and respect. Active listening is free of biases, evaluation and pre-conceived notions. Empathizing is the ability to put self in someone elses shoes and getting out of ones own shoes. Trust requires a combination of both empathizing and listening. It is about authenticity, openness and genuineness.

4. Capacity to act (measured as action quotient AQ) Action is how the above three capacities of an individual are manifested. It is the individuals ability to enact his intentions. Following are components of capacity to act:

Organizing refers to the individuals ability to organize his time and resources so as to enable him to convert intentions into reality. Implementing means delegating, attention to detail, and focus on the right process. Perform under pressure means the ability to work under pressure and time constraints and handle multiple tasks without negative stress.

The individuals values help in discriminating amongst alternatives and act as the bedrock for decisions. They act as multipliers in enhancing the individuals capacities, a sigma of which reflects the individuals true talent. Thus: (LQ + CQ + RQ + AQ) * Values = Talent

Organizations provide individuals the opportunity and space for physically manifesting their talent into performance for achieving individual and organizational vision. Talent manifests into performance as follows:
Talent + Vision/Mission/Strategy + Skills & Competencies + Role & structure + Opportunity + Encouragement & Recognition + Training & Development + Coaching + Action Plan & Goals + Resources Performance

Management System Performance

Thus the domain of talent management focuses not only on development of individuals intrinsic capacities, but also on culture building and change management to provide the other elements listed above for manifestation of talent into performance. Grow Talent offers services in all the above areas. Grow Talents offerings are based on the models discussed above and follow a unique methodology. Talent appreciation (TAPTM) TAPTM services from Grow Talent are focused on assessing the way individuals learn, think, relate to others, and act. Tap is used to evaluate the capacities, competencies and values of individuals for assessment of potential for career development and succession planning. This is intricately linked to helping organizations map their capacity and competency requirements and then assessing talent to draw up individual development plans. The talent profiling thus done for organizations helps them identify critical competencies to be developed and capacities to be enhanced in order to meet future business requirements and achieve plans. Potential enhancement (PEPTM) The focus of PEPTM is to create learning experiences and solutions for individuals that will help convert their talent into competence. It also involves designing learning events and processes that enhance the potential of individuals. Two intrinsic components of Grow Talent PEPTM are:

Capacity building modules - which focus on enhancing the capacities of individuals Competence building modules which focus on specific areas like consulting skills, problem solving, and service quality, strategic selling, process designing, interviewing skills, etc.

Acquisition of talent (ACTTM) Grow Talents approach to helping organizations acquire talent is based on the following:

Helping organizations define roles for specific leadership positions based on 'preferred futures' and strategy Identifying the competencies required for each of these jobs Determining the levels of fundamental capacities of learning, thinking, relating and acting needed to acquire these competencies Defining the values which are needed to display the desired behaviors Identifying individuals who would fit into these positions Enable organizations and individuals to establish mutually acceptable contracts for employment and lay the foundation of win-win relationships

With its comprehensive spectrum of services for talent management and unique methodology, Grow Talent is strongly positioned to help organizations gain a competitive and sustained talent advantage.

IMPORTANCE OF TALENT MANAGEMENT:

1. Talent management is gaining increased attention. Talent management (TM) brings together a number of important human resources (HR) and management initiatives.

2. Organizations that formally decide to "manage their talent" undertake a strategic analysis of their current HR processes. This is to ensure that a co-ordinate, performance oriented approach is adopted.

3. Quite often, organizations adopting a TM approach will focus on coordinating and integrating: Recruitment - ensuring the right people are attracted to the organization.

Retention - developing and implementing practices that reward and support employees. Employee development - ensuring continuous informal and formal learning and development. Leadership and "high potential employee" development - specific development programs for existing and future leaders. Performance management - specific processes that nurture and support performance, including feedback/measurement. Workforce planning - planning for business and general changes, including the older workforce and current/future skills shortages. Culture - development of a positive, progressive and high performance "way of operating". The current discussions about skill shortages and the ageing population are also helping organizations to focus on the talent management issue. It may not be possible to simply go out and recruit new people to meet operational needs. Many leading companies have decided to develop their own people, rather than trying to hire fully skilled workers. In summary, every organization should be implementing talent management principles and approaches.

PROCESS OF TALENT MANAGEMENT:There are four steps in this process:

1.Assessing talent pool needs: During this step, the capabilities of current

members of the organization has to be assessed, and the future (and current) capabilities needed is gauged. The gap between the two (if any) is the new talent that is required. 2.Spot talent: Individuals with leadership and/or management potential have to be identified, as well as Subject Matter Experts (SMEs) and key knowledge holders. 3.Develop talent: Plans for developing talent within the organization (either existing or acquired) must be established in order to prepare for future needs.

As well, opportunities for job rotation should be identified, in order to expose talent to new experiences. 4.Retain talent: Once a talent base has been created, it needs to be retained. In order to do so, recognition plans and reward schemes can be put into place. SOME OTHER TALENT MANAGEMENT PROCESSESS ARE:1.Using selection and recruitment procedures that ensure that good quality people are recruited who are likely to thrive in the organization and stay with it for a reasonable length of time; 2. designing jobs and developing roles which give people opportunities to apply and grow their skills and provide them with autonomy, interest and challenge;

3. Providing talented staff with opportunities for career development And growth; 4.Creating a working environment in which work processes and facilities enable rewarding jobs and roles to be designed and developed; 5.Developing the leadership qualities of line managers; 6. Recognizing those with talent by rewarding excellence and achievement; 7. Succession planning Ensuring that the organization has suitable people to fill vacancies arising from promotion, retirement or death; 8. Conducting talent audits which identify those with potential and those who might leave the organizations. 9. A reasonable degree of security; 10. Enhanced future employability because of the reputation of the organization as one that employs and develops high quality people, as well as the learning opportunities it provides;

11. Better facilities and scope for creative employees. 12.A reward system that recognizes and values contribution, and provides competitive pay and benefits.

All these reveal that the TALENT will thrive where there is -Creativity is appreciated -creativity is given the opportunity, it deserves. -creativity is given recognition etc. -freedom for innovation.

Role of managers in Talent Management:

A significant part of ensuring a successful future relies on the role that our current managers play in identifying and developing their future successors. The TM Process supports Managers in addressing skill and ability gaps and provides action plans to close these gaps.

Identification of talent:
Managers identify key positions and high potential people and review individual potential against position requirements. Talent Management is the process for identifying our leadership needs and assessing candidates worldwide.

Issues discussed in talent management:

#What are our future business challenges?

#Which individuals have the greatest potential for high performance in key positions? #How prepared are they to take on such positions in the future? What needs to be done to ensure that they are prepared? #What has been accomplished in past positions? How has it been accomplished? #What development opportunities, experiences and education are critical to leadership development? Which development opportunities would stretch the candidates skills? #Does the organization have the flow and availability of talent to maintain quality in key leadership positions?

People asks that Can We Really Spot Talent?

By Mark Vickers, Institute for Corporate Productivity Even as talent management becomes the highest of HR priorities in todays corporations, some experts are raising questions about ability to recognize or even clearly describe talent. The term talent as something relatively concrete, such as expert skills and performance. Therefore, an employer can worry less about whether or not a person is naturally gifted and more about his or her level of expertise. So, here is how to spot your own talent: 1. Start by noticing everything over the next few days that comes easily to you but not to others. Notice especially the very small things that come naturally to you. 2. Write them down.

3. Notice what all these things have in common. You probably have several groups of talents. 4. Ask yourself how am I growing and nurturing these talents? And what would be possible for me if I was to invest and develop these talents? (What would I be telling the king?) 5. Notice how much smoother the flow of your life and work are when you are using one of your talents. 6. (Optional) Notice your team and what comes easily to whom. Ask yourself Have I got these people in the right place?. And notice how much easier your life becomes when you have them all using their talent to the fullest.

Perfect Talent Management system: 1. Effective identification and affirmation of people who should be part of the talent pool
What: #Implement a system to explicitly identify and affirm (recognize) people who are part of the talent pool. #Identification is the first step in managing the talent pool. It also implies that there should be clear differentiation, to retain and develop such individuals. It however, entails sound assessment of performance and potential; #Affirmation on the other hand, makes talented people feel appreciated, recognized and valued for their unique contributions. How: #Implementation of a valid competency model and measures to identify talent; #Implementation of a review process to force rank individuals in terms of their potential and performance. The utilization of a performance / potential grid to differentiate between the following groups is proposed:

"A players" (top talent), those individuals who display high performance and talent; "B players", those individuals who display moderate to low potential but acceptable to high levels of performance; "C players", moderate to poor performers who have high potential as well as poor performers with low potential. The implementation of specific individualized strategies to retain and develop so called "A players". These strategies should also be reviewed regularly; The implementation of a career development panel discussion between each 'A player" and executive management. Such a discussion, on face value, does not seem to be different than classical panels. The format and environment in which these discussions take place should however be qualitatively different. In this regard, lessons of experience shows that a structured, but informal discussion between relevant individuals and executive level managers support positive affirmation and serve to align mutual objectives, and the effective development of career milestones, etc.

2. Create a culture of leadership accountability for strengthening and developing the talent pool
What: #Leaders should be involved in the talent management process, and assessed in terms of their ability to strengthen and develop the talent pool; #Accountability for talent management needs to be internalized at leadership level and driven from the top down. When leaders realize that the performance culture support effective talent management, the momentum is created to institutionalize this element of the people management process; #Implement an orientation program aimed to sensitize leaders and create an understanding for the rationale and principles of talent management; Systematically involve leaders in the performance / potential review process at their respective levels;

3. Implement Employee Value Propositions (EVP's) for individuals who should be part of the talent pool
What: #Make the monetary and psychological contract explicit and benchmarking it against world-class industry peers; #Develop an appropriate EVP and sound strategy to make this practical for talented people. The EVP should be reciprocal, to ensure that talent add value while achieving their personal and career objectives; Utilize the EVP as a mechanism to attract talented people. The EVP is a holistic, but explicit statement of the reciprocal offering from talented people to the company and the company to them. It includes everything from the intrinsic satisfaction of the work, to the environment, leadership, compensation, performance culture and more. A strong EVP is a key mechanism to attract talent and a practical framework to guide the management, creation of the right organizational context, incentives, compensation and development of people. Similarly it also outlines the expectations of the company in respect of the potential and performance requirements for talent. #Identify key elements in terms of the EVP that could be leveraged to attract and retain top talent. Aspects that could be considered include: *Ensuring external equity in terms of base pay, performance incentives and share options; *Business travel as a development opportunity; *Identify national and international partner companies who are willing to enter into an exchange programs to enable people from the talent pool to be seconded and work for defined periods in such companies to gain experience in support of career growth;

*Consider the viability of other modes of work, quality of accommodation, access to modern shopping facilities and sport.

4. Reengineer the recruitment strategy

What: #Reengineer the recruitment strategy to ensure that talent is identified proactively, #the return of talented people is facilitated and the recruitment as well as induction process reflect a culture of excellence. #Attracting talent is not a mechanistic, bureaucratic process. It is a systematic process of identifying talent pools (targeting the correct sources of talent) and building relationships over time. How: Usually it requires the implementation of a totally new strategy to attract talent. This strategy should provide for the following: *Specific identification of talent (potential "A players") in the market; *Implementation of a strategy to build up a professional relationship with such individuals over time and in a professional but ethical way promotes the EVP of the organization; *Identification of sources of "A players" who are available but not actively applying for jobs (so called "in play" candidates). This could include targeted Internet advertising, employee referrals. *The implementation of an alumni system for talented people who have left the Company; *Fundamentally reengineering the administrative aspects pertaining to the recruitment, selection and appointment processes so as to provide a one stop service and coordination point for such recruits; *Redesigning the induction program for newly recruited "A players";

*Redesigning the metrics for evaluating the effectiveness of attracting and retaining talent, to include aspects such as the effectiveness of employment branding, return rates of talented people, intention to leave etc

MOST IMPORTANT QUESTION IS: Do we take good care of our talent?

Are we in danger of losing our talent particularly in hard times? Before we speculate further, we should establish a possible case. Although the financial crisis is expected to impact the public sector too, a number of large-scale public engagements and projects are being planned. Hence, the public sector can become attractive not only for companies to implement projects but also for their employees working on the projects. Indeed, talent from the private sector can get an offer to play a key role in a major public engagement. Thus, soliciting employees from the private to the public sector, which until recently had been unthinkable, may become reality. Employees might prefer secured income, challenging work and use of their capabilities, skills and knowledge, which the private sector might not be able to offer them this year. While this example can be hard to imagine for some people the fact is that talent will be demanded regardless of the type of industry. The main challenge for most companies in 2009 is to survive the economic crunch successfully and, in terms of the labor market, retain and possibly acquire new talent. The question is how to actually do it? The key rules which should be followed by organizations seeking to develop successfully and retain their talent are as follows: 1. Develop employees in ways which enforce their capabilities, skills and knowledge. 2. Deploy employees to allow them to use their capabilities to the maximum. 3. Connect employees with people who can help them achieve designated goals. How can a company motivate, retain and possibly acquire new talent, particularly in the present environment? Although most companies will cut their HR budgets, the role of HR managers today is to persuade the management that such activities should be targeted or funds should be transferred to other important areas.

THE MODEL OF TALENT MANAGEMENT SStrategy, Value, Culture

* Successful Talent Management Efforts Are:

Aligned with the organizations culture and values, to ensure fit. Designed to support the organizations strategy, to ensure relevance. Step 1: Assess Organizational Readiness * Key Elements of Readiness Include: Defined purpose based on future business strategy, measures of success, a guiding philosophy. Supportive environment for the objective identification of talent. Ability and willingness to develop the talent pool. Willingness to reinforce the process by providing career opportunities for high potentials. Step 2: Define Success Factors * Success Factors Include: Competencies: key behaviours that define and measure success in a particular job or job family; may include competencies anticipated for success in the future. Past experience. Other essential skills: e.g., education, certifications, or capabilities.

CStep 3: Position Analysis * Key Elements Include: Identification of strategic positions in the organization based on the strategy of the organization and immediate leadership needs. Identifying critical success factors for strategic positions. Mapping critical success factors to developmental or staffing effortsl. Step 4A: Identification of the Talent Pool * Key Elements Include: Current performance management data, including self Assessments, managerial assessments, and assessments by others. Assessment of motivational fit. Determination of gaps between existing competencies and competencies required for targeted position. Creation of a talent pool. Talent review meetings for calibration across the organization Step 5: Individual Assessment & Feedback * Purpose: Conduct in-depth, individual assessments of the talent pool (using Assessment Centres, battery of psychological assessments, 360feedback, structured interviews, etc.) Provide objective data to identify strengths and development needs. Confirm succession mapping. Create robust development plans. Group-level analysis to determine organization-level strengths and ISSUES.

Step 6: Development Planning & Implementation * Purpose A: To create individual development plans that include: Meaningful on-the-job opportunities Rotational assignments Project team leadership assignments Structured educational experiences Coaching Mentoring E-Learning resources Step 6: Development Planning & Implementation: * Purpose B: To create group development plans that: Address development needs of the group. Support skill building and engage in between-sessions real work activities. Are developed and delivered in a business context. .. Step 7: Monitor Progress and Measure Results: * this can include any or all of the following: Monitor progress of Talent Pool development.

 Monitor organizational strategy changes and their impact on succession management. Measure number of leadership positions filled by talent pool. Measure retention of talent pool. Measure employee satisfaction and commitment. Structured review of the process.

TALENT MANAGEMENT in todays arena:

Building collaborative teams is a central part of talent management, People must learn how to behave in complex teams, across ages, genders and nationalities. Organizations are increasingly moving towards collaboration. The challenge is how to identify and then build upon the collection of talents. Business advisory and conciliation body ACAS says teamwork is used by companies to increase its competitiveness in four keys areas: by improving productivity, encouraging innovation, taking advantage of advances in technology and improving employee motivation and commitment. Yet there is a difference between believing in teamwork and being able to implement it in a company. Businesses often dont consider the issue of personality when it comes to teamwork, argues David Thompson, director of talent management at investment bank ABN Amro. When people put teams together it is usually about technical skills rather than their personality or whether they have complementary outlooks. Achieving team spirit is about getting the right environment, the right skills, and considering peoples personalities. However, companies who encourage collaborative behavior using a number of tools, such as open-plan offices, encouraging a sense of community, mentoring and coaching and demonstrating collaborative behavior from its leaders, are much more likely to make modern teams work, and to reap the benefits. Talent Management helps companies like to recruit and hold on to highly qualified people, build on their strengths, reward their accomplishments, provide them with advancement opportunities, and increase their overall effectiveness. This HR software enables companies to automate core human resource processes and better connect managers and employees in real time.

In todays scenario Talent Management is a Business problem

Talent management describes the process through which employers of all kinds firms, government, and non-profits anticipate their human capital needs and set about meeting them. 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. Decisions about talent management shape the competencies that organizations have and their ultimate success, and from the perspective of individuals, these decisions determine the path and pace of careers. Talent management practices can have a crucial impact on society as well. The lifetime employment model of the post-WWII generation, for example, provided the economic stability that created middle class society.

Failures in talent management may be more recognizable than the concept itself. Those failures mean mismatches between supply and demand: Too many employees, leading to layoffs and restructurings on the one hand, and not enough talent, leading to talent crunches on the other. In India at present, it may be hard to imagine the problem of having too much talent, but the first downturn in the economy or even in a section of the economy will make that clear. These mismatches are among the fundamental problems that businesses and other large employers face. Over the past generation, corporations in particular seem to have lurched from surpluses of talent to shortfalls to surpluses and back to shortfalls again. The challenge employers face is to track much more closely the demands for talent to avoid both shortfalls and oversupplies. Many observers assume that the management of talent is really about the internal development of human capital, yet the majority of vacancies in corporations now are filled from outside. They also assume that internal development practices such as executive coaching, career pathing developmental assignments, assessment centers, high potential programs, and succession planning, are something new.

These techniques and indeed, every employee development practice that seems novel now forced ranking performance evaluation systems, 360 degree feedback programs, executive coaching, etc. were all common in the 1950s. Except at a few very large firms, they have been scaled back and, in many cases, largely abandoned. The reason was not that these practices failed to develop talent. It was because they were too costly. And the biggest cost was the difficulty they faced in managing the unpredictability of the demand for talent. Internal development of talent collapsed in the 1970s when business forecasting failed to predict the downturn in the economy, and the talent pipelines continued to turn out talent under the forecast assumptions of booming corporate growth. The excess supply of talent and the no-layoff policies for white collar workers caused a bloating of corporate organizations and the steepness of the 1981 recession in the US and elsewhere led virtually all companies to back away from developing talent. Lifetime employment came to an end, and the reengineering processes cut away the development practices and staff that created talent. After all, if the priority was to get rid of talent, why would companies maintain the programs designed to create it? We need a new way of thinking about the talent management challenge. A new framework for talent management has to begin by being clear about the goal. Talent management is not an end in itself. It is not about developing employees or creating succession plans. Nor is it about achieving specific benchmarks like a five percent turnover rate, having the most educated workforce, or any other tactical outcome. The goal of talent management is the much more general but important task of helping the organization achieve its overall objectives. In the business world, that objective is to make money. An important part of the goal of helping the organization is to address the financial challenge associated with developing employees and recouping the investments in their development now that labor markets:

The cost of employing those workers in the initial period exceeds the value of the contribution from them as the new hires are learning what to do and how to do it. The size of the cost gap grows as development efforts expand. That investment has historically been recouped in the next period, in the shaded blue area where the value an employee produces exceeds the cost of employing

them. Even though wages and employment costs are rising, the value of the employees contribution rises even faster, and the employer earns back a return on their earlier investment. As long as the gap between costs and contributions is bigger in this second period than in the first, then the employer makes money on the investment. At the end of an individuals career, pension plans and other retirement programs reversed the flow of resources. During that period, the employer makes net payments back to the employees. The problem with this approach to recouping development costs began soon after the collapse of lifetime employment for managers and executives. As described in Chapter 2, employers broke that model first by lying off experienced employees. But layoffs alone did not necessarily collapse the ability to earn a return on training and development. That happened when employers began hiring experienced talent from competitors, in part at the executive level as a means for changing the strategy and culture of their own organizations but then later as a means of avoiding the time delays and costs associated with internal development. The flip side of hiring experienced workers is retention problems for competitors. The situation is sometimes described as an incomplete contract the employer makes an investment in the employee but did not require anything in return because, historically, the employee had little opportunity to leave. Once outside hiring started, an employees competencies became useful elsewhere and had a market value. In fact, an employee may actually be more valuable to a competitor than to their current employer because they bring with them not only their own performance but knowledge and insight about how their old employer operated. The competitors can pay the employee more than the current employer and still make money on the deal because they have no early investment costs to recoup. In the graph above, the market value of the employee becomes something closer to the line representing their true value to an employer. Employers then face what seems like an impossible choice: Either stay with their practices and watch their newly developed employees leave for better paying opportunities elsewhere, losing their investment in them, or raise wages up to the new market level, losing the ability to recoup the investments they have just made in their employees. What we need to address going forward is how to make investments in development affordable, and part of that challenge involves employee retention, making it possible to at least retain employees long enough to recoup the training investments in them.

Talent has become the worlds most sought-after commodity, and the shortage is causing serious problems. So what has made talent ever so important?
Structural changes, for one, like the rise of intangible but talent-intensive assets. A professor at NYU, argues that intangible assets? Skilled workforce, patents, know-how accounts for more than half of the market capitalization of Americas public companies. McKinsey says American jobs emphasizing tacit interactions? (Complex interactions requiring a high level of judgment) now make up 40% of the American labor market and account for 70% of the jobs created since 1998. And the same sort of thing is bound to happen in developing countries as they get richer. Other changes: ageing of the population (as baby boomers retire, companies will lose large numbers of experienced workers over a short period), which means everyone will have to fight harder for young talent, as well as learning to tap and manage new sources of talent. Obsession with talent is no longer confined to blue-chip companies, and has gone global. Multinational companies have shipped back-office and IT operations to the developing world, particularly India and China. More recently they have started moving better jobs offshore as well, capitalizing on highgrade workers with local knowledge; but now they are bumping up against talent shortages in the developing world too. A Washington-based business research group recently conducted an international poll of senior human-resources managers. 75% said that attracting and retaining talent was their number one priority. They also surveyed 4,000 hiring managers in more than 30 companies, and were told that the average quality of candidates had declined by 10% since 2004 and the average time to fill a vacancy had increased from 37 days to 51 days; more than one-third of the managers said they had hired below average candidates just to fill a position quickly and one in three Employees had recently been approached by another firm hoping to lure them way.

Google has assembled a formidable hiring machine; Yahoo! has hired a constellation of academic stars, and companies are suing people who suddenly leave. But simply stocking up on talent, and hiring the best and the brightest is not enough. Enron hired 250 MBAs a year at the height of its fame. It applied a rank-andrank system of evaluation, showering the alphas with gold and sacking the gammas. And it promoted talent much faster than experience. Long-Term Capital Management boasted MBAs and Nobel prize winners among its staff. Yet both companies succumbed to greed and mismanagement, proving that whats more important is the management of talent, rewarding both experience and talent, and applying strong ethical codes and internal controls. Even governments have got the talent bug. Rich countries have progressed from relaxing their immigration laws to actively luring highly qualified people. Most of them are using their universities as magnets for talent. And India and China are trying to entice back some of their brightest people from abroad. The biggest workforce challenge that employers face in a volatile economy like that in India lies with workforce planning. The new problem that companies face in the general area of talent management, and that is dealing with uncertainty, the virtual impossibility of knowing what business demand and talent needs will be in the future. In the old Indian economy before the 1990s, it was easy to make these predictions because growth was slow and predictable. As a result business demands were also highly certain and predictable. After the economic reforms, explosive economic growth made forecasting business demand and talent needs highly uncertain. No workforce planning in practice means relying almost entirely on outside hiring because internal development requires some planning to execute. Relying entirely on outside hiring has lots of drawbacks-undercutting morale and retention of current employees and, more recently, facing a tight labor market where costs are rising and supply in uncertain. If outside hiring has reached its limits and the traditional planning approach doesnt work, whats the solution? It begins with acknowledging the risks that our forecasts will be wrong. There is a good chance that we will have to hire a few middle managers on the outside market if we fall short. If our estimate of demand is really uncertain we could need as few as 80 internally to avoid the risk of having surplus talent.

Then if we fall short, as we likely will, we make up the gap with outside hiring, contract work or temps. A more realistic and cost-effective approach to business begins by addressing, not ignoring, the uncertain environment in which we operate. And that is true for talent management as well.

Talent Management Helps in

Increasing Employee satisfaction Worker productivity Learning effectiveness Service levels Reducing Employee turnover Time to ramp new hires

Talent marketplace
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,

TALENT RETENTION
FACTS:

Over 50% of the people recruited into an organization will leave within 2 years. 1 in 4 people recruited will leave within 6 months. Nearly 70% of organizations report that staff turnover has a negative impact. Nearly 70% of organizations report having difficulties in replacing staff. Approximately 50% of organizations experience regular problems with employee retention.

Guidelines for Retaining TALENTED Employees :

Develop a process to identify key individuals and positions needed in the transition and in the new organization. Focus on retaining the true "value creators" in the organization, not just top management players. Determine how long you need to keep various people on the basis of business needs, and offer them stay bonuses as appropriate. Assess employees against key competencies required for key positions. Use these to objectively assess talents you will retain to meet important business needs. Remember when you dictate objectives, people show less commitment, but when the process is collaborative, there is visibly more commitment. Involve key talent in a "retention task force" where they can have input into workforce planning and participate in discussions to help determine what it will take to keep key talent in the new organization. Determine which individuals will need to be relocated, if any, as early as possible in the transition process. Tell people what you know as quickly as you know it, and tell them what you do not know. Try to minimize the time that employees must endure a period of uncertainty about whether they will be staying or leaving. Consider developing a retention bonus plan for those considered absolutely critical to the organization's success during and after the transition. Understand up-front that retention bonuses can have unintended consequences and limited success. Those who get stay bonuses may be seen as "the anointed ones" by those who don't receive such bonuses. Be prepared to risk losing these people. Those who receive the bonuses will also have a date by which they can voluntarily leave the organization and still receive a bonus.

Approach all those you want to retain one-on-one and let them know they are important to the organization's success. The simple phrase "I need your help" has a kind of magic in it. "Re-recruit" these people by letting them know what is in it for them if they choose to stay on. Try to retain all star performers and high performers even though their jobs may have been eliminated in the reorganization. This is the same principle by which professional sports teams draft "the best available athlete." However, be mindful of the fact that if YOU cannot find a challenge that fits their talent, you will not be able to keep them.

FACTS AND FINDINGS:

The demand to grow the best breed of talent is on the CEO agenda but still many CEOs struggle to resolve the talent shortage for their businesses. There is a fundamental disconnect between how executives value the importance of talent management versus the amount of involvement and rigor they have in the talent management process.

This is one of the major findings from, a global online survey of 412 executives conducted by the Economist Intelligence Unit (EIU) and Development Dimensions International (DDI). According to this survey, 55% of respondents said that their organizations performance was likely or very likely to suffer in the future due to insufficient leadership talent.

One of the more compelling quotes in the survey findings was from a CEO in support of investing more time in talent management. David Novak, CEO of Yum Brands, shares this in the survey; Show me a good leader and Ill show you a good business. A number of key findings emerged from the survey that can be highlighted and referred to as evidence of the importance of talent management, namely:

66% of the respondents from the survey are making talent management a core business strategy equal to or more important than other business priorities.

Some CEOs are increasingly playing a hands-on role in expanding and fine-tuning their talent management initiatives. For example, Mr. Majdi Abulaban, vice president of Delphi Packard Electrical Architecture, said he is now spending 50% of his time on talent management, up from 35% two years ago.

55% of respondents said their firm was fair or poor at identifying talent and communicating promotions. Strong talent management depends on clear communication where potential candidates understand where they need to improve and what they need to accomplish in order to be in line for advancement.

Only 20% of respondents said they spend time on managing leadership talent or involved their human resources department as a true strategic partner. One thought for Human Resource professionals: Be proactive in involving yourself as a business partner. Waiting to be invited to assume this role will clearly not work for you. One suggestion: develop an enterprise people development plan; this will give you the strategic view into your organizations talent needs

So, the survey asks what is preventing companies from adopting a more rigorous approach to talent management. Some common strategies mentioned in depth in the survey findings include:

Develop an integrated talent strategy - meaning do not patch together various programs, but rather adopt one comprehensive strategy requiring leaders to serve both as executive sponsors and champions of the talent strategy as well as active participants in the development of talent. Identify talent potential early - the demand for strategic leaders is outgrowing the supply and these results in the need to identify and invest in internal leaders on a regular basis. This requires a routine scanning of

the skills, knowledge and talent of the organization, and isolating leaders who show a combination of strong performance and leadership potential.

Use innovation and take calculated risks in executive development - push your learning vendors to use innovative design approaches including metaphorical learning experiences - a term referring to a learning method that takes participants out of their familiar surroundings and gives them the opportunity to immerse themselves in a new world as they go through a set of learning exercises.

SUGGESTIONS:

Review the existing compensation system. Assess to what extent the current compensation model meets the employees' expectations: Do you pay your employees based on their performance or the length of their employment? Does your benefit system actually stabilize and motivate talent? Focus on the performance management system. Assess whether your performance management system indeed motivates your employees: Do managers know how to work with the performance management system components such as setting up goals, evaluating objectives, motivation, coaching, etc.? Does the performance management system encourage or discourage your employees? Use targeted educational and development programmes to motivate employees. While you will probably not be able to influence education budgets and will need to cut them do not forget to prepare career and development plans. When discussing future development with your employees, offer them learning and development plans to show your interest to retain them. Employees will feel more confident and regarded as active team members, which encourages the overall corporate morale. In developing employees you can focus on less expensive forms such as mentoring. Promote talent and let them excel. Give talent the opportunity to excel in the hard times of your company. If it possible promote the most talented employees and let them manage a key project where they can demonstrate their capabilities and skills. Do not forget this is the right time to hire new employees. Indeed, at present, the labor market is growing before our eyes. Therefore, take this

opportunity and get the best catches which the others let go because of their incorrect HR approach. Newcomers bring fresh air, new ideas and experiences and enrich the corporate environment. While you will probably not be able to avoid HR budget cuts and savings, always think twice before you act and keep in mind that the economy will recover sooner or later. Will you be ready for growth with high quality employees who will lead you to success? Your current decisions will directly impact your future. Before you make such decision make sure you will be able not only overcome the crisis now but also to grow in the future. CONCLUSION:

Reaping the Benefits of Todays Talent Management Systems

Why Your Company Needs Talent Management As companies seek to better leverage their most valuable asset their workforce many are turning to talent management to improve relationship building, productivity, and retention. Boosting Employee Satisfaction with Talent Management Software Talent management solutions offer tremendous value. But, perhaps their greatest advantage is their ability to improve workforce satisfaction, loyalty, and retention. Key Features of Talent Management Solutions Talent management solutions provide powerful capabilities that enable companies to improve the way they acquire, manage, and build relationships with their employees. The Most Important Talent Management Metrics No talent management strategy would be complete without performance metrics, which provide insight into the success or lack of of the initiative. Choosing the Right Talent Management Package

As companies realize the import role that talent management plays in their success, many are evaluating technology solutions to support their efforts.

Current 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 to day. AT the end, I would like to suggest that Talented people should always follow these seven Habits of Highly Effective People: Habit 1 - be proactive This is the ability to control one's environment, rather than have it control you, as is so often the case. Self determination, choice, and the power to decide response to stimulus, conditions and circumstances. Habit 2 - begin with the end in mind The habit of personal leadership - leading oneself that is, towards what you consider your aims. By developing the habit of concentrating on relevant activities you will build a platform to avoid distractions and become more productive and successful. Habit 3 - put first things first Habit of personal management. This is about organizing and implementing activities in line with the aims established in habit 2. Habit 4 - think win-win Habit of interpersonal leadership, necessary because achievements are largely dependent on co-operative efforts with others. Win-win is based on the assumption that there is plenty for everyone, and that success follows a cooperative approach more naturally than the confrontation of win-or-lose.

Habit 5 - seek first to understand and then to be understood One of the great maxims of the modern age. This is Covey's habit of communication, and it's extremely powerful. Simple and effective, and essential for developing and maintaining positive relationships in all aspects of life.

Habit 6 - synergize The habit of creative co-operation - the principle that the whole is greater than the sum of its parts, which implicitly lays down the challenge to see the good and potential in the other person's contribution. Habit 7 - sharpen the saw This is the habit of self renewal, it necessarily surrounds all the other habits, enabling and encouraging them to happen and grow. The self into four parts: the spiritual, mental, physical and the social/emotional, which all need feeding and developing.

SUCCESSFUL STORIES OF MANAGING TALENTED PEOPLE:

In real life, Talent management also takes place by instinct when functional talent reveals the working identity. STORY ONE: According to Morgan and Banks (Former HRD consultant in 28 countries) General electric's famous CEO, Jack Welch hired three lawyers who were all seen to have strengths beyond GE's legal department. Welch recognized their abilities and encouraged them to concentrate on the business side of the corporation. One became head of GE's aviation finance operation: another took charge of business development and the third became President of GE Japan. STORY TWO: In real life, Talent Management can happen by years of experience and gut feel.

I was recently watching the Amitabh Bachchan starrer Zanjeer on setmax, which was his first big hit. In between, there were captions narrating incidents in the movie. One of them said that many distributors had withdrawn money saying:

"Who is this tall idiot"? However, director Prakash Mehra stuck to his instincts and that movie became Bachchan's first hit after which he never looked back. Heroines used to refuse to work with him and another director (With whom he made some of his greatest hits) also told him to cut his Legs and come. Very few thought much of him in his days of struggle. # the same director tried the same with actor Raj Kumar's son but failed. #though director is the captain of the ship and nobody gives a director's job without prior experience; Subhash Ghai was given such a chance and became one of the country's biggest directors.

ISSUE RELATED TO TALENT MANAGEMENT:

Armed forces, a hot house of talent to tap into Armymen trained in logistics could fit in supply chain management functions in the corporate world. Since armymen dealt with people 24x365, they would make excellent HR people. The issues discussed at the seminar included whether ex-servicemen, who, having been away from their homes for 15-20 years, would be willing to work anywhere, whether they would fit into the corporate culture after being used to a hierarchical and do-as-you-are-told culture of the armed forces and whether their age would matter and what could be done to re-orient them to suit the corporate world.

Companies which put a talent management1 programme in place will have a competitive advantage over others. The programme helps develop employees who are able not only to ensure current successful operational efficiency of the company but also to overcome its future problems and sustain growth. These companies will soon harvest the fruits of their effort. But why exactly is talent so important? In the corporate world, as you know, talent is defined as:

An employee who has high potential and is well qualified for further career growth in new areas. An employee whose share in corporate performance is higher than required and the value he/she creates for customers and shareholders exceeds expectations.

Indeed, it is talents who can help companies survive the crisis safe and sound. A direct relation between talent management and organizational performance and capacity has already been proved. The lack of qualified employees hinders the company's ability to launch required innovations and respond to hot issues promptly.

EXAMPLE OF TALENT MANAGEMENT from Xerox:

Leaving an Imprint: Xerox Equips Talent to Innovate Xerox is a household name, one often used as a verb for making copies. But behind the company's plethora of document management products, a workforce thrives, aligned around business strategy and immersed in experiential learning. In order to promote that kind of culture to more than 51,000 employees from a variety of backgrounds, the company is leveraging employees' differences to bring to a life a multidimensional set of dynamics that influence workforce development efforts. Pat Nazemetz, vice president of HR, reflected on the different tones that make up the talent management palette at Xerox. Describe Xerox's approach to talent management. A sort of a talent supply chain would probably be the best way I can think to describe it. We identify talent needs. We recruit people to fill those needs, and that recruiting can be both inside and outside the company. We orient and acclimate people to our culture and environment, and then hopefully we enable them to do their job. We're looking for people who are ready, willing and able

to do the role we've identified for them or that they've stepped up to. That means developing them, growing them and transitioning them from one role to another. What processes or programs have you established to attract, recruit and retain top talent? We're now using the Lominger model to look at our talent and assess where they are and where they need to go. And it is very much a development-based model. It's looking at what the needs of the business are, and that takes us all the way back to gaps in the business and what we need to do to attract the right people.

BIBLIOGRAPHY
1. The Hindu business line newsletter

2. www.scribd.com

3. www.nasscom.com

4. www.aweber.com

5. www.amanet.com 6. www.deloitte.com 7. Seven habits of effective people by Stephen covey 8. Hay groups world class talent management magazine 9. Talent management magazine by society for human resource management 10. www.mbanext.com

ANNEXURE QUESTIONNAIRE
1. How is your business doing currently? 2. What strategic issues can hinder this predicted growth?

3. Is MANAGING TALENT is one of the issue? 4. What is the current bench strength? 5. How many would be required in the next 3 year? ======================================= 6.Will MANAGING TALENT be a part of succession planning? 7. Will TALENT MANAGEMENT be combined with regular selection/development? ============================================ 8.DO YOU FOLLOW THE SYSTEMATIC APPROACH? -identifying the requirements -identifying the high potential candidates -put them through intentional learning experiences -select the best -evaluate the success. -------------------------------------------------------9.HOW DO YOU INDENTIFY THE TALENT -BY COMPETENCIES? *creating profile of leadership jobs *creating profile of management -BY RESULTS *objective measures like sales/production/etc *subjective measures like total contribution /team effort etc

*accountable for complex jobs -BY POTENTIAL *accumulated skills / experience *ability to learn new skills *willing to tackle bigger/complex challenges ============================================ 10. WHAT ARE YOUR TALENT DEVELOPMENT/RETENTION INITIATIVES? 1. ACQUIRE NEW TALENTS *attracting -create an employer brand *sourcing - using varieties of strategies *selecting- using effective selection process -----------------------------2.LEVERAGING EXISTING TALENTS *maximizing the value of the current high potential *using the performance management systems *realigning the capabilities and responding to the changing conditions. -----------------------------------3.RETAINING THE CURRENT POTENTIAL *employment value proposition--offer the potentials what they want.

*offer the potentials a systematic and targeted development opportunities. ============================================= 11.WITHIN your organization, what kind of talent development activities are carried out -skill building classroom workshops -coaching -mentoring -education -developmental experience -short term assignments -action learning others =========================================== 12.WHAT MATTERS MOST FOR talent development -job experience matters most -accelerated development of high performers -provide people candid feedback on strength / weaknesses -making coaching a part of each development discussion -forge mentoring relationship to build motivation and loyalty. -focused training program or career transition, technical

skills and leadership development. ================================================ 13.IN YOUR OPINION, WHICH OF THESE SUCCESSFUL FACTORS HELP TO DEVELOP AND RETAIN TALENTS -visible support from top management -responsibility for talents owned by line management -simple and tailored programs unique to the organization -flexible and linked to company business plan -evolved from a thorough HR review process -based on objective assessment of candidates -incorporate candidate's inputs -part of broad management development efforts -emphasize on accountability and follow up. ============================================== *Talent management is the process of ensuring that the organization attracts, retains, motivates and develops the talented people it needs. -14.do you have such a process in your company? --------------------------------------------------------------------------* developing the organization as an 'employer of choice' a 'great place to work';

-15.do you have a program to make the organization an ''employer of choice''? ---------------------------------------------------------------------------------------------------*using selection and recruitment procedures that ensure that good quality people are recruited who are likely to thrive in the organization and stay with it for a reasonable length of time; -16.does your company undertake such a campaign? -------------------------------------------------------------------------------------------. *designing jobs and developing roles which give people opportunities to apply and grow their skills and provide them with autonomy, interest and challenge; -17.does your HR undertake such assignments ? ------------------------------------------------------------------------------------------------ *providing talented staff with opportunities for career development and growth; -18.is there such a program in your organization? -----------------------------------------------------------------------------------------* creating a working environment in which work processes and facilities enable rewarding (in the broadest sense) jobs and roles to be designed and developed; -19.does your organization facilitate these developments? -----------------------------------------------------------------------------------------* developing the leadership qualities of line managers; recognizing those with talent by rewarding excellence, enterprise and achieve20.do you have these as part of your leadership development programs

--------------------------------------------------------------------------------------------------* succession planning ensuring that the organization has suitable people to fill vacancies arising from promotion, retirement or death; -21.do you have a succession planning program in your organization? --------------------------------------------------------------------------------------------------* conducting talent audits which identify those with potential and those who might leave the organizations. -22.does your company organize talent auditing periodically? --------------------------------------------------------------------------------------------*good opportunities for development, training and career progression; -23.does the organization offer facilities for progression? --------------------------------------------------------------------------------*a reasonable degree of security; -24.does your organization offer security for talents retention -----------------------------------------------------------------------------* enhanced future employability because of the reputation of the organization as one that employs and develops high quality people, as well as the learning opportunities it provides; -24.is there scope for development / opportunities for talents

================================================== ======= *better facilities and scope for creative employees. -25.does your organization encourage creative talents ----------------------------------------------------------------------------* employment conditions that satisfy work life balance needs; -26.is the employment conditions encourage creativity?
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27.DO YOU Intensify YOUR efforts to hire hard-to-find and increasingly expensive people from outside ? 28. DO YOU tap into the quality people already in the organization thus growing and keeping their own talent? ================================================== Fundamentally, there are three main arguments in support of effective Talent Management: 29. Argument #1: Recurring costs are reduced Put simply, it is more cost effective to identify, develop and retain management talent than to replace lost talent with recruitment from the external labor market. Various studies estimate (conservatively) the cost of replacing an executive can run into several times the salary of that executive. --DO YOU AGREE WITH THIS ARGUEMENT? 30.Argument #2: Economic outputs improve Over the last several years, there has been a growing body of research and evidence that clearly shows the incremental economic value that talented, high performing people deliver. --DO YOU AGREE WITH THIS ARGUEMENT?

31. Argument #3: Enterprise value is maximized Research shows a major difference in average share performance between organizations with a culture of talent management, and those without. -DO YOU AGREE WITH THIS ARGUEMENT? ================================================== === 32.Gain line management support *Line managers are expected to coach and support their talented direct reports towards development and career goals, a process that should cascade from the CEO and senior executives. --DO YOU AGREE WITH THIS STATEMENT? ------------------------------------------------------------------33.HR must act as facilitators *HRs role is to facilitate the management of talent and to act as coaches and consultants to the line managers. For it to be truly successful, talent management cannot be seen as simply an HR initiative. --DO YOU AGREE WITH THIS STATEMENT?