Institutional Strategies for Dealing withTM_GCM

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Institutional strategies for dealing with talent management

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Dr. G C Mohanta, BE(Mech), MSc(Engg), MBA, PhD(Mgt) Professor Institutional Strategies for Dealing with Talent Management

Introduction:

Introduction Talent Management is more than just leadership development & succession planning It is a systematic approach for: - attracting, retaining & developing, the ‘brightest & best’ people in a business to help organisation to achieve its goals Top team is to chalk out a series of actions that will create a philosophy for talent management within the organisation & establish coherent links with related HR policies & develop clear guidelines for developing people who are in talent pool

What business issues are to be solved?:

What business issues are to be solved? Review the existing systems & processes strengths & problems that are inherent to current way of working Look into what issues are there to be solved: Retention of best performers Lack of successors to senior positions Over-reliance on external recruitment over internal promotion Avoiding shortages in critical skills

Whether There Is An Immediate & Radical Change Requirement:

Whether There Is An Immediate & Radical Change Requirement Whether there are issues which present a genuine business dilemma or risk Whether there is a requirement for immediate and radical change For whom this is an issue - the CEO / a particular department / only HR Note that building & delivering a successful talent management strategy will take time & money There should be genuine commitment for the strategy to be created

Define What Success Would Look Like:

Define What Success Would Look Like Discuss with key parties what success would look like for the organisation & for them This should cover both in quantitative measures and in qualitative measures These measures should be used to help in building the business case

Talent Management Covers Range of Subjects:

Talent Management Covers Range of Subjects Talent management is not a stand alone activity It can not be created & managed effectively in isolation from existing people management activities Talent management is an umbrella term covering a range of subjects: recruitment and attraction performance management training and development succession planning

Identify Essential Elements of Strategy:

Identify Essential Elements of Strategy Ask questions to uncover what should be the essential ingredients of talent management strategy This is a critical stage which will ensure that strategy delivers integrated talent management processes

Identify Existing HRM Processes:

Identify Existing HRM Processes Identify what people management processes already exist, what could be improved, what are missing? Is the recruitment activity successfully attracting talented candidates? Does performance management system accurately identify talented individuals? Is a fair proportion of training & development budget targeted at talented individuals?

Create Effective Talent Management Strategy:

Create Effective Talent Management Strategy Pull together talent management strategy Outline what needs to be done in the light of existing HR processes and teams Ensure that outcome complements, rather than contradicts, the rest of the HR agenda

Gain Acceptance & Commitment :

Gain Acceptance & Commitment Define the business case emphasizing the immediate & radical requirement which is driving the issue The business case should detail financial cost & benefits of the programme & risks of not taking action Organisation may lose talent if immediate action is not taken Discuss talent management strategy with ‘allies’ around the business & with HR colleagues This will facilitate valuable feedback & help to secure acceptance and commitment and understanding from within the team to ensure HR presents a ‘joined up’ approach to talent management

Present the Strategy & Proceed with Implementation:

Present the Strategy & Proceed with Implementation Present the talent management strategy & business case to top management to secure appropriate resource & budget Proceed & implement the integrated talent management process

Conclusion :

Conclusion Implementation of talent management strategy will result in: improved business results reduction in business issues for which talent management strategy was designed increased ability to attract the very best to join the organisation increased retention of high performers reduced reliance on external hires to fill critical senior positions

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