MBA aspirants must be updated with General Awareness on current topics. General awareness topics with analytically drawn conclusions will benefit you in Essay writing / GD & PI. Today, you will read General Awareness Topic:
Talent Management is not limited HR function
Talent Management refers to Human Resources processes designed to attract and develop employees in an organisation. Through talent management, organisations create an environment in which employees perform at an optimum level.
The cycle of Talent Management begins with recruitment. The Human Resources department should be able to attract job aspirants to their company. This is possible when organisations have systems in place to develop existing talent in the company.
Human Resources policies should be favourable to potential employees and the organisation should be viewed as an environment where people can hone their skills and rise in their careers.
Once a person is employed in the company, it is the responsibility of the Human Resources team to motivate the employee so that he performs at the optimum level. By providing the right training to employees, skills will be developed and the organisation can grow as an entity.
By giving incentives to deserving employees, an organisation manages to retain the employees. This way, the knowledge of employees stays within the organisation instead of getting poached by competitors. Apart from developing the skills of employees, it is important to align the expertise of employees with the company’s strategy and goals.
This will benefit both the employees and the organisation in the long run because employees will be working towards enhancing the quality of production of the organisation.
A survey conducted by a consulting firm called Mercer confirms that high performers are three times more likely to seek new opportunities today than they would have a year ago. So, to manage and retain talent, Citibank India has come up with a breakthrough strategy.
In 2012, Citibank India launched a programme to retain high performing female officers. This programme helps new mothers to secure their performance ratings even when they are on maternity leave. The policy secures the rating of the female officer for the year that she plans to take maternity leave and the average rating of the previous two years.
The higher of the two ratings is considered, and this way, the performance rating of a female officer is not compromised even when she goes on maternity leave. Citibank India has also come up with succession and development plans to encourage high performers to take up leadership positions.
Microsoft India, in an attempt to retain and nurture its in-house talent, has come up with a talent strategy to develop key talents in the company that make up 16 percent of the 6,500 employees.
In addition, Microsoft has also identified people with high potential, which makes up 4 percent of the employees. Microsoft grooms those with high potential by building their self awareness, confidence, abilities and capabilities. Microsoft also helps these leaders to expand their networks both within and outside the organisation.
Talent Management is also similar to knowledge management, where the aim of the latter is to retain knowledge within the company. Companies spend a lot of time, money and effort in training employees and it is in the interest of companies to retain these employees.
Talent Management is about rewarding employees who are loyal to the company and help in the company’s expansion and revenue generation strategies. Talent Management is about creating a win-win situation for two parties in focus here – employees and the organisation.
Although Talent Management is primarily carried out by the Human Resources team in a company, it requires the full support and commitment of the top management to see it through.