PRACTICAL PROBLEMS OF TALENT MANAGEMENT
The developing countries majorly consist of a young population where the quality of education plays an important role in bringing out a whole breed of talent and with that its set of challenges.
Managing talent has always been on the agenda for every company over the past few years. There is an increasing emphasis on Talent Management which makes it complex throwing up other practical challenges, which are leaving most top level executives and their companies asking one question,"how do we attract, manage and develop talent effectively for achieving the organisations objectives/goals and eventually grow the company"?
For instance, B-schools globally are generating management professionals in huge numbers but lets step back and look at how many of them are actually employable. The developing countries majorly consist of a young population where the quality of education plays an important role in bringing out a whole breed of talent and with that its set of challenges.
As is the case skilled employees are likely to find opportunities if they do not feel they are valued or their skills are not being put to good use by a company. HR professionals feel they should be doing more by developing people for the future; however, there is an acute shortage of talented professionals, globally.
Dealing with demographic talent problems is the primary challenge that organizations face that can be sub-divided into four elements:
· Strengthening talent market
· Recruiting and retaining talent
· Training and Developing talent
· Creating talented ethical culture
Talent management should focus on important positions and people from the company by aligning their workforce strategy. However, there are few companies who have taken the approach of defining all employees as ‘Talent’ and have developed their processes accordingly; we can witness a generation breakdown in companies with the involvement of Millennials and Generation Z.
Birth of Talent Magnets
In today’s era, many successful companies differentiate their products and distinguish their cultures in order to attract customers and top talent. So, what is it that a company needs to examine to align its talent “magnets” by distinction and differentiation?
· Has my company articulated the purpose of its existence?
· Is our culture aligned to the unique difference we make?
· Are our leadership behaviors aligned with it?
· Is our culture a magnet for the kind of talent we need?
Professionals want to work for distinguished leaders and companies. They want to understand that the company purpose and their individual role are crucial in the industry. And driving the companies’ strategies from management to growth is helping to create a company that is uniquely distinguished.
These listed facts would help any company to deal with demographic talent problems:
· Embrace technology as this generation has spent their lives immersed with technology and media-reliant lifestyle and expects its employers to acknowledge and embrace online methods of communication and connection
· Creating and maintaining company’s positive brand
· Creating or redesigning an appealing employee experience across generations that will attract / retain the frequent (talent) movement
· Promote organizational culture and career progression amongst people by motivating them more on a regular basis
· Customize engagement strategy for each employee and how it is connected with employees’ work commitment and organizational success.