Some Points to Consider About Executive Management Programs
In recent years, many business schools in China, Singapore, and India apart from other Asian countries have been offering one year or two year executive management programs. These programs are aimed at mid-career managers who wish to upgrade their managerial skills or who want to change careers midway. The main advantage of these executive management […]
The Necessity of Drafting Proper and Foolproof Employment Contracts
What Are Employment Contracts ? Employment contracts are covenants between the employer and the employee which provide the basis and the terms and conditions for the employment relationship. Employment Contracts usually state how much salary would be paid, what the perks are, the nature of the employment relation, the basis for firing when the employee […]
Components of a Career Development System
A career development system includes a variety of components for use in the organizations. In order to increase the efficiency of the system, the HR mangers must have complete knowledge about these tools since they play a role of consultant when employees and supervisors use this system. Plus, they are responsible for designing and developing […]
Why the Future of Learning is Virtual and How to Prepare for Online Education Models
The Future of Learning is Online and it is Time we started preparing for the same The Covid Pandemic forced all of us inside our homes and made us work from home as well as ensuring that students attend classes online and take tests and exams virtually. With no clarity on when physical classes and […]
3 Phases of Employee Engagement
Employee engagement is a concept that has begun to grab the attention of the corporate world for past few years. When put simply higher levels of employee engagement mean higher profitability of the organisation. Employee engagement is critical. Highly productive organisations have understood this fact a long ago where mediocre and low performing organisations have […]
What could be the biggest source of competitive advantage to an organization in the current era of cut throat competition? If I asked this question a decade or two decade, the answer would have been something like - ‘it’s the technology’, ‘its global presence’, ‘its customer perception’ etc. All of them can be a potential source of competitive advantage to any organization even now. But the common answer today would be ‘the people’.
Yes, it’s the people that can be and that are the single biggest source of competitive advantage to organizations nowadays. Top executives globally are one in their view that the quality of people onboard decides your present and the future. Great mission and vision statements appear futile if the talent pool or skill inventory of an organization is not good and vice versa.
But since when have people become of strategic importance to organizations? They always were! But time demanded no reckoning of this fact. Organizations in the fast were progressing at standard rates and talent was developed at similar pace and consequentially there was no dearth.
But with the advent of globalization that has thrown open global market places, organizations and industries are growing at blistering pace. It is getting difficult to develop people at the same pace. The heat is being felt equally at the top as well as bottom level positions. There is shortage of skilled workers are the lower level and an equal dearth of people in leadership positions.
What’s more, organizations fail to understand how to retain the existent talent, compensation (financial and otherwise), rewards and recognition all have failed organizations in helping them retain people of skill and choice. An even more difficult aspect is to identify the right people for development for leadership positions.
Needless to mention here organizations want talent up and down the hierarchy and when they fail to retain the same, they poach. If I am an organization that believes in having talent onboard and I recognize talent in some organization, I have every right to poach the same, provided I can compensate him/her in terms of growth, learning and opportunity!
Poaching is not unethical on the part of any organization. In fact it showcases a flaw in the organizations retention strategy from where the person is being poached. It basically means that there is fundamentally something wrong in the way the organization compensates its employees. This is one of the biggest challenges to talent management. Consider the following facts:
This is the cost of poaching to both the organizations, the one that is getting people onboard and the one that is losing people.
While poaching is not a new concept, what should be of more concern to HR is why do people leave and how to retain them. It’s none other than the talent management that has to come out with a solution.
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