Components of Emotional Intelligence
Emotional intelligence helps us to create and nurture healthy bonds in an organization and it ensures both personal as well as organizational success. By emotional intelligence we mean the proficiency of an individual to identify his own emotions as well as emotions of other people, to differentiate between various emotional states and to categorize them […]
Objectives of Conducting a Group Discussion
Why is a Group Discussion Organized ? In the previous article, we talked about what is group discussion, the basics and how is it different from a debate. In this article we are going to cover a number of subjects including why a Group discussion is being conducted, the areas of evaluation during a selection […]
Perception Management in Human Resource Development (HRD)
Most of us would have encountered the phrase, it is all about perceptions and some of us would have come across the term, perception management. In the corporate world, these terms are often bandied about to indicate that more than the actual work or achievements that one accomplishes; one should be seen and viewed as […]
Methods of Training Employees at Workplace
Trainings help employees enhance their capabilities and acquire new learnings, skills and knowledge. Trainings help employees come up with unique and innovative ideas, meet targets within the desired time frame and make them efficient resources for the organization. One needs to understand that lot of time, money and energy go in designing training programs for […]
Role of Employees to Ensure Job Satisfaction
You may have the best of office, best of infrastructure, in fact the best of everything but if you have the habit of finding faults and cribbing, you will always remain stressed out and frustrated. A lot depends on the employees as well. Remember, one needs to learn to see the positive sides of life. […]
There are pros and cons of every management philosophy and the associated processes. Talent management is no exception to it. While many organizations simply decline to have it under their umbrella because it costs the exchequer, still others approve of it equally strongly as an effective people management process.
Before we discuss the financial benefits of talent management the following may be of our interest and worth a thought:
All the above mentioned statements clearly indicate that the talent is unable to keep pace with the growing industry and also that the industry has failed to breed the pool of talented individuals as per its requirements. A fast industry growth meant that there would be a need for talented professionals for upcoming avenues and unfortunately corporate seemed to miss out on this. Business houses nowadays have diversified interests in different industries, employment opportunities are fast coming up but unfortunately the talent is pool is shrinking. This tells upon the finances of an organization in a big way.
Let’s see how.
Less attrition means lesser expenditure on hiring: BPO’s and start ups, for example where the attrition rate is the highest remain occupied in searching for people every now and then. Now this incurs financial losses to the organization. An organization not only pays an employee for his/her work but also spends a considerable amount on their training and development. There is transfer of skill and expertise and when the same employee leaves after a brief stint with the organization, it costs the latter.
The problem gets even worse when such a scenario occurs at the top level. An unoccupied executive position can cost an organization dearly. The solution - a proper talent management in place can solve this problem. The following facts become worth consideration here:
Organizations clearly need to look inside for solutions and design and develop better employee retention, rewards and recognition strategy. Performance management needs to be taken care of.
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