Current Trends in Talent Management
February 12, 2025
Everything in life comes with some positives and some negatives. Every coin has two sides and the same logic applies to employee multitasking as well. Employee multitasking has both pros as well as cons. Let us go through the shortcomings of employee multitasking: Employees who are responsible for many things at workplace are generally overburdened […]
Organizations nowadays are becoming employee centric. Employees are asked to or assigned projects that pertain to their skills and abilities and what they are best at. To put it other words, jobs are designed around people now and not vice versa. They is an ever increasing emphasis on developing training and development strategies in organizations. […]
The current economic conditions demand a cut in the expenses. Unfortunately enough for talent management though organizations and leadership is all praise for it on papers, the same is neglected as seen as a cost center when it comes to implementation. In wake of the economic recession human resource professionals are under huge pressure to […]
Participative management acts as a force to motivate employees to meet specific organizational goals. The main idea behind this style of management is not only using physical capital but also making optimum utilization of intellectual and emotional human capital. This is the process of involving people in decision making process to ensure that everyone’s psychological […]
Need for a Skilled Workforce Any employer needs a workforce that is competent and has expertise in the niche that it operates in. For instance, manufacturing industries need skilled workers who are able to function effectively on the shop floor and this means that whoever they employ must be adept at handling machinery, taking up […]
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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