How to Build a Successful Knowledge Management System
Example of a Successful Knowledge Management System: Infosys The previous articles in this module introduced the term knowledge management and presented some real world examples of how knowledge management works in contemporary organizations. This article examines the ways and means to build a successful knowledge management system and the process by which essential components of […]
What Ails The Millennials/Gen Zers? A Lost Generation of Workers or A New Paradigm
Is Something Wrong with the Millennials/Gen Zers, Slacking Out of The Workforce Anybody who is somebody would have heard of The Great Resignation, the trend of American and Canadian Millennials and Gen Zers quitting their jobs en masse for no apparent reason, other than to make a “statement”, driven by tech driven viral events. While […]
Designing and Developing Effective Training Programs
Training programs play a crucial role in enhancing employee’s capabilities, upgrading his existing knowledge and help him acquire new skills and learnings. Effective training programs help employees to cope up with changes, think out of the box, survive the cut throat competition with a smile and contribute effectively to the success of organization. Training programs […]
Measuring Return on Investment of Employer Branding
“95% of job seekers’ very first experience with you comes through the ‘careers’ section of your website”, reveals Bernard Hodes Group Inc., a full service employer brand agency, which was acquired by Findly in June 2013. This means your careers’ website or section decides who responds to the job openings with your organization. It makes […]
Strategies for Professionals on how to Deal with Gloomy Economic Conditions
How to deal with Paltry Hikes and Bonuses The gloomy economic conditions prevalent in the West and most parts of the world call for some specific strategies from professionals who need to deal with them. To start with, it is a fact that working professionals have not seen salary hikes and bonuses for the last […]
There is no dearth of professionals but there is an acute shortage of talented professionals globally.
Every year B-schools globally churn out management professionals in huge numbers but how many of are actually employable remains questionable! This is true for other professions also.
The scenario is worse even in developing economies of south East Asia. Countries like U.S and many European countries have their own set of problems. The problem is of aging populations resulting in talent gaps at the top.
The developing countries of south East Asia are a young population but quality of education system as a whole breeds a lot of talent problems. They possess plenty of laborers - skilled and unskilled and a huge man force of educated unemployable professionals. These are the opportunities and challenges that the talent management in organizations has to face today - dealing with demographic talent problems.
Now if we discuss the problem in the global context, it’s the demographics that needs to be taken care of primarily and when we discuss the same in a local context the problem becomes a bit simpler and easier to tackle. Nonetheless global or local at the grass roots level talent management has to address similar concerns more or less. It faces the following opportunities and challenges:
The recent economic downturn saw job cuts globally. Those who were most important to organizations in their understanding were retained, other were sacked. Similarly huge shuffles happened at the top leadership positions. They were seen as crisis managers unlike those who were deemed responsible for throwing organizations into troubled waters. It is the jurisdiction of talent management to get such people on onboard, who are enterprising but ensure that an organization does not suffer for the same.
The downturn also opened the eyes of organizations to newer models of employment - part time or temporary workers. This is a new challenge to talent management, training and developing people who work on a contractual or project basis. What’s more big a challenge is increasing the stake of these people in their work.
While organizations focus on reducing employee overheads and sacking those who are unessential in the shorter run, it also spreads a wave of de motivation among those who are retained. An uncertainty about the firing axe looms in their mind. It is essential to maintain a psychological contract with employees those who have been fired as well as those who have been retained. Investing on people development in crisis is the best thing an organization can do to retain its top talent.
Leadership in action means an ability to take out of crisis situation, extract certainty out of uncertainty, set goals and driving change to ensure that the momentum is not lost. Identifying people from within the organization who should be invested upon is a critical talent management challenge.
Setting standards for ethical behavior, increasing transparency, reducing complexities and developing a culture of reward and appreciation are still more challenges and opportunities for talent management.
(Since an opportunity is the other face of challenge and vice versa, the words challenge and opportunity have been used interchangeably in the article)
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