The Importance of Background Checks while Hiring New Employees
What are Background Checks? In recent years, corporates have been conducting background checks on potential recruits. Before we launch into a discussion about the importance of these background checks, we will first explain what is meant by background check. To put it simply, the process of verifying the credentials of new and potential recruits before […]
Knowledge Management in the Information Age
Knowledge Management Systems and the Internet We are living in an information age that is characterized by increasing information about everything and anything available anywhere and everywhere. In this context, knowledge management has to be done in a structured and organized manner if redundancies and information overload are to be avoided. The point here is […]
Achieving Competitive Advantage through Talent Management
Organizations work towards the achievement of their mission and strategic objectives. This requires a thorough understanding of the resources required for achieving the same. Resources here imply financial and non financial both and they are equally important and interdependent. Technically these resources have been divided into two, non contingent and differentiating capabilities. Whereas non contingent […]
Towards a Total Rewards Management System
Designing and Building a Total Rewards Management System The previous articles in this module discussed how rewards systems are developed in organizations and the various aspects that go into making the rewards system viable. The discussion so far was on the components and factors affecting the rewards system. It is now the turn to discuss […]
Train the Trainers – Need for Training the Trainers
Train the trainer refers to upgrading existing knowledge and honing skills of individuals who further train people. Remember, there is no end to learning. No one is perfect and there is always a scope for improvement. Training people is no cake walk and you really need to be absolutely prepared to handle even the minutest […]
There are no hard and fast rules for succeeding in execution of management practices, if you ask me. What may work wonders for one organization may ruin another one! For convenience sake however there are certain principles of Talent Management that one should follow or keep in mind.
In planning for future manpower requirements, most of the HR professionals prepare a deep bench of candidates or manpower inventory. Many of the people who remain in this bracket start searching for other options and move when they are not raised to a certain position and profile. In such a scenario it is better to keep the bench strength low and hire from outside from time to time to fill gaps. This in no way means only to hire from outside, which leads to a skill deficit and affects the organizational culture.
Such decisions can be taken by thinking about the ‘Make or Buy’ decision. Perhaps questions like - How accurate is the demand forecast? How long is the talent required? Can we afford to develop? Answers to these questions can better help the talent management to decide on whether to develop or buy talent.
In manpower anticipations for future an organization can ill afford to be wrong. It’s hard to forecast talent demands for future business needs because of the uncertainty involved. It is therefore very important to attune the career plans with the business plans. A 5 year career plan looks ridiculous along with a 2 year business plan.
Further, long term development and succession plans may end up as a futile exercise if the organization lacks a firm retention strategy.
Developing talent internally pays in the longer run. The best way to recover investments made in talent management is to reduce upfront costs by finding alternative and cheaper talent delivery options. Organizations also require a rethink on their talent retention strategy to improve employee retention.
Another way that has emerged of late in many organizations is sharing development costs with the employees. Many of TATA companies for example sponsor their employees’ children education. Similarly lots of organizations use ‘promote then develop’ programs for their employees where the cost of training and development is shared between the two. One important way to recoup talent investments is spotting the talent early, this reduces the risk. More importantly this identified lot of people needs to be given opportunities before they get it elsewhere.
How much authority should the employees’ haves over their own development? There are different models that have been adopted by various corporations globally. There is ‘the chess master model’, but the flipside in this is that talented employees search for options. Organizations can also make use of the internal mobility programs which are a regular feature of almost all the top organizations.
These principles are just broader guidelines; their application varies across industries and organizational cultures.
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