Talent Management

Talent management is not just about hiring the most qualified candidate for a position, rather it covers the full employee life cycle. Talent management does not stop at employee hiring, it is carried forwarded to onboarding, training, performance review, and determine advancement opportunities. Strategic thinking is the key for talent management to be successful. Talent management is essential for the firms mainly because of its futuristic vision.?(Brooks, 2019).

Effectiveness of Talent Management

Talent management deals with the company’s most significant asset which is its employees making it essential for companies to adopt talent management. It is important for organizations to efficiently manage the workforce to evolve their skill and capabilities to keep them in the company. Companies must invest in talent management because it attracts top talent, motivates employees, increase employee performance, engage employee, retain top talent, improve business performance, and increase employee satisfaction (Writer, 2018)?

The above image illustrates the significance of talent management for an organization. (Notes Learning, 2022)

Effectiveness of?9 box matrix?

Nine-box grid is used to assess and map a company's talent pool based on two variables, most frequently performance and potential. Based on client experiences, the 9-box matrix continues to be the most used method for talent appraisal. The 9-box matrix and other comparable matrices, however, are disliked by some HR managers and consultants for being out-of-date or inapplicable in talent review talks. (Williams, 2022)

The above image represents the 9-box matrix used in talent management and review. (Williams,2022)

Effectiveness of Recourse Based Review

A resource-based view (RBV) states that resources are essential to achieving improved company performance. When a resource demonstrates VRIO characteristics, it helps the company establish and maintain a competitive edge. The following image illustrates the key components of resource-based review. (Jurevicius, 2021)

The objective of the resource-based review is to acquire a long-lasting competitive advantage by in-depth resource analysis, allocation, and cross-functional resource usage. Similarly, a business can only develop more effectively and differentiate itself from competitors if it fully realizes the potential of its staff. Using an RBV strategy, organizations can have visibility to allocate resources effectively, keep competitive edge and cross-functional resource use hence it proves to be beneficial for the companies and if regularly but to use. (Sridharan et al., 2022)

Impact of Covid on Talent Management

Covid had impacted talent management drastically and introduced new approached while recruiting. It has eliminated the traditional ways of employment where employees only hired people that were in the same geographical location as them, with the introduction of remote work. Companies have no restriction while employing and are free to pick people from anywhere around the world who are better fit for their organization. Remote work gives employees the flexibility to work from anywhere they want to giving them more control over the work resulting in better performance. Working at their own comfort increases the quality of their work.??On the other hand covid has also highlighted the significance of physical interaction among peers as after a while people started missing out of the face to face interaction.

Retain and Employee talented individuals

In today’s world, recruiting is one of the biggest challenge companies faces. It gets relatively more difficult to find the best possible candidate for the position available with limited budget and time. Following is the list of major problems organizations face while recruiting

1. Attracting appropriate candidates

2. Engage qualified applicant

3. Quickly heiring

4. Data-driven recruitment

5. Build a strong employer brand

6. Ensuring a good candidate experience

7. Fair Recruitment

8. Ensure efficient recruitment process

Hiring and retaining employee difficulties can be reduced in the company in several different ways, including by increasing offer, adding signing bonuses, and acting swiftly when you fine potential appropriate applicants. Companies must always have a hiring strategy in place when come across a talented candidate for employment. (Bika, 2022)

Dodging Great Resignation

In April 2021, there were 4 million job resignations in the United States, which was a record-high number. It’s not just Americans are fleeing in large numbers this is going on all around the world. Microsoft found out through a poll of more than 31,000 global employees that 41% of workers are considering quitting their present job this year. Regardless of if great resignation and quite quitting has affected the organization or not, preventable measures must be taken to cambelt this problem. For example, employees can be offered remote work option given then flexibility to work from wherever they like. Companies can support their distributed workforce with targeted manager training and seamless hybrid workspaces. The first step is training managers into leading hybrid teams. Moreover, companies need to reexamine their workspaces and think about how they can be modified to create a more seamless hybrid environment. For example, Google offers conference rooms with huge screens so that remote employees and coworkers from different offices can attend. Companies must also emphasize on their employees’ well- being. Companies need to consider the significance of mental health and take steps to ensure their employees do not feel stressed out or anxiety from the work assigned to them or the workplace. Companies can also help their workforce making meaningful lateral moves and career development. Furthermore, companies can ensure pay equity and transparency in their organization to ensure that the employees are not discriminated. McLaren (2021)

Dodging Great Quite Quitting

Another major problem companies face is the problem of quite quitting. It is a relatively a new term in which employees disengages, stops going above and beyond and only give their bare minimum at work. This problem is alarming because it has the tendence to damage the working relationship between managers and employees, result in employee dissatisfaction, and foster conflict and a hostile work environment for other employees. To prevent the employees from quite quitting, increase in the workload must be short term as employees need time off to mentally disengage and spend time with family. Moreover, there must be no pay discrepancies, and the employees must be fairly compensated for their work. It is also essential that your employees have a feeling that they are being heard as hearing out your employees and validating their feelings can ensure employee retention. Quiet quitters frequently complain that they end up doing far more than they were originally hired to do so it is important to be upfront about the role growth. It is also significant to drive employee recognition strategies as employees feels unappreciated when their work is left unnoticed or unpraised. Lastly employers must monitor employee performance, productivity and enthusiasm, any major change would require immediate attention. (Robinson, 2022)

Upskilling Workforce

Workforce upskilling is the process of giving your employees the time, space, and resources they need to develop their personality and help them achieve their goals more intelligently. The benefit of upskilling includes, enhancing employee performance, productivity, and retention. The main advantage of upskilling your employees is that it keeps them productive and helps them develop so they can meet their organizational goals and provide better results. Numerous studies have illustrated that that upskilling your current staff helps you save more money than hiring new ones.(DeskTrack, 2022) Moreover it has become rather difficult to find the candidates whose interest algin’s with the company hence in today’s world upskilling has become essential and must be in cooperated for the betterment of the organization

People Analytics in Talent Management

Since the past few years, people analytics has become a crucial part of human resource activities in companies. With constant technological innovation, machines are outperforming people in decision making. People analytics requires a data-driven mindset for HR professionals dealing with talent management. The role of the HR business partner changes because of access to data and analytics. People analytics makes talent management more strategic. People analytics will consequently have an impact on how HR attract, hire, evaluate, promote, and fire people because it is essentially strategic, and data driven. (Vulpen, 2021). You can evaluate the ROI of each employee using key performance indicators (KPIs) and people analytics. It assists in identifying both top performers and those who are having trouble. People analytics can shed light on the ways employees can perform better and contribute to the bottom line with a greater grasp of productivity, efficiency, and motivation. People analytics also facilitate in making equitable compensation and benefits packages, find pay disparities and resolve them for better employee engagement. People analytics also help in preventing employee turnover as it helps employees understand which employees are leaving, why are they leaving, the company’s retention rate, which department within the company has a higher turnover, early attention rate of fresh employees and predict which employee is more likely to leave the organization. (Jay, 2022)

The following image represents the key benefits of people analytics in talent management and employee engagement.

?

Retain Gen Z

Gen Z is the new generation of workers which is innovative, flexible, and motivated by their ideals. Evidently generation z is not willing to compromise on career goals to fit into a work model that doesn't suit them. According to an October 2021 LinkedIn survey, nearly a third (29%) of Gen Z job seekers say that what’s holding them back is that they don’t know where to start. One of the major problem people today seeking job opportunities face is that jobs are not accurately labelled by the companies. An entry-level position should be just that for people beginning their careers but typically, employees ask for minimum 2-year experience for the position which is wrong. It is established that more remote and hybrid positions must be adopted by companies who wish to attract and retain Gen Z works but as the generation whose professional life have been shaped by the pandemic, they also want for face-to-face collaboration with their coworkers. Hiring generation z employees is one thing but retaining them is the biggest challenge companies face for this purpose organization must in cooperate effective onboarding. Last but not the least this generation is keen to learn as this give them a sense of self-actualization and makes them more productive. In the LinkedIn's most recent Workplace Confidence Survey it was found out that 40% of Gen Z are willing to accept a pay drop of up to 5% of their compensation for a position that offers higher career growth. (Vitug, 2022)

Faiza Tasneem(Associate CIPD)