Turn your workplace into “Talent Factory”

Modern globalized competitive world characterized by rapid growth of knowledge-based economies. Since talent pool has become powerful weapon of competitive advantage and sustainability, business world face enormous competition in finding right people with the right skills in the right place at the right time. With the ongoing economic crisis in Sri Lanka brain drain is a major challenge for local talent pool.

Talent management (TM) has become a critical consideration for organizations in the increasingly uncertain and competitive business environment (Oppong, 2013).TM practices are designed and implemented to address the different career paths and development strategies of talent pools in alignment with the overall business strategy. Passion must start at the top and infuse the corporate culture; otherwise, talent management processes can easily deteriorate into bureaucratic routines. 

 What is Talent Management in organization?

“Talent management is defined as the methodically organized, strategic process of getting the right talent onboard and helping them grow to their optimal capabilities keeping organizational objectives in mind.” (Gosh,2021)

 Talent Management process model

TM process model includes recruitment, hiring, engagement, development, performance management, recognition and succession planning.

                                                                       

                                                                                           (Gosh,2021)

      Source:https://www.youtube.com/watch?v=wW-f7OmNvTY

Winning the war for talent in emerging market is not an easy task as we expect. Consequently, organizations apply different talent management strategies and practices to achieve their ongoing organizational goals and objectives. Followings are some of attractive examples for them.

1. Attract and Retain Talent

                                                                     (Ready, Hill &Conger.2008)

Global leading companies like Lenovo, Tata Group, Standard Charted Bank China attract talent through promises made and retain talent through promise kept. Make promises about opportunity (challenging work, training, and competitive pay), brand (company with reputation for excellence that may lead to personal advancement) and purpose (company with meaningful mission and values to potential new hires) that appeal to employees in their organizations.            

Company’s culture plays a central role in keeping promises and retaining talent. It plays a central role in employee retention. All of new comers and existing employees expect culture that would support the promise of an accelerated career path with growth opportunities. Leadership development, development opportunities, induction and orientation, technical training and trust pay are some of the cultural elements that strongly influence to retain top talent. (Ready, Hill &Conger.2008).

 2. Operational principal to Talent Management

 Risks in estimating demand and uncertainty in supply can describe with four principles using supply chain perspective on TM of organization.

 Principle 1: Make and Buy to Manage Risk: As TM is an expensive future investment, companies should obtain their estimates of what will be needed and plan to hire from outside to make up for any shortfall.

Principle 2: Adapt to the Uncertainty in Talent Demand: Create an organization-wide talent pool that can be allocated among business units as the need arises.

Principle 3: Improve the Return on Investment in Developing Employees: Here get employees to share in the costs of development. It implies that asking them to take on additional stretch assignments on a volunteer basis and maintain relationships with former employees in the hope that they may return someday, bringing back company investment in their skills.

Principle 4: Preserve the Investment by Balancing Employee-Employer Interests:  The key to preserve investment in development efforts are balancing the interest of employees and employer by sharing in advancement decisions. (Cappelli.P,2008)

 Corporate HR roles in Global Talent Management(GTM)

Farndale et al. (2010b) revealed a framework of roles that the corporate HR functions is expected to play in its facilitation of Global Talent Management (GTM).

 These roles are described as follows:

•        Champion of processes: Develop, implements and monitor, GTM practices, policies, strategy and tools across the company.

•        Guardian of culture: Ensuring a culture of mobility across the organization to break down silo mentalities that can exist between business divisions and geographic region.

•        Manager of receptivity: Encouraging the in- and outflow of key talent across business entities to manage diversity, careers, integration and work–life balance.

•        Network leadership and intelligence: Developing appropriate networks inside and outside the organization to support the GTM process.

List of references:

Cappelli.P, (2008) Talent Management for the Twenty-First Century, Harvard Business Review151-7

Collings, D.G., and Mellahi, K. (2009), ‘Strategic Talent Management: A Review and Research Agenda,’ Human Resource Management Review, 19, 4, 304–313.

Farndale, E., Scullion, H., and Sparrow, P. (2010b), ‘The Role of the Corporate HR Function in Global Talent Management,’ Journal of World Business, 45, 161–168.

Gosh. (2021) What is Talent Management? Definition, Strategy, Process and Models. [Online].

Oppong, N. Y. (2013). Talent management: A bundle of hurdles. Public Policy and Administrative Research, 3, 63–73. ISSN (Paper) 2224-5731.

 Ready.A.D,Hill.A.H, and Conger.J.A.(2008) Winning the Race for Talent in Emerging Markets, Harvard Business Review151-8.

Spicework. Available from: https://www.spiceworks.com/hr/talent-management/articles/what-is-talent-management/Accessed:11.3.2023