Talent Management

Talent in general terms refers to the •Capabilities•Skills • Art a person possess in a particular field.

 1. Soft talent 2.Hard talent. Soft talent is in-born type and hard talent

which is self-made type

Talent Management denotes a deliberate approach taken up by an organization to attract, develop and retain people with the aptitude and abilities to meet not only the current requirements but also future organizational needs.

“Nothing is as important as identifying, training, and holding onto talented people” – Jack Welch

IMPORTANCE OF TALENT MANAGEMENT

• Recruitment • Retention • Employee development• Leadership and "high potential employee"

development • Performance management• Workforce planning• Culture development

• Recruitment • Retention • Employee development• Leadership and "high potential employee"

development • Performance management• Workforce planning• Culture development

Assessing new and current

talent

Developing talent

Transitioning Talent

Acquiringtalent

OBJECTIVES  To understand the process of talent pool creation and its

acquisition. To develop present working employees for their personal growth

in alignment with the organizations growth. To retain the most potential employees of the organization. To identify various upcoming challenges of talent management To establish upcoming trends in talent management.  NEED OF THE STUDY  The study is mainly carried out to find what initiative

organization take under the head of Talent management and specially what role HR professional do in acquiring, developing and retaining talent.

SCOPE OF THE STUDYHuman Resource is considered to be a very

Dynamic asset.Organization gains competitive advantage.People and talent have emerged as most

critical and strategic variables in organizational effectiveness.

Talent Management therefore has become a focal strategic variable in the contemporary businesses environment.

TALENT CRUNCH

Engineering Sector was chosen for the studyIndia faces a shortage of 60,000 engineers

by 2010 and 2.45 million by 2020 according to R. Venkatesan and Wilima Wadhwa of India’s National Council for Applied Economic Research in New Delhi.

National University of Singapore stated that there is just 55.2% of the science and technology professionals and we would require 40,000 foreigners to fill the gap.

RESEARCH METHODOLOGYData Collection

Population :- 200(approx) HR executive of engineering

sector.Sample Size:-

30 HR executives.Sample Technique:-

Justified random Sampling

DATA ANALYSISQ1. What do you understand by word

“Talent”?Sr.No. Choices Percentage

A Skill 36

B Knowledge 24

C Qualification 14

D Potential 26

Q2. Does your vision of organization align with the vision of recruiter?

Sr. No. Choices Percentage

A Yes 90

B No 7

C Don’t Know 3

Q3. Do you have different sets of recruiters at various stages of recruitment process?

Sr.No. Choices Percentage

A Yes 56

B No 42

C Don’t Know 2

Q4. On which criteria you select employee?

Sr.No. Choices Percentage

A Knowledge Based 15

B Qualification 10

C Experienced Based 13

D Talent Based 23

E All of the above 39

F Not aware 0

Sr.No.

Choices Percentage

A Never 7

B Rarely 23

C Sometime 43

D Often 20

E Always 7

F Not aware 0

Q5. How does your organization carry out Talent Management?

TALENT ACQUISTION

Sr.No.

Choices Rank Frequency

1 Technical fit 1 70

2 Personality/Behavioral fit 3 90

3 Leadership fit 5 123

4 Skill fit 2 78

5 Organization fit 4 116

6 Background /Previous employment

6 153

Sr.No.

Choices Rank Frequency

1 Employee Referrals 2 86

2 Posting on Bulletin Board 3 120

3 Campus recruitment 4 112

4 Online database(Job Portal)

1 72

5 External resume database 3 120

6 Recruitment Agencies or consultancy 5 113

Sr.No.

Choices Percentage

Most Difficult

Difficult

Moderate

Easy

Easiest

1. Candidate sourcing 3.33 0 10 3.33

6.67

2. Candidate Qualification & Screening

6.67 13.33

33.33 16.66

6.66

3. Requisition Approval & Initiation

43.3 43.3 26.6 40 36.6

4. Interview set-up & Execution

26.6 33.3 30 20 43.3

5. Offer/ Pre-Employment Process

20 10 0 20 6.60

Sr.No.

Choices Rank

Percentages

1. Lack of Available skill set. 1 55

2. Job Location/Job profile 3 78

3. Competitive Salary/Benefit

2 72

4. Lack of Direct Labor pool. 4 118

5. Company or Industry reputation

5 127

Sr.No.

Choices Percentages

1. No one 0

2. Department Head 26

3. Immediate supervisor 9

4. HR staff 60

5. Outside Consultant 5

6. Any Other 0

Sr.No.

Choices Percentages

1. No one 0

2. Department Head 11

3. Immediate supervisor 41

4. HR staff 34

5. Outside Consultant 14

6. Any Other 0

Sr.No.

Choices Percentages

1. No one 0

2. Department Head 41

3. Immediate supervisor 16

4. HR staff 43

5. Outside Consultant 0

6. Any Other 0

TALENT DEVELOPMENT

Sr.No.

Choices Percentages

1. Classroom workshops/conference/seminar

23

2. Coaching/Mentoring 21

3. Job Rotation 16

4. Job Enlargement 25

5. Action Learning 15

6. Any Other 0

Q11. Within your organization what kind of activities are carried out for employee’s development?

TALENT RETENTION

Sr.No.

Choices Percentages

1. Exit Interview 34

2. Improving QWL / Package/ Benefit

23

3. Improving employees Relationship

29

4. Career Development 14

Sr.No.

Choices Percentages

1. Increase 77

2. Decrease 17

3. No change 6

CONCLUSIONWhatever efforts which are taken are passive

and not active.Companies are now going for smarter

recruitment process they are now emphasizing more on soft talent of people (Inborn talent) and after taking it they are further developing hard talent (creating talent).

While recruiting more emphasis is given on person’s skill and potential than past experience and qualification.

CONCLUSION

To reduce the process time of recruitment and to make it more cheap and faster now most of the HR professionals are using online database (Portal) to find employees.

For retaining employees organization are now much more serious and they are trying to find out problems behind it and if possible they try to retain talented employees in the organization by improving QWL and culture.

Organization are now giving career development opportunities to talent employees.

SUGGESTIONTop management Can Confront the

Talent CrunchRole of Corporate and Education

Institution in Talent ManagementRole of HR in Talent Management

Other suggestions for tackling the talent crunch include the following:

Assess the competenciesPut talent management strategy on the

agenda:Retain the talent of your organizationMake different strategies to attract

talent from environmentCarry out different methods for the

development of existing talent

Change Organization

Culture

Change Organization

Culture

Managing Succession

Managing Succession

Selecting Talent

Selecting Talent

Attracting Talent

Attracting Talent

Retaining Talent

Retaining Talent

Recognize talent

Recognize talent

WAYS TO MANAGE TALENT

WAYS TO MANAGE TALENT

SUGGESTION

Finally it can be suggested that in organization, capital can be created; new ideas if generated can be copied easily by others competitors.

But people are the asset of organization, they are the core competency of organization which can’t be mutated or generated, so in long run if you don’t have finance or new innovative ideas but if you have talented people you can reach the sky.

LIMITATION Only one sector engineering was taken from the entire sector and I

was able to take only 30 respondent of different organization after visiting more than 45 companies.

Area is too big so it is not possible to cover all companies of Gujarat.

The survey was carried out in industrial areas of Baroda only. The project topic is a very huge issue and needs a lot of devotion to it

but time spam available was not sufficient. HR department employees are not openly cooperated in some areas

of their policy. Some of the respondents in spite of the request made were not ready

to fill the questionnaire due to lack of time or showing disinterest The survey was done doing mid part of the day and many of the

respondents were either busy with their work or somewhat uninterested to respond so at many places response was negative.

I have no previous experience in research, despite of that I have done at best of my knowledge and ability.

It should be noted that in consideration with the above limitation the conclusions and suggestions have been drawn.