1.1 INTRODUCTION OF THE STUDY:
Talent management definition:
A conscious, deliberate approach undertaken to attract, develop and retain people with the aptitude and abilities to meet current and future organizational needs. Talent management involves individual and organizational development in response to a changing and complex operating environment. It includes the creation and maintenance of a supportive, people oriented organization culture. Importance of talent management:
Like human capital, talent management is gaining increased attention. Talent management (TM) brings together a number of important human resources (HR) and management initiatives. Organizations that formally decide to "manage their talent" undertake a strategic analysis of their current HR processes. This is to ensure that a co-ordinate, performance oriented approach is adopted. An important step is to identify the staff or employees (people and positions) that are critical to the organization. They do not necessarily have to be senior staff members. Many organizations lost a lot of "organizational knowledge" in the downsizing exercises of a few years ago. The impact of the loss was not immediately apparent. However, it did not take long for many companies to realize their mistake when they did not have people with the knowledge and skills to either anticipate or solve problems that arose. The current discussions about skill shortages and the ageing population are also helping organizations to focus on the talent management issue. It may not be possible to simply go out and recruit new people to meet operational needs. Many leading companies have decided to develop their own people, rather than trying to hire fully skilled workers. TALENT MANAGEMENT helps to focus on:
Capacity to learn (measured as learning quotient LQ)
Capacity to think (measured as conceptual quotient CQ)
Capacity to relate (measured as relationship quotient RQ)
Capacity to act (measured as action quotient AQ)
The individual’s values help in discriminating amongst alternatives and act as the bedrock for decisions. (LQ + CQ + RQ + AQ) X Values = Talent
In summary, every organization should be implementing talent management principles and approaches.
1.2 GEMS & JEWELLERY INDUSTRY
Gems and Jewellery have been a part of most of the cultures of the world at some point of time or other. From its basic use as currency, it is now used as an instrument to store and display wealth. In the recent past(last 3-4 decades), this industry has shown an impressive growth worldwide. The current global market forth sector is estimated at around $85bn USD and has shown a CAGR of 5-10% in the last decade.
1.3 HISTORY OF THE ORGANIZATION:
The leading brand in the precious Metal Industry, Josco has constantly vowed the fashion conscious customers in Kerala. The finest range of traditional and modern Jewellery, Precious Metal continues to experience significant gains. In the same way, Josco completed 47 Golden Years of Quality, Service and Trust from their Precious Golden Customers. Today the brand Josco spread across the country is having 21 well accomplished Stores. Rare collections, unique designs and unmatched quality are the tradition of Josco and they spend half their time exploring new designs to understand their customers' needs, while offering customized design options. Josco’s mission is to offer unique blend of superior quality products to their customers. They do not carry anything that is not well made. Their job is to ensure each client gets the best quality for the money they spent. With more than 47 years in the industry, Josco applies experience and dedication in ornament designing which reflects the most exclusive pieces available in Kerala, Tamilnadu and Bangalore, from leading edge designs to spectacular gems from around the world and from the contemporary to the traditional. Josco jewelers at G.B road Palakkad were...
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