Talent Management Issues and Challenges
In a wired world of easy, me-too replications, solid employeevalue proposition reinforced by ‘The Human Factor’ can provide the winning difference.
By Rajlakshmi Saikia Are you aware of the decisive impact of talent on your organisation’s success? Have you devised a game plan to retain your competitive advantage? Did you know that despite fluctuating unemployment rates, the competition to source, hire and retain top notch candidates has remained consistent and fierce across most industries? Finally, while every other aspect of business is being easily replicated (products, services and infrastructure) isn’t it amazing to learn that talented people are the ONLY lasting competitive advantage?
McKinsey’s study, which has appeared in the McKinsey Quarterly (1998), focused on 77 large U.S. companies in various industries. The team’s focus was on the human resources department within each company and what their talent-building philosophies, practices, and challenges were. The team also surveyed nearly 400 corporate offices and 6,000 executives from the top ranks of these companies. In addition, the group conducted case studies of 20 companies that were perceived to have considerable talent. The study concluded that companies are about to be engaged in a war for senior executive talent that will remain a defining characteristic of their competitive landscape for decades to come. The report’s even more troubling conclusion was that “most companies are ill-prepared, and even the best are vulnerable.”
This new age economy, with its attendant paradigm shifts in relation to the human capital, in terms of its acquisition, utilisation, development and retention, has placed a heavy demand on today’s HR professionals. Today HR is expected to identify potential talent and also comprehend, conceptualise and implement relevant strategies to contribute effectively to achieve organisational objectives. Hence a serious concern of every HR manager in order to survive this ‘War
By Rajlakshmi Saikia Are you aware of the decisive impact of talent on your organisation’s success? Have you devised a game plan to retain your competitive advantage? Did you know that despite fluctuating unemployment rates, the competition to source, hire and retain top notch candidates has remained consistent and fierce across most industries? Finally, while every other aspect of business is being easily replicated (products, services and infrastructure) isn’t it amazing to learn that talented people are the ONLY lasting competitive advantage?
McKinsey’s study, which has appeared in the McKinsey Quarterly (1998), focused on 77 large U.S. companies in various industries. The team’s focus was on the human resources department within each company and what their talent-building philosophies, practices, and challenges were. The team also surveyed nearly 400 corporate offices and 6,000 executives from the top ranks of these companies. In addition, the group conducted case studies of 20 companies that were perceived to have considerable talent. The study concluded that companies are about to be engaged in a war for senior executive talent that will remain a defining characteristic of their competitive landscape for decades to come. The report’s even more troubling conclusion was that “most companies are ill-prepared, and even the best are vulnerable.”
This new age economy, with its attendant paradigm shifts in relation to the human capital, in terms of its acquisition, utilisation, development and retention, has placed a heavy demand on today’s HR professionals. Today HR is expected to identify potential talent and also comprehend, conceptualise and implement relevant strategies to contribute effectively to achieve organisational objectives. Hence a serious concern of every HR manager in order to survive this ‘War
References: 1. Kevin oakes,(2008), "talent management :the new silver bullet." www.talentManagement101.com 2. Authoria.Inc, (2008), "Make Talent Count: Talent Management for Progressive HR Executives", www.authoria.com . 3. "what is talent management: defining a clear technology strategy" , (2007) www.talent management101.com 4. "Integrated talent management Part 3 – Turning talent management into a competitive advantage: An industry view", (2008), www.IBM.com 5. Peter Cappelli , (2008),"Talent Management is a Business Problem",www.nasscom.in |