Change your Talent Management Paradigm for growth
Monday, August 29, 2016 5:39:33 PM

With the onset of digitalization and rapid changes in the global business landscape, new models of collaboration and talent management have emerged, thereby resulting in higher performance and better innovation. On the other hand, as baby boomers are steadily being replaced by millennials, a new work culture is coming to the fore. Given these changes, talent management professionals are now feeling the need to rethink about their talent management strategies.

Emerging economies, which were once thought to catalyze growth, are slowing down. Moreover, some developed economies are wrestling with loads of debt and finding it difficult to drive growth. These situations have resulted in a spike in the unemployment rate across the world. But despite this, organizations worldwide are unable to find the right talent as per their job requirements. This shortfall of talent is acting as the main stumbling block to business growth.

The present model of talent management follows the process of recruiting, training, managing, retaining, and evaluating the performance of employees. However, given the present scenario, this model is expected to be replaced by creativity, collaboration, sense-and-respond, peer-to-peer, empowerment, and improvisation in the near future.

Challenges of Effective Talent Management

While considering the reconstruction of traditional talent management models, only a handful of organizations have adapted their approaches and strategies to deal with complexities of today’s market environment and economy.

The following challenges have confronted companies and forced them to rethink about their approaches to talent management.

  1. Talent management is unable to keep pace with today’s corporate workforce, which is getting global.
  2. Companies are struggling to invest strategically in talent management.
  3. It’s becoming challenging to measure the effectiveness of talent management.
  4. There is a change in competencies and skills required by future business leaders.
  5. There is a lack of succession plans to identify future leaders.

Required Changes in Talent Management

  1. Opt for the net-savvy recruitment process: Gone are the days when the recruitment strategy revolved around publishing ads in the newspaper. It’s now a waste of money, effort, and time. Today’s internet- and social media-savvy generation prefer to be connected through social networks and online recruitment websites.

Organizations should do away with old-style job interviews, which were more like interrogations, demanding candidates to undergo tests that could merely predict their skills or caliber. This process needs to be totally modified and should be seen as a dialogue in order to identify, attract, and hire the best talent.

Organizations can walk the extra mile and start early by engaging people right from high schools by offering internships, part-time opportunities, and summer employment offers, which would help them know the brightest candidates and bring them on board without following any formal recruitment process.

  1. Say NO to training and create a work-learning environment: Companies should create and engage employees in a rich work-learning environment by increasing the learning opportunity at the workplace with the help of the new media.

Better response and contribution toward strategies, corporate policies, and business performances could be achieved from today’s net-savvy generation through mentoring and coaching. The first few months must be organized with flexibility and creativity to introduce new hires to different leaders, work contents, and work situations. Companies making these efforts will reap the benefits from shorter ramp-up seeds, less turnovers, a higher level of engagements, and greater returns on their employee investments.

  1. Say NO to manage but collaborate: Companies should engage employees and build teams through the distribution of accountability, power, and authority. This is because traditional methods of supervision and management are ineffective. More and more companies are now coming up with a new corporate meritocracy by decentralizing the decision-making process and embracing the latest technologies that empower employees to communicate easily and openly.

By incorporating these changes, companies are doing away with hierarchies and joining internal teams to external networks.

Organizations need to analyze and retool workflow models, work styles, parameters at the workplace, career path, and professional development programs so that they can cater to today’s workforce’s needs more efficiently.

  1. Say NO to retain but evolve lasting relationships: Companies should create a relationship between talent and the company and perceive employees as a reservoir of knowledge who are capable of adding immense value even after leaving the company. With the advancement of the internet, companies can exclude transaction and collaboration costs and identify uniquely qualified minds to add value to it.

Talent shouldn’t be confined to enterprise boundaries. By utilizing social communities and web platforms, companies can facilitate the dissemination of information and exchange of resources between present and ex-employees. Such thinking is embraced and favored by next-generation employees.

  1. Say NO to annual reviews but improve real-time performance: Companies should give regular feedback instead of annual appraisal, which is more like a one-way conversation and makes little sense to young employees. Employees would feel that their wishes and desires are being overlooked and reviewing the work after a year of its completion wouldn’t bring any desired improvements either.

Re-thinking on all these lines and amending talent management strategies are essential for all organizations to maintain its competitive edge in today’s race for growth.