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.
Required Changes in Talent Management
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.
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.
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.
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.
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.