Talent management strategy - Free Essay Example

Introduction Talent Management is a conscious, deliberate approach undertaken to attract, develop and retain people with the aptitude and abilities to meet current and future organisational needs. Talent management involves individual and organisational development in response to a changing and complex operating environment. It includes the creation and maintenance of a supportive, people oriented organisation culture. Talent management is increasingly becoming a part of organizations corporate strategy to achieve sustainable completive advantage through human resources. Globalization driven by information technology is transforming the ways in which organization and people function. Information technology (IT) industry is playing a major role in the era of globalization. The goal of talent management process is to increase productivity. The four factors that make talent management approach unique include an integrated approach within HR, Integrating people processes into standard business processes,. Shifting responsibility to managers and Measuring success with productivity. The emerging new work places, sometimes called knowledge organizations and the dramatically changing environment call for new understanding and new people oriented solutions. Statement of the problem The present issues facing the IT industries is the increase in attrition rates. The attrition rate can increase the recruitment costs, the company wont be able to recoup the investments they have made in the employees. Some of the major issues relevant to this study include employee engagement, retaining the employees, skill shortage, diversity issues, work life balance, career growth, each of these issues represents challenge to todays IT industries and must be given recognition and attention and be carefully managed. An important step is to identify the staff or employees (people and positions) that are critical to the organisation. They do not necessarily have to be senior staff members. Many organisations lost a lot of â€Å"organisational 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 realise their mistake when they did not have people with the knowled ge and skills to either anticipate or solve problems that arose. The current problem about skill shortages and the ageing population are also helping organisations 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. Thus this study encompasses issues such as Recruitment ensuring the right people are attracted to the organisation. Retention developing and implementing practices that reward and support employees. Employee development ensuring continuous informal and formal learning and development. Leadership and â€Å"high potential employee† development specific development programs for existing and future leaders. Performance management specific processes that nurture and support performance, including feedback/measurement. Workforce planning planning for business and general changes, including the older workforce and current/future skills shortages. Culture development of a positive, progressive and high performance â€Å"way of operating†. A study this nature would go in a long way in addressing the issues which are vital to the IT Industry in particular and other Industries in general. Objectives of the Study The study aims at achieving the following objectives: To analyse the current talent management practices followed in IT industry in Bangalore. To Review / examine the talent management life cycle from talent acquisition to retirement in IT industry. To identify the talent gap and to describe the lagging and leading practices. To study the employee perception towards talent management practices To develop a talent management strategy which makes an objective assessment of the talent management process and its implementation To make suggestions and Recommendations. Hypothesis: The study will proceed with the following assumptions : Hypothesis 1: It is necessary to provide better Compensation for improving employee retention. Hypothesis 2: The present system of talent management recognizes the talent gap. Hypothesis 3: High level of employee engagement and an employee engagement plan keeps the employees in the organization. Hypothesis 4: the talent management is successful in effectively managing talent. Hypothesis 5: Enhancing potential of people by developing capacities helps in Retaining talent. Hypothesis 6: The talent Management is helping companies to measure their organization proficiency. Hypothesis 7: Sound talent management strategies helps in identifying top performers and are given opportunities to grow professionally. Sampling The study will be a survey method. Random sampling will be used. The Sample units will be drawn from different IT Software units in Bangalore. Hundred IT software units would be selected for the study. Tools Techniques: A questionnaire will be formulated and personally administered for collecting data relating to the talent management practices followed in IT industry. Data Collection: The primary data will be collected with the help of questionnaire mentioned above whereas the secondary data will be based on published articles in journals, magazines, books, studies, websites etc. Data Analysis Certain statistical techniques and tools like percentages, Averages, chi-square test, correlation, Regression and multivariate analysis will be used for the analysis of the collected data. Graphs, diagrams, tables and charts will be used wherever necessary.