Talent management practices: An analysis

Abstract

In Today’s global economy, companies must continually invest in human capital. In the role of businesspartner, HR leaders work closely with senior management to attract, hire, develop and retain talent. Thevivacious nature of global business is to put ever- increasing pressure on organizations to be constantlyon the watch out for incomparable talent into market where the actual demand will exceed the supplyby higher margins. Given the current focus on the connection between talent and an organization’sbusiness challenges, effective strategy should be executed to identify correct people with the correctskills and awareness in the ten right roles. Getting the right people with correct skills into the precisejobs, a common characterization of talent management is basic people management in organizations.Whereas the focus of talent management trends to be on management and on executive positions,these issues apply to all jobs. These issues have made talent management as one of the most pressingissues faced by the senior business executives in the current corporate scenario. Hence, this report willhighlight on the need for the talent management, strategic talent management, challenges of talentmanagement and the ways of motivating and retaining employees through gain-sharing and executiveinformation system through proper planning, organizing, leading and controlling their human resources.We started the study with secondary research. As part of secondary research, major publications/EBSCO database /Academic journals were referenced from various sources. This included at least 20 researchwhite papers from sources like Mckinsey Quarterly, HBR/Stanford case studies and standard VelociQdocumentation of Wipro. These gave us a fair understanding of various talent management practicesalong with their pros and cons. Many ideas were extracted from them.We started the primary research through conducting extensive focus interviews of senior IT resourcemanagers, Talent management consultants and HR managers of various organizations that are followingthe TM practices critically.Based on the secondary and primary research, we could identify the best TM practices and their variousfacets along with their pros and cons. From this study, we made a generic framework model which couldsuit most of the Indian IT firms if they really want to retain the best talents. This was followed by a seriesof recommendations. Through these recommendations enterprises can follow the steps to make surethat they understand and react according to the aspirations of the talent and help him/her to growfurther along with meeting the business goals in the course.