ALLANA MANAGEMENT JOURNAL OF RESEARCH, PUNE - Volume 5, Issue 1, January 2015 - June 2015

Pages: 55-58
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TALENT MANAGEMENT - A REAL CHALLENGE

Author: Dr. D. B. Bagul

Category: General Management

Abstract:

This new age economy, with its attendant paradigm shifts in relation to the human capital, in terms of its acquisition, utilization, development and retention, has placed a heavy demand on today's HR professionals. Today HR is expected to identify potential talent and also comprehend, conceptualize 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 for Talent', is to fight against a limited and diminishing pool of qualified available candidates to replace valuable employees when they leave, dramatically underscoring the difficulty to attract, motivate and retain the best employees in an organisation. To analyses the reasons, we first need to understand what "TALENT" means. People have different views and definitions. According to Leigh Bran ham, vice president, consulting service at Right Management Consultants and author of the book, "Keeping People Who Keep You in Business" , a talent is not rare and precious. Everyone has talent - too many to possibly name all. Talent is behavior; things we do more easily than the next person. We speak of "natural born talent" but those with a gift, knack, ability or flair for something can refine and develop that talent through experience. Talent, however, cannot be taught. As someone once said, "you can teach a turkey to climb a tree, but it is easier to hire a squirrel”.

Today, companies have become fiercely competitive when it comes to attracting and retaining talent. According to Branham, 75 percent of the senior executives admit that employee retention is a major concern today, the obvious reason being the 'increasing rate of turnover'. This dynamically changing and volatile demand-supply equation with such erratic attrition trends and cutthroat competition has led organizations to focus on mechanisms pertaining to attracting and retaining talent. It is an accepted truth that turnover will happen, and companies need to devise a strategy to curb unprecedented turnover from affecting organizational success.