DIGITAL ASSIGNMENT-1

BMT5235 TALENT MANAGEMENT

FACULTY NAME: Dr S GOMATHI

SUBMITTED BY
B SANKAR
18MBA0008
 QUESTION
Describe the talent Management strategies and Talent retention strategies
adopted by a company State the profile of the company you are referring
to.
Talent Management Strategy to Create a Higher-Performing Workforce:

Executives and HR management have always been focused on basic talent

management—acquiring, hiring and retaining talented employees. But, to drive
optimal levels of success, business leaders need engaged, high-performing
employees. The key to inciting a workforce to greatness is to align your talent
management with company strategy, define consistent leadership criteria across
all functional areas, and identify specific competencies (analytical, technical,
education, experience) to cultivate for continuing growth.

Business leaders who implement the best talent management processes are more
prepared than their competitors to compete in the global economy and capitalize
quickly on new opportunities. True success is only available when companies
do more than adapt to long-term trends; they must be able to anticipate and
jump on new opportunities before the rest of the market. A strategic talent
management plan allows you to:

 Become "proactive" versus "reactive". Fill your critical talent

management needs and address company and industry changes promptly;
 Identify essential skills to be developed in all employees, and minimize
training costs by focusing on key development areas; and
 Improve your recruiting process by identifying high-quality candidates
using job descriptions based upon the expertise of your high performing
employees holding uniquely valued company or industry competencies.
ORGANISATION THAT I AM REFERRING TO IS AVON PRODUCTS:
Create Highly-Skilled Internal Talent Pools
Strategically minded organizations are able to change ahead of the curve when
it comes to planning and developing a workforce with the right competencies.
They have deeper strategic insight into their employees, and use that insight to
proactively put the right workforces in place to effectively respond to urgent
marketplace needs.
At one time or another, most companies will find themselves faced with a
situation with limited time to assess viable candidates due to a planned (or
unplanned) change in leadership or industry conditions. For many of these
businesses, a prolonged leadership void is too risky. It raises questions about a
company's internal talent pool. Is it robust enough? How much attention has
been given to developing internal talent, starting at the senior executive level?
Are there ready candidates at every key position?
A critical element of a successful talent management program is the generation
of "talent pools" within a company—a reliable and consistent internal source of
talent and a valuable piece of the succession planning process. The development
of skilled talent pools makes it easier to develop desirable skill sets in a broader
group of employees, resulting in higher performance across all levels and
functions. By cultivating talent pools internally you are ensuring that you will
have experienced and trained employees prepared to assume leadership roles as
they become available.

Break Down Information Silos and Develop Collaboration

To drive success, business leaders must do whatever they can to overcome the
organizational silos that prevent the flow of information throughout the
organization. For companies to perform faster and with more flexibility,
knowledge and experience must be readily available—or, even better,
proactively delivered - to the right people at the right time. In many cases, the
innovation required to meet a new marketplace challenge exists somewhere in
the organization; the challenge is tapping into it.
In order to cultivate a collaborative atmosphere, management needs to align the
metrics for success—if success is based only on individual performance, you
will be sending mixed messages to your employees. Beyond simply
encouraging collaboration, organizations need to provide the tools to facilitate
easier collaborative efforts. To drive better collaboration across an organization,
employees and management need access to rich employee data, including
experience, interests and special skills, such as language abilities. Centrally
locating this robust information drives greater success companywide --
employees can reach across departments or offices to tap into a knowledge base
and collaborate easily, while managers can use the information to make
informed talent management decisions to increase business performance.

Create a Pay-for-Performance Culture

In a pay-for-performance culture, managers gain easy access to all the
information they need to reward individuals for actual performance—360
degree feedback, goal alignment metrics, review data and performance notes
taken throughout the year. This allows managers to make consistent,
quantifiably fair decisions, thus avoiding improper compensation.
Many companies use employee assessments to help them motivate their
employees to reach their full potential. This provides better results as each
employee’s reason for working is unique. Addressing each individual’s needs in
the organization will create a highly motivated workforce that strives for the
best as a whole.
By measuring the essential factors that mark the difference between success and
failure in specific jobs, your organization will be able to put the right person
into every position, allowing them to utilize their talents without limitations.
This leads to greater job satisfaction, improved morale and employee retention
because your organization is staffed with a workforce of people who are highly
productive, skilled and committed to doing their very best.

Conclusion
Businesses that outperform their competition know that strategic talent
management is essential in building the right workforce necessary for precise
business execution. Executives use analytics and diagnostic tools to move
beyond generalities or "gut feelings" into detailed analyses of workforce
performance drivers.
The ability to rapidly train and retrain employees according to business need,
create opportunities for real-time collaboration, and support the workforce with
better analytics are all benefits of a strategic talent management process that
will drive true business success.

EMPLOYEE RETENTION STRATEGY

Employee Reward Program:

They made a provision of Monthly or Quarterly Award (depending

upon the budget) for the best employee, Awarding 2 or 3 best workers
each month. The award can be in terms of gifts or money.

Sensing the need to retain talent in a tough market, companies across

sectors are tying the performance and fortunes of employees with
their own, and are attracting mid to-senior-level employees with a
substantial hike in variable pay in comparison to fixed pay, without
taking a hit on immediate costs.

A successful reward and recognition program does not have to be

complicated or expensive to be effective. If it is money then it should
be divided into two parts, first part to be given with the next month
salary and the remaining after 6 months. In this way he/she can be
retained for 6 more months. These rewards shall be considered at the
time of appraisal.

Flexible working hours:

The company realized about the importance of having a work-life

balance. Some might be a workaholic who needs to work 24 hours a
day, 7 days a week for the company to be productive, leaving little
time for their personal life. While that might work for you, you cannot
expect the same from your employees. If needed, the company have
to let them take some time off for a well-deserved vacation or other
situations which needs a little understanding on your part. They do
not begrudge their best employees of the time they need for
themselves. This would help solve unease and stress in the
workplace.

Retaining working mothers to fight talent crunch works: Survey

A large section of women employees, especially working mothers,

feel more engaged and productive in a supportive and flexible work
environment says a survey conducted by TJ in site, research and
knowledge arm of TimesJobs.com. In view of HR managers, it is
essential to have a focused strategy to engage and retain women
employees to drive better productivity for the business, particularly in
high-pressure industries such as IT, where their attrition rate is much
higher.

According to Natasha Singh, Head-Recruitment of Steria India,

capturing post-motherhood talent can help IT industry to fight
looming talent crunch. Referring to her company's strategy, she
mentioned, "We have created kids creche within our office complex at
Noida and Pune centers, to take care of the infants, toddlers and
school going kids of Steria mothers. The objective is to create a
working environment where mothers can work peacefully with focus
and stay stress-free relative to their kid's physical, emotional and
psychological and hygiene related needs.

Timely Promotions:

Employee promotions given within time or given in-time after gaining

certain experience or given without any delay, makes employee feel
belongingness towards organization. In many cases and in many
reports emphasized about in-time promotions make positive influence
on retention of employees in the organisation. Employee promotions
plays a key role, especially in the public sector and government
organizations. As a corrective measure to stop flow of resignations
and for employee retention in Defense Research and Development
Organisation (DRDO) in India planned for fast track promotions
through performance appraisal of its employees.

Timely increments:

Timely Increments in salary makes talented employees to stick to the

organisation for long time. Many researches have found that the
salary and increments were the core reasons behind leaving of
employees to other organizations and competitor organizations
attracts talent by showing sole monetary benefits, indeed most of the
talent is getting attracted for this reason. It is universal fact and one
has to accept that the monetary benefit is the core reason for an
employee decision-making on retention in the organisation.
Employee Engagement –

People may show up for work, but are they engaged and productive?
People are more committed and engaged when they can contribute
their ideas and suggestions. This gives them a sense of ownership.

This company is known for its ability to create and manufacture new
and innovative products. In order to foster the exchange of ideas
within departments, they sponsor an annual Idea Exposition. During
the exposition, scientists and engineers display projects and ideas they
are working on. Open only to their employees, this process creates a
healthy climate of innovation and engages all those who participate.