The Talent Management Practices

Published Date: 02 Nov 2017

A

Comprehensive Project Report

On

"Talent Management"

Submitted to

Parul Institute of Management and Research – 1st Shift

In Partial fulfilment of the requirement

Of the Award for Degree

Of

Master of Business Administrative

In

Gujarat Technological University

Under the

Guidance of :

Prof kosha Nair

Submitted By:

Shikha Soni (117110592051)

Ankita Patel (117110592167)

DECLARATION

We hereby declare that the grand research project report entitled "Talent Management" has been written and prepared by us during the academic year 2012-2013.

This project was done under the efficient guidance and supervision of Prof.kosha Nair faculty at Parul Institute of Management and Research, in partial fulfilment of the requirement for the Post Graduation in Master of Business Administration course of the Parul Institute of Management and Research (Gujarat Technological University).

We also declare that this project is the result of our own efforts and has not been submitted to any other institution for the award of any Degree or Diploma.

SHIKHA SONI

ANKITA PATEL

PREFACE

This report will serve as a detailed document for the comparative study of various companies’ Talent Management Process and gives a brief description of how exactly company carry out Talent Management and what are the new development and strategies being used for Talent Management.

This Project report survey reflects a more holistic and strategic Talent Management focus taken by most engineering companies today. The staffing professionals were polled from companies ranging from small and medium sized businesses to larger enterprise organizations. Respondents included recruiters, line-level managers, Executive desion-makers and consultants. Three main areas were covered in the survey: Talent Development, Talent Acquisition, and Talent Retention.

ACKNOWLEDGEMENT

It gives us great contentment in submitting our Grand Project report on the subject matter "Talent Management", which is carried out as a partial fulfilment for the degree of Masters of Business Administration in Human Resource Management at Parul Institute of Management and Research, affiliated to Gujarat Technological University.

It is not possible to prepare a project report without the guidance & encouragement of other people, on the very onset of this report; We would like to extend our sincere & heartfelt obligation towards all the personages. Without their active guidance, help, cooperation & encouragement, We would not have made headway in this project.

We would like to thank our internal guide Prof. Kosha Nair, Lecturer at Parul Institute of Management & Research, MBA Department, for her inspiring and encouraging way to guide me to a deeper understanding of corporate knowledge.

We are very much obliged by the munificence of Dr. Murthy, Director of the Institute, for his invaluable suggestions during the project term. He always kept his doors open for me for any sort of direction required at any point of time.

And lastly we would like to thank all Professional and HR Executives who allowed me to carry out our survey in their organization and for giving us valuable knowledge and guidance on our topic.

EXECUTIVE SUMMARY

The Talent Management Practices and study found that integrated talent management is a relatively new practice that will become increasingly emphasized in organizations over the next three years. In today’s volatile business market, effectively managing human capital can play a crucial role in business success. Talent management has become a top priority for organizations. It is also an area where there is much room for improvement. Only about one in five organizations report that they manage talent effectively to a high or very high degree. There is debate in the profession as to how to define talent management. For the purpose of this study, we defined talent management as "a holistic approach to optimizing human capital, which enables an organization to drive short- and long-term results by building culture, engagement, capability, and capacity through integrated talent acquisition, development, and deployment processes that are aligned to business goals".

This survey reflects a more holistic and strategic talent management focus taken by most companies today. The staffing professionals were polled from companies ranging from small and medium sized businesses to larger enterprise organizations. Respondents included recruiters, line-level managers, executive decision-makers and consultants. Three main areas were covered in the survey: Talent Acquisition, Talent Development, & Talent Retention.

At a time when organizations need to optimize their workforces, most agree that talent management is of strategic importance.

In this report we have focused of engineering sector to find out how it is affected by Talent crunch and what strategies HR executive and Management Head carry out to overcome Talent shortage.

The picture that emerged from their responses is one of progress, not revolution. People do carry out Talent Management but not under the banner of "Talent Management".

Towards the end, what follows is an analysis of each area covered in the suevey, and a comparison of results-driven versus passive approaches that are in practice in each of these areas. The good news is that innovation continues and there is a lot of scope in this area in near future.

LITERATURE REVIEW

Talent management is the implementation of integrated strategies or systems designed to Increase workplace productivity by developing improved processes for attracting, developing, Retaining and utilizing people with the required skills and aptitude to meet current and future Business needs.

Talent management is the additional management processes and opportunities that are made Available to people in the organization who are considered to be ‘Talent’.Talent management can be a planning tool for human resource management, as a planning Tool talent management looks very similar to workforce planning, but where HR will Experience a real opportunity for contribution to the organization is in the quality of implementation supporting the plan. Talent management is the systematic attraction, identification, development, engagement/ retention and deployment of those individuals who are of particular value to an organization, either in view of their ‘high potential’ for the future or because they are fulfilling business/operation-critical roles. (McCartney, 2006; Cappell, 2008)

A recent study shows that 85% of HR executives state that the "single greatest challenge in workforce management is creating or maintaining their companies' ability to compete for talent." Without question, effective talent management provides one of the most critical points of strategic leverage today. Offering enormous business value, talent management is complex and continually evolving. Influenced by external factors such as the economy, global expansion and mergers and acquisitions, critical success factors for effective talent

TABLE OF CONTENTS

SR.NO

TOPIC

PAGE NO.

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HISTORY OF LARSEN & TOUBRO

The evolution of L&T into the country’s largest engineering and construction organization is among the most remarkable success stories in Indian Industry.

L&T was founded in Bombay (Mumbai) in 1938 by two Danish Engineers, Henning Holck-Larsen and Soren Kristian Toubro. Both of them were strongly committed to developing India’s engineering capabilities to meet the demands of industry.

http://www.larsentoubro.com/lntcorporate/common/ui_templates/images/henningholckln.jpg http://www.larsentoubro.com/lntcorporate/common/ui_templates/images/sorenkristiantoubro.jpg

Henning Holck-Larsen Soren Kristian Toubro

Beginning with the import of machinery from Europe, L&T rapidly took on engineering and construction assignments of increasing sophistication. Today, the company sets global engineering benchmarks in terms of scale and complexity.

THE JOURNEY

In 1944, ECC was incorporated. Around then, L&T decided to build a portfolio of foreign collaborations. By 1945, the company represented British manufacturers of equipment used to manufacture products such as hydrogenated oils, biscuits, soaps and glass.

In 1945, L&T signed an agreement with caterpillar Tractor Company, USA, for marketing improving earthmoving equipment. At the end of war, large numbers of war-surplus Caterpillar equipment were available at attractive prices, but the finances required were beyond the capacity of the partners. This prompted them to raise additional equity capital, and on 7th February 1946, Larsen & Toubro Private limited was born.

Independence and the subsequent demand for technology & expertise offered L&T the opportunity to consolidate and expand. Offices were set up in Kolkata(Calcutta), Chennai(Madras) and New Delhi. In 1948, 55 acres of undeveloped marsh & jungle was acquired in powai. Today, Powai stands as a tribute to the vision of the men who transformed this uninhabitable swamp into a manufacturing landmark.

PUBLIC LIMITED COMPANY

In December 1950, L&T became a public Company with a paid-up capital of Rs.2 million. The turnover in that year was Rs.10.9 million.

Prestigious orders executed by the Company during this period included the Amul Dairy at Anand and Blast Furnaces at Rourkela Steel Plant. With the successful completion of these jobs,L&T House – its Corporate Office.

The sixties saw a significant change at L&T – S.K. Toubro retired from active management in 1962.

The sixties were also a decade of rapid growth for the company, and witnessed the formation of many new ventures: UTMAL (set up in 1960), Audco India Limited (1961), Eutectic Welding Alloys (1962) and TENGL(1963).

EXPANDING HORIZONS

By 1964, L&T had widened its capabilities to include some of the best technologies in the world. /In the decade that followed, the company grew rapidly, and by 1973 had become one of the Top-25 Indian companies.

In 1976, Holck-Larsen was awarded the Magsaysay Award for International Understanding in recognition of his contribution to India’s industrial development. He retired as chairman in 1978.

Today, L&T is one of india’s biggest and known industrial organisations with a reputation for technological excellence, high quality of products and services, and strong customer orientation. It is also taking steps to grow its international presence.

INTRODUCTION

OF

TALENT MANAGEMENT

WHAT IS TALENT?

Before going into the discussion on Talent Management, it would be apt to understand the word "Talent". Talent in general terms refers to the capabilities, skills or the art, a person possess in a particular field. It also refers to those people who have high potential, scare knowledge and skill or who can successfully bring about transformation and change in the organization. Such individuals are usually sought after in the market and their contributions to the business add direct value to its strategic or competitive positioning.

WHAT IS TALENT MANAGEMENT?

Coming to the Talent Management in an organization, it refers to those special steps an organization adopts to recruit, develop, and retain its pool of top talent. The steps adopted should normally be creative and should not project bureaucracy. Talent Management also denotes a deliberate approach taken up by an organization to attract, develop, and retain people with aptitude and abilities to meet not only the current requirements but also future organizational needs.

"Nothing is as important as identifying, training, and holding onto talented people" Jack Welch.

In today’s talent-hungry market scenario, one of the greatest challenges that organizations are facing is to successfully attract, assess, train and retain talented employees. Talent Management encompasses in itself the entire process of planning, recruiting, developing, managing, and compensating employee’s throughout the organization. Organizations have realized the need for talent management and are now focusing to develop and retain the existing talent in their organization rather than trying to acquire a new talent because the cost of identifying, developing and retaining the talent internally is more cost effective instead of replacing the talent which is lost from external market. Though it may appear initially that in the process of retaining talent, we are spending more in terms of increased wages, rewards and recognition, when we practically analyze, the cost of acquiring a new talent is higher. Apart from higher cost of acquiring the new talent it has to additionally face the initial hiccups of this new employee getting along with the organizational goals and strategies.

Every business unit is making sure that they can respond and withstand the challenges of talent crisis by developing an effective talent management strategy like identifying the key talented people in the organization, cultivating and developing the skill of their present workforce and retaining highly talented employees by protecting them from competitors.

Talent management is beneficial to both the organization and the employees.

The organization benefits from:

Increased productivity and capability.

A better linkage between individuals’ efforts & business goals.

Commitment of valued employees.

Reduced turnover.

Increased bench strength & a better fit between people’s jobs & skills.

The employees benefits from:

Higher motivation & commitment.

Career development.

Increased knowledge about contribution to company’s goals.

Sustained motivation & job satisfaction.

BENEFITS OF TALENT MANAGEMENT

Right Person in the Right Job :-

Through a proper ascertainment of people skills & strengths, people’s decision gain a strategic agenda. The skill or competency mapping allows you to take stock of skill inventories lying with the organization. This is especially important both from the perspective of the organization as well as the employee because the right person is deployed in the right position & employee productivity is increased.

Retaining the Top Talent :-

Despite changes in the global economy, attrition remains a major concern of organizations. Retaining top talent is important to leadership & growth in the marketplace. Organizations that fail to retain their top talent are the risk of losing out to competitors. The focus is now on charting employee retention programs & strategies to recruit, develop, retain, and engage quality people.

Better Hiring :-

The quality of an organization is the quality of workforce it possesses. The best way to have talent at top is have talent at the bottom. No wonder then talent management programs & trainings, hiring assessments have become an integral aspect of HR processes now a day.

Understanding Employees Better:-

Employee assessments give deep insights to the management about their employees. Their development needs, career aspirations, strengths and weaknesses, abilities, likes & dislikes. It is easier therefore to determine what motivates whom & this helps a lot job enrichment process.

Better Professional Development Decisions:-

When an organization gets to know who its high potential is, it becomes easier to invest in their professional development. Since development calls for investment decisions towards learning, training, & development of the individual either for growth, succession planning, performance management etc, an organization remains bothered to make this investment & talent management just make this easier for them.

HOW TALENT MANAGEMENT IMPORTANT FOR AN EMPLOYEES?

Recruitment

It’s ensuring that right people are attracted to the organization, due to providing exposure for their skills.

Retention

Developing and implementing practices that reward and support employees.

Employee Development

Ensuring continuous informal and formal learning and development.

Leadership and "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 general changes, including the older workforce and current/ future skills shortages.

Culture

Development of a positive, progressive and high performance way of operating.

HEART OF TALENT MANAGEMENT IS DEVELOPING THE FOLLOWING INTRINSIC HUMAN CAPACITIES:

Capacity to Learn

Enhancing an individual’s capacity to learn improves the person’s awareness. It adds to the person’s quest to know more and develop into newer areas. This capacity is developed by holistic tutoring that teaches how to learn, an enabling environment & good mentoring.

Capacity to learn comprises of the following:

Introspection is the individual’s willingness to look back and learn ability to learn from mistakes and identifying areas of improvement.

Reflection & contemplation is the individual’s ability to observe his own thoughts, actions,& emotions/feelings & using the awareness to improve further & perform better.

Getting into the flow is the individual’s ability to get into a new experience and flow with the experience. It is the person’s child-like ability to derive joy out of learning.

Capacity to Think

An individual’s quest to know more leads his mind to create images. Enhancing an individual’s capacity to think helps the person not only takes learning to a higher level of intellect but also improves creativity.

Capacity to think comprises of the following:

Analysis is about asking the right questions and breaking complex things into simpler elements.

Creativity is about generating new thoughts and breaking the existing patterns of thought.

Judgement requires both. This is what helps an individual to take quality decisions.

Capacity to Relate

It is important for an individual to be able to relate to his learning and thoughts. This leads the person to be able to relate to other individuals and the environment around him. The outcome is indeed a sense of belongingness and an environment of trust at the organizational level and team spirit at the individual level.

Capacity to relate comprises of the following:

Listening is the individual’s ability to listen with warmth and respect. Active listening is free of biases, evaluation and preconceived notions.

Empathizing is the ability to put self in someone else’s shoes and getting of one’s own shoes.

Trust requires a combination of both empathizing and listening. It is about authenticity, openness and genuineness.

Capacity to Act

Action is show the above three capacities of an individual are manifested. It is the individual’s ability to enact his intentions.

Following are components of capacity to act:

Organizing refers to the individual’s ability to organize his time and resources so as to enable him to convert intentions into reality.

Implementing means delegating, attention to detail, and focus on the right process.

Perform under pressure means the ability to work under pressure and time limitation and handle multiple tasks without negative stress.

TALENT AND PERFORMANCE

Organizations provide individuals the opportunity and scope for physically manifesting their performance for achieving individual and organizational vision.

Talent

+

Vision/Mission/Strategy

+

Skills & Competencies

+

Role & structure

+

Opportunity

+

Encouragement & Recognition

+

Training & Development

+

Coaching

+

Performance

Coaching

+

Action Plan & Goals

+

Resources

Performance

Management

System

Performance

Talent Manifests into performance as follow:

Thus the domain of talent management focuses not only on development of individual’s intrinsic capacities, but also on culture building and change management to provide the other elements listed above for manifestation of talent into performance.

TALANT MANAGEMENT PROCESS IN THE ORGANIZATION

Planning:-

Planning is usually a logical place. Starting with the strategic plans of the organization is necessary to determine what sort of people are required to achieve what needs to be done. That is, what knowledge, experience, skills & competencies are required e some of these areas can be developed within the organization; however, the competencies required need special attention.

Competency may be defined as "an enabling combination of skills, knowledge, aptitude, motivation and inherent ability". The core competencies of an organization can be described as their "values in action" and determine the culture and type of people who make it successful. This will assist in defining the talent in a business.

Recruitment:-

Once it is known what type of people are needed, building these-criteria into a recruitment process is going to ensure new employees have a good chance of "fitting in" and performing well. This will help build a "talent pool" for future growth.

Development:-

Having a process that systematically evaluates employees-against the organization' blueprint will identify what the development needs are. This is where organizations can truly identify their future talent and concentrate on the most appropriate development action. It may be training courses or having them work on challenging projects with challenging people. They may be assigned a coach or mentor or they may be encouraged to develop particular skills in their own time with company support. This is where creativity would start emerging, since there would be several options available to the employees.

Performance management:-

This process brings a number of factors together. In this context, the following needs to be addressed: The "what" people do –i.e., are they delivering the right results? The "how" they do it – are they displaying the core competencies? What are their aspirations? What are their development needs?-How can we recognize' reward and motivate them further? A process is required for this and managers must be skilled in using it. Not biannually, but continually. This activity is to be treated as a main, and not an additional one in terms of managing talented people.

Rewards:-

This includes financial and non-financial rewards and processes that are required for both. Many of the not-financial rewards for talented people will involve challenges, a sense of achievement, development and recognition. The financial rewards must align with their position, the market and their performance. A consistent, fair and transparent structure is required for this. Additionally, the ambience and quality of work life adds to the creativity or loss of it.

FIVE RULES TO MANAGE TALENT

The recession of 2008/2009 has forced many organizations to re-examine their talent management approach, and the most forward-looking companies have not limited their changes to a knee-jerk reaction to the financial crisis. Leading companies have begun to account for all the different dynamics of talent that are affecting them now and that are anticipated to influence them in the future. They have systematically changed their approaches to reflect the coming reality of the next five years.

According to Tower Watson’s study, following five rules have been defined to manage Talent:

Rule 1: There’s Never Enough Money.

Invest differently to optimize results. There’s never enough money — in good times and bad. Instead of spreading the wealth evenly, employers need to segment their talent pools and invest differently in each segment. Segmentation makes it easier to concentrate your money where it makes the most difference.

For example, there might be a number of average performers within a critical skill that you need to retain. These could be employees you cannot afford to lose, even if they are not high-potential employees. Your money might be best spent in creating programs- communication, recognition, rewards or training — to help engage and retain them.

Rule 2: If it doesn’t Measure Business Impact, It’s Just a Distraction.

Companies need to measure outcomes — whether in production, sales or talent management — that affect business success. The firm assigned a group of mid- and low-senior-level managers to review all 14 of its talent management processes and the different data elements collected. If the managers could not tie a process to its tangible impact on business performance, they eliminate the program. Those programs that could be tied to business performance were then massively simplified. Across the organization, the company went from having 14 separate programs to just three simpler processes.

Rule 3: Let the numbers drive talent decisions.

Most talent decisions are made on gut instinct. Not only are there few systems out there with good data on recruitment, promotion and job performance, but also the management culture in many organizations permits an intuitive approach to hiring. While we praise those with a "good eye for talent," industry data show that many firms often make poor choices. Statistics about washouts among new recruits, failure of newly promoted executives and other human capital challenges abound, but many firms still lack systematically embedded, empirically based selection and promotion practices.

For example, a global manufacturing company recently wanted to determine how best to redeploy its people and production assets based on changes in the economy and shifts in global demand. HR initially took the traditional approach of talking to line leaders about how people should be redeployed and then came up with a plan. But the head of operations felt they could do better. The company launched a much more extensive data analysis to understand past demand patterns, conduct deeper skills analysis, and analyze economic indicators and a host of other elements.

Rule 4 : Build Adaptable Skills.

Prepare future leadership for any situation. The trend to build adaptable skills has been in the works for some time, but the reasons behind the trend have been greatly solidified by the current financial crisis. For decades, talent searches focused on generic leadership skills: driving results, overcoming adversity and demonstrating superior communication abilities. During the recession, companies quickly learned that almost everyone could communicate. More important, while communication skills might help employees be more effective in their job, other competencies and skills have a more direct effect on business results. A Towers Watson global research study focused on these competencies. Among the Fortune 500 companies surveyed, remarkably consistent themes emerged. Many companies have come to realize that their traditional leadership competency models do not reflect what is needed to successfully address the rapid changes in the economy. Because of this, companies are shifting from a reliance on traditional skills and competencies to more flexible and adaptable skills.

Rule 5 : Simplify Performance Management, and Measure Impact instead of Goals many Companies ask where to begin when Redeveloping Talent Management.

There is an obvious connection between getting day-to-day performance right and driving better company results — critically important in today’s economic environment. What’s more, goal setting and performance management are the two most direct ways for management to communicate with employees about objectives. Performance management also helps clarify an employee’s role, while focusing employee development on competencies that determine the organization’s success. Finally, by linking reward outcomes to individual performance, effective performance management allows employers to realize their philosophy surrounding pay for performance. When companies get performance management right, it can provide the foundation for other talent management processes. For instance, if employees align their goals with business goals, they will make better day-to-day decisions which have an immediate impact on business performance.

Evolution of the HR Function

Defining the Talent Management Process

Organizations are made up of people: people creating value through proven business processes, innovation, customer service, sales, and many other important activities. As an organization strives to meet its business goals, it must make sure that it has a continuous and integrated process for recruiting, training, managing, supporting, and compensating these people. The following chart shows the complete process:

Workforce Planning:

Integrated with the business plan, this process establishes workforce plans, hiring plans, compensation budgets, and hiring targets for the year.

Recruiting:

Through an integrated process of recruiting, assessment, evaluation, and hiring the business brings people into the organization.

On Boarding:

The organization must train and enable employees to become productive and integrated into the company more quickly.

Performance Management:

By using the business plan, the organization establishes processes to measure and manage employees. This is a complex process in itself.

Training and Performance Support:

Of course this is a critically important function. Here we provide learning and development programs to all levels of the organization.

Succession Planning:

As the organization evolves and changes, there is a continuous need to move people into new positions. Succession planning, a very important function, enables managers and individuals to identify the right candidates for a position. This function also must be aligned with the business plan to understand and meet requirements for key positions 3-5 years out. While this is often a process reserved for managers and executives, it is more commonly applied across the organization.

Compensation and Benefits:

Clearly this is an integral part of people management. Here organizations try to tie the compensation plan directly to performance management so that compensation, incentives, and benefits align with business goals and business execution.

Critical Skills Gap Analysis:

This is a process we identify as an important, often overlooked function in many industries and organizations. While often done on a project basis, it can be "business-critical." For example, today industries like the Federal Government, Utilities, Telecommunications, and Energy are facing large populations which are retiring. How do you identify the roles, individuals, and competencies which are leaving? What should you do to fill these gaps? We call this "critical talent management" and many organizations are going through this now.

Talent Acquisition :-

It is an ongoing cycle of processes related to attracting, sourcing, recruiting, and hiring employees within an organization. This includes elements of employment branding, outreach, networking, and relationship building with potential candidate communities to continually build and enhance the latent pool for an organization.

The talent acquisition team within a company is responsible for finding, acquiring, assessing, and hiring candidates to fill roles that are required to meet company goals and fill project requirements.

Talent acquisition is the process of finding and acquiring skilled human labour for organizational needs and to meet any labour requirement. When used in the context of the recruiting and HR profession, Talent acquisition is usually refers to the Talent acquisition department or team within the human resources department.

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Five strategic trends in Talent acquisition:-

Trend 1:

Consumerization of technology

Trend 2:

Adoption of marketing techniques

Trend 3:

roactive sourcing

Trend 4:

Candidate experience

Trend 5:

Providing return on investment

Talent Development :-

Talent development, part of human resource development, is the process of changing an organization, its employees, its stakeholders, and groups of people within it, using planned and unplanned learning, in order to achieve and maintain a competitive advantage for the organization.

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Talent development process:-

Determine job competencies

If you want development focused on the needs of a particular job, you need to determine the specific needs or competencies of that job. Three scenarios are possible:

You already have established the competencies of the job. In that case, you can move on to our discussion of assessing the individuals targeted for development.

You want to use industry standard models already established for certain roles. In that case you will review the various version of our attribute index for a fit.

You would like to benchmark a specific job to better understand it’s needs.

Assess individuals The heart of our development assessments for individuals includes three modules:

Behavioural insights, the HOW someone behaves.

Motivation insights, the WHY someone does what they do.

Personal talent skills inventory, or WHAT people will do.

These assessments have several advantages:-

They are easy to administer.

They are inexpensive.

No one required to give input except the person being assessed.

The most critical factors, the personal competency cannot be manipulated.

They all can be done with online speed and convenience.

Take very little time.

An alternative to this approach to individual assessment is 360 assessments. These multi- ratter assessments are already being used extensively in some organizations. We can provide them to match the job benchmark established above or create fully custom 360s to meet the assessment needs of organizations who have previously established their job needs.

Analyze Development Gaps

Determining "what needs to be developed?" is the intention of gap analysis. We want to compare the needs of the job and the capabilities of the employees in that job or developing for that job. This step is automatically handled if we are using the trimetric system, as it creates a job- talent comparison report that quickly indentifies the gaps.

The three modules of development reports include specific recommended areas for improvement, development or reinforcement in attributes, motivation and behaviours.

Training & Development

Enlightened leadership offers numerous development workshops that are especially effective when a number employees have the same development needs. Some are found under development workshops below. Other are found on our other websites:

Leadership & management development workshop

Change management workshop

Integrated project teams workshop

Tools for development

Personal talent skills inventory

Behavioural insights

Motivation insights

360 assessment

RxCD personal development system

Task quotient assessments

Development workshop

Effective team communication

Building effective teams

Resolving team conflict

Talent Retention:-

Employees retention refers to the various policies and practices which let the employees stick to an organization for a longer period of time.

An effort by a business to maintain a working environment which supports current staff in remaining with the company. Many employee retention policies are aimed at addressing the various needs of employees to enhance their job satisfaction and reduce the substantial costs involved in hiring and training new staff.

Challenges to talent retention:

Expectations are not met

Mismatch between the person and the firm

Mismatch between person and the culture of the firm

Insufficient recognition or appreciation

Problems with direct manager

Dissatisfaction with pay

Stress

Lack of work life balance

Loss of confidence in the firm, particularly leadership.

Need of employee retention:

Hiring is not an easy process

An organization invests time and money in grooming an individual and makes him ready to work and understand the corporate culture

The employees working for a longer period of time are more familiar with the company’s policies, guidelines and thus they adjust better

Every individual needs time to adjust with others

It has been observed that individuals sticking to an organization for a longer span are more loyal towards the management and the organization.

Strategies for talent retention

Hire the right people in the first place.

Give the employees the authority to get things done.

Have faith in them, trust them and respect them.

Provide them information and knowledge.

Keep providing them feedback on their performance.

Keep their moral high.

Create an environment where the employees want to work and have fun.

Employees’ retention is crucial for the long- term health and success of the business.

Objectives of study:-

In the current scenario of cutthroat competition, every company has to survive to satisfy its customers by providing them quality products and services. The project involve study of following:

To understand the entire process of talent management

To understand the need of talent management

To study the accuracy and quality of work of employees by talent management process

To suggest possible improvement in talent management process

To know how to attract and retain the right type of person in the organisation

To map out career of employees suitable to their ability and their willingness to be trained and developed for higher positions.

Scope of study:-

When an organization gets talented people, retain them, motivates them, and develop them, it gains competitive advantage, sustains itself and progresses well.

People and talent have emerged as most critical and strategic variables in organizational effectiveness as well as national development.

It is people who make and manage organizations, HR and Talent management therefore has become a focal strategic variable in the contemporary business environment.

Research methodology:-

Introduction:-

Methodology is a plan of action for research project and explains in detail how data is collected, analysis and presented So that they will provide meaningful information.

Research techniques:-

Behaviour and instruments used in research operations.

Ex: scales, longitudinal/ cross sectional

Sample size:-

40 managers of L&T

Research tool:-

Questionnaire

Personal interactions

Data used :-

Primary data

Secondary data

Primary data:-

Talent acquisition

Talent development

Talent retention

Secondary data:-

Journals & research paper.

Newsletters

HR websites.

Statistical tools:-

Pie chart

Bar chart

Percentages

Data analysis tools:-

Percentage analysis method

PERCENTAGE NO OF RESPONDENTS

= ____________________ x 100

FORMULA TOTAL RESPONDENT

DATA ANALYSIS:-

Q-1) what do you understand by word "Talent"?

Skill

Knowledge

Qualification

Potential

30%

17.5%

40%

12.5%

Interpretation

From the above table out of 40 respondent 30% respondents says talent means skill, 17.5% says knowledge, 40%says qualification, 12.5% says potential is talent.

Q-2) Does your vision of organization align with the vision of recruiter?

Yes

69.13%

No

17.37%

Don’t know

13.5%

Interpretation

From the above table out of 40 respondent 69.13% says yes, 17.37% says no, 13.5% says don’t know that vision of organization align with the vision of recruiter.

Q-3) Do you have different sets of recruiters at various stages of recruitment process?

Yes

73.25%

No

14%

Some times

12.75%

Interpretation

From the above table out of 40 respondent 73.25% respondents says yes, 14% says no, & 12.75% says some times that they have different sets of recruiters at various stages of recruitment process.

Q-4) On which criteria you select employee?

Knowledge based

Qualification based

Experience based

Talent based

All of the above

Not aware

16.5%

21.75%

11.6%

27.45%

19%

3.7%

Interpretation

From the above table out of 40 respondent 16.5% says knowledge based, 21.75%says qualification based, 11.6% says experience based , 27.45%says talent based, 19% says all of the above, and 3.7% says they are not aware.

Q-5) How does your organization carry out Talent Manegement?

Never

Rarely

Some times

Often

Always

0

11.4%

20%

24.6%

44%

Interpretation

From the above table out of 40 respondent 11.4% says rarely,20%says sometimes, 24.6% says often ,44%says talent based the organization carry out Talent Management.

Q-6) while selecting a person for your organization on which aspects the recruiting panel emphasis more?

Technical fit

Personality/Behavioral fit

Leadership fit

Skill fit

Organization fit

Background fit

12%

21%

10%

26%

12%

19%

Interpretation

From the above table out of 40 respondent 12% says technical fit, 21%says Personality/Behavioral fit , 10% says Leadership fit , 26% says Skill fit,12% says organization fit, and 19% background fit.

Q-7) From where your recruiter create Talent pool?

Employee referrals

18.5%

Posting on bulletin boards

13.75%

Campus recruitment

13.75%

Online database

16%

External resume database

15%

Recruit agencies or consultancy

23%

Interpretation

From the above table out of 40 respondent 18%says Employee referrals,13.75% says Posting on bulletin boards,13.75% Campus recruitment,16% says Online database,15% External resume database 23% Recruit agencies or consultancy.

Q-8) within your organization what kind of activities are carried out for employee’s development?

Classroom/ conference/ seminar

Coaching/ Mentoring/ Training

Job rotation

Job enlargement

Action learning

21%

19%

16%

13%

31%

Interpretation

From the above table out of 40 respondents 21%says Classroom/ conference/ seminar,19% says Coaching/ Mentoring/ Training,16% says Job rotation, 13% says Job enlargement and 31% says Action learning kinds of activities are carried out for employee’s development.

Q-9) what retention strategies does your organization follow?

Exit interview

Improving QwL/ Package/Benefits

Improving employees’ relationship

Career developing

17%

33%

29%

21%

Interpretation

From the above table out of 40 respondents 17%says Exit interview,33% says Improving Qwl/ Package/Benefits,29% says Improving employees’s relationship, and 21% says Career developing types of retention strategies our organization follow.

Q-10) How much clarity about the inputs and output at each stage of your talent management process?

Very good

Good

Average

Poor

Very poor

16%

36%

29%

10%

9%

Interpretation

From the above table out of 40 respondents 165%says Very good, 36% says Good, 29% says Average, 10% says poor and 9% says very poor clarity about the inputs and output at each stage of our talent management process.

Q-11) In your organization who is primarly responsible for recruiting individuals?

No one

Departmental head

Hr staff

0%

21%

79%

Interpretation

From the above table out of 40 respondents, 0%says no one, 21% says Departmental head and 79% says Hr staff is primarly responsible for recruiting individuals.

Q-12) Is Talent Management owned by the business unit, or is shared around the organization?

Only Business Unit

Only Shared around the organization.

Both

8%

13%

79%

Interpretation

From the above table out of 40 respondents, 8% says Only Business Unit, 13% says Only Shared around the organization and 79% says by both.

Findings:-

Out of 40 respondent 30% respondents says talent means skill, 17.5% says knowledge, 40%says qualification, 12.5% says potential is talent.

Out of 40 respondent 69.13% says yes, 17.37% says no, 13.5% says don’t know that vision of organization align with the vision of recruiter.

Out of 40 respondent 73.25% respondents says yes, 14% says no, & 12.75% says some times that they have different sets of recruiters at various stages of recruitment process.

Out of 40 respondent 16.5% says knowledge based, 21.75%says qualification based, 11.6% says experience based , 27.45%says talent based, 19% says all of the above, and 3.7% says they are not aware.

Out of 40 respondent 11.4% says rarely,20%says sometimes, 24.6% says often ,44%says talent based the organization carry out Talent Management.

Out of 40 respondent 12% says technical fit, 21%says Personality/Behavioral fit , 10% says Leadership fit , 26% says Skill fit,12% says organization fit, and 19% background fit.

Out of 40 respondent 18%says Employee referrals,13.75% says Posting on bulletin boards,13.75% Campus recruitment,16% says Online database,15% External resume database 23% Recruit agencies or consultancy.

Out of 40 respondents 21%says Classroom/ conference/ seminar,19% says Coaching/ Mentoring/ Training,16% says Job rotation, 13% says Job enlargement and 31% says Action learning kinds of activities are carried out for employee’s development.

Out of 40 respondents 17%says Exit interview,33% says Improving Qwl/ Package/Benefits,29% says Improving employees’ relationship, and 21% says Career developing types of retention strategies our organization follow.

Out of 40 respondents 165%says Very good, 36% says Good, 29% says Average, 10% says poor and 9% says very poor clarity about the inputs and output at each stage of our talent management process.

Out of 40 respondents, 0%says no one, 21% says Departmental head and 79% says Hr staff is primarily responsible for recruiting individuals.

Out of 40 respondents, 8% says Only Business Unit, 13% says Only Shared around the organization and 79% says by both.

SUGGETIONS :-

As in the l&t in some departments there are not having different sets of recruiters at various stages of recruitment process so they should have different sets of recruiters for all department so the right candidate can be selected for the right job.

To reduce the retention ratio of the employee of the company it should provide or have high career development opportunities.

while selecting a person for your organization on which aspects the recruiting panel emphasis more on background fit but it should focus more on technical fit of the employees.

imitations of Study:

All the functions are only related with the personnel department.

Limitation about the working hour of the worker in the factory.

Limitation about the time and absenteeism.

Company not allowing to disclose confidential information

Time factor was the major limitation of this survey. Because during survey any activity of organization which is directly or indirectly related to the production process should not disturb due to survey.

QUESTIONNARE ON TALENT MANAGEMENT:-

Q-1) what do you understand by word "Talent"?

Skill.

Knowledge.

Qualification.

Potential.

Q-2) Does your vision of organization align with the vision of recruiter?

Yes.

No.

Don’t Know.

Q-3) Do you have different sets of recruiters at various stages of recruitment process?

Yes.

No.

Some times.

Q-4) On which criteria you select employee?

Knowledge based.

Qualification.

Experience based.

Talent based.

All of the above.

Not aware.

Q-5) How does your organization carry out Talent Management?

Never.

Rarely.

Sometime.

Often.

Always.

Q-6) while selecting a person for your organization on which aspects the recruiting panel emphasis more?

Technical fit.

Personality/Behavioural fit.

Leadership fit.

Skill fit.

Organisation fit.

Background or previous employment.

Q-7) From where your recruiter create Talent pool?

Employee referrals.

Posting on bulletin boards.

Campus recruitment.

Online database.

External resume database.

Recruit agencies or consultancy.

Q-8) within your organization what kind of activities are carried out for employee’s development?

Classroom workshops/conference/seminar.

Coaching/mentoring/training.

Job rotation.

Job enlargement.

Action learning.

Q-9) what retention strategies does your organization follow?

Exit interview.

Improving QwL/package/Benefits.

Improving employee’s relationship.

Career developing.

Q-10) How much clarity about the inputs and output at each stage of your talent management process?

Very good.

Good.

Average.

Poor.

Very poor.

Q-11) In your organization who is primarly responsible for recruiting individuals?

No one.

Departmental head.

Hr staff.

Q-12) Is Talent Management owned by the business unit, or is shared around the organization?

Only Business Unit

Only Shared around the organization.

Both