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o Technologies, Thane, Mumbai 1976 Master of Business Administration - HR Fourth Semester Talent Management 1 23rd March 2012
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Registration Number || Learning Center Name || Learning Center Code || Course || Semester || Subject || SET No. ||
Directorate of Distance Learning, Sikkim Manipal University, II Floor, Syndicate Building, Manipal 576 104
Signature of the LC
Signature of Evaluator
Q1. India as nation stands out for it entrepreneurial and well educated talent base. Justify Ans. India is as nation stands out for it entrepreneurial and well educated talent base. India has a large pool of scientists, engineers and technicians. Currently a lot of importance is given to the development of intellectual and managerial talent in order to surge ahead internationally. India boasts of centuries old history of entrepreneurship across every industry sector. The foundation of Indian entrepreneurs is based on their sound business ethics and their passionate commitment to success. The growth and development of entrepreneurship in India over the ages can be traced under: Metal handicrafts have existed in society even since pre-Christian Era obviously being traded for profit. In the post-Christian era, caste based business men created kharkhanas while craftsmen formed associations called guilds to produce and sell handicrafts and other goods. Since ages, Indian handicrafts have enjoyed world wide reputation such as Corah from Bengal, dupattas and dhotis from Ahmedabad, Chintez from Lucknow, shawls from Kashmir, metalware from Varanasi and so on. In the modern era, the first trace of entrepreneurship was seen during the domination of British East India Company. A few Parsi entrepreneurs like Lowjee Nushirwan and Manjee Dhanjee built ships and produced gun powder for the company. Ranchod Lal Chotlal, a Nagar Brahmin, was the first Indian to think of setting up a textile manufacturing unit, in 1847, but failed in his attempt. He however succeeded in his second attempt in 1861. But before this credit for successfully starting a textile mill goes to another Parsi Cowasjee Nanabhoy Davar in Bombay in 1854. This was followed by Nawrosjee Wadia, who opened his textile mill in Bombay in 1880. Jamshedjee Tata established the first steel industry in Jamshedpur in1911. This was followed by the entry of Birla family which set up a jute mill in 1919. The Swadeshi Campaign, called by Mahatma Gandhi, calling for use of only Indian goods, gave the first wave of entrepreneurial activity in India. During this period, the traditional business communities like the Jains and Vaishyas, gave up their conservative attitude, and joined Parsis, to become industrial entrepreneurs. Post-independence, the socialist practices of the Nehru government actually helped Indian entrepreneurs by giving them protection from multinational companies. But this also prevented the Indian goods from being sold abroad. Licences, quotas, red tapes, high taxes, low productivity, black market, monopolies and so on, marked the first 40 years of Indian Independence. Despite all these, India saw the emergence of two well-known entrepreneurs of those times, Dirubhai Ambani and Kaesanbhai Patel who overcame many obstacles to sow the seeds of their empires. When the companys economy finally opened up in 1991, entrepreneurs of the likes of Azim Premji, N.R. Narayan Murthy, and Subhash Chandra came up on the scene. And as we move on to the 21st century, there is no stopping of the Indian Entrepreneur from taking the world! 14.6.1 Profile of successful entrepreneurs Identifying the true talent and communicating a compelling vision to potential candidates is highly essential for start-ups. It is critical to understand the technical and managerial skills that relate to an executives mindset. Characteristics that are mission critical need to be revealed for start-ups when compared to established companies. Winter Drive November 2011 Sikkim Manipal University Submitted By: Pritam DSouza Registration No. : 571017160 2
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Redesigning talent management practices to attract and retain Gen Y's: The talent management practices should be such that it attracts both young and old talent. Opening avenues for boomers in their second careers: Organisations are biased towards hiring boomers, but smart companies look for ways to incorporate them into the workforce. In general a rethinking of roles and relationships are required. Overcome the rule of short term and frequent movement: Retail industry in general is known to have a disposable view of talent. Organisations need to change this view. Organisations need to consider external as well as internal influences. Retaining employees for long periods could contribute to the success of the organisation. Recruit executives who dont appreciate the challenge: The belief of business leaders that people are lined outside the door because of the company brand power is often the cause of complain among executives. Organisations need to build a talent that places emphasis on build rather than buy strategy.
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Q3. What is the importance of talent management? Ans. Like human capital, talent management is gaining increased attention. Talent management (TM) brings together a number of important human resources (HR) and management initiatives. Organisations that officially decide to manage their own talent carry out a strategic analysis of their current HR processes. This is to make sure that a co-ordinated, performance oriented approach is adopted. Many organisations are adopting a TM approach which focuses on co-ordinating and integrating methods which are given as: o o o o o o o Recruitment: To ensure the right people are attracted to the organisation. Retention: To develop and implement practices that reward and support employees. Employee development: To ensure 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: To plan for business and general changes, which include the older workforce and current/future skills shortages. Culture: To develop of a positive, progressive and high performance way of operating.
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Q4. Describe the five stage approach for building a competency model. Ans. The development of competency models depends on the goals and objectives of the organisation, and the business that the organisation is in. In a broader sense the competencies are categorised into two types: 1) Core competency. 2) Role specific competency. The core competencies are those that are required by all employees. For example, initiative and drive might be a core competency for each employee in the organisation. The key stakeholders are particularly invited to take part in brainstorming sessions while performing a competency modelling for an organisation. Typically the human resources department take the step to define competencies. The strategic marketing team and the delivery team provide inputs on the competencies and on the gaps they experience during project execution respectively that would provide the organisation a competitive edge. The brainstorming and debate session helps in enlightening the competencies that the stakeholders perceive to be important. The five stage approach for building a competency model is as follows: a) Assemble the focus team and create a list of processes: The first stage in building a Leadership Competency Model is to assemble a Focus Team composed of a cross-functional mix of first-line leaders, middle leaders, and senior leaders. Big organisations might want to build different competency models for the upper and lower line of leadership. These individuals are Expert Practitioners who are the best people in their fields. With the help of interviews, surveys, observations and other activities, a list is created of the major processes and the requirements needed by leaders to carry them out in an correct fashion. It needs to be ensured that any observations or interviews are performed on Expert Practitioners. Competencies depend on what an expert does to get his or her job done but not on what others think. b) Build behavioural indicators for each process: This is the second stage where in the major behavioural indicators for each competency are identified by the members of the HR team that needs to be performed to produce the desired outputs. The behavioural indicators (Skills, Knowledge, Attitudes) needed for greater performance must be listed after going through each competency. These behavioural indicators must be: o Future-oriented rather than problem-oriented as they are creating a powerful tool to guide the organisation. o A component of a strategic planning or organisational planning process model. The best results are often achieved when built in along with other processes.
c) Categorise the data: In this stage, categorisation of data takes place. The competency of leadership is divided into three classes which are Core, Leadership, and Professional. The core competencies are essential of all the people within the organisation. The leadership competencies are meant for managers and supervisors. And the professional competencies are position specific. Be careful when building professional competencies for leaders. Leaders from different field often bring new perspective and originality to the organisations. It has to be ensured that the selected behavioural indicators are really the required skills, knowledge, or attitudes. [1]For example, the late Seattle School Superintendent, John Stanford, was one of the best things that happened to the district; yet he was a former Army General and City Manager without experience or education in educational institutions. It would have been a great loss for the district if the professional competency list for his job had been so stringent, that he would never have got the job. d) Order each category: This stage is used to order each category. The team gives numbers to each competency in its order of magnitude for each category. One process for doing this is to categorise each competency on a Post-it note and then observing each category at a time. After which the competencies are arranged from the most significant competency to the least significant. Finally, it is required to find out if any of the competencies at the bottom of each category can be discarded. The cause behind all this is that the team might have listed too many competencies to be easily measured. Later, this will help them determine a convenient number for a cut-off point. At this point, it is fine for having too many competencies listed. The correct number will be determined during the field testing of the performance appraisal. e) Validate the competency model: This stage validates the competency model by order of importance. There are a number of ways of performing this: Duplication: reproduce the original research results. This is done by getting another sample of higher performers, conducting interviews, and deriving a competency model. This new model is then compared to the original one. Jury: Independent jury members, having expert knowledge, deliver their best professional judgment on the model. They must include both internal and external experts. This group presents their opinion of the model as part of a professional report. Survey: A survey is conducted for a selected number of individuals throughout the company and they are asked to number each competency by its order of importance. They are also required to add their own competencies. The competencies should not be listed by the order ranked by the Competency Team as too many respondents might go with the team instead of thinking for themselves. Departmental focus group: A collective ranking is done as by each department or a representative of departments. The advantage is that more people are involved simultaneously and giving less information to collect. This means that each member of the Winter Drive November 2011 Sikkim Manipal University Submitted By: Pritam DSouza Registration No. : 571017160 9
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Q5. List the key elements of talent management system. Ans. The key elements of Talent Management System are explained as follows: Selection: Selection is the process of choosing a candidate amongst a number of probable candidates. Recruitment and Retention has become a big challenge for organisations due to the continuing global talent shortage, the changing worldview of work by new generation employees entering the workforce, and the ever increasing evidence that poor recruitment decisions have a direct impact on the bottom line. Recruitment process that is not merit-based and has poor reliability and validity are a burden to an organisation and can even expose the company to discrimination claims. Poor hiring choices can affect the organisation in additional recruitment costs, training and orientation costs, loss of time, lost opportunity, lost revenue, loss of competitive advantage, tarnish image and reputation. It is about recruiting the right people in the right place at the right time. Organisations need to filter their attraction, recruitment and selection approaches to ensure they have the right talent on board to enable them to remain competitive. A global view that includes a diverse workforce is critical. Induction and training: Induction is the formal entry of the selected candidates into the organisation and Training is to develop their knowledge, skills and competencies by teaching with respect to the organisational requirement. Employers should not assume that new hires can cover for themselves, and will only need brief introductions and a chunk of corporate information to get them started. Although lost profits due to the training of a new hire has been estimated as 1.0 2.5% of total revenue, it is clear that this induction period is vital given that 6.3% of people leave within the first 6 months of starting in a new role, which is typically due to their induction experience. A proper induction program helps to reduce employee discomfort, improve productivity and save money. After an effective, useful and timely training experience should be the progressing development chances that support the individual in the role, but also the organisation in achieving its broader objectives. Such training, where possible and practical, should be in-time rather than in-case to provide training environments and materials that change to meet individual or small group demands precisely at the time when new skills are needed. Capability development: Customised improvement opportunities for key talent are seen as an essential component for motivation and retention of these people. In the present scenario, developing the current employees is a more cost effective and efficient means of maintaining internal talent pools rather than recruiting new people and wasting vital resources on their training. Career growth also has a major impact on job satisfaction and commitment, to an organisation that relates directly to the retention of dynamic employees. Both high potentials and core contributors should be given enough opportunities to develop by the internal talent management in order to maintain operational effectiveness and output. Key performers and core contributors require different growth experiences that should be modified accordingly for maximum profit. Committed leaders are required to emphasise the idea on both groups given their competing business priorities. The Talent Development structure adopted by an organisation needs to support the talent capabilities required for the future and needs to be able to blend with ongoing changes. Good leadership quality in a global and increasingly diverse workplace is a highly sort after competence, Winter Drive November 2011 Sikkim Manipal University Submitted By: Pritam DSouza Registration No. : 571017160 11
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Q6. What is the role of an HR in talent management? Ans. Talent Management involves identifying the right talents and developing those talents into personnel competencies, which is required by the organisation to have highly efficient and high performance human capital. In the recent years, as the demographics of workforces have changed, organisations of all size consider talent management as a crucial activity. The importance laid on talent management has increased the pressure on HR department in an organisation. The HR acts as a backbone for Talent Management. The HR is responsible for the training and development activities of an employee in an organisation. When it comes to talent management the HRs role is concerned with enhancing the development, attraction, and retention of their employees. The HR is responsible to establish talent management initiatives. In an organisation, apart from transactions and administrations, the HR is burdened to take more responsibility to become a talent expert. The important areas of talent management that forms a part of HR planning are: Providing value for individuals by creating and maintaining an organisational culture. Identify the needs of an organisation. Training and developing employees to meet the organisational needs. Recruiting talented people, who are capable of providing further job needs, Conducting and managing HR activities to support talent the development of talent in an organisation. It is the responsibility of the HR to view talent assets of an employee at an individual level. This helps the HR to know what skills, experience, and training each employee brings to the table or needs to acquire. For HR to evaluate the existing skill sets in the industry, they first need to understand how to go about filling current and future skill gaps. This is possible if talent is viewed enterprise-wide at an aggregate level The crucial role of an HR is to attract talented personnel. These days the improvement in the economy and retirement of Baby Boomer creates competition for newer talented personnel. As majority of the employees in an organisation look out for new and better employment opportunities, the HR is responsible for retaining the employees. This can be done by following successful employee retention strategies. The HR are responsible for providing opportunities for employees who prefer to develop their skills and talent and accept challenging work along with compensation. The employees prefer to grow in their career. This can be done by the HR by organising programs for professional and entry- to mid-level managers.
Training Employees
Getting the best employee The HR is responsible for implementing the planned workforce in an organisation. Workforce planning is getting "the right number of people with the right skills, experiences, and competencies in the right jobs at the right time." The HR is responsible to attract the employee with the right talent by considering the organisations goals, strategic plan, budget, resources, and a set of desired workforce competencies. Getting the best employee is nothing but hiring the right talent. Here Right talent means candidates with relevant skill sets and qualifications. Hiring the right employee creates a foundation for more effective performance by the employees, teams, and the company on the whole. Hiring an employee with irrelevant skill sets and qualifications reduces the quality of work and increases the cost of rework. It also reduces the performance of the team and in turn the company. Before hiring, the best employee the HR must have knowledge of the following: The HR must know what he is hiring for. The HR must also determine the skill and the personnel attribute required by a candidate that matches with the requirement of the job. The HR must know the tasks and the responsibilities involved in the job. This is necessary because, the HR will have to give the summary of the job tasks, responsibilities, and objectives of the job to the employee. The HR must also have knowledge of the educational qualification and experience required for doing the job. This is because the education and experience are considered as the two most important characteristics while evaluating a candidate for a job. HR must understand the characteristics required by the personal to grown in the organisation. For example, the interpersonal skill that is required by an individual to be a team leader. HR must have knowledge of the organisations culture. For example giving the hired employee team-orientation, explaining the process followed in the company, the reward system, mission, needs, and goals of the company. The best employee is the person with: The right education + the right experience + a compactable personality. Winter Drive November 2011 Sikkim Manipal University Submitted By: Pritam DSouza Registration No. : 571017160 15
Sustaining high-performing employees In todays market it is not only difficult to hire an employee but it is also difficult to sustain high performing employee. These days employees working for an organisation look forward for opportunities apart from benefits and compensation. The HR believe that most of the employees look out for other companies which can offer them better environment for growth, compensation and benefits. They believe that some look out for other companies which offer better friendly environment, where they can involve in decision process and be a part of the team. The amount of job stress and the disability to balance between work and home also forces the employees to leave their jobs. Employee retention is difficult to handle because there are many factors that affects it. The HR conducts surveys to know the reason why employees leave the job. They also conduct exit interviews to get a feed back from the relieving employees on the areas of improvement. The HR improves retention by improving the communication between the management and the employees. The also conduct training and provide development opportunities to retain the employees. The HR must make sure the candidate hired fits the job and the work culture. The HR must recognise and understand the important retention drivers, but often many HR fail to realise these factors more than they understand them. The HR must make sure the employee values the work they do, which is important for retention. The HR must possess strong leadership and strong leadership and sound management practices to convince and retain the employee.
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