MU0017

Talent management

Question1

Explain the need for talent management. What are the

consequences of failure in managing talent?
Answer
organization requires talented people and also a proper
process to manage them for various reasons. They include:
A: The war for talent:
forty percent of corporate officers said company growth was limited
because they dont have the right talent.
Competition is keen for skilled employees at all levels hiring for fit.
B: demographics:
It relates to a particulars population or a group within it. Demographics
are driving the competition for talent management and will have greater
impact in the near future
C: cost of turnover:
It is extremely expensive to replace valued talent. According to research
reports, estimate of turnover costs range from 75% to 1.5% of an
employees annual salary and benefits.
D: changing expectation of employees:
Unlike the generation of employees have a different set of expectation
from their employers generation x and y and many baby boomers are
often driven by a set of work values such as job enrichment, continuous
learning and development, challenge, autonomy, work life balance and

meaningful
work
that
E: push for productivity:

add

value

to

their

career.

There is a considerable push for productivity and performance

improvement in most organization today. As a result of downsizing,
reduced budgets, and technology, organizations have higher expectation
for individual and team performance which is possible only through
strategic talent management.
Consequences of failures in managing talent
Organizations have to face the following problems, if they fail to
manage talent.
Loss of key leaders: the result of failure in managing talent can
lead to loss of key employees and sometimes not finding even an
approximate..
The repeated turnover of key employees from an organization will
affect the very work culture within the organization.
Financial crisis due loss in productivity.
High turnover cost or replacement cost.
Question2:
what are the building blocks of effective talent
management system? Explain any one.
Answer:
following are the building of talent management which
we are going to discuss:
a. Competencies that get result
b. performance management
c. evaluating employees potential
d. recruiting super keepers.

Performance management:
Performance management is the process to measure performance of an
employee in a work place climate designed to courage greater
productivity.
Thus performance management can be defined as a continuous process
of

Identifying performance of individual and team

Measuring performance of individual and teams
Developing performance of individuals and teams and
Aligning performance with the strategic goals of the organization

The constituents include:

Planning work and setting expectations

Continually monitoring performance and
Developing the capacity to perform
Periodically rating performance and
Rewarding good performance

Planning In an effective organization work is planned out in advance.

Planning refers to setting performance expectation and goals for groups
and individuals to channel their efforts towards achieving organizational
objectives. Getting employees involved in the planning process will help
them understand the goals of the organization what needs to be done
why it needs to be done and how well it should be done.
The regulatory requirements for planning employees performance
include establishing the elements and standards of their performance
appraisal plans. Performance appraisal used to measures the relatives
value of an employee through the process of obtaining evaluating and
recording information about that employee.

Monitoring: monitoring means consistently measuring performance and

providing ongoing feedback to employees and work groups on their
progress towards reaching their goals.
Developing: performance management process provides an excellent
opportunity to identify developmental needs. Developing in the instance
means increasing the capacity to perform through training.
Rating: within the contest of formal performance appraisal requirements
rating means evaluating employees or groups performance against the
elements and standards in an employees performance plan and
assigning and assignments a summary and standards summary rating of
records
Question3
Define talent planning. What are objectives and steps of
talent planning?
Answer
organization are finding it difficult to get expand and
maintain skilled employees because of increasing need for talent aging
labour force and various globalization challenges. In this situation talent
planning plays a very important role. It helps us to add real time
enterprise wide clarify to examine.
Talent planning helps to answer three vital questions:
What is the organization requirement with regards to workforce
How many members are recruited
The effective talent planning includes:
Understanding the requirements of the organization
Knowing the right people whom we are looking for
The top class companies consider doing talent management in a more
planned and internal way. Talent planning for leadership competency or

recruitment of future employees is consider as an established part of the

talent management approach.
Objectives of talent planning
The main purpose of talent planning is to establish defined competencies
and sets criteria to measure its talent and skills. Other objectives include
attracting and recognizing key people, providing the resourceful
employees as per the requirement and developing of best practices in
recruiting and resourcing.
The major objectives of strategic talent planning include:

Recognizing successful performer

Identifying new and emerging job roles
Ensuring leadership
Optimizing investment in employees
Accomplishing organization excellence
Creating procedure for knowledge transfer

Steps in strategic talent planning

1.
2.
3.
4.
5.

Planning workforce
Imaging and branding
Sourcing methods
Screening and assessing candidates
Marketing and communicating

Question4
what is meant by talent acquisition? Explain some of
the talent acquisition strategies.
Answer
talent acquisition is an individual process that comprise
of all the sub processes involved in recognizing attracting and finally
employing highly talented and skilled people who are more production
for the company. When used in the context of the recruiting and hr

profession talent acquisition usually refers to the talent acquisition

department or team within the company.
Some of the talent acquisition strategies:
To identify and set success indicators for high quality performer:
There is a necessity for established success indicators for each position
recruited along with high quality performer them. Indicators could
include number of sales a performer has made in a month, number of
reports written resulting in consulting tasks, amount of income a
performer group has produced and so on.
Work with manager to develop high performer profile in each
group
The commonalities and the attributes recognized during the screening
process are identifying which predict success, example competencies
activities those high performers do working techniques or processes.
Identify potential high performance and their working strategy
Steps helps to aim ate advertising towards attracting high performance
and make a decision on the event that are worth attending to that will
help in getting the kind of people that an organization is looking for.
This step requires attention on competitive intelligence. Competitive
intelligence about the products, Competitors, customers, and other
features of the environment.
Gather and capture important information about candidates
Information gathered is precious and it must be shared with other
recruiters by storing it in some database. The place where such kind of
information is stored is referred to as blog. The place is a personal online
magazine or a journal that a often updated and planned for public use.

 Identify the significance of developing people

The recruiting function has to be more like a talent agency which has not
happened in the past. Talent agencies help in identifying talent and also
developing it for planned purposes.
Question5
why employee engagement is important? What are the
factors of engagement? Describe some of the best practices in talent
engagement.
Answer

Important of employee engagement

An organizations ability to achieve increased productivity and advanced

business results is strongly associated with its skill to handle employees
engagement.
The performance of engaged employees is usually better and are hence
more encouraged. There is a major connection between employees
engagement and productivity.
Factors of engagement
The employees engagement and retention influenced by many
organization factors which include.

A culture of respect where excellent work is appreciated

Accessibility of positive feedback and mentoring
Opportunity for important and professional development
Clear job expectations
High level of motivations
Adequate tools to achieve work responsibility
Availability of efficient leadership

Basic practices of talent management

The best practices adopted by organization across the world have been
outlined by the research reports. They are:
1. An effective performance management system is the management
system is the comer stone of engagement from goal setting to
reward, recognition and incentive programs.
2. 75% of high performing companies hold managers accountable for
engaging their employees. This is in comparison to 35% across the
entire study group that holds managers accountable.
3. High performing companies engage employees by cutting across
functional silos to create a sense of connectedness through
communities of practices cross functional team and by creating
common work areas.
4. Top performing companies rank cross functional teams and
councils as the most effective vehicle to help employees
understand how their as well as team and business unit efforts
contribute to corporate performance.

Question6
management?

Describe some of the major challenges in talent

Answer

Talent management challenges

1. Develop a value proposition that appeals to all the generations of

employees: organizations are struggling to create a positive
employees experience that valued by all employees because of the
presence of different generation within todays workplace. Young
employees of age 22 may have a colleague of age 55.
2. Developing a robust leadership pipeline
Corporations in general face the potential threat of not possessing a
robust talent pool from which future leaders can be selected. This

problem arises due to the fact that the number of people with such
talent is less.

3. Attract young and old

The talent management practices should be such that it attracts both
young and old talent.