Master of Business Administration-MBA Semester 4 MU0017 Talent Management Assignment Set- 1

Q.1 Write a Note on Scope of Talent Management? Ans:The emergence of talent management as a separate technology category can partly be related to the success of HR departments in successfully creating basic technology systems to simplify the processes such as payroll and leave management. As Talent Management has evolved, some design issues have been identified. Targeting jobs: The first issue is to identify the types of jobs that will be the focus of Talent Management. In some organisations Talent Management focuses on the CEO and other executive jobs, rather than focusing on a broader category. Other organisations target primarily senior management jobs, mid level managers and other key jobs. One study found that out of the groups and individuals considered as Talent, 86% were senior leaders, 82% were mid managers, and 75% were key technical and other contributors. However, these three groups only represent about one third of the total workforces of many organisations. Targeting high-potential individuals: Another issue associated with talent management is its importance to individuals in organisations. The problem with implementing effective talent management system is that managers at all departments are not committed to the required time and effort, which limits successful activities. Some organisations concentrate talent management efforts primarily on high potential individuals, often referred to as high-pos. Attracting retaining and developing high-pos has become the main priority of senior managers and HR efforts. Some organisations classify individuals as being among the top 10% and then set restrictions on the number of people who can participate in intensive talent management efforts. For example, IBM restricted participation in its leadership development programs to only those who were likely to become executives within 18 months. Targeting primarily high-pos may lead to many of the other employees feeling isolated. Thus, talent management needs to include more than the top 10%. Need of talent management Workforce cost is the major portion of resources spends for most organisations. Automation and analysis of the recruiting and hiring processes provides the immediate workforce needs and insights required to significantly improve the bottom line. Performance management provides the ongoing processes and practices to maintain a strong workforce. Today, many organisations are facing a lot of problems of HR processes and technologies. The future of talent management is enclosed in solutions designed from the ground level to provide business-centric functionality on a unified talent management platform.

Since many competitive business factors have become commoditised, talent is the ultimate driving force behind the business success and creates value. Top organisations rely on Talent Management solutions and services to assess, acquire, develop, and align talent with business objectives while significantly reducing process costs, improving quality of hire, reducing risk, and achieving higher levels of performance. Though it may seem spontaneous, it is worthwhile to express the fundamental significance of successful talent management practices as follows: The key enabler of any organisation is talent. The quality of the people is the last true competitive differentiator. Talent drives performance. Talent management requires strong executive support, along with systems and processes all directed towards having the right talent doing the right work at the right time. Thats when talent truly drives higher business performance. Talent management involves individual and organisational development with respect to a varying and complex operating environment. It also includes the creation and maintenance of a supportive, people oriented organisation culture. Importance of talent management 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: 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. .

Q.2 What are the key elements of talent Management system. Elaborate? Ans:Talent management practices and techniques have evolved over time in response to a changing workplace. The most effective talent management processes are organisation-specific and react to an organisations distinctive business and human capital framework. Talent management includes a range of interdependent processes and procedures that need to be properly integrated. The organisation will not achieve the desired level of human capital performance if talent management processes do not operate as a unified group. 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, and this must be embedded into any comprehensive development program. Other elements will be established by the business strategy. Performance: A performance management system increases the productivity and confidence in an organisation, if planned and implemented effectively. An example of the problems in performance management is that, 34% of surveyed Australian organisations using appraisals had no formal performance management policy in place. The increasing number of new generation employees in the workforce adds thrust to the importance of a transparent, objective performance management process as they perform best in a culture that encourages feedback. Performance management systems should be visibly related to training or development and recognition or compensation systems within the organisation in order to increase productivity and retention. Organisations can also defend themselves against legal action resulting from discrimination or unfair claims through use of a legitimate and fair performance management system. Retention and succession: Retention is the measure taken to encourage the employees to remain in the organisation for longer period of time. Succession helps an organisation to ensure that employees are hired and trained to fill each key position within the organisation. Employee retention is an important issue for top leaders in organisations all over the world. In todays world an abundance of jobs are available in the market for a job seeker and therefore employers must compete to attract and retain the talent they need to fulfil their organisational objectives. Talent retention is necessary to good quality, customer satisfaction and operational efficiency. Typically, companies prefer to induct 85% of their leaders through internal placement. For example, Hewitts Top 10 Companies in the Asia Pacific develop 76% of their leaders internally while a global survey found a 30% failure rate when placing highly sought after external talent. It is evident that organisations with high quality strategic improvement programs and succession management programs have greater business results. In addition, increasingly rigid labour markets make succession management a business necessity and force organisations to identify and accelerate the development of future leaders from within. The stable organisations under such pressure need to have an effective succession management policy in place, with a particular focus on the continuity of key specialists and leaders.

Other key elements of talent management Besides the four above elements of talent management, some other elements are also available that help to characterise the relationship between talent management and conventional recruiting. They include: A focus on high impact positions: A talent management policy requires managers and HR to determine an organisations success by filling top talent in the appropriate jobs. Accountability: Talent management assigns accountability to the chief talent executive for managing the talent pool, who is responsible for results, not effort. Rewards and metrics: Talent management builds support and relationship between earlier independent efforts through its common objectives, metrics and rewards. Thus, no independent effort can be considered successful unless the overall talent management effort is also successful. Balanced metrics: Talent management attracts managers attention by instituting a system of methods and rewards that ensures every executive is acknowledged and rewarded for excellence in human resource management. It simultaneously evaluates employee commitment to ensure that managers reach their productivity goals while using the appropriate organisation behaviours. Business approach: The talent management approach is not taken from an overhead or administration model. It is created from and replicates other successful business process models, like supply chain management, finance, and lean manufacturing. Recognition of the business cycle: The talent management strategy involves identifying the different types of talent required with respect to changing business situations. Consequently, talent management requires the constant internal movement of talent in and out of jobs and business units based on current business needs and where the company is in its business cycle. Truly global: Talent management encourages attracting, retaining, and developing the best talent no matter where it is. Focus on service: Flawless service is the expectation of talent management. Customer satisfaction, process speed, quality, and commitment are continually measured. Anticipation: While conventional recruiting and retention tend to be reactive, talent management is forward looking. It predicts and alerts managers about upcoming problems and opportunities. It indicates managers to act before the need arises in talent management issues. The overall objective of this unit helps you to understand the Talent Management System and how it is implemented in an organisation. It also explains the critical success factors used to ensure the organisations have the right people in the right jobs. This unit provides a list of primary and applicable merit principles to state the responsibility and role of an organisation and workforce productivity. You also came to know about the key elements which are required for an effective Talent Management System. .

Q.3 What are the five selection processes in talent management? Ans:Having the right person in the right job is the key to the success of any business, while having the wrong person in a key position adversely affects an organisation. Every key job or position has a number of complex requirements that might be difficult to identify. Talent Selection is an enduring procedure that requires proper planning in order to achieve the expected results. The Talent Selection consists of five selection processes. They are: 1. Job benchmark: This process determines key responsibilities of the job which is being benchmarked, as well as individual competencies, motivation and skills required by the job. All of this can be accomplished in a three hour meeting of four to ten people who really know the job. The process is backed by a 30 minute online evaluation of the job that each participant has to attend individually to create a composite model of the key attributes required by the job for success. One important result of the process is high buy-in of all participants for the real requirements of the job. 2. Assess candidates: This process is used to Assess Candidates with the Personal Talent Report. This report reflects a candidates personal competencies, motivators and skills with very high validity and precision. 3. Compare job and talent: The third process is to compare the requirements of the job and the talents inherited by the candidate. The purpose here is not to judge the character of a person, but rather to analyse how well they fit the particular needs of a specific job. 4. Behavioural interviewing: The fourth selection process is to enhance the assessment data with effective behavioural interviewing. The key to effective interviewing is having the right questions for the particular job. 5. Selection: The last stage of the process is making the selection. Now that all the information is collected about the candidates qualifications, this process has a whole different perspective. While it may not be possible find the perfect fit for a particular job, a candidates limitations are known and importance of those particular attributes are linked to other attributes for success in the job. Once the selection is made the applicant is given proper training and developing to assure their success going forward.

Q.4 Discuss some strategies to improve employee retention? Ans:The organisations are facing many issues when the recruiters find it tough to identify skilled and more challenging younger workforce, and an increasing number of older workforces heading towards retirement. The complexity in identifying and maintaining talented people is having a disastrous impact on many businesses throughout the world. According to the investigations, one out of every three people plan on quitting their jobs every year. The biggest challenge that the employers face is the risk of losing their best and skilled talent to the competition.

Money and benefits are essential, but still according to the survey; it is evident that most employees leave their jobs for different reasons. Apparently, some turnover is inevitable, but still with a small amount of organisational effort can make a huge difference. Top 20 strategies to improve employee retention It is evident that turnover is expensive. According to the recent survey done, it is found that the average expense to substitute a leaving employee is 30 percent of that employees salary. The full amount includes expenses incurred while the position is vacant, for example, overtime expenses for other employees or the expense of hiring temporary employees; the expenses associated with identifying and choosing a substitute employee (including advertisements, interviews, and referral bonuses); and expenses on training the new employee. Given below is the list of 20 main strategies adopted to build dedication and loyalty among employees and enhancing the departments retention rate: 1. Propose reasonable and competitive salaries: Employee loyalty is assured by both reasonable compensation and offering reasonable salary. Regular salary reviews are conducted for various job designations entry-level and experienced workforce to retain employees. 2. Consider the benefits: Although benefits are not the main reasons for employees to work in a company, the benefits offered must not be obviously worse than those offered by the opponent companies. 3. Guide supervisors, managers, and administrators: It is not often true that employees stay or quit the company because of their bosses and not because of their companies. It is very crucial to have a good employee/manager rapport for employee satisfaction and retention. The managers should be properly trained to develop good supervisory and people-management skills. 4. Clearly the job roles and responsibilities: Prepare an official job description for all the positions in the department. Ensure that employees have a clear idea about what is expected from their job and what kind of own decisions they are allowed to make, and to whom they are supposed to report. 5. Offer sufficient improvement opportunities: Implement a career ladder and ensure that employees know what to do to get promoted and this in turn encourages employee loyalty. Regular performance reviews need to be conducted to recognise employees strengths and weaknesses. This enables them to progress in areas that are essential for job advancement. A clear and advanced professional growth plan helps employees earn their incentive based on their performance. 6. Propose retention bonuses instead of offering sign-on bonuses: The employees are provided with longevity allowance and are normally rewarded with an annual raise and added vacation time after three, five or 10 years. Offering other seniority-based incentives would be a better option for developing a retention rate, for example, providing a paid membership in the employees professional union, a paid membership to a local sports club, and full compensation for the expense of the employees uniforms. Sign-on bonuses support technologists to change their jobs, whereas retention bonuses offer incentives for staying.

7. Hold somebody answerable for retention: Determine the turnover rate and hold someone responsible for reducing it. 8. Perform employee satisfaction review: An unspecified employee satisfaction review must be performed on a regular basis to determine the pulse of workplace. 9. Promote a teamwork environment: Although more time and effort is required to build an efficient team, but the output will be improved productivity with better usage of resources and enhanced customer service and increased confidence. Given below are some ideas to promote a teamwork environment in a particular department: Ensure that all employees realise the departments purpose, task or goal. Encourage conversation, participation and contribution of ideas. Rotate leadership tasks and roles based on employees abilities and the team requirements. Engage employees in decision making and allow them to make decisions through agreement and teamwork. Support team members to appreciate their colleagues for their advanced performance or achievement. 10. Avoid the paperwork trouble: Paperwork pressures can make employees feel more stressful and burnout. Reduce needless paperwork; change more paperwork to an electronic format; and appoint nonclinical organisational staff to look after the paperwork burden. 11. Have some fun: Recognise when the targets are achieved and celebration for successes are necessary in a fun-filled environment. Team lunch or dinner, birthday parties, team outings, and creative contests will make people think that the company is a great place to work. 12. Develop a mission statement for all the departments: All the employees must work towards a meaningful and valuable goal or mission. Hence, develop a departmental goal statement working with the staff and later publicise it for everyone to see. Ensure that employees understand their contribution to the organisation is very crucial. 13. Offer a variety of tasks: Identify employees talents and then motivate them to widen their abilities into new fields. A variety of challenging assignments or tasks assist in keeping the workplace inspiring. 14. Ensure an open communication: It is evident that most of the employees are dedicated to a company when they believe that their managers keep them informed about major organisational issues. Hence, an open interaction between the employees and the managers is necessary, and it is nearly impractical for a manager to "over-communicate." 15. Promote learning: Provide opportunities for the technical team to grow and learn. Provide them compensation for seminars and professional meetings; talk about current journal articles with them; allow them to explore a new scheduling technique for the department. Inspire employees to know about at least one new thing regularly, and create a work force that is energised, encouraged, and committed.

16. Be flexible: It is a known fact that todays employees are committed outside their job, which often includes responsibility for children, aging parents, persistent health conditions, and other problems. They will be dedicated to workplaces only when their lives are made more convenient by providing them onsite childcare centres, onsite hair styling and dry cleaning, flexible working hours, part-time positions, job-sharing, so on. For example, employees who have children of school-age would like to work nine months a year and would like to spend the summer vacation with their children. 17. Create an efficient orientation program: Adopt an official orientation program which includes a methodical overview of all the areas of department and an introduction to other departments. Allot a senior staff member as a tutor to the new employee during the orientation period. Create a checklist of topics with the employees to ensure that all the topics related to orientation are effectively addressed. 18. Hire aides: Consider hiring aides who can carry out non-clinical tasks in the radiology department to enhance both confidence and productivity among the technical team. These aides help in office duties, transport patients and process films. 19. Provide employees the best equipment and supplies: No employee would prefer to work with equipment that is old or that is facing continuous breakdown problems. Ensure that the equipment is in suitable working condition, and frequently upgrade machines, computers and software. Additionally, provide employees with the best quality resource materials that are affordable. 20. Ensure employees that they are valued: Identify excellent achievements promptly and openly. Also, focus on small achievements that employees make on a daily basis to the organisations mission.

Q.5 Discuss the role of 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. The following figure 5.3 shows the roles of a HR in talent management.

Figure 5.3: Roles of a HR in Talent Management Let us now discuss each of these roles in detail. 5.1.1 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 teamorientation, 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. 5.1.2 Paying employees and providing benefits The HR is responsible for administrating the pay and benefits of the employees. The employees pay and the benefits provided to them play an important role in motivating them. The HR calculates and summarises the salary structure to the employee, explaining the employee the pay offered apart from the bonuses, commissions, and other performance related pay. The HR keeps track of each employees earnings and benefits. The HR maintains an extensive record for this purpose and shares the same with the management, government, employees and others in the organisation. The HR also provides employee benefits like health insurance, dental insurance, life insurance and so on. The HR also keeps a track of the vacations pay, holiday pay and the maternity leave of the employee. 5.1.3 Training employees

These days we see that many companies offer some sort of introductory training or orientation for their new employees. The training programs are an integral part of the HR department to achieve the objectives of the organisation. The HR organises and conducts training programs for the employees. This helps them develop the required capabilities and skills to perform the tasks assigned to them in a consistent manner. Successful implementation of the training programs increases the performance and the overall productivity of the organisation. Training programs help the employees to develop a greater sense of self-worth, dignity, and well-being. Through training they become more valuable to the firm and to the society. As training increases the productivity of the employee, they can obtain pay benefits, appraisals and obtain better share of material gains. Employee training is important for the following reasons. It: Updates the skills and knowledge of employees on the recent development in tools and technologies. Updates the knowledge of employees in on other fields and areas apart from their area of specialisation. This is required in a multidimensional work place. Exposes new employees passed out from college to practical implementation of what they have studied. Provides career advancement for employees. Motivates the employees to perform well. Helps the organisation to bridge the gap between the requirement of skills and the availability of skills. Helps in employee retention. 5.1.4 Ensuring compliance to regulations HR compliance is important for any business in the present days legal environment. Effective HR compliance programs need to be integrated into any business strategies. It is a process of telling the proper behaviours of an individual or a group in an organisation. The process also assures that the employees properly understand and follow all the laws and processes set by the organisation. The HR must know all the laws and the appropriate policies developed by the organisation. The HR is responsible to communicate all the policies to every level of employees in the organisation. They must also explain them the consequences for non adherence of the policies. The non adherence of policies results in investigation and punishment procedures. The HR must not only communicate the policies but also make sure that the policies are properly implemented and followed by the employees. To ensure compliance to regulations, the HR must: Have the right skills and experience to support the compliance process. Be up dated with all the laws as the laws change constantly, and communicate the same to all the employees.

 Create manuals on HR policy, regularly update it, and get it reviewed by the lawyer before implementing it. Train managers and review the policy with each manager, as they interact regularly with the employees. They must also ensure that the managers adhere to the policies and be role models for other employees. Train employees, bring awareness among the employees on the issues like sexual harassment, and update employees about the new policies. Listen to all the employees when they come with an issue. This helps the HR to know the cause for the compliance risk, mange those risks, and bring it to the notice of other employees of the organisation. Provide feedback to ensure employees meet the expectation. HR must also provide employees an opportunity to correct their mistakes. Document all the policies, key decisions, and employee evaluation. A copy of the policy must be given to every employee. The failure to document can leave the HR prone to non-compliance claims. The policies developed by an organisation depend on the nature and needs of the organisation. An organisation may possess the following policies: Policies on work schedule like working hours per day, lunch breaks, holidays, sick leaves, personal leaves, loss of pay (LOP) leaves and so on. Compensation policies like overtime compensation, increase in salary due to promotional, reduction in salary increase due to poor performance, and so on. An organisation adopts laws to govern matters like employee job security, pay, health and safety, opportunities, benefits, and so on. 5.1.5 Ensuring safe work environments Every employee in an organisation that is, from supervisor to workers has a right for safe and healthy workplace. The HR managers must develop safety programs, policies, and a clear workable plan for having a safe workplace. The safety programs like seasonal vaccinations and training the employee in handling emergency situations must be carried out. The management must be train employees on safety issues with the help of safety programs. This helps in bringing in accountability and compliance. The best way to make employees excited with safety issues is to involve them in safety committees, make the part of safety inspection, set goals and so on. Doing this helps the employee feel free to communicate these safety issues to their colleagues and others in the organisation. Ensuring safety at workplace also involves: Diversity management: this involves managing diversity issues like gender, nationality, racism, physical appearance, and so on. The HR is responsible to develop and implement diversity plan as the employees approach the HR directly if they face any such issues.

 Dealing with drugs in the workplace: some employees get into the habit of taking drugs or alcohol due to the constant work pressure as well as some personal issues. It is the responsibility of the HR to ensure drug-free work place by implementing drug free policy or conducting drug tests for employees. Ergonomics for employee safety: the employees can be trained to use ergonomics in order to overcome work pressure and work safely. Dealing with HIV/AIDS in the workplace: This is to encourage people to support individuals suffering from HIV/AIDS. It also involves fighting and prevention against HIV/AIDS. Preventing violence in the workplace: The HR is responsible to prevent violence at work place such as threatening or employees killing their colleagues by implementing policies and procedures. Supporting spirituality in the workplace: Realising that every employee has his/her own belief, respecting their beliefs, and allowing them to hold on to their beliefs is the responsibility of the HR. this helps in creating a friendly environment. 5.1.6 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.

Q.6 Define the elements of total rewards? Ans:All of the tools available to the employer that may be used to attract, motivate and retain employees can be termed as Total Rewards. Total rewards include everything the employee perceives to be of value resulting from the employment relationship. The general elements of total rewards include salary, bonuses, stock options or

participation in the equity of the organisation. All these elements involve financial investments. Rewards which do not result in monetary benefit can also be used. Examples of such rewards are developing skill, putting into practice ones ideas. These help in reducing the financial investments of the company and provide a higher degree of satisfaction to certain individuals. The Elements of total rewards include the following: 1. Compensation. 2. Benefits. 3. Work-Life. 4. Performance and Recognition. 5. Development and Career Opportunities. Now let us consider each element and explain them: 1. Compensation: Providing monetary value in return for the work performed is known as compensation. Job performance and job satisfaction can be improved by providing compensation. The business needs, goals and available resources are factors that govern compensation plans. Compensation may be used to: - Recruit and retain qualified employees. - Increase or maintain morale/satisfaction. -Reward and encourage peak performance. - Achieve internal and external equity. - Reduce turnover and encourage company loyalty. -Modify (through negotiations) practices of unions 2. Benefits: Benefits provided by the organisation can be either due to law or other benefits which the company is willing to provide to employees though not mandated by law. Facilities such as minimum wage, overtime, leave under Family Medical Act, unemployment and workers compensation and disability are enjoyed by employee since they are made mandatory by law. Benefits such as Hazard Pay, Health Care, Maternity, Paternity, and Adoption Leave, Paid Holidays, Pay Raise, Severance Pay, Sick Leave, Termination, Vacation Leave, Work Breaks and Meal Breaks are benefits provided by employers to employees in order to retain them within the organisation. 3. Work-life: Attracting, recruiting, motivating, and methods employed to retain the workforce determine the success of an organisation. Organisations need to be really flexible in order to retain and develop the workforce and so as to enjoy their commitment and loyalty towards the organisation. Organisations need to constantly work on improving the quality of work life of the employees.

4. Performance and recognition: Recognition for performance is an integral and important component of the total rewards portfolio and provides a high return on investment. Workers value recognition for achievement more than any financial reward. Awards directly associated with performance further motivate individuals to perform better. These recognition programs are highly cost effective and valued by employees and are able to reinforce desired behaviour among employees. It is a proven fact that there is a strong link between non cash incentives and improved job performance. 5. Development and career opportunities: Career opportunities can be defined as Providing employees an opportunity to grow, especially to those employees who deliver performance. [3] Development could be in terms of a promotion, increase in pay, acquiring higher skills and opportunity to avail certain exclusive perks. Career development cannot be viewed as a managerial responsibility but it is a composite process. Factors that need to be considered are the people involved, their ambitions, generating roles in accordance with their potential, and creating job positions to satisfy the growth and development ambition of employees.

Master of Business Administration-MBA Semester IV MU0017 Talent Management Assignment Set- 2

Q.1 Explain the characteristics and categories of competency. Ans: - A competency is a reliably measurable, relatively stable characteristic of a person, team or an organization that causes and statistically predicts a measurable level of performance. One of the first competencies for most of the people is in securing employment with a new organization. Organizations that are decisively using new methods to choose talent for positions or project roles are engaging in what is called competency-based interviewing and selection. Technical and behavioral are the two basic levels of competencies. Technical

Competencies deal with the acquired knowledge and technical abilities and skills. These competencies are easier to check, train and develop. Some of the examples of technical competencies include knowledge of applicable legislation and case law, knowledge of assessment methods. Behavioral competencies are harder to see and develop but are the key indicators to show how an individual approaches his/her work, such as communication skills or team member skills. Competency characteristics A competency is a reasonably profound and long-term part of a persons personality and can forecast behavior in a wide range of situations and job tasks. It also causes or forecasts behavior and performance of an individual. The competency forecasts who has performed well or poorly, which is evaluated on a specific criterion or standard. Motives: The things a person constantly thinks about or needs that cause action. Motivation drives, directs, and selects an individuals behavior toward certain actions or goals and away from others. E.g.: Achievement-motivated people consistently set challenging goals for themselves and use feedback to do better. Traits: They are the physical characteristics of a person and consistent response to a particular situation or information. E.g. instant reaction time and good eyesight are physical trait competencies of combat pilots. Self-concept and values: A persons attitude, ethics, or character. E.g. Self-confidence, a persons belief that he can be effective in any situation is a part of that persons concept of self.

Knowledge: Information a person has in certain specific areas Skill: The ability to perform a certain level of physical or mental task. Many organizations in India and abroad are putting their efforts in mapping competencies and implementing assessment and development centers. Categories of competencies: Competencies can be categorized into following groups: 1. Generic competencies Generic Competencies are important for all employees, regardless of their function or level are communication skills, teamwork, result oriented approach, and interpersonal skills. 2. Managerial competencies Managerial Competencies are considered necessary for employees with managerial or administrative responsibility in any serviceable area including directors and senior positions are communication skills, Management skills, team player, and people handling skills. 3. Technical/Functional competencies These are the Specific Competencies which are crucial to perform any job in the organization within a definite technical or functional area of work. They are Business knowledge/domain knowledge, presentation skills, analytical thinking, problem solving, strategic thinker, listening skills, business writing, leadership & credibility, planning & organizing, initiative & creativity. 4. Differentiating competencies These Competencies mainly differentiate the superior performers from ordinary

performers which results in orientation, influence, and initiative. 5. Threshold competencies These Competencies require a minimum level of expertise in a particular field for job success, but a higher level of proficiency is not desirable as it is not necessarily related with superior performance. Threshold competencies however do not distinguish superior from average performers. 6. Transformation competencies

Generally the managers and employees are found weak in these competencies, which if improved will most likely to result in improved performance. Competency model The development of competency models depends on the goals and objectives of the organization, and the business that the organization is in. In a broader sense the competencies are categorized into two types: Core competency. 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 organization. The key stakeholders are particularly invited to take part in brainstorming sessions while performing a competency modeling for an organization. Typically the human resources department takes 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 organization a competitive edge. The brainstorming and debate session helps in enlightening the competencies that the stakeholders perceive to be important. Q.2 Elaborate the concept of talent acquisition in detail. Ans: - Talent acquisition [1] is an influential software tool used to administer all the subprocesses that are involved in recognizing, attracting, and finally employing highlytalented and skilled people who are more productive for the company. The main advantage of the talent acquisition software is that it reorganizes the complete hiring process and significantly decreases the overall recruitment expenses. It also facilitates the managers and recruiters in a single online setting to create and post applications, look for the talent acquisition pool, screen candidates, carry out background checks, and choose the best candidates for the job position. The talent acquisition software provides many options to the recruiting team which include: Creating and revising online job applications. Planning for interviews and entering online interview results. Combining billing and tracking recruitment expenses.

Examining all references related to a given candidate. Talent acquisition software allows unsolicited candidates who are willing to change their jobs to promote their targets within some timeframe of deciding and receiving inquiries about their talents within hours. Talent acquisition also resolves some business issues and ready accessibility of work capability or in other terms, the workforce, and primarily, quality of the new workforce. Concept of talent acquisition Talent acquisition is a method in which all the sub-processes including recognizing, attracting, and recruiting highly talented candidates are carried out. Traditional recruitment process is considered to be a broader talent acquisition concept which plays a crucial role in talent management. Primarily, talent acquisition is an element of broader planned approach in corporate environment. This helps in acquiring and sustaining a competitive benefit at present marketplace. Other features include talent growth, maintenance, and evolution. Generally, recruitment is required when a person either resigns from his position or is promoted to another task. If there is no appropriate internal solution then it may result in a panicking situation. Hence, a strong relationship building or networking skills play a very important role here. Talent acquisition involves implementation of a distinctive way to tap the top performers who are not in need of another job. These performers are not interested in reading the traditional job ads or visiting the company websites. Instigating or provoking companys own top player to recognize external top players is a very powerful approach that is used very frequently. Many companies are offering rewards in order to get these names and then act on them. After the identification of talent, the next stage is to focus on relationships that are in progress and search for that vague 'trigger point' in someones career which would get them to change jobs. Assembling intelligence from their 'friends' and from earlier market survey will assist in revealing exactly what motivates the top performers. One of the major success factors is educating the company officials that talent acquisition is an everyday task. Managers feel the need of hiring only when there is a position vacant on the basis of business dealings. At present, top talent has a very short span of life; hence there must be a sense of urgency in getting them on board, a job opening or no job opening. Some managers consider this approach as unsafe, but ultimately there is a great chance of losing the top performers in job market. The top performers are greatly influenced when a top management including CEO, CFO, COO, so on are involved in the relationship building process.

The most commonly asked question is "What is the difference between recruiting and planned talent acquisition?" Defining recruiting is the simplest part of the answer whereas defining planned talent acquisition is a complex part of the answer. Recruiting is the process of filling the vacant positions and it is a completely strategic event. Planned talent acquisition is a process of identifying and recruiting highly-skilled candidates into the organization. Significance of talent acquisition The significant factors involved in talent acquisition include: Knowing the existing and future workforce demographics. Recognizing the financial concerns affecting organizational sustainability. Recognizing the organizational and cultural issues affecting talent acquisition. Understanding the industry trends and emerging issues. Design and execution phase of a talent acquisition strategy This phase includes the following aspects: Defining the Employer of Choice. Exposing the generational allegations on recruitment. Reassessing the base elements of a talent acquisition strategy. Employing talent acquisition tools and models. Recognizing consideration when executing a talent acquisition strategy. Learning from best practices. Examining performance metrics, for example, business impacts, financial considerations, so on. Defining Strategic Talent Acquisition. Understanding how HR schemes, policies, and practices support and help corporate strategies. Requiring key design elements in an HR talent acquisition strategy. Applying talent acquisition strategy practically.

Understanding emerging trends and best practices in attracting and maintaining talent.

Q.3 Discuss the benefits of corporate reconstruction. Ans: - Corporate restructuring is the process of reforming one or more facets of a company. Factors such as placing the company so as to be more competitive, surviving a hostile economic environment or enabling the organization to enter new avenues can be considered as reasons for reorganizing a company. Shareholder value maximization is the fundamental goal in restructuring the organization according to changes in the environment. This is one of the key tasks to be performed by a manager. Failure to achieve this goal, leads to not only losses of the organization but also for the manager. Managers need to ensure the following to establish shareholder value: Productivity and efficiency of all assets need to be maintained at its highest level. Building a set of intangible assets (such as new product development, brands, distribution networks, and so on) which cannot be copied. Implementing a set of plans and programs that will increase the cash flow (plans and programs such as expanding the capacity and distribution networks, brand building and so on) Working on ambitious research projects which if proven to be successful will provide the organization with long term competitive advantage. There should be effective communication between the shareholders and the firm. Corporate restructuring provides the benefits to the shareholder. Restructuring the corporation enables the corporation to face changes in the market environment. Internal and foreign competition can be successfully eliminated by proper restructuring. There can be no more emphasis on the fact that shareholders need to be updated and informed on the firms progress. Lack of communication between the shareholders and firm can result in showing no signs of improvement in the share value even after taking necessary steps. We need to understand that a company can not boast on uncertain terms. Shareholders are completely aware that changes in the business environment provide both opportunities and threats at the same time. The organization needs to review its value creation process in accordance with the changed context. Managements need to consciously work on improving current efficiency and productivity, by investing in brands and future competencies, strengthening the distribution network and developing intellectual capital by undertaking restructuring initiatives. The outcome of the above restructuring initiative would be an increase in share prices, which reflects the markets expectation in terms of the firms future growth opportunities.

What is the consequence of not being able to uphold the shareholder value. The share price will fall leading to the loss of investors confidence. The ability to raise the required capital will be reduced and more shares will have to be issued to raise the required capital. Another drawback of not enhancing the shareholder value is that banks hesitate to lend money to such firms. This is because the share price is a true indicator of how well an organization is managed and if the future prospects seem to be sound. A major threat faced by companies is the possibility of takeover attempts by other firms if they have failed to enhance shareholder value especially when there is a steady emergence of market for corporate control and relaxation of regulatory constraints on M&A activities. A bidder aims at obtaining a company or division at a marginally higher price than the value but which is still less than the profit he intends to make out of the takeover. He tends to employee a new set of strategy for the improvement of the firm. An effective management always has an insight about the market capital with respect to the performance of the company which has a major impact on shareholder value. In order to boost this value managements take all the required actions for the well being of the company, which includes restructuring the organization. Corporate restructuring can be considered as one of the key routes to increase the shareholder value. Q.4 Explain the process of Talent Management. Ans: - Talent management is used by HR managers to identify and select the right candidates with the required talent, and to provide further training to develop their talents and to retain them the by conducting employment attraction, retention identification, programs. Talent development, management is systematic

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 roles1. The process of talent management can be divided into four steps as given below: 1. Key roles need to be identified: Analyze the talent life cycle (recruit, develop, retain, and engage) and the key steps in each part, then map the roles and responsibilities to the key players for each stage. Identify the presence of gaps in responsibility, i.e. key activities that no one is accountable for. Check if responsibility is overlapping, i.e. number of people being responsible for the same activity. Identify if the right talent is employed in the right roles. Analyze if dependable and efficient processes, guidelines and tools are provided to line managers for effective management of talent.

2. Make a list of your talent management skills. Associate the skills needed to play the key roles in the talent life cycle. Determine the activities that can be outsourced and thereby provide better performance. Also determine the operations that can be performed inhouse instead of being outsourced. 3. Evaluate the right things: Examine if the measures used to evaluate the performance of employees at each stage of the talent life cycle is adequate. Understand the information captured and reported. Analyze if it is directly associated with the talent enterprise scorecard. Also, ensure that the measures are in alignment with the overall talent management strategy. 4. A process-wide feedback loop needs to be set up: For people to connect their roles and responsibilities to the overall objective of the process, people managing talent must have an understanding the big picture. Determine the procedure for data capture and communication in each stage of talent life cycle. Understand how knowledge and experiences shared across the process. Identify the information gaps and missed communications. Determine the amount of formal and informal communication between staff. Implement new methods to improve feedback mechanism. Q.5 Discuss organizational issues in Talent Management. Ans: - The concept of talent management seems to be attractive. Talent management is considered to be the process of developing the workforce for the future. The entire idea of talent management has a positive attitude. It is associated with doing things for your best people and developing their strengths. The needs of the organanisations and the individual can be met by talent management. Organizational issues could be of because of focus and fit. The different types of focus are: Step by step focus. Leadership focus. Functional level or workforce level focus. Specific critical posts. Now let us explain each focus in detail: In the step by step focus, managers look for employees with potential to take one step ahead in their career. Talent management needs to have a proactive approach to both skill and career.

The most important talent management function is to produce future leaders. Organizations need to work on the required talent to equip them to become future leaders. The process of talent management need not always include the entire workforce or selected candidates for senior leadership positions. Parts of the organization can also be considered for talent management. Talent management can be associated with the recruiting and training of functional or professional groups. One of the difficult tasks to be performed by talent management is to focus on individuals posts that are difficult to be filled and are a risk to business. Finding the right fit: Having considered on what the organization strategy might focus on; now let us consider how we can find this talent. Talent management practices must not clash with the organizations culture and it must meet the needs of the workforce. Talent management can require high investment or be cost effective. External programs and on the job coaching and corporate projects are the range of activities included in talent management. There are several dimensions to getting the fit right. These include: Fit to focus: How will the process achieve the strategic objectives? Fit to culture: Will the process reflect the organizations values, purpose, and underpinning philosophy? Fit to workforce and the psychological contract: What do employees want talent management to do for them, and how far will the psychological contract have to shift to work for both the employees and the organization? Fit to other HR practices and policies: How will talent management integrate and be supported by other HR practices? Fit to management capability and roles in managing people: Does the current workforce and management have the capability and capacity to make talent management work? Fit to focus: Focus of fit is associated with involving both senior managers and the workforce for the talent management program. The talent management program needs to be aligned with the organizations strategy in order to be efficient. Linking the talent management

program with the strategy ensures that the program is never static and remains future oriented. In the presence of a dynamic environment it is highly essential to have a talent management program, to be flexible. The advantage of linking talent management and strategic goals is that it enables organizations to measure employee development. Fit to culture: Fit to Culture is the other organizational issue associated with talent management. The structure of the corporation is a major reason for the cultural challenges within the organization. The structure could be centralized or decentralized. Organizational culture can also be affected by the decision making process or transparency of organization and so on. The talent program can fit right by certain degree of openness in the organization, transparency, employee involvement and so on. Cultural fit is highly essential for the success of the organization. Fit to workforce: Fit to workforce can be achieved by ensuring that the talent management processes understands the psychological contracts between organization and employees. The talent management process needs to be well targeted and communicated. The talent management process must be in alignment with the needs of the individuals. Talent management generally brings about changes in the needs of individuals and requirements of organizations. Fit to other HR policies: Other than HR department, business partners or learning and development can be responsible for talent management. Talent management programs generally owned by line managers and supported by HR managers. The talent management processes need to fit with other HR policies and processes. HR processes that need to be considered along with talent management are: Planning of workforce. Recruitment and assessment processes. Performance management. Training and development. Reward and recognition Promotion

Fit to management capability: Talent management processes require commitment and capability for the process to work. A talent mind-set needs to be established throughout the organization. Senior managers need to support the talent management process. Line managers need to spot, develop talent and manage performance and provide feedback. Line managers can successfully fulfill their role as talent managers by support from HR department. They need to clearly know what they are looking for and where to look. Line managers need to be careful if the talent approach will change any of established people management practices. In conclusion we can say that having a clear idea about talent management can transform an abstract idea to something practical. A real difference is made to the organization by proactive attention to attracting and developing talent. There may be several areas of focus in a talent management initiative. The talent pool should be of sufficient size and there should be adequate time for developing talent. The definition of the outcome expected by developing high-potential employees helps in determining the right focus of the organization. This will enable HR managers to identify specifically which skills and experiences people in a talent pool will need to have so they are equipped to assume high-level positions in the organization in the future. It is very important for the whole organization to develop a talent mind-set. The introduction of talent management could be because of a dynamic environment or to create a new work culture but they need to fit and support core values and purpose of the organization. Q.6 Discuss the purpose of Talent Management Acquisition System. Ans: - Concept of talent acquisition Talent acquisition is a method in which all the sub-processes including recognizing, attracting, and recruiting highly talented candidates are carried out. Traditional recruitment process is considered to be a broader talent acquisition concept which plays a crucial role in talent management. Primarily, talent acquisition is an element of broader planned approach in corporate environment. This helps in acquiring and sustaining a competitive benefit at present marketplace. Other features include talent growth, maintenance, and evolution. Generally, recruitment is required when a person either resigns from his position or is promoted to another task. If there is no appropriate internal solution then it may result in a panicking situation. Hence, a strong relationship building or networking skills play a very

important role here. Talent acquisition involves implementation of a distinctive way to tap the top performers who are not in need of another job. These performers are not interested in reading the traditional job ads or visiting the company websites. Instigating or provoking companys own top player to recognize external top players is a very powerful approach that is used very frequently. Many companies are offering rewards in order to get these names and then act on them. After the identification of talent, the next stage is to focus on relationships that are in progress and search for that vague 'trigger point' in someones career which would get them to change jobs. Assembling intelligence from their 'friends' and from earlier market survey will assist in revealing exactly what motivates the top performers. One of the major success factors is educating the company officials that talent acquisition is an everyday task. Managers feel the need of hiring only when there is a position vacant on the basis of business dealings. At present, top talent has a very short span of life; hence there must be a sense of urgency in getting them on board, a job opening or no job opening. Some managers consider this approach as unsafe, but ultimately there is a great chance of losing the top performers in job market. The top performers are greatly influenced when a top management including CEO, CFO, COO, so on are involved in the relationship building process. The most commonly asked question is "What is the difference between recruiting and planned talent acquisition?" Defining recruiting is the simplest part of the answer whereas defining planned talent acquisition is a complex part of the answer. Recruiting is the process of filling the vacant positions and it is a completely strategic event. Planned talent acquisition is a process of identifying and recruiting highly-skilled candidates into the organization. Significance of talent acquisition The significant factors involved in talent acquisition include: Knowing the existing and future workforce demographics. Recognizing the financial concerns affecting organizational sustainability. Recognizing the organizational and cultural issues affecting talent acquisition. Understanding the industry trends and emerging issues. Design and execution phase of a talent acquisition strategy

This phase includes the following aspects: Defining the Employer of Choice. Exposing the generational allegations on recruitment. Reassessing the base elements of a talent acquisition strategy. Employing talent acquisition tools and models. Recognizing consideration when executing a talent acquisition strategy. Learning from best practices. Examining performance metrics, for example, business impacts, financial considerations, so on. Defining Strategic Talent Acquisition. Understanding how HR schemes, policies, and practices support and help corporate strategies. Requiring key design elements in an HR talent acquisition strategy. Applying talent acquisition strategy practically. Understanding emerging trends and best practices in attracting and maintaining talent. Talent acquisition employed as a strategy Previously, organizations did not consider the recruitment process as one of strategic significance, but recently they have realized that the world has changed considerably. It is impossible for any organization to select among many talented candidates for a single position. Presently, many changes are occurring in this competitive world, which is in favor of the highly talented people who are in search of a new opportunity. The first option would be the Internet which is considered to be an enabling technology in the history of civilization. Candidates can now promote their wish to change jobs within some period of time of decision making and then request information about their talents. Figure 8.1 illustrates the Job Hunting Process through internet.

Figure 8.1: Job Hunting Process through Internet Internet has made the job hunting process easy for people. It is possible that employees get their final performance review which can be either positive or negative, for example, poor appraisal, improper negative reaction from boss, additional workload strain so on. They can post their CV/Resume up on a job website at midday today. Later, they can receive interested replies from third party recruiters and then be interviewed for a desired position within some period of time. Finally, they get an offer letter the next day and quit the job within 3 days. All these things look very scary, but the fact is that the Internet has not only made this process easy for the candidates, but it has also brought major advantages for organizations. Talent acquisition strategies Given below are some of the requirements for staffing, recruiting, talent management and as human resources professionals: Work harder to identify high quality performers: There is a necessity for establishing success indicators for each position recruited along with high quality performers themselves. For example, number of sales a performer has made in a month, number of reports written resulting in consulting tasks, amount of income a performers group has produced, and so on. There are no many standards to go by, but still it is evident about who the major contributor in an organization is and what are the job of the organization and the higher authorities of that organization and here, job of the HR professional is to measure those contributions.

Work with managers to develop high performers profiles in each group: The commonalities and the things recognized during the screening process are identified which predict success. For example, competencies, activities those high performers do, working techniques or processes. There are many organizations that assist in determining crucial success factors and also help in developing tests to discover them in candidates. Identify potential high performers and their working strategy: This step helps to aim at advertising towards high performers and make a decision on the events that are worth attending and help to get the kind of people that an organization is looking for. This step requires attention on competitive intelligence (CI). Competitive intelligence is a process of identifying, collecting, evaluating, and distributing intelligence about the products, competitors, customers, and other features of the environment. This is required to help executives and managers in strategic decision making for an organization. CI is very familiar in most of the organizations; and hence, many companies use CI professionals to search for information about production competency and equipment installation. The same approach is applicable to recruiting. The details about the location of good and talented people are collected from competitors, sellers, and suppliers. Employee referral program can be used for the same purpose. Gather and capture important information about candidates: The 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 A Blog is a personal online magazine or a journal that is often updated and planned for public use. Blog helps both internal and external community of recruiters to exchange information gathered. When blogs are properly used then lots of working hours and bunches of money is saved. 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. Talent acquisition strategies for 21st century Given below are the different mindsets of people about "Talent Acquisition": Old talent mindset The old talent mindset includes: Unclear idea that "People are our Most Important Asset." HR is accountable for managing people.

A two-day Success Planning Exercise annually. I work with the people I inherit. New talent mindset The new talent mindset includes: A deep belief that talent leads to better corporate performance. Managers are responsible for supporting their talent pool. Talent manager is an essential part of how the company is developed and managed. Taking bold actions to build the talent pool required.