Talent Management using Fact Based Approach @ PriceWaterhouseCoopers

Talent management - attracting, retaining, developing and promoting outstanding talent - is one of the critical capabilities that will distinguish the successful company now and in the future. The purpose of talent management is to assure that the supply of talent is available to align the right people with the right jobs at the right time based on strategic business objectives. But talent management is a lot more than yet another HR process. It is a mindset that goes beyond the rhetoric towards a holistic and integrated approach to leveraging the greatest competitive advantage from people. Talent management is about those thoughts and actions that, consistently, over time, become organizational culture. Talent management is more than something to do; it is something to be, a way of working and achieving both short and long-term success. It is a belief that talent differentiates organization culture and breeds competitive advantage, with benefits for both the individual and the organization. Furthermore, the talent mindset is not just another HR fad. It is embedded in the entire organization - championed by the leadership, modelled by the management, supported by a range of initiatives jointly developed by the business and HR. People are an increasingly valuable source of sustainable competitive advantage for organisations operating in a global economy characterised by only one certainty change. Chronic skills gaps combined with a mismatch between demand and supply of talent means that getting and keeping the right people in the right places at the right time has never been more challenging. Against this background CEOs are once again citing a lack of key skills as the hottest issue on their agenda. HR leaders are being challenged to mobilise talent to help businesses grow. If organisations dont transform themselves to ensure they can attract, inspire, motivate, manage, develop and reward their people appropriately they may lose their most valuable assets. The PwC talent management model uses a fact based approach to help identify the specific elements of talent management which drive the most value in business. This Talent Management Framework and Diagnostic, helps to develop and implement strategies that deliver the right improvements.

The PwC Talent Management Framework and Diagnostic

The above model focuses on adding business value to the organisation by managing the talent within the company and adding new compatible resources from the market. The model initiates the process by looking at the business strategy and plans of the organisation. Whatever action plan is to be decided depends upon whether the organisation belongs to a new market or an established one, or whether it focuses on innovation or operational efficiency. Once the strategic vision is determined, the plan is developed on two major aspects. First, the current talent of the company is taken care of. Plans are generated to take care of needs of current employees and improving their experience in the organisation. Secondly, plans are created to estimate new talent requirements in the company to fill gaps. Hence forth, the attention is diverted to four major aspects of talent in the company, i.e. current high potential employees, possible future employees, important crucial positions and roles and key skills required. The above mentioned key aspects are taken care of in a 4 step cyclical process: Attract, develop, retain and deploy. The factors under each step are mentioned the above model diagram. The outcomes of these processes are measured and recorded to determine the effectiveness of the model. The outcomes are measured on two scales. The first is related to the HR process outcomes, as in how well the processes have been streamlined with organisational motives and HR governance. The second set of outcomes is related to talent based outcomes where the individual employee development is appreciated.