|Sr. No. |Contents |Page No. |1 |Chapter 1: Introduction |7-11 | | | | | | |Object of the project | | | |Introduction of study | | | |Objectives of the study | | | |Rationale of the study | | | |Scope of the Project | | | |Limitations of the Study | | |2 |Chapter 2: Research Methodology |12-17 | | | | | | |Review of literature | | | |Research Design and sample size | | | |2. 3 Primary and secondary data and its sources | | | |2. Statement of hypothesis | | | | | | | | | | |3 |Chapter 3: Profile of the Organization |18-25 | | | | | | |3. 1 Introduction of the organization | | | |3. 2 Network/Products/Branches of organization | | | |3. 3 Flow Chart of the organization | | | |3. Mission of the organization | | | | | | |4 |Chapter 4: Introduction of Talent Management |26-30 | | | | | | |4. 1 Introduction of Talent Management | | | |4. 2 Talent Management v/s Traditional HR Approach | | | |4. 3 Understanding Talent | | | |4. Human Capital Management | | | | | | Talent Management Survey Index |Sr. No. |Name of Chapter |Page No. | |5 |Chapter 5: Talent Management |31-42 | | | | | | |Meaning and Definition of Talent Management, Importance of Talent | | | |Management. | | |Challenges of Talent Management, | | | |How to Manage Talent? | | | |Steps involved in Talent Management Process | | |6 | |43-49 | | |Chapter 6: Performance appraisal | | | |6. 1 What is Performance appraisal? | | | |6. 2 Methods of Performance appraisal | | | |6. 3 How performance appraisal conduct in Company Ltd. | | | | | | | | | |7 | |50-60 | | |Chapter 7: Career Planning | | | |7. 1 Meaning, Definition and procedure of Career planning, | | | |7. 2 Benefits of Career Planning, | | | |7. 3 How implement career planning in Company Ltd, Nasik. | | | |7. 4 Succession Planning: Meaning, Definition Importance. | | | |7. 5 Implementation in Company of succession planning. | | | | | |8 | |61-69 | | |Chapter 8: Training and Development | | | |8. 1 Training and development: Meaning, Definition, | | | |Procedure, method. | | | |8. 2 How training is necessary for Development | | | |8. 3 Method of training | | | |8. 4 How training is conduct in Company ltd. Nasik? | | | |Documentation and procedure for training in Company ltd. Nasik. | |9 |Chapter 9: Conclusion and testing of hypothesis |72-80 | |10 |Chapter 10: Suggestions and recommendations |81-85 | |11 | Appendices |86-89 | | |I Questionnaire | | | |II Bibliography | | Chapter 1 1. Introduction of the study Talent Management Talent management implies recognizing a person’s inherent skills, traits, personality and offering him a matching job. Every person has a unique talent that suits a particular job profile and any other position will cause discomfort. It is the job of the Management, particularly the HR Department, to place candidates with prudence and caution. A wrong fit will result in further hiring, re-training and other wasteful activities.
Talent Management is beneficial to both the organization and the employees. The organization benefits from: Increased productivity and capability; a better linkage between individuals’ efforts and business goals; commitment of valued employees; reduced turnover; increased bench strength and a better fit between people’s jobs and skills. Employees benefit from: Higher motivation and commitment; career development; increased knowledge about and contribution to company goals; sustained motivation and job satisfaction. In these days of highly competitive world, where change is the only constant factor, it is important for an organization to develop the most important resource of all – the Human Resource.
In this globalize world, it is only the Human Resource that can provide an organization the competitive edge because under the new trade agreements, technology can be easily transferred from one country to another and there is no dearth for sources of cheap finance. But it is the talented workforce that is very hard to find. Talent signals an ability to learn and develop in the face of new challenges. Talent is about future potential rather than past track record. So talent tends to be measured in terms of having certain attributes, such as a willingness to take risks and learn from mistakes, a reasonable (but not too high) level of ambition and competitiveness, the ability to focus on ‘big picture’ issues, and an awareness of their own strengths, limitations and impact on others. Several talent management processes need to be in place on a strategic level in order ensure its success.
Such processes/strategies include talent identification, recruitment & assessment, competency management, performance management, career development, learning management, compensation, succession planning etc. Talent management has a number of benefits to offer such as employee engagement, retention, aligning to strategic goals in order to identify the future leadership of the organization, increased productivity, culture of excellence and much more. 1. 2 Objectives of Study:- In the current scenario of cutthroat competition, every company has to survive to satisfy its customers by providing them quality products and services. The summer training at Company, was undertaken with a view to study certain fundamental as well as the commercial and operational aspects of the company. The training involved the study of the following: To understand the entire procedure of Talent management • To understand the need of Talent Management • To study the accuracy and quality of work of employees by talent management procedure. • To suggest possible improvement in Talent Management process. 1. Rationale of the study The ‘talent’ in an organization refers to the current employees and their valuable Knowledge, skills and competencies. Talent management (or succession management) is the ongoing process of analyzing, developing and effectively utilizing talent to meet Business needs. It involves a specific process that compares current talent in a department to the strategic business needs of that department.
Results lead to the development and implementation of corresponding strategies to address any talent gaps or surpluses. Talent management for the HR Community is a priority of the HR Strategy for the HR Community. Not only does the HR Strategy support the HR Community as its own professional group, but it also recognizes and will support the role human resource professionals have to help their clients become skilled, committed and accountable public servants. The implementation of a talent management process that is transparent and equitable is expected to create an environment for people to develop their skills in preparation for a range of future possibilities thereby preparing the workplace for changing roles.
The goal of this process is to map the business needs of the HR Community with the potential and career development needs of our people in order to develop a comprehensive Talent Management Plan. 2. Limitations of Study:- 1) All the functions are only related with the personnel department. 2) Limitation about the working hour of the worker in the factory. 3) Limitation about the time and absenteeism. 4) Company not allowing to disclose confidential information 5) Time factor was the major limitation of this survey. Because during survey any activity of organization which is directly or indirectly related to the production process should not disturb due to survey. Object of the project:
This “Talent Management” Project I completed from Company, For the fulfillment of the full time course of MBA of Pune university for the year 2009-2010. In Company I made research on Talent Management process because company want to know that, is it talent management is really beneficial for them or not. I proved them that talent management is really beneficial for company by doing this project. I completed this project because it was a requirement of our MBA full time course. I learned various things in this project, like audit, SAP HR module, personal administration. Etc. Chapter 2: Research Methodology Review of literature TALENT MANAGEMENT V/S TRADITIONAL HR APPROACH
Traditional HR systems approach people development from the perspective of developing competencies in the organization. This can actually be a risk-prone approach, especially for companies operating in fast evolving industries, since competencies become redundant with time and new competencies need to be developed. Thus, over time, the entire approach to development of people might be rendered obsolete calling for rethinking the entire development initiative. Talent management on the other hand focuses on enhancing the potential of people by developing capacities. Capacities are the basic DNA of an organization and also of individual potential. | | |D |Point of Departure | | N | | | |Navigation | | | | |A |Point of Arrival | In fact, the following appropriately describes the role of talent management: Translating organizational vision into goals and mapping the required level of capacities and competencies to achieve goals aligning individual values and vision with organizational values and vision.
Clear understanding of the varied roles within the organization and appreciation of the value-addition from self and others leading to building a culture of trust, sharing and team orientation. Assessment of talent to profile the level of capacities and set of competencies possessed within the organization. Enhancing capacities to learn, think relate and act through development initiatives. Individual growth to meet and accept varied incremental and transformational roles in an overall scenario of acknowledged need for change. Gap analysis and identification of development path helping individuals realize their full potential through learning & dev.
Developed individuals enabling breakthrough performance 4. 3 Understanding Talent The idea of developing talent is not a new concept in any business. In fact every successful company that has ‘stood the test of time’ has done so, Because of their ability to attract, retain and get the best out of their talent. Today we read of a ‘war for talent’. This has emerged, not because companies have forgotten about talent, or allowed it drop off of the radar but, because in some fundamental ways, the talent has changed. We have a new kind of young person entering the business world, with a very different world view, set of values, priorities and goals. Focus 1: Attracting and recruiting Talent:
In order to effectively attract and recruit talented employees you need to understand what talent is looking for in a career and how they will view your business in terms of fitting in with their needs. Your approach to each one of your potential recruits needs to be altered to suit that they are. By examining this through the perspectives of the different generations, we are able to look at their attitudes to work what kind of career, organization and benefits they are looking for and know what kind of techniques will ensure that your recruitment process is successful in each generational context. This focus unit looks at the following: o attitudes to work o career goals views on organizations and how they are currently run o what benefits each generation is looking for o Techniques to attract the different generations: what will make your organization stand out? o Techniques to recruit the different generations: how should the job offer be presented? Focus 2: Retaining and developing Talent In order to effectively retain and develop Talent you need to understand what the generations are looking in a future career and in an organization. Your approach to each one of your employees needs to be altered to fit individual goals and personal needs. This focus unit looks at the following: o work ethics and values o career planning o work environments and culture benefits and reward systems o ways of motivating Focus 3: Managing Talent An in depth look at how the generations internalize authority will enable you to adjust your management style to fit in with who they are. We are able to look at the attitudes of the different generations to leadership and management; what kind of management approaches will ensure that you gain maximum loyalty, productivity and job satisfaction from each of your employees. This focus unit looks at the following: o attitudes to authority o management styles for the different generations including conflict management o leadership styles used by the different generations specific techniques to help you manage different generations including communication and feedback preferences o coaching and mentoring preferences including ? The role of coach ? The coaching process How to plan for and create conversations Research Methodology Research Methodology is a way to systematically solve the research problems. It may be understand as a science of studying how research is done scientifically. In it we are studying his research problems along with the logic behind them. It is necessary the researcher to know not only the research method techniques but also the methodology. Types of Research:- It is descriptive type of research. Descriptive Research survey and fact finding inquiries of different kind.
The major purpose of descriptive research is descriptive the state of affairs, as it exist at present. The main control over the variable; he can only report what has to discover the even when there he cannot the variable. The methods has to researcher utilized in descriptive research are survey methods of all kind. Data Source:- The source of project depends on accurate data. That’s why data collecting the appropriate data, which differ considerable in context money, cost, time and other resources at the disposal researcher. There are two types of data collection methods available:- 1) Primary Data Collection Method. 2) Secondary Data Collection Method. 2. 3 Primary And Secondary data 1) Primary Data Collection Method.
Primary data are those that are obtain by the user for fulfillment their purpose. I have taken Primary Data through personal visit of HR head, and HR executive, of Company Ltd. At all levels and observation methods to get more reliable information. I also collected primary data by filled, ‘Yes’ or ‘No’ format questionnaire by the employee of Company, This data helped me to justify the statements that have made in this project. 2) Secondary Data Collection Method. The Secondary Data is that which is already collected and stored or we can say already saved or ready data by others. I got secondary data from their journals, records, specimen of appraisal form etc.
And from newspapers magazines, articles, internet etc I got basic information of Talent Management. I collect secondary data by referring some specimen of company and by referring some books and web sites of company from internet. 2. 4 Statement of Hypothesis Hypotheses are the essential assumptions which the researcher formulates about the possible causes, findings and ultimate output of the issue in under research. Under hypotheses mere assumptions or suppositions are made which are to be proved or disproved. For researcher it is a formal question that he intends to resolve. A hypotheses consist either of a suggested explanation for a phenomenon or of a reasoned proposal suggesting a possible correlation between multiple phenomenon.
The assumptions be true or false are to be proved through the completion of project. The hypotheses for this project are as follows: Null Hypothesis: ? Employee taking benefits from Talent Management System ? Employee can retain successfully for the benefit of organization ? Employee’s performance increased by talent management ? Employee turnover of organization affected by Talent Management Procedure Alternate Hypothesis: ? Employee are not able to take benefits from Talent Management System ? Employee can not retain successfully for the benefit of organization ? Employee’s performance can not increased by talent management. ? Talent Management is not affecting on employee turnover of organization . 1 History of Company [pic] Founder of Company-Werner von Company Born- 13 Dec. 1816 to 6 December 1892 Company was founded by Werner von Company on 12 October, 1847. Based on the telegraph, his invention used a needle to point to the sequence of letters, instead of using Morse code. The company – then called Telegraphen-Bauanstalt von Company & Halske – opened its first workshop on October 12. In 1848, the company built the first long-distance telegraph line in Europe; 500 km from Berlin to Frankfurt am Main. In 1850 the founder’s younger brother, Sir William Company (born Carl Wilhelm Company), started to represent the company in London.
In the 1850s, the company was involved in building long distance telegraph networks in Russia. In 1855, a company branch headed by another brother, Carl von Company, opened in St Petersburg, Russia. In 1867, Company completed the monumental Indo-European (Calcutta to London) telegraph line. In 1881, a Company AC Alternator driven by a watermill was used to power the world’s first electric street lighting in the town of Godalming, United Kingdom. The company continued to grow and diversified into electric trains and light bulbs. As Werner had envisioned, the company he started grew from strength to strength in every field of electrical engineering.
From constructing the world’s first electric railway to laying the first telegraph line linking Britain and India, Company was responsible for building much of the modern world’s infrastructure. Company is today a technology giant in more than 190 countries, employing some 440,000 people worldwide. Our work in the fields of energy, industry, communications, information, transportation, healthcare, components and lighting has become essential parts of everyday life. While Werner was a tireless inventor during his days, Company today remains a relentless innovator. With innovations averaging 18 a day, it seems like the revolution Werner started is still going strong. In 1890, the founder retired and left the company to his brother Carl and sons Arnold and Wilhelm.
Company & Halske (S&H) was incorporated in 1897. In 1907 Company had 34,324 employees and was the seventh-largest company in the German empire by number of employees. In 1919, S&H and two other companies jointly formed the Osram lightbulb company. A Japanese subsidiary was established in 1923. During the 1920s and 1930s, S&H started to manufacture radios, television sets, and electron microscopes. 3. 3 COMPANY AG – A Strong Global Presence Company is a world-class supplier of electrical and electronics products and system serving one of the longest and most diversified markets worldwide. Company Ltd. in India is a subsidiary of Company AG, Germany.
Company AG have been closely involved with developments that are at the leading edge of electrical and electronics engineering ever since the pioneering inventions of the founder of the company – Werner Von Company. Company strength, acquired over many decades of pioneering research and practical experience, lies in the development of advance technologies and in their timely application to a wide range of high Quality, Innovative and cost effective products. As a global company, Company have manufacturing, sales and services facilities in more than 170 countries. Employees worldwide in the offices, factories, laboratories and service organizations total to about 3, 90,600.
All committed to providing the highest standards of technological competence that Company has been a synonym for, right since inception. In today’s fiercely competitive business environment, corporate strength can be achieved and maintained only with a strong base of highly qualified and motivated employees. Qualified professional training however provides merely the basis for a successful career. Changes in technology and the business environment occur so rapidly that know-how and skills must be constantly updated, enhanced or completely supplanted. Each year more than 150000 employee at Company AG participate in over 20000 seminars and courses designated to none professional and personal skills.
While 10800 trainees are undergoing training in manufacturing, technical and commercial trades. 3. 4 Company in India Company association with India began in 1867 when Werner–Von-Company personally supervised the laying of the first sub marine telegraph line between Calcutta and London. This historical event marked with the beginning of a long and fruitful association. Company and India have grown together. In making the country’s priorities its own, Company has put its experience and expertise in areas of national importance. Company have played an active role in the technological progress experienced in the last four decades. Company grew out of a response to the needs of the nation.
Today Company involvement reflects the current trends in electronic and electrical technology in switchgear, motors, drivers, automation systems, power generation and distribution, projects, transport, medical engineering, communications and components. Company have about 8000 employees in India and an extensive network which includes 10 works, 3 training Centers (Units), 7 sales offices, 23 representative, 300 dealers, System houses and Service Centers, all geared to meet the requirement of customer. Being closely associated with our principals Company AG, Germany gives Company in India access to the world’s latest developments in every field.
This Combined with its experience in India makes Company the ideal partner for catalyzing the country’s progress. 3. 2 Company Product Founded in 1847 at Berlin, Prussia Founder(s) Werner von Company Headquarters at Berlin and Munich. Products and Services Communication Systems Power Generation [pic] Automation Lighting [pic] [pic] Medical technology Transportation and Automotive [pic] [pic]
Trains and Trams Water Technologies [pic] [pic] Building Technologies Home Appliances [pic] [pic] Fire Alarms IT Services [pic] [pic] Financing Construction Chapter 4: Introduction 4. 1 Meaning Definition With businesses going global and competition becoming intense, there is mounting pressure on organizations to deliver more and better than before.
Organizations therefore need to be able to develop and deploy people who can articulate the passion and vision of the organization and make teams with the energy to perform at much higher levels. These people build and drive the knowledge assets of a corporation, the value of which has been established to be many times more than the tangibles. The capacity of an organization to hire, develop and retain talent is therefore the most crucial business process and priority on the CEO’s agenda. The 1990’s ended with a call-to-arms to fight “the war for talent”. While the war for talent clearly has cooled in the early stages of the 21st century, dampened by economic doldrums & concerns with global security; the rear battle to attract, motivate, development & retain talent is going to heat up considerably.
A looming demographic time-bomb will make Talent Management a priority for organizations. A host of issues like: loss of human capital, talent shortages, ageism, and cultural clash has made acquiring & managing talent difficult. Talent Management describes the process through which employers of all kinds – Firms, Govt. , and Non-profit organizations – anticipate their human capital needs & set about meeting them. Thus Talent Management refers to: getting the RIGHT PEOPLE with the RIGHT SKILLS into the RIGHT JOBS. It is a professional term, also known as “Human Capital Management” that refers to the process of developing & fostering new workers through on oarding, developing & keeping current workers & attracting highly skilled workers to work for your company. Companies that are engaged in Talent Management are strategic & deliberate in how they recruit, manage asses, develop & maintain an organization’s most important resource – its PEOPLE. This term also incorporates how companies drive performance at the individual level. Decisions about Talent Management shape the competencies that organizations have & their ultimate success; & from the perspectives of individuals, these decisions determine the path & pace of careers. We may thus understand that this term is usually associated with competency based HRM practices.
Talent Management decisions are often driven by a set of organizational core competencies as well as position – specific competencies. The competency set may include knowledge, skills, experience & personal traits. 4. 2 Human capital management Companies that engage in talent management (Human Capital Management) are strategic and deliberate in how they source, attract, select, train, develop, retain, promote, and move employees through the organization. Research done on the value of such systems implemented within companies consistently uncovers benefits in these critical economic areas: revenue, customer satisfaction, quality, productivity, cost, cycle time, and market capitalization.
The mindset of this more personal human resources approach seeks not only to hire the most qualified and valuable employees but also to put a strong emphasis on retention. Since the initial hiring process is so expensive to a company, it is important to place the individual in a position where his skills are being extensively utilized. The term talent management means different things to different organizations. To some it is about the management of high-worth individuals or “the talented” whilst to others it is about how talent is managed generally – i. e. on the assumption that all people have talent which should be identified and liberated.
From a talent management standpoint, employee evaluations concern two major areas of measurement: performance and potential. Current employee performance within a specific job has always been a standard evaluation measurement tool of the profitability of an employee. However, talent management also seeks to focus on an employee’s potential, meaning an employee’s future performance, if given the proper development of skills. The major aspects of talent management practiced within an organization must consistently include. • performance management • leadership development • workforce planning/identifying talent gaps • recruiting This term of talent management is usually associated with competency-based human resource management practices.
Talent management decisions are often driven by a set of organizational core competencies as well as position-specific competencies. The competency set may include knowledge, skills, experience, and personal traits (demonstrated through defined behaviors). Older competency models might also contain attributes that rarely predict success (e. g. education, tenure, and diversity factors that are illegal to consider in relation to job performance in many countries, and unethical within organizations). Chapter 5: Talent Management 5. 1 Meaning and definition Talent management implies recognizing a person’s inherent skills, traits, personality and offering him a matching job.
Every person has a unique talent that suits a particular job profile and any other position will cause discomfort. It is the job of the Management, particularly the HR Department, to place candidates with prudence and caution. A wrong fit will result in further hiring, re-training and other wasteful activities. Talent Management is beneficial to both the organization and the employees. The organization benefits from: Increased productivity and capability; a better linkage between individuals’ efforts and business goals; commitment of valued employees; reduced turnover; increased bench strength and a better fit between people’s jobs and skills. Employees benefit from: Higher otivation and commitment; career development; increased knowledge about and contribution to company goals; sustained motivation and job satisfaction. In these days of highly competitive world, where change is the only constant factor, it is important for an organization to develop the most important resource of all – the Human Resource. In this globalize world, it is only the Human Resource that can provide an organization the competitive edge because under the new trade agreements, technology can be easily transferred from one country to another and there is no dearth for sources of cheap finance. But it is the talented workforce that is very hard to find.
The biggest problem is how to retain the present workforce and stop them from quitting Importance First, let us look at some of the reasons for the importance of talent management. • Globalization: Now for any jobseeker the whole world is the potential place to find employment. One can know the opportunities available in any part of the world easily and the number of talent seekers has also increased. • Increased Competition: Increased competition in the market place has necessitated the need for consistently good performance on the side of organizations. These have made the companies to put in all efforts to hire and retain the best talent in the respective field of operation. • Increasing Knowledge:
The knowledge era has necessitated the retaining of those talents which have the ability to assimilate new technologies and knowledge, which are growing at a pace never seen before. How Talent Management important for an Organization: 1) Cost cutting: One experienced & skilled employee can replace instead of two or more employees. Organization can save hundreds of thousands of dollars. 2) Maximum Output Organization can make maximum out put in minimum resources. 3) Time Saving technique It is a time saving technique. Because for every job a skilled person can place. It’s helpful to complete job in minimum time 4) Perfection increase Due to skilled employee Perfection in work is increase. There is low probability of mistakes. How Talent Management important for an Employee: Recruitment It’s ensuring that right people are attracted to the organization, due to providing exposure for there skills. • Retention Developing and implementing practices that reward and support employees. • Employee development Ensuring continuous informal and formal learning and development. • Leadership and “high potential employee” development Specific development programs for existing and future leaders. • Performance management Specific processes that nurture and support performance, including feedback/measurement. • Workforce planning Planning for business and general changes, including the older workforce and current/future skills shortages.
Culture Development of a positive, progressive and high performance “way of operating”. 5. 2 The Challenge The challenge of talent management has two faces. First is how to find new people and second is how to retain the present workforce. Each of the challenges has to be tackled in the most efficient way possible so that the organization can achieve its objectives. The First Challenge – Where to find new talent? All the organizations are finding loads of business opportunities and consequently, their revenues are growing at a rapid pace. The increasing business opportunities has necessitated that these organizations go in for massive recruitment.
But, the question is where to find the best talent which is able to fit the job description and also adjust to the organization’s values and norms. If we scan the environment, we find there is a shortage of skilled workforce that can be employed. Some of the possible reasons that have led to the shortage are: – Demographic Constraints: This is a common problem faced by many of the developed countries, where a large chunk of its population is nearing the age of retirement or is over 50 years. USA, Germany and Japan are facing the same problem. All these countries will see a decline in their workforce and talent. In the coming years, they will see a great shortage in their skilled professionals. Existing Educational System:
The graduates and the postgraduates that are being churned out of the universities are found to be ill-equipped to handle the challenges of the workplace. They are mostly equipped with only the theoretical aspects of the issues and lack the application part. The educational system is faulty and does not take industry needs into consideration, resulting in a mismatch between industry requirements and educational preparation. Cost Factor: Recruiting new employees is becoming tougher and tougher in the developing countries, where the HR department has to sort out thousands of applications for a handful of jobs. Finding right person for the right job becomes a very difficult process.
It also involves very high cost to conduct the recruitment and selection process for such a large population of applicants. Attracting the Best Talent: This is another challenge. As was the case in the past, the best available talent is not just motivated by the name and fame of the organization. Not any more. They have a new set of motivators like – challenging work, conducive work environment and freedom from bureaucratic structure. The Second Challenge – How to retain the existing employees? Gone are the days when a person would join an organization in his mid-20s and would work till his retirement in the late-50s. Today the young professionals hop jobs, especially during the first 4-5 years of their work life.
Though the Indian service industry is basking in the light of outsourced jobs from the developed countries, they also cannot ignore the fact that the BPO industry is also facing one of the highest attrition rates, in fact never heard before in India, of around 35%. It is a fact that it’s the people that add value to organizations. It is also a fact that humans are a restless species who, unlike the immovable Banyan Tree, cannot stay rooted in one place. People need to move on for one reason or another, and the organization stands to lose. Let us look at some of the reasons behind the massive attrition rates: – 1. Gap between organizational values and goals and the personal values and goals is one of the major reasons of the attrition rates.
If they go parallel, there is no way both would be satisfied and inevitably, the organization would lose out on a talented employee. 2. Working environment is another major factor. Employees in the knowledge era demand creative and a democratic work environment. Failure on the part of the management to provide such an environment will result in a talented employee leaving the organization. 3. The competitive world has made sure that there is high work pressure on the employees of any organization. This has led to psychological problems like stress, and in extreme situations, total burnouts. It also leads to other health related problems. 4. Movement for higher salary is also common among the younger professionals.
There is no shortage for organizations who are looking for talented employees and who are ready to shell out a hefty salary for a talented person. Other lures like better job opportunities, higher posts and overseas assignments are also major factors in the attrition rates. 5. Not taking proper care during the recruitment and selection process and not taking proper care to fit the right person to the right job also breeds dissatisfaction among the employees. 6. Bad or opaque policies from management on issues of succession planning and promotion, appointments for senior positions also is a major factor which makes the organization lose out on the talented employees. 7. The professionals have different aspirations at different times of their career.
During the initial years, they have good salary and foreign assignments. Next on the list is working on cutting edge technology. More seasoned professionals look for learning opportunities. So employees tend to move to those organizations which provide them with means to fulfill their aspirations. Retaining the present employees is of the foremost importance to the organizations because; the company would have already incurred heavy costs in the form of training and development. Now if the organization has to look for a replacement for the employee who has left, it involves a lot of costs like – hiring costs, training costs and the induction costs.
Also it takes some time for the new employee to adjust to the new work environment. During this time the productivity of the employee will be low. The HR department will have to fit the new employee into a proper role in the organization. Apart from causing the company a monetary loss and breaks in their day-to-day operations, attrition contributes to knowledge transfer, which is a great loss and adversely affects business. 5. 3 How to Manage the TALENT? It is now proved beyond doubt that, in the era of technology and knowledge, talent is in the driving seat. One who possesses it dictates. Not he who pays for it. It is the demand of the time that business leaders elevate management of talent to a burning corporate priority.
It is not a walk in the park for the talent market. Quality people are no longer available in plenty, easily replaceable and relatively inexpensive. These are some of the measures that should be taken into account to hire and retain talent in the organization, to be efficient and competitive in this highly competitive world: – Hire the Right People: Proper care must be taken while hiring the people itself. It would be beneficial for an organization to recruit young people and nurture them, than to substitute by hiring from other organizations. Questions to be asked at this stage are: Whether the person has the requisite skills needed for the job?
Whether the person’s values and goals match with those of organizations? In short, care must be taken to fit the right person to the right job. Keep the Promises: Good talent cannot be motivated by fake platitudes, half-truths and broken promises. Unfulfilled expectations can breed dissatisfaction among the employees and make them either leave the organization or work below their productive level. Promises made during the hiring stage must be kept to build loyalty among the employees, so that they are satisfied and work to their fullest capability. Good Working Environment: It has to be accepted by the organizations that highly talented persons make their own rules.
They have to be provided with a democratic and a stimulating work environment. The organizational rules must be flexible enough to provide them with freedom to carry out their part of task to their liking, as long as the task is achieved. Opportunities should also be provided to the employees to achieve their personal goals. Recognition of Merit: It is highly motivating for any person if his talent is recognized and is suitably rewarded. One way is providing them with salary commensurate with their performance. Promotions and incentives based on performance are another way of doing it. Another way is by providing them with challenging projects.
This will achieve two objectives – it makes employee feel that he is considered important (a highly motivating factor) and gets the work done in an efficient manner and brings out the best in the employee. Providing Learning Opportunities: Employees must be provided with continuous learning opportunities on and off work field through management development programs and distance learning programs. This will also benefit the organization in the form of highly talented workforce. Shielding from High Work Pressure: If an organization has to make the most of the available talent, they should be provided with adequate time to relax, so that they can did-stress themselves.
It is very important to provide them with holidays and all-expenses-paid trips, so that they can come back refreshed to work and with increased energy. They must also be encouraged to pursue their interests which are also a good way of reducing work environment stress. Recreation clubs, entertain programs, fun activities with in the work area will also reduce the work life stress of the employees and develop camaraderie among the workers and result in a good working environment. TALENT & PERFORMANCE Organizations provide individuals the opportunity and space for physically manifesting their talent into performance for achieving individual and organizational vision. Talent manifests into performance as follows:
Thus the domain of talent management focuses not only on development of individual’s intrinsic capacities, but also on culture building and change management to provide the other elements listed above for manifestation of talent into performance. The New HR Mission and Talent Management Processes Many challenging workforce issues confront HR, including: • Heightened competition for skilled workers. • Impending retirement of the baby boomers. • Low levels of employee engagement. • Acknowledgement of the high cost of turnover. • Arduous demands of managing global workforces. • Importance of succession planning. • Off shoring and outsourcing trends. This requires new thinking and a new mission to achieve business success.
These factors—coupled with the need to align people directly with corporate goals—are forcing HR to evolve from policy creation, cost reduction, process efficiency, and risk management to driving a new talent mindset in the organization. One important distinction is the evolution of the difference between tactical HR and strategic talent management. Transactional HR activities are administrative overhead. Talent management is a continuous process that delivers the optimal workforce for your business. In this new model—instead of being the owners of processes, forms, and compliance—HR becomes the strategic enabler of talent management processes that empower managers and employees while creating business value.
With this view, talent management may be defined as the implementation of integrated strategies or systems designed to improve processes for recruiting, developing and retaining people with the required skills and aptitude to meet current and future organizational needs. Anecdotally, talent management is often defined as performance management, incentive compensation, or talent acquisition. Talent management is also often confused with leadership development. Although leadership development is a crucial function of your organization, focusing on it exclusively is a legacy of last century. Our modern service and knowledge economies in the talent age require a broad and holistic view.
A high performance business depends on a wide range of talent. Taleo’s graphical representation emphasizes the mandate of talent management to respond to business goals and consequently be the driver of business performance. Talent management is depicted as a circular—not a linear—set of activities. 5. 4 Why Talent Management? Workforce cost is the largest category of spend for most organizations. Automation and analysis of your recruiting and hiring processes provides the immediate workforce visibility and insights you need to significantly improve your bottom line. Performance management provides the ongoing processes and practices to maintain a stellar workforce.
Today, many organizations are struggling with silos of HR processes and technologies. The future of talent management is embodied in solutions designed from the ground up to provide business-centric functionality on a unified talent management platform. Since nearly all competitive business factors have become commoditized, talent is what ultimately drives business success and creates value. Leading organizations rely on Taleo 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 intuitive, it is worthwhile to articulate the fundamental significance of successful talent management practices: • The key enabler of any organization is talent. • The quality of your people is your 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. That’s when talent truly drives higher business performance. Indirect implementation of Talent Management in Company Ltd. , Nasik Works. By following Steps: Performance appraisal Career Planning
Succession Planning Training and Development Chapter: 6 Performance appraisals 6. 1 What is Performance Appraisal? Meaning: – Performance appraisal is a method of evaluating the behavior of employees in the work spot, normally including both the quantitative and qualitative aspects of job performance. Performance here refers to the degree of accomplishment of the tasks that make up an individual‘s job. It indicates how well an individual is fulfilling the job demands. Often the term is confused with effort, but performance is always measured in terms of results and not efforts. Need of Performance Appraisal: -Performance appraisal is needed in order to: ) Provides information about the performance ranks, basing on which decision regarding salary fixation, confirmation, promotion, transfer and demotion are taken. 2) Provide feedback information about the level of achievement and behavior of subordinate. This information helps to review the performance of the subordinate, rectifying performance deficiencies and to set new standards of work, if necessary. 3) Provide information, which helps to counsel the subordinate. 4) Provide information to diagnose deficiency in employee regarding skill, knowledge, determine training and developmental needs and to prescribe the means for employee growth provides information for correcting placement. 5) To prevent grievances and in disciplinary activities. Purpose
Performance appraisal aims at attaining the different purpose. They are: 1) To create and maintain a satisfactory level of performance. 2) To contribute to the employee growth and development through training self and management development programs. 3) To help the superiors to have a proper understanding about their subordinates. 4) To guide the job changes with the help to continuous ranking. 5) To facilitate fair and equitable compensation based on performance. 6) To facilitate for testing and validating selection tests, interview techniques through comparing their scores with performance appraisal ranks. 7) To provide information for making decisions regarding lat off, retrenchment etc. ) To ensure organizational effective through correcting employee for standard and improved performance, and suggesting the change in employee behavior. 6. 2 Methods of Performance Appraisal: The methods of performance Appraisal are basically classified as Traditional Methods, Modern Methods and result – Oriented Appraisal: – a) The Traditional Methods consists of ‘Graphic Rating Scales’,’ Ranking Method’,’ Paired comparison Method’, ‘Forced Distribution Method’, ‘Checklist method’, ‘Essay or free from APPRAISAL’, ‘Group Appraisal and ‘confidential Report’. b) Modern Methods of evaluating performance appraisal are ‘Behaviorally Anchored Rating Scales’, Assessment Center’, Human Resource Accounting’, Management by objectives’, Psychology Appraisal’. Uses of Performance Appraisals:- Performance Improvement: Performance feedback allows the employee, manager, and personnel specialists to intervene with appropriate actions to improve performance. ? Compensation Adjustments; Performance evaluations help decision-makers determine who should receive pay raises. Many firms grant part or all of their pay increases and bonuses based upon merit, which is determined mostly through performance appraisals. ? Placement Decisions: Promotions, transfers, and demotions are usually based on past or anticipated performance. Often promotions are a reward for past performance. ? Training and Development; Poor performance may indicate the need for retraining. Likewise, good performance may indicate untapped potential that should be developed. Career Planning and Development: Performance feedback guides career decisions about specific career paths one should investigate. ? Staffing Process Deficiencies: Good and Bad performance implies strength or weakness in the personnel department‘s staffing procedures. ? Informational Inaccuracies: Poor performance may indicate errors in job analysis information, human resource plans, or other parts of the personnel management information system. Reliance on inaccurate information may have led to inappropriate hiring, training, or counseling decisions. ? Job Design Errors: Poor performance may be a symptom of ill-conceived job designs. Appraisals help diagnose these errors. Equal Employment Opportunity: Accurate performance appraisals that actually measure job – related performance ensure that internal placement decisions are not discriminatory. ? External Challenges: Sometimes performance is influenced by factor outside the work environment, such as family, financial, health, or other personal matters. If uncovered through appraisals, the human resource department may be to provide assistance. ? Feedback to Human Resources: Good/bad Performance throughout the organization indicates how well the human resource function is performing. Traditional and modern Methods of Performance Appraisal 6. 3 How implement performance appraisal. Introduction Now a day’s Performance appraise is very important from company point of view.
It is use to take various managerial decision. E. g. decision regarding employee’s increment or decision regarding employee’s future career planning etc. In Company they use “Grading and Ranking “method to appraise performance of there employee. Who Appraise Performance appraise by Head of the department or from the superior. They did not conduct performance appraisal on officer’s level it conduct only on officer’s basis. In Company Performance is appraising by head of the department, Supervisor, manager, etc. Process: Head of the department submit one copy of performance appraisal to HR Department and discuss with the employee whose performance is down.
One copy of performance appraisal report is attached to that employees personnel file as a record. If that employees performance is going down then head of the department can talk with that employee regarding increase performance. Even Hr Manager also should talk with that employee to know his problem and HR Manager should motivate that employee to increase performance. Employees increment is depend upon there performance. Head of the department or HR manager may stop increment of employee regarding low performance. General use of performance report in Any Company: Need of training. Head of the department or HR manager can decide whether employee needs training for good performance or not. Career Planning.
Career planning generally use to retain skilled employee. They can find out skilled employee for skilled employees career planning from performance appraisal report. Succession planning: From performance appraisal Report Company can select candidate to make succession planning. Benefits of employee to company Company’s employee are company’s asset, it is helpful to calculate that company’s employee how much give returns to company. Or which employee is beneficial for company and which is not beneficial. Chapter: 7 Career Planning 7. 1 Introduction and meaning Introduction The career is all the jobs that are held during ones working life. According to ‘E. B.
Flippo’, career is a sequence of separate but related work activity’s that provides continuity, order and meaning in a person’s life. Definition: 1) Edwin Flippo define a career as a sequence of separate but related work activities that provides continuity, order and meaning in a persons life. 2) Wreather and Davis defined various terms of career planning as given below: A career path is the sequential pattern of jobs that form a career (as per figure). Career Planning is the process by which one selects career goals and the path to these goals. Career development is these personal improvements one undertakes to achieve a personal career plan. ) Career management is the process of designing and implementing goals, plan and strategies to enable the organization to satisfy employee needs while allowing individuals to achieve their career goals. Life and career Stages Human resource managers must understand the issues that individuals face throughout their careers. A study of career development theories, life development theories and interrelationship among career stages and life stages will provide and understanding of the issues that the individual face. Career and life stages are closely related as both are linked to age and cultural norms. Need for career planning Career planning is necessary due to following reasons 1) Attract competent person
To retain the competent person or to attract them company need career planning, because this kind of person are company’s asset. Competitors can try to hire this person so, company always try to retain these person. 2) Provide suitable promotional opportunities To give exposure for employee’s knowledge and talent, Career planning is important. 3) Training for future challenges Enable employee to develop and make them ready to meet the future challenges. 4) reduce job dissatisfaction It helps to increase job satisfaction for employee. When employee get exposure to show skill and when he learn more from job profile at that time job satisfaction automatically increase. ) Improve motivation and morale Career Planning is useful to improve motivation and morale of employees. 7. 2 Process of Career Planning. a) Analysis of individual skills, knowledge, abilities, aptitudes etc. b) Analysis of career opportunities both within and outside of organization. c) Analysis of career demand on the incumbent of skills, knowledge, abilities, aptitude, etc. , and in terms of qualifications, experience and training received etc. d) Relating specific ob to different career opportunities. e) Establishment of realistic goals both short term and long term. f) Formulating career strategy covering areas of change and adjustment. ) Preparing and implementing action plan including acquiring resources for achieving goals. Varies stages of career planning and development are shown in figure. [pic] [pic] [pic] [pic] Successful Matching [pic] [pic] [pic] [pic] [pic] Mismatching [pic] Advantage of Career planning and development For individuals 1) It helps to the individuals to have the knowledge of various career opportunities, his priority’s etc. 2) It helps to select career which is suitable for his life styles, preferences, family environment, scope for self-development etc. 3) It helps the organization identify internal employees who can be promoted. ) Internal promotions, up-gradations and transfers motivate the employees; boost up their morale and also satisfaction. 5) Increase job satisfactions enhance employee commitment and create a sense of belongingness and loyalty to the organization. 6) Employee will await his turn of promotion rather than changing to another organization. 7) It helps to improve employee performance on the job by taping their potential abilities and further employee growth. 8) It satisfied employee esteem needs. For organization 1) The efficient policies and practices improve the organization’s ability to attract and retain highly skilled and talent employees. ) A proper Career Planning ensures that the woman and people who belongs to the backward communities get opportunities for growth and development 3) It continuously tries to satisfy the employee expectations and such as minimizes employee frustrations. 4) By attracting and retaining the people from different cultures, enhances cultural diversity. 5) Protecting employee’s interest result s in promoting organizational good will. 7. 3 Implementation of Career Planning Career Planning is generally done by every organization. But method of career planning can differ. career planning for company’s employee, as follows: Activity for Career Planning: Training and development:
Most of the time company can try to retain the skilled employee, therefore company provide various type of knowledge or training, for company benefits as well as employee. Transfer department to department or unit to unit If any employee would like to work in specific department or unit for his skilled work and if it will beneficial for company then it’s also part of career planning. Promotion In career planning, promotion is also a one part. To retain the skilled employee. Company makes promotion of this kind of employee. OCareer planning at Officer’s levels: For career planning company refer report of Performance appraisal, from that report they sort out an employee whose performance is above expectations.
For this kind of employee they conduct career planning to retain that particular employee. • Analyze skill of worker: They analyze skill of worker by performance appraisal’s report, and then they decide career planning of employee. • Transfer of worker: They search about interest of employees in his work profile. And then they decide whether transfer of worker is suitable or not. Or change in work profile is suitable or not. Promotion: They decide about employee’s promotion if required and his training They analyses whether training is required for employee or not. As per the need of organization HR head make his career planning for promotion. Use of performance appraisal report:
By Performance appraisal report, company can decide whether that employee should promote or not, They can study about employee’s job satisfaction, his job skills, his talent etc. Job enrichment Most of the time company checks job enrichment of employee, to check capacity of work within a given time as well as their skills also. Job enrichment is helpful to