Talent Management in India

Today, the staffing companies in India have realised the potential to correct Talent Management Strategies. The burning issue with many companies is that they spend a lot of time developing their talent but spend very little to retain and develop them. A glowing example of a successful talent management strategy is third party payroll. Talent management is also sometimes known as HCM (Human Capital Management) and HRIS (Human Resource Information System). Contractual staffing will have a significant role to play in the talent management system of the future.

Distinctly called human capital management, employee relationship management and workforce management, among others, talent management is not a new concept, but one that in the past corporations haven’t been set to finalize. India Talent Management has become one of the most important buzzwords in Corporate HR and Training today. Right talent is the greatest asset for any enterprise and one of the essential roles of HR is to make sure that the employees with the right skills stick with the company for long enough. The issue with many companies today is that their organizations put tremendous effort into attracting employees to their company, but spend little time into retaining and developing talent.

Employees who had high performance and high qualification scores were classified as “stars” and constituted the talent pool. Employees in other segments needed performance development, qualification development, or both.

Defining Strategic priorities: For any business strategy, the starting point is always the business’s strategy. Strategic priorities are vital in selecting the focus areas of HR. They answer questions like should we value more sales or marketing. Are we focusing more on enlarging the customer base or on deepening our customer relationship? Is third party payroll a viable option? Are we working in a project-based manner, or are we an operational partner for our clients? Indeed, the answers to these questions will impact the skills you are looking for in the new employees, and the staffing companies in India realize that.

Workflows: A number of workflows can be redesigned based on talent management practices. For example, you can support the digital transformation that the organization is going through by adding digital skills to your company’s pre-selection assessment.

Software Systems: Software plays an essential role in executing a talent management strategy, and in the future, it will play a significant role, especially in third party payroll.

Training: Training will be another central focus area, especially in this digital age, where company-wide transformations are common.

Money is not enough

Money attracts but it does not retain. The job-hopping frenzy in the Indian workforce, particularly among ambitious, talented millenials is enough to prove that point. A recent Mercer survey backs it up: 54% of Indians are seriously considering leaving their current employer, and in the 16-24 year age bracket, that increases to 66%. Yes, two-thirds of your call center could potentially be gone by the end of the year. Some will no doubt be chasing a hike in salary, but as is the case elsewhere, when it comes to knowledge workers, more knowledge is also what they are after.

Talent management in India should be seen for what it is: a risk management strategy against the business impact of having inadequate or insufficient human resources to fulfill organizational objectives. If that is the case, both local Indian companies and multinationals operating in India have much work to do.