A Study on Talent Identification and Management
Primary Objective A study on Talent identification and Management at BIG BAZAR in vadapalani
Secondary Objctive
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To analyses the existing talent identification and Management
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To find out the what are the tools used in the Talent identification and Management
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To understand the need of Talent Management
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To study the accuracy and quality of work of employees by talent management procedure.
To suggest possible improvement in Talent Management process. Talent identification systems based on performance & potential, to inform succession planning Career conversations – understanding motivations and preferences Clear linkages to the Performance Management system
Internal talent reviews across business areas/wider organisation – knowing who is talent across business areas Identification & nomination for formal development programmes Formal career paths – learning & development dev elopment activity followed by robust selection process to move individuals up the career path
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Identifying informal development opportunities for individuals
Identifying critical roles and individuals support strategy Talent identification and succession planning Talent session
Talent action and reporting • •
Involves looking at the performance and potential of individuals to understand the talent Potential is based on: – Capacity to grow – Ability to learn – Career aspiration
Identifying critical roles and Individuals to support strategy
REVIEW OF LITERATURE
Talent identification and management is very important for a business in identifying the talent within their business, retaining that talent, and putting that talent to good use. It is important for a business to have a system in place for many different reasons. For one, recognizing that talent will make the employee feel appreciated; therefore that appreciation may retain the employee within the company. No reward is better than letting an employee know they are valuable and that their unique contributions to the company have been recognized. However, recognizing these special employees for their contributions must take place after ‘identification’ is accomplished. Identification is the primary step in managing a business’s in-house talent pool. Having a system in place to keep track of the individual performance of employees can make the identification process a lot easier. It makes it easier than walking rounds around the workplace all day looking for those who are unique within the business. A simple walk through makes identification almost impossible and too many companies rely on such a method. The process starts from the top and works its way down, so a mutual understanding and teamwork is key in identifying and managing that talent. Creating a system in which each leader reports their findings, such as a computer database, can keep everyone on the same page regarding the performance of each individual. As for the management aspect, once the talent is identified it is good to divide each level of talent up into groups such as employees, lower management, middle management, upper management, those with high potential, and list the other positions within your company. Each employee is already in a category from the start, but at this point place them within the category in which their potential fits from the performance numbers and observations of company leaders. From there, manage this by placing employees within the positions that matches their potential as the positions need filling.
Talent Identification Talent identification and management processes, particularly within some of the larger organisations, are becoming increasingly proactive and sophisticated. Talent teams are charged with managing the complexity of succession planning across the globe. Part of their focus is to benchmark internal 'high potentials' against external top talent. Assessment is aligned to internal competencies, including leadership values, and will often require organisational confidentiality.
In response to this need, PiR has the capability to identify and evaluate external ‘high potential’ executives against detailed role criteria, without a specific position being available. This can be done in complete confidence on behalf of the client. The process involves taking a full brief from the client, clarifying geography and role definition, and agreeing target organisations, off limits and timescales. Competency based
interviewing techniques would then be used by PiR’s team against the agreed criteria. A Report will be presented, evaluating each candidate against the core competencies. The fees for this service involve either a small monthly retainer or project fee, whichever is most appropriate. Should the client subsequently recruit any of the external candidates who have been identified during this process, a placement fee will be agreed for each hire. In summary, this process enables benchmarking against the high potentials in other companies. It can also be a less onerous and costly approach to engaging senior talent, as well as giving insight to the expertise that exists in competitor organisations. It will work particularly well for companies that have the planning and controls in place through their proactive and strategically aligned talent management capability. Talent identification and management consists of the ways by which an organization attracts, recruits, retains, identifies and develops talent. There are four steps in this process Assessing talent pool needs:
During this step, the capabilities of current members of the organization has to be assessed, and the future (and current) capabilities needed is gauged. The gap between the two (if any is the new talent that is required Spot talent:
Individuals with leadership and/or management potential have to be identified, as well as Subject Matter Experts (SMEs) and key knowledge holders. Develop talent:
Plans for developing talent within the organization (either existing or acquired) must be established in order to prepare for future needs. As well, opportunities for job rotation should be identified, in order to expose talent to new experiences. Retain talent:
Once a talent base has been created, it needs to be retained. In order to do so, recognition plans and reward schemes can be put into place.
Talent identification and management Talent identification and management consists of the ways by which an organization spots talent and develops it.
Assess talent pool needs •
assess the capabilities present in the current members of the organization
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gauge the capabilities needed by the organization
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compare the two and determine the gaps
Spot talent •
identify individuals with leadership potential
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identify individuals with management potential
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identify subject matter experts (SME's) and key knowledge holders
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identify businesses which can improve your own business
Develop talent •
establish individual development plans
Retain talent •
establish recognition plans
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establish reward schemes
Talent identification and management consists of the ways by which an organization attracts, recruits, retains, identifies and develops talent. There are four steps in this process:
