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Two key trends have vastly increased the importance of human resources within organizations. First, is how quickly does the organisation recognize customer needs. Second, how innovative is the organisation’s response. Both of these critically depend on human capability. Consequently, today the caliber of company talent determines its success in the marketplace. Attracting, developing and retaining talent has thus become an important strategic agenda for most progressive organizations.
In the past organizations relied on inducting talent as and when the need arose; few engaged in systematic grooming of talent from within. With the competition for high caliber talent increasing organizations are struggling to bridge their need. Another impacting factor is the insights derived from highly successful companies. Research into such companies has repeatedly highlighted their superior talent management practices.
At the heart of talent management strategy is the integration between individual’s goals and organisation’s goals. The extent of alignment between the two would largely determine the sustainability of the talent strategy. Vernalis supports organizations evolve a sustainable talent strategy designed to support its long term strategic goals and vision. Vernalis brings very high commitment to helping individuals and organisations realize their potential. |
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| Explorations to evolve a sound strategy commence with a search for answers to questions such as: |
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How is high performance and potential defined and recognized? |
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What is the profile of our talent today – requirements for the future? |
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What core capabilities are we seeking to develop capability gradient across levels? |
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What should be the talent sourcing strategy – mix of internal / external; fresh / experienced |
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What is the value proposition, which attracts talent to the organization? What edge does the organization provide over competitive offers? |
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How is high potential nurtured for future positions? How are solid performers retained and motivated? |
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These questions need to be responded to with a distinct bias for the future since the high performance levels today is no guarantee of future performance. Vernalis facilitates organizations in building an integrated talent management strategy. Intensive dialogue supplemented by best practices characterize the approach. Mechanically importing such best practices from other companies usually fail since the rationale and supporting values underlying them differs greatly from one company to another. |
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| TALENT MANAGEMENT PROCESS |
| In today’s fast changing markets, where there is a need to service the demands of the customer at the right time with the best product, performance expectations are increasing rapidly. Given the large capability gaps, and the difficulty in transplanting talent, organisations world-wide are initiating talent identification and development processes. By attracting and developing talented people and providing them opportunities that satisfy their aspirations for challenge and growth, organisations lay the foundation to enter the virtuous cycle of sustained growth. |
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| Talent Management processes include: |
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Identification of the competencies/skills required to succeed in one role and progress to the next |
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Continuously identifying and reviewing future leaders based on the core competency framework |
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Supporting the Employee Learning & Development process and providing a range of development resources as learning options |
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Creating an environment to attract and retain the talented people needed for the business now and in the future. |
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Coaching and mentoring |
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| Elements of Talent Management: |
| Succession Planning (for Key Positions) |
| Succession Planning is an ongoing system of selecting competent employees ready to move into key jobs in the organisation. |
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| Career Pathing |
| Career Pathing is a continuous process of assisting employees to significantly contribute to the organisation’s growth throughout their career. It is initiated by the employees across all levels in the organisation and a defined horizon of one to ten years. |
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| Fast Track Performance Management |
| Organisations who believe in grooming future leaders / managers are in the processes of developing talent to take up higher responsibilities in a shorter span of time.
A focused development plan with an objective of faster learning curve is chalked out. |
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| Methodology: |
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Assessment of the candidates |
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Competency profiling for target positions. |
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Preparing a development plan (Exposure to special cross functional projects, Presentations to top management, exposure to training programmes from top management institutes, Visit to the best companies / fortune 500, exposure to best practices, etc.) |
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Setting aspirational / challenging targets |
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A close monitoring of performance by superiors with a continuous feedback for improvement. |
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High involvement of top management. |
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| Competency Mapping for the future |
Competency models are usually defined in a static manner, and need to change with the change in the time. Though it is difficult to predict the particulars of the change, it is possible to identify the general direction of change (greater uncertainty and ambiguity, lower response times, higher efficiencies, higher alignment internally etc.).
A way out of this could be in identifying the future scenarios at the org level, identify critical positions in the organisations, and working out change scenario’s for them. Based on this, competencies for the future roles can be evolved. Development programmes can be focussed depending on the gaps identified.
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| For more details, download
Vernalis paper presented at the
Asia Pacific HRD conference in IIM, Bangalore in October 2002
on the subject of |
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| Development 