IMPRESSIONS || August 2022

Page 1

HUMANE-R PRESENTS IMPRESSIONS IIM ROHTAK AUGUST 2022 HUMANE.R@IIMROHTAK.AC.IN

Why HR Leaders Should Transform Talent Strategy

Today’s talent landscape is fluid. New roles, skill sets, and operating models continuously emerge to reflect changing custom resources and needs. To meet these evolving demands, businesses are shifting the way they manage talent.

What is a Talent Strategy?

A talent strategy is a company’s long-term plan to attract, develop, and retain talent. It is a strategic program that aims to build a robust workforce that is aligned with your organization’s goals and values. A talent strategy is a blueprint for the entire company to follow and implement. For example, you might have a strong talent strategy for your company’s HR department, but you also have a more robust strategy for your sales and marketing departments. Your business goals might be to develop talent, grow revenue, and expand your workforce, but you’ll need to create a robust talent strategy that helps align both of those strategies with each other.

A new talent strategy is an integrated approach to managing the workforce, recruiting and retaining talent, and developing talent’s skills. The strategies we develop include a strategy for growth, a strategy for profitability, and a strategy for sustainability. We use each of these to help us identify the most critical skill gaps in our workforce and start to address them using strategic talent management tools.

It is essential that these people are familiar with how their skillsets work together to give them a better understanding of what they’re doing at each step along the way, so they have a better understanding as they go along.

A strong talent strategy will help you identify suitable candidates for each open position and attract top talent that is aligned with your company’s goals and culture. It will also help you identify the best candidates for each position and discover the best companies to hire.

An excellent example of this in action would be when creating an effective talent strategy for your team members at all levels of your organization: from entry-level employees to senior executives Talent strategy is a critical component of your company’s overall business strategy. A strong talent strategy is essential for any organization to thrive. It helps you attract the best talent for your business by highlighting your company’s unique strengths that set it apart from its competitors.

A strong talent strategy also encourages employee retention by showing your team members that the company cares about their long-term career development. Your talent strategy should also include the vision and values of your company. It should also outline the company’s goals, the roles, and types of employees needed, and the type of people that the company wants to hire.

●The first part of this plan would be developed by the hiring manager, who will make decisions on hiring and retention based on their skill set, goals, and ●reputation.Thesecond part would be developed by management staff, who will help members of the HR team navigate through the process using the tools available in their organization.

Different approaches to developing and maintaining a strong talent strategy are possible depending on the size of your organization: A good idea for an effective talent strategy is to integrate all of the various HR functions into one central plan that aligns them all together. A company could design its HR program around two main parts:

Why is a Strong Talent Strategy Important?

A strong talent strategy helps you create a culture of mutual respect among all employees to foster an environment where employees feel comfortable speaking up and making decisions on their own behalf. A strong talent strategy will help you build an environment where employees feel comfortable expressing their opinions, having confidence in themselves, and dealing with others as equals rather than as superiors or inferiors. In addition, it helps ensure that everyone is treated equally when working on projects across all levels of the organization; this will help create an environment where everyone feels valued as equals rather than inferior employees who are treated differently based on their role within the organization.

Collective individualism Learn more about how a talented individual can help make your organization successful Furthermore, it will help you foster employee engagement and retain key team members by prioritizing their long-term career development. Overall, a strong talent strategy will allow your company to recruit the best employees at all levels of the organization. A strong talent strategy will also help you identify potential gaps in your company’s talent pipeline. It will also help you understand what type of employees your company needs to fill these gaps. By having a solid talent strategy, it will be easier to identify candidates who are a good fit for your open positions. It will also help you understand your hiring process to make sure that your company is finding the right people for the right jobs.

The more that you know about your company’s talent needs, the better you will be able to identify candidates that fit your vision and values. This will help you develop a robust talent strategy and ensure that your organization is not only successful, but also leads in many relevant industries. You can also use this information to create a customer-focused culture by identifying top candidates for each position based on your company’s customer service priorities.

Employees who feel valued and respected will be more likely to stay at your company after they leave because they are confident they can work toward their career goals while still feeling productive members of society.

A Talent Strategy Can Help You Create a Strong Culture

As you begin to outline your talent strategy, keep these tips in mind. - Identify your hiring needs. The first step to building an effective talent strategy is to identify your company’s hiring needs. Determine if your current business goals require additional team members at certain levels of the organization. Then, identify the skills and experience levels of the ideal candidates for each open position. - Understand your hiring process. The next step to building an effective talent strategy is understanding your hiring process. Make sure that your hiring process is consistent and objective to ensure that the best candidates are being selected for open positions. - Prioritize key hiring factors. Finally, prioritize key hiring factors such as company culture, employee value proposition, and job requirements. Keep in mind that these factors will vary depending on the level of the organization and the skills and experience levels that are needed.

Tips to Build an Effective Talent Strategy

A strong talent strategy will help your HR team hire the best candidates for open positions by prioritizing key hiring factors such as company culture, employee value proposition, and job requirements. Furthermore, a strategic talent management program can help HR teams avoid common pitfalls that can negatively impact your hiring processes, such as not keeping pace with the talent market and failing to understand the options available through new recruitment tools and technology. By having a solid talent strategy, your HR team can make better hiring decisions. It will also help your team members understand what kind of candidates the company is looking for. Your strategic talent management program will also help your company understand the types of employees that are needed to meet business goals. Furthermore, it will help you prioritize the skills and experience levels of candidates for open positions.

As you build your talent strategy, it is essential to remember that the talent strategy is not a one-size-fits-all approach. It depends on the individual’s goals, experience level, and other factors. The key is to identify the areas that need improvement and then hire individuals who will fit into those areas.

How Does an Effective Talent Strategy Help?

5.

Conclusion A talent strategy is a critical component of any business strategy. It helps you attract the best talent for your business by highlighting your company’s unique strengths that set it apart from its competitors. A strong talent strategy also encourages employee retention by showing your team members that the company cares about their long-term career development. To build an effective talent strategy, companies must first identify their hiring needs and understand their hiring process. They must also prioritize key hiring factors such as company culture, employee value proposition, and job requirements. Once you have tabled the hiring criteria, you can begin the hiring process by conducting an informal survey of your employees to identify the key hiring questions that they would most like to hear in a job interview. As a company, it’s important to consider these questions when it comes to finding suitable candidates for open positions. Let’s take a look at how to identify the key hiring questions for your company.

3.

4.

6.

2. What are the top 10 reasons people choose to work for your company? How do you measure employee satisfaction with your company’s employees? How do you measure employee loyalty with your company’s employees? How do you measure employee motivation with your company employees? What are the top 5 reasons people choose to work for your company? Kharayat

1. What are the top 5 reasons people choose to work for your company?

Nitin

IIM ROHTAK

Unprecedented changes in how, where, and why individuals work have occurred over the past ten years. With the rise of digitisation, automation, and workplace transformation brought on by the global pandemic, employers and employees find themselves in a new era of work where both are re-evaluating their values, objectives, and futures. To strategically plan their future workforce, HR directors must lead the way by learning a new set of norms. Your talent's hiring, keeping, and support will be affected immediately. Employees left their positions in recordbreaking numbers, a phenomenon known as The Great Resignation, as the pandemic’s lessons started to sink in. According to the recruitment firm Michael Page, 61% of employees in India are willing to accept a lesser wage or forego a pay raise in exchange for a better work-life balance, and 86% of employees there can foresee resigning in the upcoming years. The power has changed, as correctly stated by Juergen Lindner, SVP of SaaS Marketing at Oracle. Right present, the culture is primarily driven by the employees. Additionally, businesses must make sure that they are adaptable to their employees' requirements and professional Lackgoals.of talent makes it difficult for an organisation to run efficiently, eventually affecting the bottom line. The effects can be seen in many facets of daily life, including bare shelves and product shortages, understaffed hospitals struggling to care for patients, and ski resorts forced to reduce hours due to personnel shortages. One of the most apparent sources of disruption is the supply chain.

Start L&D from onboarding – A career incident is an alliance between employers and employees that eventually starts individually. By offsetting the conversation about aims, responsibility, course development, and abilities growth all along onboarding, arrangements can demonstrate to representatives that they are supplied in their eternal progress. According to a LinkedIn survey, 62% of employees said professional growth helps enhance their task satisfaction. Workers are intensely instigated to build profitable careers but want manufacturer support. One form this can come in is by providing straightforward career ways.1. Research shows that a complete enthusiastic, organised onboarding process can improve member memory and increase comprehensive proficiency and attention.

Employers use onboarding as an event to set aims and help employees label and plan their ideal courses at the arranging.

Invest in a real-time internal talent marketplace - Organizations may support democratising internal mobility by disclosing positions and projects across departments, countries, and teams in real-time by developing an internal talent marketplace in a world that is becoming more flexible and globally spread. This strategy emphasises an agile, project-based career path more than inflexible, taskbased employment and linear career routes.

1. Recognise skills your organisation needs for the future - Employers must develop individuals with more agile skills, such as data analysis and interpretation, problem-solving, change management, etc., to meet the new needs of the workplace. Managers are aware of how urgent this problem is. 90% of executives and managers in recent McKinsey research stated that their firms either presently had skill gaps or anticipated skill gaps to arise within the next five years. To establish a baseline for the skills present in the business, HR leaders should undertake an enterprise-wide skills assessment. Using this information as a framework, they should build a relevant learning and development strategy to fill any skills shortages. It should also draw attention to potential areas for the organisation to make investments or change course to outperform rivals.

Now how can HR transform the talent strategy:

effectively.A technology-based platform allows employees to interact with opportunities within the company, linking them with everything from mentorships and training to promotions and one-time team initiatives. Businesses may achieve their objectives by quickly mobilising and deploying the right personnel for the right jobs at the right time while increasing employee satisfaction and a sense of purpose. One of the most expensive aspects of running a business might be finding, selecting, and training new staff. Additionally, it costs a lot of money to hire and educate external workers because onboarding might take up to a year.

It makes use of already-existing talent to match people with employer demands

5. Leverage technology - The effort of developing a customised yet scalable system for enhancing employee skill sets may intimidate employers, but they are not required to do it alone. Technology may assist with various tasks, including choosing the appropriate skill sets for the business, suggesting new abilities for employees, powering the internal skills marketplace, and fostering employee connections. Technology may also combine goals, data, and employee aspirations to address crucial company demands, such as maintaining a successful supply chain and promoting consumer pleasure. Organisations may be able to be more prescriptive, strategic, and perceptive about the abilities workers will need to contribute significantly if AI-powered technology is widely used.

4. Employee learning shouldn’t be rigid - Employees like working for companies that give them numerous possibilities to gain new skills and capacities in various ways because they want to learn and grow on their terms. Organisations should meet these employees where they are by providing a range of diverse skill-building options that speak to the abilities employees desire to develop, such as films, skillshares, AI check-ins, or digital mentorship opportunities. Through collaborations and outside resources, they might also think about providing possibilities for education and skill-upgrading. This innovative method of skill development has gained support from several organisations. The participants in The Great Resignation want to work, but they also want their employers to make flexible investments in their future that match their personal goals.

It may greatly help firms attempting to change with the times and people wishing to advance and develop their abilities. The ability of technology to integrate talent and business needs is equally significant. Businesses may use one data model for revenue, forecasting, and skill with the support of a comprehensive approach to technological solutions for HR and finance. Teams can work together in real-time to address pressing business concerns. We can deliver insight, planning, and solutions that take into account talent and abilities much more swiftly than we could have in the past by utilising technology with a shared data model and analytical 6layer.

Integrate L&D into your company culture - Simply "checking the box" that you have the necessary skills for an organisation is insufficient. It involves altering your strategy for investing in your staff members so that your business and staff members can change with the times. According to a recent Capgemini survey, 71% of workers prefer learning new skills at their own speed, and 70% desire personalised learning routes.

Businesses with a long-term commitment to learning and development will have an enthusiastic staff with the innovative talents, steadfast devotion, and passion needed for the future.

The current talent shortages don't have to dictate the future. The crisis will become an opportunity for businesses that give their employees the chance to gain valuable skills. Better business performance, engagement, and retention will be evident. Additionally, they will be able to prevent the wide-ranging effects of ignoring employee experience, such as supply chain shortages, unsatisfied customers, and ultimately, lower economic success.

Organisations must ensure that employees know they are receiving additional training support and that their abilities will change as the job market changes.

Abishek Abhinandan XIMB

Organisations must foster an environment that continually pushes workers and promotes their achievement if they are to achieve this. Understanding this will help organisations make learning and development a core value of their corporate ethos and culture, bringing it up in town hall meetings, executive listening sessions, and performance evaluations. Equally important, businesses have a more significant obligation to ensure that their staff members advance in their careers.

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.