Evaluation of the Talent Management Strategy for IT Sector

Talent Management Strategy

Employee performance excellence has become increasingly important. In contrast to earlier times, employees now face a greater need than ever to continuously learn, train, and develop in the present competitive landscape. The current economic environment has changed, and this has also raised the bar for HR strategy and execution. As a result, future plans have been made. The company needs to think about how the organization will need to look both now and in the future. 

Talent management is a strategy that requires careful implementation, frequent checks, and ongoing improvement. It is not just a checklist of requirements that must be met. These are the five main techniques for talent management that form the foundation of human resource functions.

1. Detailed job descriptions

A comprehensive and well-written job description facilitates a better understanding of the job position for the candidate, the sourcing software, and the sourcer. All parties engaged in the talent acquisition process will get confused by generic job descriptions, which also result in a large number of useless applications. The following details need to be included in the job description:

• Title and location of the job
• overall responsibilities
• Required skills
• line of reporting
• Tools and equipment used
• Salary and privileges

With them, sources receive resumes that more closely match the position, and candidates can decide with knowledge whether to apply or not.

2. Fit between the individual and the organization

An employee cannot be the happiest or most sustainably effective if they do not align with the organizational culture. Even while the culture can be hard to put into words, it is evident in behavior, making it simple to determine whether or not a candidate would fit in. For any employee to feel comfortable in the company, there must be some degree of alignment between their personal and organizational ideals. In the absence of a harmonious person-organization fit, the majority of time, energy, and effort would be directed into adjustment attempts. Thus, there is a significant increase in the likelihood of improved employee engagement, increased employee satisfaction, and generally greater performance when hiring candidates who have the proper P-O fit (or PE fit). 

3. Collaborate, coach, and evolve

Establishing a collaborative, coaching, and mentoring (even reverse mentoring) culture is a key tactic for improving the effectiveness of people management. Giving employees constructive feedback can greatly aid in their professional development and evolution. Thus, developing talent also entails preparing people for the organization's future by teaching them how to rely on one another and be flexible in the face of change. 

4. Reward and acknowledge appropriate one

A key component of the plan to better manage, inspire, and engage staff is the practice of incentives and recognition. This extends beyond financial rewards and incentive programs. Research indicates that workers frequently desire R&R programs that provide them with "prizes" that are most relevant to them personally. This is an excellent chance for companies to demonstrate to their staff how much they value them as individuals and as essential parts of the company's operations. 

5. Opportunities for continuous improvement

The organization's self-envisioned future must be taken into consideration when managing talent. Therefore, in order for employees to reach their full potential, they must be provided with the appropriate tools. The organization must provide its people with opportunities and scope for ongoing development if it is to continue improving. Additionally, this guarantees that the organization's cumulative skill set is updated, improved, and elevated. 

Strategically designing career paths that make sense for each person is a key component of talent management. Knowing where we are going and where our professions are taking us makes us all tend to work better. Instead than making empty promises of promotions, this involves working with the employee to create a career map and ensuring that they can relate to it and believe it is possible. It also involves giving them all the resources they need to turn the map into a reality. Having a plan to follow also helps retention rates since workers are better able to work together to accomplish goals and know what they have to aim for.

Evaluation of the Talent Management Strategy

Talent Audit

Comparing the current skill set to the business's present, future, and strategic requirements is the goal of a talent audit. One crucial strategic priority is talent management. However, a lot of HR managers neglect to take changing skill requirements into account rather than headcount reduction. Companies will need to evaluate their future skill requirements when they think about hiring and choosing employees. Above all, while making efforts to develop a talent pool and keep the current talent. To determine the risk of employee attrition and the competency of the current skill set, the organization must dedicate resources to a talent audit. It will provide management with a comfortable position when it comes to choosing or replacing personnel. Talent should be measured via a psychometric evaluation and evaluated against the aforementioned criteria. Four crucial measuring domains have been identified.

1. Performance

Each person's performance ought to be evaluated. Performance can be assessed in a variety of ways. For instance, LOLC Technologies has adopted an online appraisal system and the KPI approach.  

2. Behaviors

Workers ought to acknowledge each other's efforts. Increases, promotions, and notes of appreciation are a few examples. For instance, at LOLC Technologies, bonuses for executive and above grades are determined based on the results of their year-end appraisal. Subject to a ceiling, rewards rise in tandem with increased performance. 

3. Potential

One of the most important aspects of a talent audit is the employee's potential. Employee involvement in various initiatives, shadowing, skill and management inventory, training, and development are ways to identify and quantify it. For instance, LOLC Technologies keeps track of each employee's skill set by grade and has identified potential hires. These staff members are permitted to work on various pilot projects. 

4. Aspiration

Find out if the staff members want to advance in their careers. A motivated employee could be recognized by their actions. They are prepared to go above and beyond to pick up new skills from both internal and external surroundings as well as from original and unique concepts. 

It is simple to examine the current talent and contribute to the accomplishment of the organization's ultimate goals by modifying the talent audit. It will also assist in determining the talent gap that exists between unused talent and future requirements. In light of this, the company will be able to identify solutions. 

References : 

1.  Ghosh, P. (n.d.). TALENT MANAGEMENT. [online] Available at: https://www.spiceworks.com/hr/talent-management/articles/what-is-talent-management/#lg=1&slide=0.

2. Kasun, S. (2021). Resourcing and Talent Management. [online] linkedin. Available at: https://www.linkedin.com/pulse/resourcing-talent-management-sameera-kasun/.

3. Stephens, N. (2010). Talent management: ensuring your people give you the competitive edge. Strategic Direction, 26(7), pp.3-5.