Talent Management Strategies Predicted in Futureadmin
Talent management as a concept-originated way back in 1990 when economic liberalisation started spreading wings in India. The talent management system has become part and parcel of daily business activity in the corporates.
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.
Let us look at some of the innovative ways of having a successful talent management strategy in the future.
- 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.
- Connecting Talent Management Practices to Strategic priorities:
This is a preeminent aspect when we are talking about talent management strategies for the future. It needs to be seen; how does HR connect to deepening customer relationships? Can HR contribute to transforming consultants into operational partners?
Let us look at some of the good examples in this regard.
Large tobacco companies hire people who are working on projects to make the world smoke-free to turn their reputation around. Oil and Gas companies also do resort to similar activities. This impacts the employer branding and employee value proposition and ultimately affects the critical talent management strategy decisions.
Suppose you are a consulting company that is struggling with a lack of business activity. It will be better in this scenario if you shift your focus towards training consultants to become more commercially viable and become more of a knowledge partner or trainer. This leads to a fundamental shift in employees’ capabilities leading to a change in learning and development shift and leads to a change of competencies based on which people are rewarded and promoted. This aims to connect the strategic priorities to tangible HR talent management practices, and staffing companies in India are aggressively promoting the same.
- The HR processes must maintain and implement the capabilities: It takes a specific time to execute a strategy successfully. It is essential to have a system in place that helps in the implementation.
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.