9. [Talent Management and HRM]: Talent Management and Business Success , The Challengers of Industry, Effects of COVID-19 of Business

 

Image credit: William Buck ( https://williambuck.com/nz/news/business/general/covid-19-business-hibernation-strategies/ )

Talent management is a strategic and organized approach to attracting, developing, and retaining top talent. It aims to align employee growth and development with the business’s objectives. This involves identifying talent gaps and sourcing the right candidates for open positions, providing training and development opportunities to develop the necessary skills, retaining employees within the organization, and motivating them to achieve long-term success. It is essential for the success of any organization. In today’s highly competitive world, there is a persistent struggle for top talent, with several open positions and limited high-quality candidates.

Talent management isn’t a tick-box HR practice. It’s essential for making sure that your teams, departments, individual employees, and overall organization is well-designed and structured.

Talent Management As a Business Strategy

Talent Management not only necessitates keeping the right person at the right place, but it also defines the dynamism and practicability of the work done. As business systems continually transform their processes, adopting a growth mindset begins with forming a business strategy. This seems more likely to alignment of job suitability with the right person as indicated by Business priorities (Boštjanči et al. 2018).

Talent management is a business strategy that organizations hope will enable them to retain their topmost talented and skilled employees. Just like employee involvement or employee recognition, it is the stated business strategy that will ensure the attraction of top talent in competition with other employers. 

“Successful organizations like Apple and Google, renowned for a strong company culture and ideology, attract a workforce that doesn’t just work for a paycheck. Employees share the same beliefs and motivations and therefore invest more of themselves in achieving great results and contributing to the overall business success”. (-  Talent Management: The next wave, Chandler and Macleod.)

2023 - 2030 Global Talent Management Market Size with Manufactures

Global Talent Management is your organization’s strategy for finding, utilizing the skills of, and retaining talent around the world. It’s an important step for any business, multinational corporation or otherwise looking to improve how it sources international talent.

This comprehensive market research report delves deeply into the "The Talent Management Market"  examining the driving factors, barriers, and opportunities for growth. The report provides an impartial assessment of the market's performance, highlighting the latest industry developments and innovations. Additionally, it assesses the competitive landscape and strategies employed by key players, as well as promising growth prospects in potential and niche segments and regions. The report offers a historical, current, and projected market size in terms of value. By providing a thorough analysis of the Talent Management Market, the report presents a regional perspective that offers valuable insights into the market's performance in various geographical areas.

The global Talent Management market size was valued at USD 1918.81 million in 2022 and is expected to expand at a CAGR of 2.12Percentage during the forecast period, reaching USD 2175.71 million by 2028.

You can get sample copy of the report use this Link: https://www.industryresearch.co/enquiry/request-sample/22378556 .

What are the challenges of Industry to Develop Talent Management

Covid-19 Pandemic

2021 will end in just four months and “re-boarding” is still a popular phrase we are hearing at the moment. For those not in the know, re-boarding is the process of re-introducing people back to work after the disrupted situation caused by COVID-19.

Trying to engage your employees and keep them engaged, was already difficult before the global pandemic. Now, after more than a year of remote working, with a potential recession and job losses looming, and a virus still in circulation, it is going to be even harder.

However, we believe re-engaging teams in a post-COVID-19 workplace is going to be high on the agenda for all workplaces and in particular, managers and HR teams.

When reopening the office, some workers may take time to get used to it after months of working from home (WFH). So, keep reading for strategies aimed at motivating and retaining valuable employees. Many of the strategies will sound like common sense, but you would be surprised how many managers neglect to follow them.

There are some important takeaways post Covid-19:

Through technology and remote work, talent is geographically dispersed. Before, you would bring talent to work, now you can take work to talent. If you want talent that is in a different country or location, you now can, through technology, take work to that person, develop that person, and retain that person. This trend was there for a while, but COVID accelerated this trend.

It’s my observation that employees have more control over their work now , how they work and where they work. If you’re a high potential employee or high performer, you’re controlling the conversation. You’re dictating the terms. Employers are now listening.

Organizational culture. There has been a discussion going on, Harvard Business Review has had a lot of articles around this. The question of, what is organizational culture now? Culture had been people together in meetings, in the same buildings, but if that’s disappearing, the organizational culture is changing and evolving. We still do not know what the new culture looks like. It’s evolving. 

In challenging times, we are often forced to look outside the square to problem solve. This change in mindset, whilst driven out of necessity, may well result in COVID-19 paving the way for an unprecedented surge in innovation and digitization globally as we all work from home. Apparently, Isaac Newton formulated his theory of gravity when he was working from home due to the plague. It was when he watched an apple fall from a tree in his garden that he had his light bulb moment (metaphorically of course as light bulbs had not yet been invented!). We are already seeing some businesses taking active steps to pivot their business model to adapt to the rapidly changing landscape. For example, retailers who have shut their stores are now able to refocus their attention on driving online sales and improving their online offering. Gyms are moving to web-based exercise classes. Dyson, known for its vacuum cleaners and air purifiers, is re-deploying its resources to produce ventilators for UK hospitals.

Our advice for businesses who are thinking of implementing a hibernation strategy is to focus your efforts on four key areas:

• Your workforce

• Your landlord(s) and/or other major suppliers

• Your bank

• The ATO & State Revenue Offices

Organizational Culture - Definition, Importance and Development

What is Organizational Culture

Organizational culture is the collection of values, expectations, and practices that guide and inform the actions of all team members. Think of it as the collection of traits that make your company what it is. A great culture exemplifies positive traits that lead to improved performance, while a dysfunctional company culture brings out qualities that can hinder even the most successful organizations.Culture is created through consistent and authentic behaviors, not press releases or policy documents. You can watch company culture in action when you see how a CEO responds to a crisis, how a team adapts to new customer demands, or how a manager corrects an employee who makes a mistake.

Why Organizational Culture Important? 

Organizational culture affects all aspects of your business, from punctuality and tone to contract terms and employee benefits. When workplace culture aligns with your employees, they’re more likely to feel more comfortable, supported, and valued. Companies that prioritize culture can also weather difficult times and changes in the business environment and come out stronger.

Qualities of an organizational cultures are Alignment, Appreciation, Trust, Teamwork, Integrity, Innovation, Psychological safety etc... 

Eight steps of develop organizational culture are,

1. Excel in recognition.

2. Enable employee voice.

3. Make your leaders culture advocates.

4. Live by your company values.

5. Forge connections between team members.

6. Focus on learning and development.

7. Keep culture in mind from day one.

8. Personalize the employee experience.

Organizational culture will develop even without your input, but in the absence of that guidance, it may not be healthy or productive. Keep these three basic techniques in mind when developing your company culture: communication, recognition, and action. By following the steps in this guide, you can improve communication with employees, start creating a culture of recognition, and ensure that all members of your team put your culture into action.

Employee Engagement in the Workplace

 What is Employee Engagement?

According to Wikipedia – “One who is fully absorbed by and enthusiastic about their work and so takes positive action to further the organization’s reputation and interests. An engaged employee has a positive attitude towards the organization and its values.”

Employee engagement has also become synonymous with concepts like employee satisfaction and the employee experience, which is more about the complete employee journey from hiring, employee recognition, to when they leave their job.

For engaged employees who are happy and completely committed to their work, it’s more than just a paycheck – it is the dedication towards their employers and role that makes them passionate about their work, which is often reflected in business success and employee engagement.

If you’ve been wondering why employee engagement is important and how to improve it, start with employee communication. Employee communication remains the most essential tool to develop strong working relationships among employees and achieve higher productivity rates. Companies that offer clear, precise communication can swiftly build trust among employees.

Important Factors directly impact Employee Engagement include,

1. Employee trust in the company’s leadership
2. Employee relationships with the management teams/supervisors
3. Employee pride in being a part of the company

Benefits of employee engagement

1. Employee retention

Human resources leaders are focused on improving employee engagement initiatives at their organization, and retention is one of the key reasons. 

Organizations with high employee engagement reduce both turnover and hiring costs and disengaged employees are a major factor contributing to high employee turnover. Engaging employees is critical for retaining top talent and is an important piece of the employee satisfaction puzzle, as disengaged employees are more likely to leave their jobs. 

2. Employee productivity

Employees who are engaged at work are more likely to be productive consistently, which leads to a more high performing workforce. 

Companies with a high level of employee engagement are more profitable by a factor of 21%, according to TechJury. The Workplace Research Foundation found that employees who are engaged are 38% more likely to have above-average productivity. 

3. Increased profitability

Highly engaged teams show21% greater profitability, according to Gallup. If that isn’t enough to encourage leadership to see the ROI on and implement employee engagement strategies

4. Less burnout and better mental wellness

Mental health and burnout are finally coming to the forefront in business, and it couldn’t come at a better time. The Covid-19 pandemic has only exacerbated the stress levels of employees, with companies now seeing a record70% burnout rate and nearly half of worldwide workers are suffering from mental health issues. Supporting your employees with a "Real workplace wellness program" leads to a better employee experience and stronger employee engagement.

5. Reduction in absenteeism

Every employee has to miss work once in a while, but when those days off become too frequent, it becomes a problem and is called absenteeism. This could be a sign that your organization and work environment needs some employee engagement adjustments before the activity starts negatively impacting the company.

HR, must create an environment that encourages employees to naturally want to be involved in and care deeply about their work. If you want high levels of involvement, motivation, trust, commitment, and empowerment, invest your efforts in improving employee communication.

For large companies, ensuring employees are aligned with the changing priorities of the business is also vital.

Gender Quality in the Workplace

What is workplace Gender Quality?

The aim of gender equality in the workplace is to achieve broadly equal opportunities and outcomes for women and men, not necessarily outcomes that are exactly the same for all. Workplace gender equality will be achieved when people are able to access and enjoy equal rewards, resources and opportunities regardless of gender. 

It will require: 

• Workplaces to provide equal pay for work of equal or comparable value

• Removal of barriers to the full and equal participation of women in the workforce 

• Access to all occupations and industries, including leadership roles, regardless of gender; and

• Elimination of discrimination on the basis of gender, particularly in relation to family and caring responsibilities. 

 In 2020, gender equity is more than simply a buzzword. A growing body of research now demonstrates fairly conclusively that a true commitment to diversity generally and gender equity more specifically can have concrete financial benefits.Unfortunately, emerging women leaders continue to face obstacles hindering gender equity and their upward mobility. And, perhaps surprisingly, these obstacles exist primarily at the first and second rungs of the corporate ladder.

• Unconscious bias and discrimination (intentional or unintentional)

• Fewer opportunities to showcase leadership skills

• Lack of support and advocacy by immediate supervisor(s)

• Less opportunity to network up the management chain

• Failure to recognize the benefits of diverse leadership and communication strategies

• Lack of advice on career advancement

• Ongoing assumptions about willingness to remain in the workforce long-term

• Failure to make diversity and gender parity a true priority at all levels of management

Work-life Balance in the Workplace

What is work life Balance?

In short, work-life balance is the state of equilibrium where a person equally prioritizes the demands of one’s career and the demands of one’s personal life. Some of the common reasons that lead to a poor work-life balance include:

• Increased responsibilities at work
• Working longer hours
• Increased responsibilities at home
• Having children

When creating a schedule that works for you, think about the best way to achieve balance at work and in your personal life. Chancey said that work-life balance is less about dividing the hours in your day evenly between work and personal life and, instead, is more about having the flexibility to get things done in your professional life while still having time and energy to enjoy your personal life. There may be some days where you work longer hours so you have time later in the week to enjoy other activities.

Conclusion:

In here explained how manage quality workplace with Organizational culture, Employee engagement, Workplace gender, Work-life balance and explain about Covid-19 pandemic including Talent management and Business success. 

Thus on the basis of information, It is concluded Talent Management not only necessitates keeping the right person at the right place, but it also defines the dynamism and practicability of the work done. In this competitive market place, as business systems continually transform their processes, adopting a growth mindset begins with  investment in the talent acquisition processes that manually foster a stagnant work culture where employee focusing on creating value and meeting organizational objectives. In a nutshell a Talent management is used to increase the effectiveness of leadership and accelerating goals. Now a days, to recognize the talent employee, it was found that a large number of companies use development interview led by HR to make recruiting highly innovative and effective. Therefore it can be stated as a talent management enhances the talent pool and organization processes of the company.

Reference:

Susan M. Heathfield. (2021) Why Talent Management Is an Important Business Stratergy to Develop. liveabout dotcom [Online]. Available at https://www.liveabout.com/what-is-talent-management-really-1919221. Accessed on 26th February 2021. 

Poornima Padwal - Shejal. (2021) Why Talent Management is an Important Business Strategy. LinkedIn [Online]. Available at https://www.linkedin.com/pulse/why-talent-management-important-business-strategy-poornima-padwal . Accessed on 26th     April 2021.

Lance Pauker. (2023) HOW THE PANDEMIC HAS CHANGED TALENT MANAGEMENT. PACE UNIVERSITY [Online]. Available at https://www.pace.edu/news/how-pandemic-has-changed-talent-management . Accessed on 11th July 2022.

Kellie Wong. (2023) Organizational Culture: Definition, Importance and Development. Achievers [Online]. Available at https://www.achievers.com/blog/organizational-culture-definition/ . Accessed on 07th May 2020.

Mary Sharp Emerson. (2023) Why Gender Equality in the Workplace is Good for Business. Professional Development HARVARD DIVISION OF CONTINUING EDUCATION [Online]. Available at https://professional.dce.harvard.edu/blog/why-gender-equity-in-the-workplace-is-good-for-business/ . Accessed on 27th March 2020.