Nowadays, the economic conditions are demanding a cut in the expenses. Although organizations and leaders comply, it’s unfortunate enough for talent management.
Human Resource professionals are beneath immense pressure to chop the prices in the wake of the great recession — this is often the best time to validate the importance of talent management. Hiring and compensating the best talent within the business and making a particular performance at a constant time, that’s all we need. The question now is that “what exactly is the relevance within the current economic conditions?” Before trying to figure out the answer, let’s think over on the issues.
The industry statistics indicate that only five percent of the organization obtains a good talent management strategy that operates, and ten percent is just beginning to develop.
The maturing workforce is also a concern that creates a void in higher leadership positions.
All these factors have given paths for HR professionals for upholding their beliefs on talent management. Once organizations accept that they need an integrated approach to talent management, then the involvement of a top administrative is vital for success.
Now, the top administrator who manages the function of the talent management is the one who is responsible for the critical activities such as leadership development, succession planning, career development, performance management, recruitment, etc.
After the recent economic downturn, the two issues that are needed to emphasize more are ‘succession planning’ and ‘leadership development.’ Organizations are urgently looking for leadership positions to save them.
After succession planning and leadership development, the next on the list is ‘performance management.’ If there’s no proper and standard way to measure the performance, it’s not possible to promote the right people to the right positions.
Recruitment practices determine the effectiveness of an organization. In a tight labor market, it’s vital to attract and encourage the top talent into your organization and hiring them immediately. The internet has become one of the most important sources of external recruiting.
In today’s era, manpower planning is a strategic HR process. Instead of absolute headcount-based hiring, the manpower planning is now extending to the critical locating skills, roles, and responsibilities, and making sure the current and future talent needs for specific positions.
These processes are essential to optimize the performance of human capital management. To make sure that they meet the business objectives, it is required to ensure that everything and everyone is consistent.
Talent management is in the earliest stages of development. There are a lot of processes that are needed to include immediately since organizations prefer for more initiatives in the process.
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Implementing Talent Management in today’s economic condition is very challenging. As global war of talent is getting bigger, today’s implementation of talent management would become very hard because there are some organizations that will “pirate” talents. In this case, an organization will look for talents from other organizations and offers them a salary higher than what they receive from the organization where they currently work in. This is very confusing on the part of the talents and very challenging for an organization who owns competent talents. Some organizations invested a lot for their talents; they already trained them and compensate them properly but we can’t really avoid those organizations who will “pirate” talents. So the best thing those organizations will do if they own competent talents is continuous empowerment, offers them opportunity for growth, and always give fun culture and lighter environment within workplace, and of course give a just compensation for competent employees. Through these, competent talents would find it hard to leave in a company because they already feel comfortable and happy inside the company where they work in.
I strongly agree that talent management is vital for business in the Philippines in light of the country's current economic conditions. In the company that I work for, implementing a good talent management is really a must. Applicants nowadays look for company's that could compensate them well. Good talent management in the company I work for means that applicants and future employees demands are satisfied to the point that they perform also well to meet company's objectives. In the company that I work for, cost-cutting is also opted for to generate larger income for the business. In spite of this, the company should not jeopardize giving employees that salary that would cause them to be associated longer in the company.
Implementing talent management isn't that easy especially, in today's economic condition. Talents come and go. It becomes costly for organizations for what they have develop for years will soon leave. More difficult if managerial positions will be vacant. Financial aspect also determines an employee's commitment to stay. And it's hard for companies to sustain during this economic condition. Talent management if implemented wouldn't be impossible for companies to survive.
Having a not so good economic condition if not taken seriously will cause downfall. Human Resource needs to achieve employees engagement, growth and relevance. Today's economy demands extraordinary innovation, the traditional practices were being challenge as the skills gap continues to grow. It is essential for HR to collaborate with younger workforce for they are flexible and have that drive for success.
Performance management will most likely save your talent pool as a long term strategy for future needs. The company by all means will be doing its best to allot certain positions for them. HR will just be picking highly qualified person every time one leaves a position vacant. A faster way in recruiting process. This can be a determining factor the effectiveness of HR recruitment.
Successful talent management depends on business economic condition. Certain things must be considered but leadership support is one factor that could greatly affect implementing talent management process. It needs leaders involvement to ensure proper functioning and monitoring of talent management procedures.
Downturn in the economy or competition have the unfortunate but unavoidable effect of having companies cut costs. Very often HR which is seen as a “non profit” centre, is one of the first to be hit. In fact it should be the last as with close knowledge of the employees and the work processes, HR would be the most suited to propose cost savings measures like combining, merging units/department and shedding staff where is is some “fat”. HR would know which department is overworked and which one may have an easier workload. Early retirement can be an option as long as middle management has been groomed for higher management functions! Basically any layer, from staff to supervisor to manager to senior manager to directors must be prepared at all time to step up the ladder so there is never any damaging gaps in management from bottom to top. The HR manager must have a privileged place in the organisation tree and must have access to and the ear of the company decision makers. Developing leadership pool, performance management, recruitment, skill based manpower planning are again the ABC or talent management and HR. Basically they can never be allowed to be so busy with daily job routine not to have the time and vision to work on planning and development. They must be sufficiently manned to allow for good planning by the manager(s).
While there is Growth in the Economy, competition for Talents is also getting difficult and it leads an organization to invest on Talent that are not as good as expected.
My reaction to this article is that, investing to “not so” qualified employees would mean time and effort to address the possible concerns and issues of these individuals in the future.
That involves planning and performance management as a way to validate if these individuals are still working efficiently and effectively. After the performance is measured, Talent Management dictates if there is a need for a developmental or succession plan that needs to be in place in order to save these employees.
We are now in an era where employees are too techy but have no patience for a long term plan and result which they would always wanted to have a snap on result. Character and Attitude is and will always be a an opportunity amongst them and Values and Passion is not what they always wear.
If we are the human Resources we need to get the blessing of our bosses/boss. If the bosses/ boss are very active in the identification of the possible talents form our employees. This will be easy for us to training and to address the shortage of the talent in business in line with the manager or on the top positions. We need to utilize our employees to save more money. We must develop the potentials employees. We also consider the performance of our employees. We be fair in evaluating the employees for promotion. In evaluating the employees we must consider that we evaluate the performance or the position not for the person we evaluating.
Indeed, most of the companies now adays are into cost cutting due to the current economic condition. Implementing this meqns curting expenses on electricity, supplies' budget for employee development and activities and the like.
Nonetheless, knowing the benefits of Talent Management, HR peofessionals are still upholding their beliefs on Talent Management.
They are still into implementing the following essential processes:
1. Leadership development
2. Succession planning
3. Career development
4. Performance management
5. Recruitment
6. Skill based manpower planning
I agree with the article when it stated that these processes are important to optimize the performance of human capital management because these processes helps the company achieve or meet the ultimate goals and objectives.
With the current economic condition, especially here in the Philippines, is it still practical for companies to implement or practice talent management? I think one company should start slowly, especially the ones that are still on its early stage because this will eventually benefit the company in the long run. For instance, if one company continuously hires for new employees that they need without first analyzing what talents the company already has, they will be paying for more that just for one employee that could do the job of the new hire. Without jeopardizing the job description of this current talent that the company has, through talent management, the management could just provide great benefits for them and increase their take home pay instead of hiring new ones with a whole pay and additional benefits. Or another way could be hiring one or two new employees to de-load the current talent then promoting him/her and eventually be the one to train and teach the new ones to be just like him/her in the near future. This way, the current one could feel that he/she is needed by the company and would motivate him/her to be better asset of the company.
We should all realize that an institution or a business unit is considered a standard based entity if it has all the right individuals in the right places. Talent management shouldn't be taken for granted in a company . It could be more of an affective side but it should it is greatly cognitive because it provides new learning, effectiveness and promotes equal opportunity to everyone who is part of an institution or entity.
The economic condition of a company has always been the top factor being considered in any stages and styles of management. However the pressure is for cost cutting and cost efficiency, it is still wise for any company, organization, or institution to implement Talent Management. Talent Management is the key to developing strategies that will maximize the company's human resources and or talents for its own advancement. While on the outset it is always easy to sacrifice people than money on an economic business mindset, Talent Management may prove otherwise.
If we sacrifice, Talent Management, temporarily we might be able to save on expenses, but in the long run, it will raise up other issues that may branch out to other complex problem other than the economic condition of the company just like the issues brought out in this article.
Being part of an organization that is operated by donations and grants, I am thankful that while we are mindful of the economic condition of the institution, it is not the determining factor in how we implement programs and management. We have always put a value on people, the staff, the volunteers and the constituents that we serve. In times of financial crisis, we have not terminated or laid out any employee. Instead, by faith, we continue to search for talents who will be able to develop a solution to our problem.
As suggested in this article, when economic conditions are tight, roles and functions of Talent Management should not be dropped or set aside, instead, it should be continued and may be shared with other managers to perform crucial roles of Talent Managers like succession planning, leadership development, career management, recruitment, and other important functions.