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The new rules of talent management

Posted by | January 29, 2020 | Talent Management

Via People Matters : The new rules of talent management

An overview of how talent management practices are changing in the HR world.

Hiring great technical talent is getting tougher by the day, and attracting and retaining top talent is becoming one of the biggest challenges for companies today. The talent pool of people with a passion for tech and matching skills just isn’t keeping pace with the growing demand.

The reality is that technology is constantly evolving and is quite literally testing the speed at which people can pick up new skills. And, niche skills in the fields of data, design, and security are commanding a premium like never before. Consequently, newer approaches to hiring are evolving with AI-based recruiting and networking platforms, playing a much more significant role in the process. Besides skills and competencies, organizations are also recognizing the overwhelming business case for diversity within the workforce. All these factors are stirring the hiring space with new ideation and excitement.

Investment in learning opportunities

Alongside hiring new talent, organizations are working on giving themselves an edge with respect to value offerings for current employees. Conventionally, learning happens on the job. However, that does not take away the need for investing in learning opportunities. There are innumerable learning platforms available in the market, and organizations are looking for the savviest tech that can provide customized, interactive, and intuitive learning courses modules. Employees are also proactively signing up for online courses from reputed universities. Organizations are strengthening their in-house knowledge management systems with elements like collaborative and interactive learning.

Focus on leadership development

Another space that is receiving a lot of attention and investment is leadership development. Given the fast-paced expansion of the organization, succession planning is a top priority and heavily depends on building a trusted leadership group that’s strategically aligned to corporate goals. Approaches like coaching and mentoring are gaining a lot of importance when it comes to both broad-based talent growth and the more customized interventions needed for leadership development. While executive coaching has been in vogue for a while, organizations are also creating an accessible pool of in-house mentors for promising employees across roles and levels. This empowers employees to be self-starters who contribute to the growth of others, which results in a very satisfying and enriching experience for leaders.

Enhanced performance management

Disruptive change is also impacting how performance reviews are planned and carried out. Organizations are waking up to the ill effects of hierarchy-driven bell curve models on employee motivation. Employees need frequent, honest, and transparent discussions with peers and their managers to get a better sense of performance and expectations. Ongoing and regular discussions are also a practical way to keep track of employees’ aspirations, motivations, and needs for support. This also calls for an evolution of the employer-employee equation.

Greater diversity and inclusion

As the workforce features an increasingly younger generation, there is added emphasis on changing how one views growth, flexibility, reward, recognition, aspiration, and motivation. Employers could learn something from the extremely customizable bouquet of plans that telecom companies offer their customers. Organizations are also busy setting D&I goals for leadership roles that are viewed with the same seriousness as any other business metric. More organizations are working towards interventions that can level the playing field for all.

Organizations are committing to walk the talk and improve their gender ratios, bring women back to work after career breaks and being more sensitive and inclusive in defining policies and benefits that take the needs of all employees into account. In line with that thinking, organizations understand the need for employee assistance programs, as well. For example, avenues like counseling are gaining more acceptance, and data is showing a general uptick in the number of youngsters who are availing such services.

As we head into 2020, we are looking at changes across the spectrum of people’s practices in hiring, learning, development, reviews, rewards, recognition, benefits, diversity, and beyond. As the use of technology in HR evolves and grows, it influences our processes and mindsets as well. This means HR leaders need to draw an overall strategy for the entire gamut of employee experiences and employ imaginative solutions around how technology can play a crucial enabler’s role. It promises to be a fun-filled and fulfilling journey.

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