Successful organizations will be those that are able to attract and retain highly talented employees. Talent is scarce and in the new ‘age of talent-building’, managing human capital is one of the key challenges that organizations face. In a globalized environment, where global competitiveness is determined by supply and demand of talent, the ability of organizations to forecast both supply and demand in a rapidly changing business environment is key to building organization capability in the long term.
Although executives are to take critical decisions regarding the number and types of talent they need to run their businesses, they often lack the complete and accurate information required to make these decisions. This makes it difficult for them to manage their talent portfolio so as to have the right people in the right place at the right time to implement the business strategies to ensure that they stay resourceful in the talent curve. Companies can stay ahead of the talent curve through the implementation of strategic workforce planning. One such approach that has been used by a variety of innovation-based companies is known as Human Capital Planning. This six-stage approach helps companies forecast future talent through talent segmentation, talent supply and demand dynamics, and buy/build decision making.
1. Determine the type of talent: This involves clarifying the objectives of the strategic plan and identifying, segmenting roles based on the relationship to achieve objectives.
2. Determine the number of talent: One of the most difficult aspects of talent management is demand forecasting and ability to forecast future numbers of people in strategic and core roles and timing of the need by incorporating the dynamics of the current work force.
3. Identify gaps and priorities: Identify gaps between current and needed talent over the period and to prioritize the gaps based on their criticality.
4. Determine actions and investments: Evaluate the develop/hire options to meet the talent needs. Evaluate the aggregate direct financial implications of proposed sourcing decision. Determine the implications of the proposed sourcing decision. Develop Human Capital Plan and set preliminary HR objectives to support the plan. Set HR objectives to support business/function and corporate talent needs.
5. Determine the new mindset of managers towards employee mobility: Instead of the old “war” mentality, which frames turnover as a win-or-lose scenario, companies should adopt a more holistic perspective and consider the administrative, human-capital and social-capital implications of worker mobility. A balanced consideration of these factors will help managers adopt strategies that not only minimize the damage caused by employee turnover but also take advantage of situations in which the loss of employees might lead to economically beneficial business relationships.
6. Build a talent-powered organization: It requires a talent mindset across the organization and a long term commitment to the importance of talent management.
Dr. Pramod Kumar
President, ISB&M; Group of Institutes
“This article was originally published for the Times of India. Here is the link.”
http://mobiletoi.timesofindia.com/mobile.aspx?article=yes&pageid;=10§id;=edid=&edlabel;=TOIJ&mydateHid;=28-11-2012&pubname;=Times+of+India+-+Jaipur&edname;=&articleid;=Ar01001&publabel;=TOI