Introduced by McKinsey Consultants in late 1990s

It includes: o Recruiting, o Performance Management, o Maximizing employee potential, o Managing employees strengths and o Retaining people with desired skills and aptitude It focuses on: o Differentiated performance among the employees o Identifying key strategic positions in the organization

Purpose to ensure that the right amount of talented workforce is ready to realize the strategic goals of the organization
It is identified as a critical success factor in the corporate world

Surveys show that organizations recognize its importance, but lack competence required to manage it effectively
TALENT = COMPETENCE + COMMITMENT + CONTRIBUTION

Being competent is not enough, the organizations need to take all measures to motivate and reward their talent pool to gain their commitment and contribution

To identify and develop leaders for the future from within the organization
To maximize employee performance as a unique source of competitive advantage

To make talented employees feel attached to the organization. Hence reduce turnover rates and reduce the overheads of frequently changing the staff
Positive relationship between better talent and better business performance Helps in creativity, innovation and value creation in the dynamic and complex environment. Helps compete effectively to achieve sustainable growth

Talented employee is someone who has a set of skills, competencies and experiences that make a positive impact on the business
According to McKinsey, talent is the sum of a persons ability, his/her intrinsic gifts, skills, knowledge, experience, judgment, attitude, character, drive and ability to learn and grow Talented individuals often show exceptional ability and achievement over a range of activities Highly competent and high impact people who can easily deal with complexity

Motivation is the process that accounts for an individuals intensity, direction and persistence of efforts towards attaining a goal
Significance of money and rewards as a source of motivation is often exaggerated Long-term effect of using money and rewards as a source of motivation may become negative Self-determination theory Money cannot compensate for the lack of well-being at work and motivation. Hence, money alone is not enough to keep the talent in the company

Even with high unemployment, talent is still hard to recruit

Talent shortages and mismatches are impacting profitability now Discontented employees are starting to look elsewhere Human resources as critical assets Developing employees capabilities

Figure out what aspects of the job or the business to emphasize that would appeal to a particular candidate or candidates
Convey the success and the high potential of your company

Focus on your companys brand as an employer of choice

Pay sign-on bonuses Conduct a compensation study for market data Create a Thriving Culture

Build a Magnetic Tribe

Turn your employees into Raving Fans Communicate your organizations career development programs Value alignment A compelling employee value proposition (EVP) Positive reputation Corporate Social Responsibility

Hiring process is not a buying process, but a selling process

Infosys touts resort-like campus to attract talent

Motivating employees to go the extra mile in the workplace

Encouraging employees to have a passion for their work, and identifying the organization as more than a place to earn money

Engaged employees perform 20% better than non-engaged employees

Offices with engaged employees are 43% more productive Employees with the highest percentage of engaged employees, on average, increase operating margins 3.64% and net profit margins by 2.06%

Remember that employees are seeking to gain more than just money
Engage employees through direct communication Get to know your employees Develop a strong employee-manager relationship

Provide efficient and ongoing training

Offer rewards and recognition Listen to employees Monitor employees' work-life balance Conduct frequent engagement surveys

Gen X employees were those who were born between 1985 and 2000. Typically, a Generation X employee is highly educated, technology literate and fiercely independent (give them a project and leave them alone to do it). Though they have a strong work ethic, many Xers are committed to their families or lifestyles and expect significant workplace flexibility.

Values
Contribution Feedback and recognition Autonomy Time with manager

Attributes
Adaptability Independence

Work style
High-quality end results Productivity Balance between work and lifework to live not live to work Flexible work hours/job sharing appealing

Free agents
See self as a marketable commodity Comfortable with authority but not impressed with titles Technically competent Internal promotion Ethnic diversity

Room to grow:-

Offer Gen X employees clear statements of goals, but allow them reasonable latitude on how to achieve those goals. Build on their interest in gaining new skills and knowledge by providing opportunities to grow on the job. Gen Xers tend to have a "work hard, play hard" mentality.

Opportunities to make choices:-

Since this generation has become accustomed to "fending for themselves," provide options--options for task selection, options for challenges, options to formulate new processes, and options to develop creative yet appropriate conclusions. You also want to allow them the freedom to use their own resourcefulness and creativity to achieve success.

Create environments that motivate:-

This is the first generation raised with computers, and Gen X prefers virtual working environments rather than physical ones. This group dislikes working extensive overtime or weekends and will do what is required during work hours and within the deadlines.

Use rewards that motivate:-

Deferred rewards, such as stock options and the promise of future promotions, are less attractive than cash, salary increases and immediate promotion. Now is always more motivating than later. Provide state-of-the-art resources, technology, and training to keep them interested and motivated to remain with the company. Avoid reliance on rules and regulations since these are demotivating.

So how do you motivate your top talent to achieve the companys goals?

How do you keep them from contacting recruiters?

How do you keep them passionate about coming to work? How do you keep them engaged day after day?

Effective leadership and Culture Is the key to achieve this goals.

Effective leadership and Culture Is the key to achieve this goals

Set clear expectations Dysfunctional culture Respect and appreciation Make the workday meaningful

 Give appropriate praise and recognition Consistent feedback Continually coach Self- Motivating Culture

Telecommuting

There are three things leaders can do to assure these Millennials will achieve success on the job, despite generational differences:

Give them the big picture. Help them find the me in team. Mentor them on career-building behaviors.

Organisations tend to focus only on acquiring new employees (i.e. Talent)

However, they should focus their attention towards the retention and development of the employees they already have.

Talent management focuses on the recruitment, development, planning and succession activities in an organisation.

It focuses on the managers role rather than relying on just HR.

It is interlinked with the business strategy.

TM should be incorporated into the daily processes throughout the company as a whole.

Sharing information between departments leads to a better understanding of the organisational goals.

While pay is not a primary factor driving job satisfaction, it does motivate people.

Hence, companies use rewards as a means to motivate people.

Some examples are as follows:

Bonuses, Skill based pay, Profit sharing plans, Gainsharing, Employee stock ownership plans(ESOP), Flexible benefits.

It is an employee training & development centre set within the organisation.

Based on the abilities of employees, ideal projects and assignments are chosen for individual employees. It aims to harness and link an individuals particular skills to the given task. Workplaces where productivity is employee-centric are the ideal setting Example: Implemented by IBM and American express