The new trend in talent management in 2012 will see an urgent need to focus on skill development for specific sectors and businesses, an increase in non-monetary rewards and a rise in the presence of women in the workforce.
2012 will see heightened activity in the Luxury Retail space, with the increased influx of brands and products that cater to the ultra-high-net-worth individual. These would include automobiles, yachts, jewellery, watches, etc. While the market, the potential and the environment exists, the talent to manage this niche sector is limited. International brands, as well as their buyers, would expect the same level of quality of talent they are used to in other parts of the world, whether in Sales, Operations, Customer Service or Logistics. Talent Managers would need to focus on building the specific capabilities required to meet this demand.
Further, within the operating talent management function in organizations, there will be an increase in non - monetary methods of rewarding employees. The slow business growth and rising inflation will not result in any perceived increment in compensation to the employees because a 12% increment, for example, in a scenario where there is a12% inflation actually neutralizes the impact. Also, because of it upward trend, inflation, as an input at the time of compensation revision, will have little importance and remain but a notional figure. In such a scenario, reward will need to become more non monetary in nature, if employees are to be attracted by it. This will make aspects like presence of a good succession plan or the presence of a defined career progression plan for employees will act as a significant motivator.
The talent management agenda will also see a change with the increased role of Gen Wn, that is, the women talent pool. An increase in women in senior positions would bring significant advantage to how business decisions are made, compensation is determined, and employees and customers are treated. 2012 maybe the turning point when companies take cognizance of the contribution that senior women talent can bring to business. Only women in senior and top management positions can bring in the necessary changes in policies that would create the environment for women to contribute at all levels. These policies will also bring about the required mindset change, allowing the business community to reap benefits that the presently untapped potential of senior women talent can bring, thereby modifying talent management dynamics.