There are different schools of thoughts and multiple interpretations with respect to the term - Talent Management. One school of thought believes it to be the management of talented human capital; whereas for others, it is identifying talent inherent in every individual and develop them further. All the same, talent management is all about acquiring, developing and retaining the most important organ of the organization, human capital.
In the current scenario, the following key trends come to the fore, which every organization must appreciate and consider while designing its talent management strategy -
Effects of Demographic Factors
The current Indian situation depicts that India is surging ahead in terms of population. The brighter side is that more than 60 percent falls under working population. India is evolving with a rising economy and growing educational level, which suggests that the ‘War for Talent’ is certainly going to be tough ahead. The separation of crème de la crème from the rest is going to be a quintessential issue.
The current scenario clearly states that dependence of technology is increasing and will continue so in the forthcoming years. To a larger extent, the HR fraternity is dependent on online platforms. From hiring to retaining, one is bound to use tech-tools. On a single click, job portals open the large pool of talent before the HR community. The technology equips the HR community with multiple tools helping in grabbing the right talent; however, at the same time aggravating the talent war! Apart from functional and class-room trainings that withhold and foster the talent, these days HR fraternity is also opting for online training especially for behavioural and soft skills. The tech-drive is certainly there to stay and thrive.
Being the Employer of Choice
As the talent pool is bigger and talent war is on, the talented resource is thrown with a variety of choices. The employer-employee relationship is mutual and therefore the perceived value of “employer” becomes a crucial attribute that will keep it apart from the rest. The employers are in the race to boost up their brand value by bringing about changes in culture and learning platforms. ‘The best companies to work for’ tag not only will continue to grab talent from outside but will also help in inspiring and motivating already hired talents.