Global Talent Management is crucial in todays scenario as it helps foster business performance and aids in the alignment of a companys strategy with its vision, mission, values, and the way it develops and manages its people. Due to the foreseen talent shortages, management of a talent holds significance in an organization. Since the demand for talent always exceeds the supply for the same, effective talent management has a huge impact on the growth of the multinational organizations.
Thus, companies have to go through serious challenges in attracting, developing, mobilizing and the most crucial aspect of retaining the talent.
Why manage talent?
The monetary turbulence has left the global economy shaky and despondent. While some of worlds largest economies struggle, the impact has trickled down to organizations which regardless their expanse, feel both, operationally and strategically challenged. Amongst many worries, the most worrying is managing talent.
This brings into focus, an important question. What is Talent? SHRM defines talent as ‘high performing, high potential employees of the organization. As indicated, it is understood that given the current corporate scenario, organizations have to hold onto their ‘talented employees if they are determined to maintain the competitive edge or are preparing to gain one. As the problem envelops the globe, the crucial issue of ‘global talent management could not have been more important than now.
Barriers in the path
Before solutions to this pandemic concern can be proposed, it is important to briefly identify the obstacles in the pathway. Over the years the concept has germinated into a full blown dispute termed as ‘global talent challenge. While combating this trouble, organizations today, deal with a plethora of issues such as deficit of talent, overabundance of talent, finding the right talent, appropriate placement and apt reward, to name a few. Global mobility has put more strain to the complex problem. Scullion and Collings point out insightful statistics such as 70 percent of corporate leaders spend major share of their time on talent management activities and (according to a recent survey by PricewaterhouseCoopers) 90 percent of CEOs declared ‘people agenda as their utmost priority. The trio concludes lack of competency on the part of firms as the main cause of failure in effective talent management.
It is here that the role of corporate HR function needs to be defined to tackle global talent management efficaciously.
The way out
There are five focus areas which are essential to manage global talent, namely:
– Communication of key priorities and value system
– Globally consistent and transparent talent evaluation process
– Management of cultural diversity and creating globally integrated workforce
– Mobility of global leaders
It is further emphasized that a constant communication of key priorities enables managers to stay focused. If these managers individual value system is close to companies, it becomes easier to take quantum leap. Transparant and consistent talent assessment will enable line managers to deal with transfer cases confidently and maintain the standards as required. ‘Rotation across global ‘divisions and geographies will result in a culturally diversified talent hub with higher levels of ‘open-mindedness and knowledge. The third factor will be profoundly beneficial in unearthing potential from foreign regions thus helping enhance the parent organizations client-base, worldwide returns and indigenous workforce.
With globalization, as more and more companies expand their presence they are faced with the challenge of local adaptability. As ‘knowledge workers form a substantial proportion of the developed as well as the developing economies, companies need to have motivated and talented workforce for a strong presence now and in the future. To maintain uninterrupted flow of reliable labor at the right price, most Indian and Chinese firms send their own employees when relocating. Furthermore, performance pays to attract talent and recruiting from diverse networks is prudent to a firms talent management strategies.
It will be important for companies to grow if decision making is pushed downward along with accountability, thats where empowering employees will be playing a very important role.
It can hence be concluded that with more knowledgeable labor force entering the market and businesses moving beyond horizons; innovative and adaptive HR practices are the only tools to cautiously tread the path of global talent management.
The author is Ritu Mehrotra, VP global HR and talent management at Bristlecone, a Mahindra Group Company.