In this session, Dr. Sandeep K. Krishnan, Consulting Leader, Author and a Faculty at Management Schools talks about new age imperatives of talent acquisition and what the visionary CEO expects from the talent management team. Recently Dr. Krishnan was talking to a CEO, and asked him “What is your biggest talent management challenge?” The CEO said, finding a perfect fit for a particular role is extremely challenging. Thus, there is a lot of talent that is available, but the talent that matters to CEO’s is not available and that is the crux of talent management.
In this video, Dr. Krishnan outlines four critical elements that CEOs are focusing on.
1. Talent risk:
We rely on few star performers in our organization to make things happen. But we face the risk of them leaving the company and are unaware if we will find an alternate person to fit that role. Also, we are often unsure if the existing talent resource in our company is ready to take on new challenges.
2. Capabilities of future:
We live in the VUCA world and the challenge doubles with the fact that we face a pandemic. So, do we have the capabilities to face future challenges? We need talent ready to face these challenges.
3. Generational shift:
Often its observed that employees in their 50s and 60s hold the power and people in the 40s are expected to replace them. The Gen Z, and Gen Y or millennials will in future take upon important roles.
Our practices and policies aligned to the attitude of these generations because if a millennial takes up a key role, his/her approach and attitude will be completely different. Change in the mindset of the top management is imperative. We need to enable new talent to step into the organization and be a part of it.
4. Workplace diversity:
Companies are embracing diversity. But let’s suppose that we are not able to accommodate women employees in our organization. In such a case we will miss out on that immense talent pool. Are we ready to bring in cultural diversity in our organization despite all challenges?
Here are the steps that talent managers should take to mitigate these risks.
What CEOs expect from the talent management team?
1. Culture and capability Fit:
The talent management team should have a strategy in place for the future generation leaders. They should align the new talent pool to the organization and in this endeavour the flavor of the organization is bound to change. This new talent should build the organization of the future.
2. Personalized view of the talent:
Leaders often have a biased view of the current talent pool. We often hire talent from outside. So, the existing talent becomes disengaged since they don’t get enough opportunities. We cannot deny the fact that new talent requires much more efforts to fit into the organization. New opportunities can be developed for the existing talent by understanding how they can be developed to take on bigger roles.
3. Early investment in young talent:
Organizations face high level of attrition of young talent. We should be able to sustain and harvest the best of this talent. Talent managers should be able to provide them with quick opportunities and fast track their career growth.
4. Business critical skills:
We value some critical skills for a particular role and finding these skills is challenging. Talent management team should have a repertoire of critical skills and determine who possess these critical skills within and outside the organization.
5. Talent risk management:
If a particular employee leaves the organization, do we have a backup? We should be ready with talent to take over the role either within or outside the organization.
These are elements that CEOs are often looking at.
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