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As the business environment has improved, most businesses are looking for growth drivers.
Identifying top talent—critical employees with unique skills and the leaders of tomorrow—has meant looking at new solutions and offerings, redefining competitive advantage, restructuring as well as strategic talent management.
The tools and methods for identifying and classifying high potentials have become sophisticated. Advancements from big data, technology and psychology are impacting our thinking about how to grow and develop talent for business success. This is giving rise to many exciting innovations at every level. Some trends to follow in 2015 include:
Simplification. Organizations are increasingly realizing the importance of cutting down overhead and productivity drains from cumbersome policies and processes. Making and maintaining elaborate policies slow down decision-making. While the objective of having well-laid out processes is predictability, efficiency and transparency, these goals are achieved at a cost. The cost is agility and lost productivity, effectiveness and business opportunity.
The employee experience. The entire focus of talent engagement is now on building a positive experience which can result in better performance, greater innovation and results. The experience of dealing with the company—getting onboarded, trained, appraised, applying for vacation, being evaluated or promoted is sometimes more straining than the experience of getting the actual work done. Organizations are creating winning experiences for their employees and in turn benefiting from similar experience for their customers.
Predictive analytics. Analytics and data modeling is being used to predict and prevent employee turnover. Access to historical data and advanced tools for analysis are helping organizations make better decisions and predict outcomes. It has become possible to identify risk factors related to demographics or events that trigger disengagement.
Networking. Social networking enhances the impact of talent management actions. Whether it is learning, hiring or connecting with the workforce, both intra-company and large social networks are magnifying the impact of these actions. There is an opportunity to share practices, learn, listen to views, and invite reactions—all at a speed that was unthinkable earlier. The reach to various stakeholder constituencies—employees, customers, candidates and former employees—provides unprecedented opportunities to learn and create value.
Mobile. Talent management software is being reinvented for mobile devices. Light and nifty mobile apps are replacing cumbersome software. Almost all enterprise software has a mobile version with access-anywhere functionality. Networking and culture-building tools within the organizations have gained prominence. These are rapidly replacing e-mail as the primary communication tool.
Sharad Verma is global head of human resources at Polaris Financial Technology, based in Chennai, India.
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