TM/U1 Topic 8 Consequences of Failure in Managing Talent
Causes for Talent attrition:
Talent management is one of the cursing factors threatening organization. The causes of poor talent management are discussed as follows:
Long working hours: Long working hours and the intensity of work have consistently emerged as two top most concerns of workers (Duxbury and Higgins, 2003). Employees feel tired and bored because of long working hours. The duration of work, number of working hours and timings play a significant role in retaining of an employee.
Unsupportive Management: Work place support i.e., the support received from supervisors and co-workers are the key elements in talent management. Organizations have to understand the nature and problems of the employees and create congenial work atmosphere, because support and co-ordination from top level management and co-workers helps an employee to motivate and engage himself in work.
Lack of co-ordination and communication: Co-ordination between different levels of management is needed to set organizational objectives. Communication helps to share the creative ideas and information among employees. But due to lack of proper co-ordination and communication between employees quit the organization.
Higher personal aspirations: In the modern world, the life style of an individual is one of the main reasons for poor talent management. Ever-increasing ambitions, changing fashions, etc., can cause envy and a feeling of discontentment (Sarma V.S. 2009). Most of the employees have higher aspirations towards their career and personal development. An environment with poor facilities for growth and development may not create an opportunity for employees to achieve personal aspirations.
Unsatisfactory monetary and non-monetary rewards: Monetary and non-monetary benefits play an important in retaining of an employee. An employee whose monetary benefits are less than the cost of living may undergo may leave the organization and try for some other source of work. Hence organizations have to offer attractive benefits to retain employees.
Consequences of Talent Attrition:
The consequences of talent attrition affect the organization effectiveness. The following are some of the consequences of talent attrition.
Declined productivity: These days firms focus on getting more output from less input. Productivity is very important for organizations from which they attain profits. But due to poor working hours employees fail to produce maximum output leading to decreased productivity.
Increased turnover: Turnover means employees leaving the organizations. Turnover of employees is a big qualitative and quantitative damage for employers. Turnover affects organizational culture and productivity. Turnover leads to windup of many entities. Work intensification has led to health problems and attrition of professional and managerial employees (Fang Lee Cooke and Xingyao Jing, 2009). Unsupportive management and co-workers lead to employee turnover.
Poor industrial relations: Employees who fail to co-ordinate with one another may conflict with each other. Organizational conflicts affect the reputation, productivity and industrial relations. Hence healthy industrial relations enable talent management.
Inability to accept change: People resist change and ignore to learn the updated things. Employees with poor monetary and non-monetary benefits may not accept the changes in the organization structure, policies, goals and objectives. Even employees may resist the projects and plans. Hence change management helps employees to concentrate on their personal career and profession.
Remedial Measures for Talent Management:
Creating opportunities for growth: Organizations have to create an assurance for employee’s growth. Organizations gain profits from the efforts of employees, hence the organizations have to provide training and development programs for employees. These programs not only contribute to organizational success but also make individual’s successful. Hence organizations have to create opportunities for growth and development for employees.
Relate the recruitment policy with organizational needs: Many time organizations invest more on recruitment without proper forecast on future needs. While recruiting people organizations promise many monetary and non-monetary benefits. But later on they fail to look after the basic needs of employees. Hence there should be matching between recruitment policy and organizational needs.
Employee counselling: The organizations have to conduct Periodical counselling programs by experts where people can minimise their stress. Misra says, “Transformation is all about breaking habits”. “Organizations develop holy cows which are created and perpetuated. Somebody needs to challenge that; change is incremental. We need to create ‘discomfort’ in people about the status quo”. Change management’s goal is to maximize an organization’s benefits and minimize the impact of change on workers. The employee friendly policies like change management, stress management, adequate training and development programs, refreshing courses, etc have to be organized by organizations to retain employees.