Asia needs to invest more when it comes to talent and retaining and engaging them need serious planning. Asian economies like China, India, Japan, Taiwan and South Korea have stumbled badly in the arena of managing talent and developing next generation leaders. Companies need to have clarity about the future path and accordingly plan to engage the right talent and harness their abilities.
Talent management needs meticulous planning:-
Identifying: Identifying the right person and recruiting him/her is the first vital step
Learning and Development: Learning and Development will help employees to hone new skills and gain expertise that they can bring to the job Measuring Performance: Monitoring employees and gauging their performance is a deciding factor once the goals are set
Progression: Developing talents for key work areas and making them aware of available career paths
Remuneration and Benefits: Remuneration and benefits must be fair, reasonable and clearly communicated
Learning and Development – Lifeline of Talent Management
Learning and Development is at the core of Talent Management and every company must have a sound strategy to develop employees as professionals and future leaders. Although millennials are being tagged as “job hoppers” but research shows that they are willing to stick with the same employer provided they are given opportunities to explore newer roles within the organization from time to time.
Here comes the role of “sideways movement” which employers need to consider and develop a culture of transparency and visibility between departments and this will eventually lead to progressive career movement and development. Empowering employees and developing their skills seem to be the one of the potent solutions.