TALENT MANAGEMENT & EMPLOYEE RETENTION (DHRM403)

Assignment Set – 1

1. Discuss the assessment processes involved in Talent Management?

Talent management is defined as the methodically organized, strategic process of getting the
right talent onboard and helping them grow to their optimal capabilities keeping organizational
objectives in mind.

Talent Management Process

While often cyclical rather than a generic linear progression of events, the process of talent
management could be considered, to begin with acknowledging the need for talent and leads
to filling that gap and ultimately growing and optimizing the skills, traits, and expertise of
employees, new and old.

Key steps in the process of managing talent effectively:

1. Planning: Like in any process with a set outcome, planning is the first step in the process of
talent management. It involves the following identifying where the gaps lie – the human capital
requirement, formulating job descriptions for the necessary key roles to help guide sourcing
and selection and developing a workforce plan for recruitment initiatives.

2. Attracting: Based on the plan, the natural next step is to decide whether the talent
requirements should be filled in from within the organization or from external sources. Either
way, the process would involve attracting a healthy flow of applicants. The usual external
sources include job portals, social network, and referrals. The talent pools that need to be tapped
into must be identified in advance to keep the process as smooth and efficient as possible. This
is where the kind of employer brand that the organization has built for itself, comes into play
because that decides the quality of applications that come in.

3. Selecting: This involves using a string of tests and checks to find the right match for the job
– the ideal person-organization fit. Written tests, interviews, group discussions and
psychometric testing along with an in-depth analysis of all available information on the
candidate on public access platforms help in gauging an all-rounded picture of the person.
Today there are software and AI-enabled solutions that recruiters can use to skim through a
vast population of CVs to focus on the most suitable options and to find the ideal match.

4. Developing: Quite a few organizations today operate on the idea of hiring for attitude and
training for skills. This makes sense because while you would want a predisposition to certain
skill-sets, it is the person that you are hiring and not the CV. Developing employees to help
them grow with the organization and training them for the expertise needed to contribute to
business success also builds loyalty and improves employee engagement. This begins with an
effective onboarding program to help the employee settle into the new role, followed by
providing ample opportunities for enhancing the skills, aptitude and proficiency while also
enabling growth through counselling, coaching, mentoring and job-rotation schemes.

5. Retaining: For any organization to be truly successful, sustainably, talent needs to be

retained effectively. Most organizations try to retain their best talent through promotions and
increments, offering opportunities for growth, encouraging involvement in special projects and
decision-making, training for more evolved roles and rewards and recognition programs.
6. Transitioning: Effective talent management focuses on a collective transformation and
evolution of the organization through the growth of individual employees. This involves
making each employee feel that they are a part of a bigger whole. Providing retirement benefits,
conducting exit interviews and effective succession planning might seem like unrelated career
points but they are all transition tools that enable the shared journey.

2. Explain the five-stage approach for building a competency model.

A competency model is a framework for defining the skill and knowledge requirements of a
job. It is a collection of competencies that define the skills and abilities that enable successful
job performance.

Competency models are widely used in business for defining and assessing competencies
within organizations in both hard and soft skills. They represent a key component of
recruitment and hiring, as well as talent and performance management activities of HR
departments.

Competency assessments often help form the basis for training programs and learning content,
both formal and informal.

Developing a Competency Model

Effective models also form the basis for linking competency with organizational strategy, an
important best practice, training consultants advise. They also enable organizations to link
expertise with HR processes, evaluation and often productivity goals.
The Competency Model Clearinghouse, sponsored by the U.S. Department of Labor,
recommends that organizations seeking to build competency models follow a five-step process:

Gather background information. That includes cataloguing existing resources, organizing

resources, comparing contents to the building blocks framework, and determining
commonalities for an industry model.

Develop a draft competency model framework. Identify themes and patterns in the
information, and relate the information to content areas.

Gather feedback from subject matter experts. If possible, select experts from across
geographic and industry sub-sectors to gain the broadest perspective.

Refine the framework. Add or delete competencies as appropriate.

Validate the framework. This essential step ensures acceptance by the target community of
users.
 3. Corporate value statements exhibit the principles that an organization upholds
and adheres to in its day-to-day business operations. These values are typically
classified into 3 types. Explain.

Core values represent an organization's highest priorities, deeply held beliefs, and fundamental
driving forces.
They're your guiding principles – who you are, what you believe, and who you want to be –
and serve as promises about how your organization will treat customers, employees, vendors,
and community members. In short, they're the DNA of your culture.

Characteristics of well-defined company values

Here are the attributes of well-structured core company values:

Practical and relatable
Choose company values that every team member can relate to and apply to their work.
Otherwise, they could look meaningless on the board.
Keep in mind that writing down seemingly noble values without adhering to them is pointless.
If, for example, your company value is to "strive for greatness," but you don't enforce a culture
of respect, then maybe you're better off picking another phrase.
While it's okay to be ambitious – beneficial, even – a core value becomes more significant if
it's relatable and realistic.
Aligned with your vision statement
When you're in the process of crafting your core principles, be sure to refer to
your company's vision statement.
Therefore, it's safe to say that the company vision needs to be well-defined first, as it will be
the basis for the values. In essence, the company values support the realization of the vision.
For example, if you see your company becoming the most trusted brand in the world, then
"integrity" and "transparency" would be complementary values for that vision.

Comprehensive
It's better to craft core values that relate to each other than trying to conjoin disparate ideas.
This helps them be more logical and, thus, easier to remember.
With a comprehensive set of core values, your employees will find it easy to determine their
next steps. This is because they understand the company's goals and work accordingly.

23 company core values examples

Crafting your organization's values is a meticulous process. But don't worry. We're here with
23 company core value examples to get the creative juices flowing.
Keep in mind, though, that these are just starting points. Each value you choose should be
followed by a descriptor so that they're more specific.

1. Integrity
Integrity is all about trust and morals. Having integrity fuels how you do business, run a team,
and treat other people.
Integrity is the basis for many other common company values, like honesty, transparency, and
respect.
Workplace integrity is crucial for doing quality work, making big decisions, performing at the
highest calibre, and reducing errors.
2. Innovation
Fostering innovation can lead to groundbreaking solutions and a competitive edge in your
industry.
You may define innovation as a new and original creation or idea. To come up with an
innovation, you must possess the necessary skills or talents, such as creativity and
resourcefulness.
Being innovative may also refer to working smart. Over the years, it's found to be more
effective than simply working hard, as it doesn't always equate to concrete results.
3. Diversity
In increasingly globalized workplaces, diversity has become one of the most common and
significant core values that respect, appreciate, and celebrate the differences between
employees.
Be it age, gender, race, ethnicity, nationality, religion, sexual orientation, or physical ability,
focusing on diversity ensures every employee feels respected and appreciated in the workplace.
4. Teamwork
You must have heard, "Teamwork makes the dream work." It's true: Promoting team values
can help your employees collaborate, draw from each others' strengths, and help others when
they are struggling.
This, coupled with shared goals and strong leadership, can not only boost team morale and
improve job satisfaction but can also boost overall productivity to make sure your team and
company have a competitive edge.
5. Curiosity
Growth shouldn't scare you if you want to advance personally and professionally.
Growth follows curiosity and the hunger for continuous learning. So, if you want to go after
knowledge and experience, understand that you won't find it in your comfort zone.
Therefore, be curious about foreign concepts and cultures. Encourage yourself and your

6. Humility
Humility centres on the truth and reality. The idea is that, regardless of your own achievements,
you can remain modest and friendly towards colleagues.
Remember: humility is opposite from pride or arrogance. Leading with humility means that
you honour others' thoughts and opinions just as much, if not more than, your own.
7. Respect
Respect is a broad topic. What does respect mean for your team?
Want to respect other people's time? Enforce showing up on time.
Want to respect other people's ideas? Foster a culture of collaboration.
Respect plays a huge role in cultivating positive relationships among employees, as well as
between employees and leaders.
8. Trust
Trust is the foundation of any successful business. Building trust with your employees and
customers can take years. But once you have earned their trust, you can connect with them and
forge lasting relationships to stand out from the competitors.
On the other hand, years of hard work building trust can go down the drain in a matter of
minutes if you are not careful. And, without trust, company culture will start to crumble.
9. Collaboration
With collaboration as a core value of your company, you can grow by leveraging the collective
intelligence of your team and embracing innovation and creativity to build a competitive edge.
Rather than focusing on individual intelligence, collaboration can motivate employees to work
together to solve problems faster, support each other in achieving shared goals, and evolve
together to succeed.
As a result, collaboration can not only foster a reciprocating work environment but improve
overall productivity as well.
10. Courage
Courage is an aspirational value with many dimensions when you look at it through a company
lens.
It not only means that employees have the strength to stand up against ill-treatment or
misinformed actions, but it also gives employees the opportunity to take risks in the name of a
greater payoff.
Such opportunities come with the freedom to fail, encouraging them to challenge the norms
and drive change.
11. Honesty
Trust is elemental to any business and organization. To foster trust, team members need to
practice honesty and transparency.
12. Leadership
Leadership is at the helm of any business, steering the strategy to help the company grow and
shape organizational culture. Without strong leadership, none of the other company values
matter, as the business will crumble without proper direction.
A leader who embodies and promotes values like humility, trust, integrity, respect,
accountability, and passion is a leader who can lead your business toward sustainable success.
13. Selflessness
Selflessness is the key to effective leadership and teamwork that can help people succeed in
the corporate world. It's not only about putting others first but also about being accountable
and ensuring ethical and responsible conduct.
14. Communication
Effective communication is critical to maintaining meaningful relationships with internal and
external stakeholders. Poor communication can ruin relationships with external vendors and
customers and muddy the team environment, leading to damaged reputation and lost business.
But if communication is an integral part of your business strategy, you can ensure smooth and
efficient operations, effective decision-making, collaborative efforts, and improved
productivity across the board.
15. Judgment
You need to make many split-second decisions and solve problems when dealing with an ever-
evolving business environment – making good judgment a legitimate asset for your business.
Fostering values like collaboration, courage, honesty, accountability, and communication can
help your employees improve their judgment and make quick decisions without managerial
leadership for improved agility and productivity while still maintaining integrity.
16. Service
Customers and clients are the backbone of any business. Failing to provide excellent service to
your customers is the perfect way to drive them towards competition.
But if you ingrain service as one of the core values in your strategic position, you can deliver
enhanced customer experience for a competitive edge.
17. Sustainability
Sustainability is one of the most important areas of concern for modern businesses, with
customers expecting accountable, ethical, and sustainable behaviour from businesses.
This includes reducing the environmental impact and carbon footprint of your operations and
ensuring a positive impact on surrounding communities while also focusing on business
continuity.
If you fail to consider the impact of your operations on the environment or take future
generations into account, contemporary customers will turn away from your business.
18. Accessibility
With a focus on diversity and inclusion, many businesses are trying to make sure their products
and services are accessible to everyone, irrespective of their physical abilities or limitations.
Focusing on accessibility not only means making sure your products, services, and facilities
are easy to use for all, but also adopting tools that can accommodate people with disabilities.
By making accessibility a central value in your business strategy, you can increase market
reach, drive innovation, and make sure your brand stands out as an inclusive business.
19. Passion
Passion may be all-inclusive and applicable to various businesses and teams. It can refer to
work dedication or fervour in promoting the organization's advocacies.
It can also mean passion toward other values, like respect and acceptance of diversity.
Wherever it falls, passion fuels creativity and performance.
20. Accountability
Nobody likes to work with a person who's quick to find something or someone to blame when
problems occur.
21. Simplicity
As a business value, simplicity means eliminating ineffective and unnecessary processes that
can clutter your operations, communication, or products. Simplistic processes can help you
streamline operations, save time, and focus on growth.
From a customer's perspective, it makes the consumer experience straightforward, making your
products and services easy to use and accessible.

22. Constant improvement

The contemporary business environment is continuously evolving, with new technologies,
social norms, and changing customer expectations requiring businesses to be agile and
responsive to survive.
A commitment to constant evaluation and improvement in every aspect of the business can
help you adapt to changing market conditions quickly and ensure business continuity and
success.
23. Advancing human rights and dignity
One of the three pillars of sustainability is society and the people with whom your business
interacts. This includes employees, external vendors, communities surrounding the business,
and customers.
Advocating for and promoting fair treatment of all, giving your employees a safe space to voice
their opinions, and respecting the rights of every stakeholder are some of the bare minimum
things a business can do to advance human rights and dignity, both internally and externally.

Assignment Set – 2

4. Write a brief note on creating sustainable talent management.

In today's dynamic business world, enterprises navigate through the turbulence of stiff market
competition, rapid technological advances, and the complexities of globalization. Amid these
challenges, the secret to sustained success transcends mere innovation in products or services;
it crucially hinges on effectively nurturing the organization's most invaluable asset—the
workforce. Sustainable talent management emerges as a pivotal strategy, fostering employee
growth and satisfaction while significantly contributing to corporate social responsibility. The
evolving landscape demands a shift in skills and behaviours, as evidenced by a Bain survey:
63% of respondents recognize the need for different skills to meet their employer's ESG
ambitions, yet only 45% of non-managers believe they have the right reskilling opportunities
for internal mobility.

Key Strategies of Sustainable Talent Management

1. Continuous Learning and Development

At the heart of sustainable talent management lies the commitment to provide continuous
opportunities for skill refinement and personal growth. Beyond traditional professional skills,
the focus extends to cultivating soft skills such as teamwork, leadership, and innovative
thinking. The ManpowerGroup Talent Shortage research underscores this need, with 72.8% of
employers struggling to find skilled candidates. By leveraging internal training programs,
online learning resources, career development workshops, and expert-led seminars, companies
can ignite a passion for learning among employees. Offering educational subsidies or support
for obtaining professional certifications further bolsters employee loyalty and elevates the
company’s competitive stance.

2. Clear Career Pathways

Having a clear career development path can help employees see their growth space and
prospects within the organization. Companies should collaborate with employees to plan their
career trajectories, clearly demonstrating the skills and experiences required for advancement
at different stages. Regular performance feedback and career planning meetings are crucial in
providing opportunities for employees to reflect on their growth and adjust their career
directions. Through such transparent and open communication, employees feel valued for their
personal development, thereby strengthening their sense of belonging and loyalty to the
organization. The shift towards remote work and global talent pools as observed in 2024's talent
management trends demands adaptability in career planning, where companies focus more on
future contributions rather than past performance, facilitating career growth beyond geographic
limitations.

3. Competitive Compensation and Benefits

Compensation and benefits policies are key to attracting and retaining top talent. A competitive
compensation structure should reflect market levels as well as individual contributions and
fairness within the organization. Moreover, a comprehensive benefits plan, including health
insurance, retirement plans, stock option schemes, and flexible vacation policies, can
effectively enhance employee satisfaction and loyalty. By regularly reviewing and adjusting
the compensation and benefits structure to adapt to market changes and employee needs,
companies can maintain their attractiveness and retain key talent.

4. Supportive Work Environment

A supportive work environment is another crucial component of sustainable talent

management. This includes creating an inclusive, diverse, and discrimination-free workplace
where all employees feel respected and valued. Measures to achieve this goal include
establishing clear diversity and inclusion policies, offering flexible work arrangements to
accommodate different employees' life needs, and initiating health and wellness programs,
such as mental health support and physical activities. Such an environment enables employees
to perform at their best while fostering collaboration and innovation among teams.
Advantages of Sustainable Talent Management

Sustainable talent management delivers dual benefits: enhancing operational efficiency and
fulfilling corporate social obligations. It directly improves employee satisfaction and retention,
facilitating professional development and enabling employees to more effectively contribute
to organizational goals. A motivated and skilled workforce bolsters productivity and
competitive edge, driving corporate growth.

Moreover, it allows companies to positively impact broader societal and environmental issues.
According to Forbes, fostering a culture of sustainable talent mobility contributes to overall
sustainability, aligning talent management with efforts to create organizational stability and
growth, thus enhancing the company’s public image and appeal to socially conscious
consumers and partners.

Sustainable talent management is essential for companies aiming for long-term success and
societal impact. Embedding these strategies into their operations not only enriches employees'
careers but also positions companies as leaders in social responsibility. The commitment to
continuous investment in talent development promises a prosperous future for the organization
and its employees, paving the way for a more sustainable and inclusive business ecosystem.

5. What are the top strategies to improve employee retention?

The impacts of employee turnover go far beyond temporary disruptions. For one, it’s
costly. Replacing an employee costs anywhere from one-third to double their annual salary,
according to the Work Institute. And the Houston Chronicle reports that, in addition to those
costs, high turnover also impacts the staff that remains—and the business’s customers.

As employees watch their colleagues leave, their workloads often increase. This can lead to a
downward spiral of departures and stress. Frustrated, overworked employees are less likely to
perform at their peak, meaning the company’s product or service suffers, and customers have
more negative interactions with the company. The ramifications are difficult to fully quantify.

Effective Employee Retention Strategies

So how can companies keep employees happy and prevent them from looking for new
opportunities elsewhere? These 14 employee retention strategies at your company will put you
on the right path.

1. Invest In Employees’ Careers

According to LinkedIn, 94% of employees say they would stay with their company longer if it
invested in their career development. In today’s economy, employees understand that they need
to keep their skills sharp to remain competitive and move up the ladder.

Organizations can tap into their employees’ desire for development by providing structures like
mentorship programs and investing in additional education for their employees. Online
professional education courses like those Emeritus offers help organizations reskill and upskill
their employees, growing their talent base while increasing employee satisfaction.
2. Focus on Managers

Have you ever heard the old line “people don’t quit jobs, they quit bosses”? Well, sometimes
it’s true. A 2022 survey by Goodhire found that 82% of Americans would potentially quit their
job because of a poor manager. Fortunately, leadership skills can be trained. Companies should
ensure performance reviews take management skills into account and offer training and
mentorship to managers at all levels, especially if they are first-time supervisors.

3. Recognize Employees’ Contributions

Everyone likes to feel valued, and that’s especially true in the workplace. A 2022 Gallup/Work
human survey found that when employees feel recognized for their work, they are 56% less
likely to look for new opportunities. Even so, only 19% of employees feel that their
organization has a strong culture of recognition.

Companies should encourage managers to recognize their direct reports’ work. They can also
go further to offer division- or company-wide recognition of staff who go the extra mile. During
the pandemic, when many employees have been forced to manage difficult circumstances amid
ever-changing conditions, that recognition is especially important.

4. Reassess Compensation

In today’s competitive marketplace, compensation is an essential piece of any company’s

retention strategy. No matter how valued an employee may feel, they are likely to look outside
their current company if they feel inadequately compensated for their work. Companies that
provide transparency around their pay and a clear, simple pay policy are more likely to win
over employees, according to Monster.

Regular reassessment of industry compensation standards is important, as is a strategy to

financially reward top performers. Spot bonuses and regular wage increases can go a long way
toward making an employee feel valued.

5. Consider Your Benefits Package

Similarly, benefits are a major factor, with Forbes reporting that for nearly 6 in 10 employees,
a company’s benefits package is the most important non-salary factor they consider when
assessing a job. Benefits like lower employee healthcare premiums or increased parental leave
can mean the difference between staying in a role or looking for a new one.

Even before COVID-19, flexible workplaces were a major driver of retention. Companies can
expect that their willingness to accommodate employees’ needs and preferences will remain a
major factor in employee loyalty.

6. Prioritize Work-Life Balance

Work-life balance isn’t just a buzzword. While remote work and flexible scheduling policies
are important factors in creating work-life balance, they are of little use if employees simply
have more work to do than they can reasonably achieve, or if the company culture expects them
to check their email well after business hours.

Managers should regularly check in with employees to ensure they don’t have more on their
plates than they can handle and to encourage open lines of communication about workloads.
Moreover, organizations can reduce the crunch by cutting back on unnecessary meetings and
administrative duties that drain time without adding significant value. Ultimately, companies
should weigh the cost of adding staff against the cost of increased turnover if workloads
become unsustainable.

7. Create Pathways for Growth

The world of work is changing fast, and employees know they need to keep moving or risk
falling behind. Yet many worry that they lack opportunities for promotion and upward mobility
within their current companies. As a result, they look outside the organization for their next
step.

8. Improve Organizational Culture

While organizational culture may seem subjective, its impacts on retention can’t be denied. In
fact, company culture is one of the key drivers of workplace satisfaction. While the building
blocks of a strong culture vary somewhat from one workplace to the next, strong corporate
cultures share key traits such as:

 having and carrying out clearly articulated values

 valuing and seeking out employees’ voices
 having strong commitments to diversity, equity, and inclusion
 executing supportive leadership

9. Prioritize Hybrid and Remote Options

In the “new normal,” remote and hybrid working is increasingly seen as the norm. In fact,
a 2022 ADP survey found that 64% of Americans would consider looking for a new job if
required to return to the office full-time.

While some roles truly cannot be performed remotely, employers should work to create remote
and hybrid options whenever possible. Options like requiring core “in-office days” or recurring
in-office meetings can provide the collaborative benefits of a shared workplace without
requiring an overly rigid approach.

10. Focus on Flexibility

In addition to remote options, employees increasingly prioritize flexibility in their schedules as

one of their employee retention strategies. Employees who can flex their hours to accommodate
family caregiving, medical needs, or even a simple run to the bank in the middle of the day are
likely to feel more in control of their workday and more able to attend to their needs. This is
true even if the total number of hours worked remains the same.
Options like a compressed workweek or allowing employees to get their work done on their
own schedule (outside of necessary collaboration) can drastically increase satisfaction without
impacting output.

14. Help Employees Find Purpose in their Work

We all want to make a difference to those around us—and many employees expect to do so in
their jobs as well as their personal lives. According to McKinsey & Company, employees who
feel that their personal purpose aligns with that of their organization are more engaged and
more loyal to their employers.

Company leadership can help employees engage with their organization’s purpose by
communicating the company’s impact on the world and helping employees connect with it. For
example, holding town hall sessions or small group discussions about how to improve customer
experience—and acting on employees’ ideas—can help employees feel they are directly
impacting the lives of others.

6. Discuss the dimensions to getting the right fit with regard to organizational issues.

An organization’s culture is the systematic way employees, leaders, and work groups behave
and interact with each other. Company culture is collectively composed of values, beliefs,
norms, language, symbols, and habits.

Knowing and understanding your company’s culture (or another company’s culture) can be
quite useful. A fit between your personality and your company’s culture is of critical
importance to both your happiness and your success. If you don’t feel like you are welcome
and you belong, it will impact your professional relationships and drive and desire to excel.
Geert Hofstede, social psychologist and foremost authority on global and organizational
cultures, defines six dimensions:

1. Means- vs. goal-oriented

A means-oriented culture places importance on how work gets done. The focus is on the way
people do work and an emphasis on avoiding risk. On the opposite end of the spectrum, a goal-
oriented culture identifies with what work gets done. There is a strong focus on achieving an
end result. Of the six dimensions, this dimension correlates most strongly with organizational
effectiveness; organizations with goal-oriented cultures are more effective than those with
means-oriented cultures.
2. Internally vs. externally driven
Employees within an internally-driven culture see themselves as experts; they feel they
know what is best for the client and customer and act accordingly. As Steve Jobs put it, “A lot
of times, people don't know what they want until you show it to them.” On the other side,
employees working in an externally-driven culture are very customer-oriented and will do
whatever the customer wants. Their mantra might be, “the customer is always right” and their
favourite metric customer satisfaction.
3. Easy-going vs. strict work discipline
Work discipline refers to the amount of structure and control. In an easy-going culture, the
approach to work is informal, loose, unpredictable, and these characteristics facilitate a high
level of innovation. But you better like surprises and be willing to improvise and adapt! In
a strict culture, there is a fair amount of planning, which leads to efficiency and productivity.
People take punctuality seriously and delegate work with detailed instructions.
4. Local vs. professional
In a local organizational culture, employees identify with their boss and their teammates. This
type of environment risks having a low level of diversity, since there are social pressures to act,
look, and talk in a certain way. However, these defined norms allow for a great amount of
predictability. In a company with a professional culture, employees identify with their
profession or the content of the work.
5. Open vs. closed system
In an open system, newcomers are welcomed easily. People are inclusive and take the approach
that anyone will fit in well with the organization. A closed system is more exclusive, where
newcomers have to prove themselves. Open cultures have managers and leaders who are
approachable, and thus tend to see higher employee satisfaction.
6. Employee- vs. work-cantered
In a culture with an employee-cantered management philosophy, leaders take responsibility for
the happiness, well-being, and satisfaction of their employees. This is true even if it is at the
expense of productivity. In a work-cantered culture, a focus on high task performance can come
at the expense of employees. In this environment, there is a low level of empathy for personal
problems.