What some of the top companies in the world get correct, is managing to hold on to their best performing personnel over years. Talent management and further retention is one of the biggest challenges in the business world at present. One way to do so is following the concept of Reverse Mentoring. In this method of training, instead of the usual path, it is youngsters who bring their seniors up-to-date on modern terminologies and methods. Companies must also try to be as transparent as possible as its gives them competitive advantage over others. This of course does not apply to public companies governed by specific regulations. Organizations could also try to unhinge all doors as it creates a physical setting where anyone could walk in anytime and the managers are always within reach of their team members. One of the best techniques in fostering business innovation is to allow failures as only then will employees take the further step of being creative and try new things.

Source:http://innovationexcellence.com/blog/2017/11/12/4-easy-ways-to-retain-your-top-talent/

Uploaded Date:30 November 2017

Pressure has always existed on people, most of it getting built right from the first steps taken. The components of credentials required to succeed changes at each level. At present, there exist certain skills mandatory for the modern workplace. One such is GPS or being a Great Problem Solver, which if one does repeatedly can get noticed for taking advice from. Then there is GTD or Get Things Done. MW is about Making Waves or being fearless enough to pursue innovations. TB are the Trust Builders such as Gloria Steinem or Arianna Huffington who are known for their credibility. The BQA belongs to Big Question Askers such as Leonardo di Caprio, whoprobe questions about important matters. The kind of corporate training is important, so it would help to seek the help of business coaches for grooming in these skills.

Source:https://flipboard.com/@flipboard/-the-5-most-vital-credentials-for-todays/f-8faf15cc61%2Finc.com

Uploaded Date:30 November 2017

It is a traditional fallacy to assume that the best companies are those which have the best of talent. Instead, as a study by giant Bain and Company has revealed, it is the talent management of existing personnel that is more important. The top companies tend to cluster their top grade talent in a particular arrangement to maximize the benefits. Many of them use intentional non-egalitarianism. By this on purpose, the personnel are mixed up so that at each strategic point, there is one A grade talent who can have maximum influence on the area. Tech companies typically put their best personnel in software development while brand management may be more crucial to others. Many others succeed at this by unintentionally following non-egalitarianism. For such talent placement to be successful, it is pertinent that the company is aware of its star players and in which areas could they be best deployed. The company must also understand where they are then located and how versatile are they at work to replicate their similar success elsewhere. The roles that are most critical to achieving business success must be allowed to rope in the best available talent. Star talent must never be confined to silos but be distributed as per company requirements.

Source:http://www.bain.com/publications/articles/the-best-companies-dont-have-more-stars-hbr.aspx

Uploaded Date:23 November 2017

Goldman Sachs is in many ways the archetypal modern organization working across several geographies, time zones and cultural fault-lines. That is why the companies pays special attention to its talent management needs. One challenge facing several companies today is managing the needs and aspirations while getting enough out of the “millennial” generation. This generation typically comprises on employees right now in their twenties. They saw their “baby-boomer” parents slog hard to provide the comforts they are now feeling entitled to, so the millennials are very conscious of the work-life balance. At Goldman Sachs, special focus is being paid on management training and education programmes. The idea is to develop “producer managers”, which is why the company is leveraging MOOCs capabilities for online education. E-learning is enabling a ‘pull’ methodology for training as opposed to the traditional ‘push’ basis where information was simply forced down on them using classroom sessions and offsite experiences. The millennial employee is very comfortable tapping on such educational material via videos, supplementary articles and assignments while on the go. Gamification and social media are two other powerful aids in the toolkit of modern training managers.

Source: http://knowledge.wharton.upenn.edu/article/how-companies-should-manage-millennials/

Uploaded Date:23 November 2017

The general assumption is that professionals get promotions or pay hikes due to their respective performances. This is the most convenient explanation, yet not always accurate. Countless examples may be studied of how two similar performances for people from similar backgrounds, led to a different impact on their packages. A business research assignment carried out by experts from the Stanford Graduate School of Business, sought to study this phenomenon. The top S&P rated firms were studied, but special focus was put on conglomerates as they have varied businesses. Even ethnicity did not always matter, as people from the same community and similar socio-economic profile also faced varying treatment. A major observation of this study was that, personal anecdotes mattered a lot when the superior officer knew the appraisee.

Source: https://www.gsb.stanford.edu/insights/why-you-really-got-raise?utm_source=TWITTER&utm_medium=Social&utm_campaign=Insights&Date=20171114&linkId=44730204

Uploaded Date:21 November 2017

As per the latest trends, up-to a third of total workforce is made up by independent consultants or external talent, sans the traditional roles of employees. The field of talent recruitment has moved on from hiring employees to simply finding the best talent available on project basis. Kelly Services and Manpower were the first to provide such services, but it is now an industry-wide concept fuelling the idea of a free agent nation. As per business intelligence provided by the Staffing Industry Analysts, nearly three-fourths of all independent professionals happen to be “knowledge workers” as opposed to just above half that was in 2008. Firms such as Athena, 99 Designs, Hela and Vitea are disrupting all forms of industries around them by providing specific talent based services such as onboarding, service delivery and Statement of Work (SOW). Companies however are losing out on competitivity by playing their traditional game with rate cards which provide specific figures for all kinds of work. While there is much variation, companies typically opt for the least cost, without looking at the bigger picture. This leads to a “penny wise, pound foolish” scenario which needs to be ditched as often the more expensive solution gives greater bang-per-buck returns.

Source: https://www.forbes.com/sites/katevitasek/2017/08/08/shake-up-your-talent-acquisition-kill-the-rate-card-to-improve-roi/#7f2162573b31

Uploaded Date:21 November 2017

The skill sets required in the way businesses will work in the coming decades will be vastly different to those at present. Yet, few business leaders will have a clear view on present level abilities of their personnel and the gaps they will be facing. Business these days are maintaining enormous data warehousing capabilities thanks to information gleaned from digitization, cloud and the internet of things, yet few have the personnel to process this into meaningful insights. A study anchored by management consulting behemoth PwC claimed that nearly two-fifths of CEOs are analysing the impacts automation will have on their workforce while about half confirmed to be pondering the interaction between humans and machines. To truly ensure smooth transformation, a few steps need to be put in place. To start with, companies must compile an inventory of existing personnel’s dynamic skill levels. This inventory must then be organized in specific terms, and not just using readily available keywords. The skills then need to be analysed using sophisticated software. When all this is done, future planning needs to be started with an eye on workforce strategy.

Source:https://www.strategy-business.com/blog/Why-Companies-Need-to-Build-a-Skills-Inventory?gko=8b016

Uploaded Date:18 November 2017