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In today’s complex and evolved workplace, talent is the critical driving force behind the success of an organisation. For any company, people are its assets and, if managed correctly, right assets always create lasting value. Just like a technology patent, a proprietary process, or a strong brand, talent is the true asset of an organisation. 

A study by the World Economic Forum and Deloitte Touche Tohmatsu, said there is a worldwide dearth of talent—resulting in as much as 10 million jobs in the manufacturing sector yet to be fulfilled. Despite high unemployment rates, shortage of talent and the right skills is an endemic globally. Finding right talent is only half the problem solved, retaining and nurturing that existing talent is another ballgame altogether. The culture of a firm, hence plays an important role in achieving both these objectives. 

The value of human capital is high for a healthy and profitable company. But, its culture becomes the strategic rope that binds talent together. The culture of a firm entails a balanced mix of employee-friendly benefits and policies, engagement initiatives, proven career paths, diversity and a lively vibrant environment that fosters fun and creativity. Senior leadership also plays a significant role in being role models in creating the right culture in an organisation. These days, companies are serious about creating a strong, transparent, collaborative, rewarding and productive work culture that is meaningful to its employees. Soon, firms will need to push themselves to find new ways to foster this kind of environment and differentiate themselves from their competitors. 

It is not only the culture that reflects the success of talent management in an organisation but also ensuring the right people are in the right roles. This requires a strong understanding and accurate assessment of the talent in the firm, their skills, capabilities, their motivation as well as their developmental needs. Talent needs to be nurtured with a focus on learning & development else there is a danger of disengagement or stagnation. Employees need to be coached to evolve themselves, rediscover their capabilities and take risks with alternative career paths in order to reach career objectives. Employee Engagement and High Performance is an outcome of a strong alignment between an individual’s goals and organisation goals.

The talent teams in companies have a crucial job to do—not only do they have to build robust & transparent processes around ensuring these talent requirements are met, but they also need to ensure managers and leaders have equal ownership in the talent agenda. Managers are critical to the selection and assessment of right talent and keeping employees engaged and productive. Attracting an employee through financial incentives is not enough; employees should be hired based on their belief in the brand and its vision—ensuring the employee’s reliability and dedication towards the brand. 

Leadership plays a critical role in being role models in building a culture where talent can thrive and be high performing. The culture of a firm has various aspects that have an indispensable position in the company’s working arena—it is what defines a company’s soul, its ideology and its vision. Success comes to those that evolve a flexible culture, embracing change, not rigidity, taking on new challenges and adjusting to newer employee demographics. 

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