Without doubt talent management is a very useful concept for organizations but unfortunately many of them look upon the former as an overhead rather than a value creating process. This can be attributed to some flaws in the implementation and some myths among HR practitioners regarding the same.
In this write up we try to unravel some of those myths and solutions of the same.
Myth 1 - Paying higher compared to Rival Firms will stop the Employee from Leaving: Offering more compensations than rivals or above industry standard will prevent employees from leaving and will also attract the best talent.
Reality: Paying higher than rival firms may help to a certain extent in retaining your employees. It may also help you poach certain employees from your rivals but in the long run, money fails to motivate people. Money is a hygiene factor; its absence may be a de-motivating factor but presence surely cannot be motivating for long.
Solution: It is the day to day work, organizational culture and career progression that motivates people more on a daily basis. Analyze each employee on what motivates whom and try to align their career interests with their growth in the organization.
Myth 2 - Rewards and Incentives only Motivate People: The first myth that we discuss here is that its rewards and incentives only that motivates people to give their hundred percent and work more productively. Consequently itâ€™s the rewards and incentives that is at the focus of HR people.
Reality: It is the attributes and the culture of the organization that is most likely to motivate people to work better and be happy with their jobs. Leadership and job empowerment are other factors that contribute to that happiness of employees.
Solution: Work on making the organization a better place in terms of enriching the culture, improving senior junior relationships and of course laying due emphasis on how the employees are being compensated.
Myth 3 - Employee Engagement is Useless: In industries where the attrition rate is low there is a common feeling prevalent that employee engagement programs are of no benefit. Further there is also a feeling that employee engagement helps only the employees and not the organization.
Reality: There is no direct connection between levels of attrition and employee engagement. In fact employees who are engaged well are more productive and take ownership of their work. Since organizations about people, well engagement not only improves employee performance but also organizational or corporate performance. According to one recent research engaged employees perform 22 percent better, have lesser rates of absenteeism, and produce greater customer satisfactions.
Solution: Customize engagement strategy for each employee and show the connection between employees work commitment and organizational success. Improvise key drivers such as managerâ€™s expertise and future career opportunities and development.
Myth 4 - Low Growth Periods do not require Employee Engagement: Organizations typically believe that low growth is an industry wise phenomenon and does not demand employee engagement. Employees are naturally left with lesser options to switch jobs.
Reality: In absence of employee engagement the organizations stands at the risk of losing projects in hand. Continued absence of employee engagement may in fact de-motivate an employee to contribute his best.
Solution: Employee engagement is critically required to retain and polish talent that is essential for future growth and opportunities.