CII HRM meet calls for robust talent management system

Across sessions, speakers reiterated the importance of HR as a function adopting a more strategic role in organisations, emerging as a value driver, by articulating the key interventions that will become enabling factors for achieving business results.
Another challenge was the building a strong performance driven work culture, which is supported by a plethora of people practices - including Performance Management, hi-pos identification, Career Management and Training & Development.
Summing up the two-day deliberations, Mr Vishal Pandit, Asia Consulting Head, Hewitt Associates, said it has become imperative for organisations to institute a robust Performance Management System that evaluates the right results. The performance benchmark must be set at significant stretch levels, such as to achieve a three-fold fold objective: It must motivate low performers, make those who meet expectations feel good about it; and it must make those who exceed expectations feel truly valued and special.

The dearth of leadership talent in India today can actually be cited as the single most formidable impediment to organizational growth. The Hewitt India Best Employers Study, 2008 identifies that Best Employers practice the philosophy of grooming leaders from within, evident in the fact that 92 per cent of the openings there were filled using internal talent as against 63 per cent in other companies surveyed. This aspect has become a business imperative today.

Cutting across sectors, speakers at the CII HRM Summit 2008 on The Winning HR Strategies discussed innovative compensation and rewards strategies suited to individual employee needs. People, they said, are no longer motivated by cash alone. HR practitioners have to increasingly look at total rewards packages and providing people with leadership opportunities.Mr A Sudhakar, HR Head, Dabur, pointed to the need for striking a fine balance between market forces and internal capabilities. You can never win the percentile war, he said, adding there is a direct alignment between the success of the organisation and actions that are encouraged and rewarded.

As Mr Vineet Kaul, Executive Director & VP HR, Philips, said companies that invest in career management and communicate potential career paths are more successful at attracting and retaining employees. However, he also cautioned that a reward programme can either drive or diminish organisational performance, depending on how well it connects with and supports the business strategy.

In an environment where growth is exceeded by pay increases year on year, with average increments of 14-15 per cent per annum becoming increasingly commonplace, the distinguishing factor will lie in the ability to provide an innovative and comprehensive package that encompasses financial instruments like ESOPs and other long term incentives; to a truly fulfilling employment relationship that promises growth and cutting edge work content.Earlier, HR leaders and professionals identified talent development and retention as the major challenges before companies today.

The two-day CII HRM Summit in New Delhi is part of the apex bodys continuous endeavour to introduce the industry to new management ideas and techniques.