Talent Management - meaning, Importance of Talent Management, Process of Talent Management, Talent Management and VUCA (Volatility, Uncertainty, Complexity, Ambiguity) Environment, Functions of Talent Management in VUCA World, Millennials (GEN Y), Managing Millennials, Characteristics/ Traits of Millennials

1. Talent Management,
Managing Millennials

2. Talent Management
• Talent basically refers to capabilities, skills or the art, a person possess in a
particular field. It also refers to those people who have high potential,
knowledge and skill or who can successfully bring about change in the
organization.
• Talent Management refers to those special and creative steps an organization
adopts in order to recruit and develop the most talented employees available
in the job market and also retain its pool of top talent.
• Talent management, also known as Human Capital Management, is the
process of recruiting, managing, assessing, developing, and maintaining an
organization‘s most important resource i.e. its people.
• It is a deliberate approach taken up by an organizations to anticipate, attract,
develop and retain people with the aptitude and abilities to meet not only the
current requirements but also future organizational needs.

3. Importance of Talent Management
• Employee Motivation
• Attract Top Talent
• Continuous Flow of Employees
• Increase Employee Performance
• Engaged Employees
• Retain Top Talent
• Improve Business Performance
• Job Satisfaction
• Higher Client Satisfaction
• Right Person on the Right Job

4. Process of Talent Management
Talent Planning
Sourcing the Talent
Attracting the Talent
Recruiting and Selecting Talent
Learning and Development
Retention
Promotion
Competency Mapping
Performance Management
Career Planning and Development
Succession Planning

5. Talent Management and
VUCA (Volatility, Uncertainty, Complexity, Ambiguity) Environment
• Organizations cannot operate in vacuum, they are affected by the surrounding
- the business environment which is highly complex and dynamic.
• There has been continuous volatility and change in the business, political,
social, technological and even the physical environment.
• Business firms need to adjust and adapt to the turbulent environment in
order to survive and succeed.
• This turbulent environment was first identified and used by the U.S. military
but it is now also becoming a standard business term.
• In 2012, the prestigious consulting firm BCG conducted a research study and
proved that this turbulence in the business and economic environment now
occurs more often, the turbulence lasts longer, and it occurs with greater
intensity.

6. Talent Management and
VUCA (Volatility, Uncertainty, Complexity, Ambiguity) Environment
VUCA results in four distinct types of challenges:
• Volatility: The nature and dynamics of change, and the nature and speed of
change forces that surround a business
• Uncertainty: Lack of predictability as past trends may not always be helpful to
predict future
• Complexity: Forces and complex factors that surround the organization
• Ambiguity: Lack of clarity on events happening in business environment.
VUCA environment involves:
• Several changes in business environment
• High pace of such changes
• High intensity of these changes that are very impactful

7. Functions of Talent Management in VUCA World
• Strategic Workforce Planning
• Recruitment
• Allocation of Resources to High Impact Areas
• Innovation
• Change Management
• Adaptable Processes and Programs
• Reduce Labor Cost
• Flexible Corporate Culture
• Promote Learning and Development
• Business Agility
• Leadership Roles

8. Millennials (GEN Y)
• Millennials are the generation who are believed to be born between 1980s
and 2000. This generation is also called as Generation Y.
• Authors William Strauss and Neil Howe have coined the term “millennials”
in 1987.
• In August 1993, an Advertising Age editorial coined the phrase Generation
Y.
• Millennials are sometimes called Echo Boomers due to their being the
offspring of the baby boomers and due to the significant increase in birth
rates from the early 1980s to mid-1990s.

9. Characteristics/ Traits of Millennials
• Millennials are used to working in teams by collaborating and cooperating
with each other and work well with diverse co-workers.
• These people possess unique characteristics such as exposure and access
to technology which simplify their work
• They are passionate about risk taking and seek challenges.
• They are comfortable with multitasking. They believe they can perform a
variety of tasks and are confident that they will achieve them
• Millennials expect instant recognition and career advancement by and
upgrading themselves according to the prevailing environment
• Millennials are the most connected generation and indulge in networking
out of their current workplace if these diverse needs are not met

10. Characteristics/ Traits of Millennials
• Millennials aim to achieve work life balance through flexible work life
• They take feedback positively and seek leadership from their older and
managerial co-workers
• They are well connected to the outside world by email, instant messages,
text messages, and the internet.

11. Managing Millennials
• Team Work . Participation in Decision-Making
• Mentoring . Informal Interactions
• Non-Monetary Motivation
• Strong Company Culture
• Work Life Balance
• Instant Feedback
• Career Advancement
• Rewards and Recognition
• Innovative Work Environment
• Encourage Use of Strong Technological Skills
• Opportunities for Learning and Development

12. References
1. Aswathappa, K., “Organizational Behaviour – Text and Cases”, Mumbai:
Himalaya Publishing House, 1996
2. Nagpal, “Human Resource Management”, M. Com Part II, Sem 3, Sheth
Publishers
3. Nagpal, Sharma “Talent and Competency Management”, BMS, Vipul
Prakashan

13. Thank You