STRATEGIC COMPETENCY MAPPING FOR TALENT MANAGEMENT AND RETENTION

Abstract

The global business environment has seen a noteworthy change over the recent decades. Quickly changing global business dynamics has prompted a noteworthy move in the way the HR works, particularly in organizations in creating economies. From a noteworthy support function to a key business accomplice, the role of HR in an organization has seen a relentless development. In the present business environment, sharing of HR best practices is quick rising as a major component of the corporate HR ecosystem.
The present organizations of all sizes recognize the importance of building up a human capital base. They adopt different HR procedures make comprehensive strategies which help to inculcate a culture that empowers cohesiveness between all the key partners. Organizations are more open to receive diverse trends relating to competency mapping, worker engagement, talent management and retention, performance improvement to look up to challenges postured by a dynamic business environment. In the course of recent decades, expanding utilization of innovation and technology has changed the way of collaboration, organizing, and learning among employees. Also, organizations are progressively receiving innovation and technology on an expansive scale to leverage value-added activities for the HR function. With ever changing business environment in India and around the world, this is the right time to embrace innovative HR approaches for accomplishing individual development coupled with organizational goal accomplishment. Sharing of HR best practices can directly enhance organizational performance and sustainability, prompting long haul benefits. With demographic
dividend on its side, India is set to recapture its strong development direction and robust growth trajectory. Along these lines, sharing of universal HR best practices turns out to be more critical than any time in recent history. Although the role of HR has expanded to go beyond merely hiring employees, talent acquisition continues to remain a major challenge. Identification and nurturing of future leaders and talent management for long terms prospects is a major area for concern among organizations, including
other challenges such as maximizing productivity with limited human capital and managing costs while retaining top performers. Shortage of skill is a major issue in organizations which occur due to difficulty in attracting candidates with suitable skill sets and the dearth of effective models to track measure and manage skills in the existing employee base. Organizations across India have recognised the fact that a diverse and inclusive workforce fosters innovation, creativity and outof-the box thinking, and can help attract top talent and capture new clients. Today various top companies have made use of programs to promote diversity at the workplace. These include competency mapping, talent management, professional development programs, mentoring programs focusing on diversity, employee networking programs and other internal communications focusing on diversity.