Did You Know? “Around 79% of the Indian companies have low talent management maturity levels. They also miss out several vital financial, business and talent benefits common to corporates with higher maturity.” – Bersin by Deloitte Research Report
India is known as one of the most competitive and adaptive labor markets of the world. Unlike the past, Indian organizations now focus on leadership, diversity and responsive communication channels between employees & management, mainly to curb retention and boost talent management.
Presented in a WhatWorks®Brief, this report is titled as “High-Impact Talent Management: Talent Management Maturity in India.” Another report titled as “Talent Management in India: Improve Maturity in Three Steps,” guides Indian organizations to strengthen their talent management policies and prepares them for the future.
This blog is a synopsis of Deloitte’s 2016 research report on Indian talent management maturity.
Key Findings on Deloitte’s High-Impact Talent Management Research Report
Compared to Global 2000 organizations, research highlights the following:
- Indian companies have a lower level of maturity.
- With 3% organizations at lowest maturity levels, around 76% stand at the second-lowest level of talent management maturity.
These findings also highlight that the Indian talent management scenario is changing aggressively. Organizations are adopting new talent acquisition, performance management, and employee engagement strategies.
Other Significant Findings:
- Indian organizations have outshined in forming fair performance, process and system policies; demonstrating a higher level of performance sophistication when compared to G2000 organizations.
- Corporates have also integrated systematic channels that communicate organizational strategies clearly to employees, followed by relevant talent practices.
- Today, businesses understand the importance of developing a systemic relation with talented candidates. Indian firms have even initiated investing in mechanisms aimed to create relationships with the key organizational asset, i.e, employees to drive performance and engagement levels.
- However, Indian companies tend to lack a systematic approach towards leadership development. Existing connection between succession management practices and leadership development opportunities is broken.
- There is dire need to implement a strategic Diversity & Inclusion (D&I) effort within Indian firms. Mastering these factors will help organizations harness greatest organizational and talent benefits. These factors involve integrating individually focused activities, such as learning & performance management along with reinforcement activities including strategic design of business policies.
With above-mentioned findings, Bersin by Deloitte has identified strategies that a leader should follow to improve talent management maturity level of a firm.
Key Finding on Talent Management Maturity Report:
- Organizations need to strengthen their core talent management practices including performance management policies. Strengthening performance appraisal process, employee development, and work culture could help corporates create an engaging work environment.
- Development and clear communication of a talent strategy to employees via management is crucial for organizational development.
- More focus should be given to diversity management in the firm. Connecting diversity management efforts to leadership development, succession, learning, performance and numerous other talent processes is important as well.
The report includes findings from 454 companies participating in the Bersin by Deloitte survey. These companies have an overall annual revenue of US$750 million. The report also includes 269 Indian organizations with over 100 employees.
Findings of the report identifies:
- Talent practices used by the Indian and global organizations with strong business and talent outcomes.
- Around 29% of businesses surveyed worldwide have mature talent strategies in place against just 21% Indian participants.
- The report also defines organizational structure with higher maturity level along with their talent strategies and business strategy. It also reflects leadership strategies, communication channels, talent practices and diversity management of these organizations.
* Global 2000 organizations used in this report defines 454 companies participating in the Bersin by Deloitte survey market report.