A Project Report submitted in partial fulfillment of the requirements for the degree of Business of Business Administration By Krunal Desai T.Y.BBA,SEM-VI SSR College of Acs, Sayli road, Silvassa, Silvassa-396230. Project Guide: Ms. Aadity Sharma To Pune University-Pune-411007 Year-2011-12
ACKNOWLEDGEMENT
Words put on paper are mere ink marks, but when they have a purpose there exist a thought behind them. I too have a purpose to express my gratitude towards those individuals without whose guidance the project would not have been possible.
I would like to express my thanks to Mr. Mahesh Lakhwani (DIRECTOR), Beekaylon Synthetics Pvt. Ltd. Who has kindly permitted me to undertake the project in the organization.
It was a pleasure to be associated with Beekaylon Synthetics Pvt. Ltd The experience that I have garnered has had a profound impact on my career choices and has helped me realize what is requisite for success in the corporate world. I carry high regards for the complete team of Beekaylon Synthetics Pvt. Ltd
I also take this opportunity to express a great sense of gratitude towards our Director, Dr. Vijay Raibagkar and internal project guide Mrs. Aadity Sharma for providing me vital inputs to corelate the present project work and hence provide a sound base to the report structure. A special word of thanks also goes to all the teaching and non teaching staff of my institute and my Friends.
Date:
Krunal Desai
DECLARATION
I hereby declare that this Project Report titled creating a Competitive Advantage through Talent Management submitted by me is based on actual work carried out by me under the guidance and supervision of Ms. Aadity Sharma. Any reference to work done by any other person or institution or any material obtained from other sources have been duly cited and referenced. It is further to state that this work is not submitted any where else for any examination.
Signature of Student
Krunal Desai
Date:
Index
S r. no 1 Chapter name Introduction 1.1 introduction of study 1.2 objectives of the study 1.3 scope of the study 1.4limiations of the the study 1.5research methodology 1.6 data collection Profile of the organization 2.1 background and history of the organization 2.2products offered by the organization 2.3 interdepartmental relationships Conceptual background 3.1creating a competitive advantage through talent management 3.2 Company retention policy Data analysis & interpretation Findings 5.1 findings & conclusions Recommendations Annexure bibliography
4 5
6 7 8
Chapter 1: Introduction
Talent signals an ability to learn and develop in the face of new challenges. Talent is about future potential rather than past track record. So talent tends to be measured in terms of having certain attributes, such as a willingness to take risks and learn from mistakes, a reasonable (but not too high) level of ambition and competitiveness, the ability to focus on big picture issues, and an awareness of their own strengths, limitations and impact on others. Several talent management processes need to be in place on a strategic level in order ensure its success. Such processes/strategies include talent identification, recruitment & assessment, competency management, performance management, career development, learning management, compensation, succession planning etc. Talent management has a number of benefits to offer such as employee engagement, retention, aligning to strategic goals in order to identify the future leadership of the organization, increased productivity, culture of excellence and much more.
1.2 Objectives of Study:In the current scenario of cutthroat competition, every company has to survive to satisfy its customers by providing them quality products and services. The Project at Company was undertaken with a view to study certain fundamental as well as the commercial and operational aspects of the company. The training involved the study of the following:
To understand the entire procedure of Talent management To understand the need of Talent Management To study the accuracy and quality of work of employees by Talent management procedure. To suggest possible improvement in Talent Management process.
1.3 Scope of Study:In the recent days, the HR Department of any organization is vested with the responsibility of managing the Talent in addition to its conventional function of providing good human capital to an organization. In order to perform this function, they use the following methods viz.
The scope of Talent Management is quite wide and adopts an integrative approach to the functions mentioned above. The purpose is to have a synergistic effect between the various activities so as to ensure a maxi-maxi effect.
1.4 Limitations of Study:1) All the functions are only related with the personnel department. 2) Limitation about the working hour of the worker in the factory. 3) Limitation about the time and absenteeism. 4) Company not allowing disclosing confidential information Time factor was the major limitation of this survey. Because during survey any activity of organization which is directly or indirectly related to the production process should not disturb due to survey
1.5 Research Methodology:Methodology means a particular set of methods used for collecting the information pertaining to the objectives of the project. Research methodology is a way to systematically solve research problem. It may be understood as a science of studying how research problem. The study of research methodology gives us the necessary training in gathering materials, arranging them, participating in field when required and training in technique for the collection of data appropriate for a particular problem. The research methodology is the most practical way of obtaining and analyzing data and it plays an important role in project work
RESEARCH TYPE:
This project is based on a descriptive type of research, which includes structured interviews, and fact finding inquiries of different kinds. The major purpose of descriptive research is description of the state of affairs, as it exists at present.
The company has a vast experience in this field and that has helped it in having better understanding of the clients requirements. Thus, the company makes sure that the products are in match with the clients requirements and needs. With such dedicated efforts, the company has secured cordial relations with all its valuable clients.
History:
Incepted in 1981, Beekaylon Synthetics Pvt. Ltd. is amongst the well reputed Manufacturers, Importers and Suppliers of Dyed Polyester Yarn, Textured Polyester Yarn and Dope Dyed Black Polyester Yarn. The company has been working successfully under the leadership of its C.E.O, Mr. Rahul Khemani. With his valuable guidance, the company has grown manifolds. It is situated in Mumbai, Maharashtra.
Mission:
Infrastructure:
We have a highly sophisticated manufacturing unit. Our infrastructure is well to equipped with technologically advanced machinery and equipment, owing which we are able to do smooth and flawless production of the Polyester Yarn.
Team:
A competent team is an indispensable part of any organization. We are backed by such a team that consists of well qualified, experienced and dedicated professionals who are experts in their respective fields. The team works in full coordination to assure timely delivery of the products.
We are engaged in the manufacturing, importing and supplying of Dyed Polyester Yarn. The Dyed Polyester Yarn is of optimum quality and therefore helps in the fabrication of high quality fabric. Available in different colors, the Dyed Polyester Yarn can be availed at competitive prices from us
Specifications
We bring forth optimum Textured Polyester Yarn for our clients. The Textured Polyester Yarn is very soft and manufactured while maintaining high quality standards. Our Textured Polyester Yarn has been highly appreciated by the clients and there has been a consistent demand for them in the market.
Specifications
Catering to the needs of the clients, we bring forth Dope Dyed Black Polyester Yarn. Our Dope Dyed Black Polyester Yarn has a soft texture and it will lead to the fabrication of optimum quality fabric. We provide the Dope Dyed Black Polyester Yarn at market leading prices for our clients.
Specifications
80 NIM
2.3 Interdepartmental Relationship:There are many departments in Beekaylon synthetics pvt. Ltd. and all these are departments work in coordination with each other, working together to achieve the end objective of the organization. In Beekaylon synthetics Pvt. Ltd., Purchase departments function is to arrange the supply of materials by the organization froe right source, at right price, in right quantity, with desired quality and at right time. Then the purchased materials stored at store department in systematic way using codification and classification techniques. Then the materials requisitions are arranged in store department which in turns send to production department on regular basis. The Quality control department measures and controls the quality of the product. Account and costing department arranges for funds and make the payment to the suppliers of the materials, wages, salaries and other expenses. The costing department arrives at the unit cost of the production and takes step in reducing the cost in all areas of the production. Human Resource department also plays an important role in maintaining the good employee relation. There are many subdepartment which plays important role in achieving organizations objectives
3.1 Creating a Competitive Advantage Through Talent Management:The employee base can provide a substantial and renewable resource for corporate success and a competitive advantage when well-managed. Leaders spend a great deal of time considering how to improve organizational output by leveraging the assets they manage. An underappreciated variable lies in a companys human assets, which have been empirically linked with improved financial, customer and operational outcomes. The clear message is the employee base can provide a substantial and renewable resource for corporate success and a competitive advantage when well-managed. Leadership and organization development processes often focus on one aspect of highly performing companies, such as quality leadership, talent management or an engaged workforce. However, excellence in any one or two of these components is not sufficient to ensure long-term success. Added value is gained by integrating all three components together in a synergistic effort. The integration of efforts has received attention from leading management thinkers. For example, David Ulrich, Jack Zenger and Norman Smallwood assert that successful leaders focus simultaneously on strategic direction, leadership, garnering employee commitment, creating organizational capability and balancing the outcomes of each competency. Similarly, maximizing work force impact on organizational outcomes over time lies in understanding and proactively managing three elements of an organizations talent: leadership, staff capabilities and employee engagement. Quality stewardship of these creates a powerful and measurable drive for organizational performance.
Employee knowledge, skills and abilities as evidenced by education, years of relevant experience, certifications, specialized skills, functions performed and tenure in current position. It also can include measures of ability to contribute, such as performance evaluations and competency model assessments.
The number and levels of people with various skill sets in the workforce and their projected turnover, recruitment and retention. Restocking consideration also is given here, including recruitment goals, development needs and plans, and retirement projections that typically fall into talent management planning.
Immediate and projected availability of given talent pools at stated capacity levels in a time frame required to achieve business goals and strategies. This is the right number, right skills, right time conversation that line managers concern themselves with when new or evolving staffing needs emerge Effective measurement requires a focus on understanding, predicting and tracking organizational readiness to accomplish critical strategic objectives. It starts with understanding organizational strategy related to product mix and timing decisions, and then assessing the attendant talent demographics and needs.
Measurement includes an assessment of critical skill turnover and net hiring, education and experience blend by job family, product line or facility. Further, an assessment of the relationship between critical employee performance and unit outcomes employee success ratio helps identify who to place on given efforts or product lines.
Personal connection, enthusiasm and pride with the mission and values of the organization. The opportunity to use ones skills, learn and develop professionally. Commitment to excellence in work effort and product.
In the form of an employee survey, data is collected and analyzed to identify both strengths and opportunities for improvement. Whether one chooses to use an existing in-house survey or one specially tailored for this purpose, a key element of engagement measurement is recurring administration, both as a pre- and post-test of an intervention and as an ongoing scorecard for management tracking and attention. It is best to survey a random sampling of employees across the enterprise on a regular basis so that every employee is polled once per year. These will keep the dashboard data fresh in leaders and managers minds
Performance The objective of the model is improved organizational performance. It is important to note that meta-measures such as stock price, profitability and other primarily financial measures are indictors of overall outcomes, and the influences driving them encompass much more than just the workforce. To establish workforce impact, one must measure
the extent to which organizational performance is specifically driven by employees.
For this reason, using performance measures directly linked to each of the three model components is crucial to demonstrate the impacts of any interventions on them. This is most easily achieved at the business-unit level, where the cause and effect and/or correlation relationships with specified efforts happen. The direct influence of the workforce on performance outcomes is more clearly articulated in strategy-targeted metrics, rather than global performance metrics that are impacted by other factors such as stock-market trends.
The Power of Three Each of the three aforementioned components of the model is linked to quality of organizational outcomes. The competitive advantage is gained by integrating the management of all three together. Putting this into practice requires not only the multidimensional focus on leaders, capabilities and engagement, but also an attention to the specific impact of the
combination of the three, measured and evaluated through clearly
reported analysis to identify organizational strengths, weaknesses and resulting action plans. While companies seek improvement and market leadership through a variety of avenues, only a handful have achieved greatness by leveraging human assets. However, by integrating, measuring and focusing efforts on leadership, workforce capability and employee engagement simultaneously, the employee base can be turned into a competitive advantage. Disciplined approaches to understanding and managing these, with a course of action designed to improve the company position, will lead to a workforce that is prepared, deployed and motivated to make an impact on organizational strategies.
3.2 Company Retention policy:Some of the measures undertaken by Beekaylon Synthetics Pvt. Ltd. to hire and retain talent in the organization, to be efficient and competitive in this highly competitive world are
Recognition of Merit:
It is highly motivating for any person if his talent is recognized and is suitably rewarded. One way is providing them with salary commensurate with their performance. Promotions and incentives based on performance are another way of doing it. Another way is by providing them with challenging projects. This will achieve two objectives - it makes employee feel that he is considered important (a highly motivating factor) and gets the work done in an efficient manner and brings out the best in the employee.
Thus Company focuses not only on development of individuals intrinsic capacities, but also on culture building and change management to provide the other elements listed above for manifestation of talent into performance.
Analysis and Interpretation are done according to department wise and according to questionnaire. This analysis and Interpretation will definitely help to the company for the future strategies. Following are the analysis and Interpretation of the results.
It is very necessary to understand the psychological tendency of employee. Because it is a quietly subjective so it will slightly deviate the opinion of the employee.
The Department of the company where I conducted survey. There were total 100 employees in Department.
Analysis
1. Does your organization have any specific talent management initiatives in place? ANSWERS yes NO CANT SAY NO. OF EMPLOYEES 48 13 5
Series 1
60 50 40 30 Series 1 20 10 0 YES NO CAN'T SAY
yes 20
No 13
Cant say 0
Series 1
25 20
15 Series 1
10
Areas
vision
Employes work
Ranking %
45%
30%
Sales
4. How does your organization identify talent? methods Retainin g the current potential Rankin g% 40% 30% 20% Leveragin g existing talent Acquirin g new talent
Series 1
45% 40% 35% 30% 25% 20% 15% 10% 5% 0% retaining current potential leveraging existing talent acquiring new talent Series 1
5. What kinds of activities are carried out to improve the talent of the employees?
Activities
coaching
workshops
Personality development
Ranking %
30%
10%
15%
8%
sales
Series 1
70 60 50 40 30 20 10 0 by potential by results by competencies Series 1
7. Does your organization have a staff member whose position is exclusively responsible for overseeing talent management initiatives? ANSWER NO OF EMPLOYEES YES 43 NO 37
Series 1
44 42 40 38 36 34 YES NO Series 1
8. Do you know how you can help the organization to achieve its aims through your talent?
Answer No of employees
yes 60
no 40
I think so 20
Series 1
70 60 50 40 30 20 10 0 YES NO I THINK SO Series 1
Chapter 5: Findings
5.1 Findings
Company has talent specific initiative in place (48%)
45% Respondent said that for improving talent management Initiatives organization vision align with the employees career Goal
80% Respondent said that organization made such policies that Encourage growth and development opportunities for improving Talent management initiatives
Retaining the current potential (40%) as comparing to leveraging Existing talent (30%) is top priority for the organization
Class room workshop, short term assignments and coaching are Usually used by the organization to carry out talent development Activities
Companies give the more Weight age to identify the talent by Potential (60%) as compare to result (40%)
Organization has a staff member responsible for overseeing Talent management initiatives (43%)
Conclusion
Talent Management for the HR Community is an opportunity for HR professionals to develop in their areas of expertise and in their careers. A strong HR Community helps create a strong public service. The goal of talent management is to better understand our people in the HR Community so we can support professional and career development and align individual needs and goals with the business focus of HR. We also want to ensure that we as a Community have the agility to develop people so that we are meeting the future needs of the community and government and our clients. This first broad sweep of the Community provides a foundation on which to ensure leadership continuity, knowledge transfer and service continuity. The initial implementation resulted in a number of important human resource priorities and strategies, such as performance management, leadership and management development, attraction and retention, employee learning and development and culture, all of which are supported by the HR Strategy for the HR Community. The critical next step in the process is the implementation of the Talent Management Plan for the HR Community. Individually, members of the community and their managers should work together to move forward individual career development plans. The HR Community must work together to promote a talent management mindset, commit to supporting development as a professional group, and integrate talent management into the daily fabric of doing business.
Chapter 6: Recommendation
Recommendations
Organization must have meaningful description of the capabilities required throughout the organization
Organizations must be able to relate those skills and capabilities to a role or a center of demand, such as a job position, project or leadership role.
The working culture of the organization should be improved and maintained to retain talent in long run.
More certified training should be given to the employee to boost their effectiveness and efficiency. It should be used as a tool of motivation.
The organization should identify the crucial talent initiative to attract and retain the employee. They should know which talent management elements can have the greatest impact on the business and therefore provide a better basis for prioritization and implementation.
To create a sophisticated talent management environment, organizations must: De f i n e a c l e a r v i s i o n f o r t a l e n t ma n a g e me n t Develop a roadmap for technology and process integration Integrate and optimize processes Ap p l y r o b u s t t e c h n o l o g y t o e n a b l e p r o c e s s e s
Chapter 7: Annexure
Questionnaire
Q1. Does your organization have any specific Talent Management initiatives in place? A.YES ( ) B.NO ( ) C.CANT SAY ( ) Q2. Are Talent Management initiatives a top priority in your organization? A.YES ( ) B.NO ( ) C.CANT SAY ( ) Q3.what Are the areas where talent management needs to be improved? A. Vision ( ) B. Employees work ( ) c. growth & development ( ) Q4. How does your organization identify talent? A. Retaining the current potential ( ) B. Leveraging existing talent.( ) C. Acquiring new talent( ) Q5. What kinds of activities are carried out to improve the talent of the employees? A. Coaching ( ) B. Short term assignments.( ) C. Workshops ( ) D. Others ( ) Q6. How does your organization identify talent? A. by Potential ( ) B. By Results.( ) C. By competencies ( ) Q7. Does your organization have a staff member whose position is exclusively responsible for overseeing talent management initiatives? A. Yes. ( ) B.NO.( ) Q8.Do you know how you can help the organization to achieve its aims through your talent? A.YES ( ) B.NO ( ) C.I THINK SO ( )
Chapter 8: Bibliography
I am overwhelmed in presenting my project report in Beekaylon synthetics Pvt. Ltd., Silvassa works for this I wish to express my deep sense of gratitude for following web sources and authors to take there references for these project.
Web Sources: