Topic – “Talent strategies-Balancing Build vs Buy.”
The panel discussion of “Onimia” Series on Day 3 of Disha 2014 was on the topic “Talent Strategies-Balancing Build Vs Buy.” This was an insightful discussion where stalwarts from industries shared the stage and gave their views about the topic, which holds a great relevance in the existing corporate world. The moderator of the panel discussion was Prof. K.J George who began with the introduction about talent strategies and how it affects the functioning of companies.
Mr. Amitabh Kumar, Head Human Resources at NECconnoted the choice between Building and Buying talentfor an organization entirely depends on the stage the company stands at. With the technology outdating quickly short term is not short term anymore. Where anorganization stands today and where it will be five years later all depends on the balance it acquires between building and buying talent. An organization needs business strategies, man power, goals, assessment and development programs for the leaders; an action plan to ensure that the organization always has talent to fill the roles in its hierarchy.
Mr. Siddhartha Chandoke, Director of Talent Acquisition at MetLife Global Services India, strongly believed that segmenting of talent pools in their respective nations is needed to reach a balance between balancing and building talent. He asserted that while veteranHR practitionersfoster altruist beliefs that talent has to be built not acquired as such a leadership pipeline exists but the truth is we have to build, borrow and buy talent. To deliver the same powerhouse overtime, to acquire projects global in level, to grow as a nation we need specialized and non-specialized skills which may be bought or developed depending on the state the organization is in. If it needs investment this is the time to invest as the technology is giving all thoughts to our generation that’s coming up.
Mr. Anish Philip, Head HR – India,Sasken initiated the discussion by taking example of the industry with which he associated. According to him, it is predominantly about ‘people’ in today’s state of the various global industries. For an existing business if talent is not with us then we need to buy it to keep the business going. Acting globally local is the need of the hour. Once established, build is an integral and imperative part of a system’s growth. With changing talent strategy, the next step is the effective communion of the same to associates to avoid change resilience and also to ensure that they know as to how, what and why has to be done in the future to meet the set of objectives of the company.
Ms. VijayantiMargassery, Head-Talent Management & Organization development, Biocon, began with a primary question – “How to retain people on job?” Today’s industry is struggling with this question. Focusing on the strategy adopted by developed economies of the world like USA,Canada,Japan who’s talent absorption rate has taken off largely in past 10 years and countries like China that open its economy for skilled professionals from various parts of the world that adds to their talent pool and their economic growth he contrasted with India’s take on talent building and absorption. Talent in India on the other hand is not connected to the economic growth directly. There is lack of motivation to the youth to pursue higher skilled education which is critical for an overall growth of India to emerge as a major talent hub for its own business sectors that are in need of expertise.
With all the four panelists stating their perspectives about the various business strategies to develop talent and manpower, the discussion helped students to understand the concepts of human resource discipline. The panelists preferred developing the talent pool for the organization rather than hiring the talent as this helps in creating a trust among the employees as well as create a healthy work culture. Andthe discussion ended by Ms. Vijayanti saying that innovation can be achieved by following a step by step process by providing employees with the appropriate tools and technology.