Talent Management: Talent Management, Psychological Aspects

Key words: Talent Management, Psychological aspects, intellectual asset, ITSP’s, NASSCOM.

1. Introduction: The new era is upon the business, the people age. The previous era was defined first by raw materials that transformed them: Stone, Iron and bronze. Then they were characterized by the domains people conquered with technology: industry, space and information. Now, Human potential will be the catalyst for change and the global force driving economic, political and social developments. Talentism is the new capitalism (Michael Haid, 2012). Migration of talented employees leads to loss of knowledge and learning capabilities, usually suppresses the organizations ability to innovate for sustaining their international competitiveness. This challenge

The importance of talent management practices stems from their assumed influence on whether an organization will be successful or not within a competitive business environment. It has been stated that increasing the company’s human talents will lead to the organization flourishing (Michaels, Hadfield-Jones & Axelrod, 2001). Talent retention requires the capacity and the ability to engage the talented workers that are already employed by the organization. The goal of the talent retention strategies to have control over who will leave the company, and when they will leave. The final phase of evaluation involves the use of diverse assessments of the organizational methods employed to improve the influence of human capital within the organization (Forman, 2005). Therefore, the complete and holistic view of talent management prioritizes employees of the best quality, who are committed to, engaged in and aligned with organizational goals, aims and targets. The foundation and formation of a supportive cultural environment, rather than a restrictive environment promotes this ideal (Forman, 2005). However, Forman’s (2005) theory has no empirical evidence that supports such phase distinctions, or the positive impact such a cyclical talent approach has. The Indian Information Technology (IT) industry embodies each of the above characteristics. 64.4 per cent of the IT

Employees psychological aspects such as Perception, Attitude and Expectation were analyzed. The focus of the study is to identify the association between employees psychological variables & Talent management practices in IT companies in Chennai city. Analysis and Findings:

Hypothesis 1: There is no significant difference between mean ranks towards Employee Perception in IT companies. Table 1: Friedman test for significant difference between mean ranks towards Employee Perception in IT companies.

Source: Primary Data. Since P value is less than 0.01, the null hypothesis is rejected at 1 percent level of significance. Hence it is concluded that there is significant difference between mean ranks towards employee perception on talent management practices in IT companies among Software employees. Based on the mean rank most of the employees perceived that their organization have a comprehensive talent strategy (2.72), followed by talent management in their organization begins with vision, mission and direction of the organization strategy (2.99), many employees are in the view that talent management incorporates all the levels in their organization (3.06), Training, development and mentoring helps in talent management and the scope of talent management is more than human resource management