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A Project report on Creating a Competitive Advantage through Talent Management In Beekaylon Synthetics Pvt. Ltd.

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.

SSR college of Acs. Sayli Road,Silvassa. Silvassa-396230.

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

1.1 Introduction of the study Talent Management


Talent management implies recognizing a person's inherent skills, traits, personality and offering him a matching job. Every person has a unique talent that suits a particular job profile and any other position will cause discomfort. It is the job of the Management, particularly the HR Department, to place candidates with prudence and caution. A wrong fit will result in further hiring, re-training and other wasteful activities. Talent Management is beneficial to both the organization and the employees. The organization benefits from: Increased productivity and capability; a better linkage between individuals' efforts and business goals; commitment of valued employees; reduced turnover; increased bench strength and a better fit between people's jobs and skills. Employees benefit from: Higher motivation and commitment; career development; increased knowledge about and contribution to company goals; sustained motivation and job satisfaction. In these days of highly competitive world, where change is the only constant factor, it is important for an organization to develop the most important resource of all - the Human Resource. In this globalize world, it is only the Human Resource that can provide an organization the competitive edge because under the new trade agreements, technology can be easily transferred from one country to another and there is no dearth for sources of cheap finance. But it is the talented workforce that is very hard to find.

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.

Identifying the talent which is required

Right selection of the talent

Implementing competitive compensation plan

Training and Continual Development of competencies

Aligning the acquired talent

Retaining the talent

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.

RESEARCH DESIGN- DESCRIPTIVE RESEARCH DESIGN:


A research design is a specification of methods and procedure for acquiring the information. A research design is a master plan or model for the conduct of formal investigation. Research design is purely and simply the frame work or place for a study that guides data. It is a blue print that is followed in completing a study.

1.6 Data collection:-

1) Primary Data Collection Method.


Primary data are those that are obtain by the user for fulfillment their purpose. I have taken Primary Data through personal visit of HR head, and HR executive, of Company Ltd. At all levels and observation methods to get more reliable information. I also collected primary data by filled, Yes or No format questionnaire by the employee of Company, The prime focus of this questionnaire was to compare with the responses obtained from HR professionals. The talent management initiative is taken by the hr professionals but the implication of this initiative is on the employees. By this questionnaire, the researcher tried to find out the effectiveness of such talent management initiative as well as the satisfaction level of the employees.

2) Secondary Data Collection Method.


The Secondary Data is that which is already collected and stored or we can say already saved or ready data by others. I got secondary data from their journals, records, specimen of appraisal form etc. And from newspapers magazines, articles, internet etc I got basic information of Talent Management

Chapter 2: Profile of the Organization.

2.1 Background and History of the Organization Company Profile:


Beekaylon Synthetics Pvt. Ltd. is a well reputed company engaged in the manufacturing, importing and supplying of Polyester Yarns like Dyed Polyester Yarn, Textured Polyester Yarn and Dope Dyed Black Polyester Yarn. The company has been successfully catering to the needs of the clients since past 3 decades. Moreover, its ethical business practice and transparent dealings have helped the company marks its name in the international market.

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.

Vision and Mission Vision:


following ethical and fair business practices ings.

Mission:

Impart training, motivation and respect to all employees

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.

2.2 Products offered by Organization: Dyed Polyester Yarn

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

155 txt/500 TPM

Textured Polyester yarn

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

80/108 micro ROTO

Dope dyed black Polyester Yarn

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

Chapter 3: Conceptual Background

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.

Workforce Capability: The Foundation of Success


Workforce capability refers to an organizations ability to accomplish objectives through its employees. Comprised of the aggregated talent base, the capacity necessary to carry out the mission and achieve the vision, and the appropriate deployment of staff, this capability is defined as:

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.

Engagement: Making Employees Owners


The element in the model refers to the extent to which employees are fully occupied and focused on their work and the companys mission. There is compelling evidence including a 2006 global employee engagement study by ISR that employee engagement is linked to organizational outcomes, including productivity, profitability, retention, customer satisfaction, operating margin, net profit margin, operating income, net income and earnings per share. Organizations with employees who understand and believe in the companys mission, customer proposition, values and standards enjoy greater success on a range of business outcomes. Various models and formulations exist, with survey questions asking whether an employee would refer a friend to the company, if one is considering leaving the company, etc. Models also have been developed to measure employees engagement in the companys business and outcomes. Three aspects of employee engagement emerge from these models:

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.

Measurement: Linking the Pieces


linking leadership performance to workforce capability and employee ownership via clearly communicated measurement connects the workforce factors that affect the bottom line. This improves performance by not only ensuring the proper mix of necessary workforce requirements, but by improving accountability. Efficiency is gained by directing the focus of efforts to aspects of the model that contribute to enhanced organizational success. Results, reported via an integrated dashboard, provide a basis to focus on activities that indicate a need to either change course or rebalance priorities.

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

Hire the Right People:


Proper care must be taken while hiring the people itself. It would be beneficial for an organization to recruit young people and nurture them, than to substitute by hiring from other organizations. Questions to be asked at this stage are: Whether the person has the requisite skills needed for the job? Whether the person's values and goals match with those of organizations? In short, care must be taken to fit the right person to the right job.

Keep the Promises:


Good talent cannot be motivated by fake platitudes, half-truths and broken promises. Unfulfilled expectations can breed dissatisfaction among the employees and make them either leave the organization or work below their productive level. Promises made during the hiring stage must be kept to build loyalty among the employees, so that they are satisfied and work to their fullest capability.

Good Working Environment:


It has to be accepted by the organizations that highly talented persons make their own rules. They have to be provided with a democratic and a stimulating work environment. The organizational rules must be flexible enough to provide them with freedom to carry out their part of task to their liking, as long as the task is achieved. Opportunities should also be provided to the employees to achieve their personal goals.

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.

Providing Learning Opportunities:


Employees must be provided with continuous learning opportunities on and off work field through management development programs and distance learning programs. This will also benefit the organization in the form of highly talented workforce.

Shielding from High Work Pressure:


If an organization has to make the most of the available talent, they should be provided with adequate time to relax, so that they can did-stress themselves. It is very important to provide them with holidays and all-expenses-paid trips, so that they can come back refreshed to work and with increased energy. They must also be encouraged to pursue their interests which are also a good way of reducing work environment stress. Recreation clubs, entertain programs, fun activities with in the work area will also reduce the work life stress of the employees and develop camaraderie among the workers and result in a good working environment

TALENT & PERFORMANCE


Organizations provide individuals the opportunity and space for physically manifesting their talent into performance for achieving individual and organizational vision. Talent manifests into performance as follows:
Talent + Vision/Mission/Strategy + Skills & Competencies + Role & structure + Opportunity + Encouragement & Recognition + Training & Development + Coaching + Action Plan & Goals + Resources Performance Management System Performance

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.

Chapter 4: Analysis &Interpretation of Data

Introduction of Data Analysis.


The word Analysis means the process of breaking down a Complex set of facts into simple element while Interpretation stands for the explanations which analyzed the statements and also make out or bring out the meaning of creative work.

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

2. Are talent management initiatives a top priority in your organization?

answers No. of employees

yes 20

No 13

Cant say 0

Series 1
25 20

15 Series 1

10

0 yes no can't say

3. what are the areas where talent management needs to be improved?

Areas

vision

Employes work

Growth & development 80%

Ranking %

45%

30%

Sales

vision employees work research & development

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

short term assignments

workshops

Personality development

Ranking %

30%

10%

15%

8%

sales

coaching short term assignments workshop personality development

6.How does your organization identify talent?


activities By potential Ranking % 60% By results 40% By competencies 50%

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%)

Company gives them top priority in their organization (20%)

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:

1) Citehr.com 2) Weckipedia.com 3) Google.com 4) Managementparadise.com