Talent Management could help reduce Lay Offs

More than 500,000 people lost their jobs only in India in the recent economic set back. Let us take a few moment to Analyze the root cause of layoffs during the down turn of the economy. Proper Talent Management process at each organization could help avoid such situations hence forth.

Now some of the most common problems with the existing Talent Industry:

No proper talent Management systems available with the Corporates

Failure in identifying the talent within the organization

The large and enormous amount of talent pool available in India

Fraudulent Resumes, certifications and qualifications

Look alike resumes

Qualifying a talent based only on academic credentials

High level of Human interventions leading to inconsistencies in the hiring process

Non standardized assessments

Non availability of a global assessment platform

High time that any company avoid a bad hire. A bad hire could lead you to a humongous Loss and intangible to be identified in an early stage if not taken care during the recruitment process. Where and how does it affect?

Cost to the Company

Effects the morale of the rest of the employees

Time and effort

High level of attrition

Lay Offs during the down turn

This calls for corporates implementing good Talent Management and nurturing systems to reduce Lay offs.