MANAGING in the

NEW WORLD

Most organizations would rather try to hire superstar employees and avoiding toxic workers. However, business research conducted clearly proves that instead of chasing the top performers, firms will be better served by converting the toxic workers into average performers. Around 5% of toxic workers even get terminated eventually. In cases where workers were lost due to toxicity, replacing the same and the opportunity cost of work days lost results in losses worth more than twelve thousand US dollars. On the other hand a figure of a mere five thousand odd dollars get saved when superstar employees get hired. Thus it is essential to hire the right candidates and screen them for toxicity during the interview process. Over-confidence and self regard are traits typically present among such candidates and they must be avoided for final selection.

Talent management teams are increasingly grappling with the oddity of reducing employee attrition across industries. For this a business research project was commissioned and executed by the National Bureau of Economic Research (NBER) to look into ways to improve the equation. It was found that contrary to popular perception, computers are better at hiring employees than humans. A sophisticated algorithm has been designed which judges applicants based on numerous parameters and ranks them. Indeed the ones adjudged to be better as per the algorithm proved better hires. This is especially true for low-skill jobs such as data entry or tele-calling.

Air Asia built its corporate strategy on the cornerstones of an open corporate culture, talent management and harnessing data. Tony Fernandes turned around a traditional, loss making airline by introducing a flat corporate culture and improving communication. He emphasized internal branding and creating an organization which the employees can identify with which will reflect in their dealings with the external world.  He believes that talented people are the best assets of a Company and looks for raw talent who can be polished to become their star employees. He encourages employees fulfill their dreams and aspirations which also ensures loyalty to Air Asia. Air Asia has extensively used data and technology to differentiate itself in the market and they believe it to be the airline’s future.  These are then the secrets behind the turnaround of Air Asia from a loss making small airline to the ‘best airline’ in Asia!

Talent management is now considered of key importance to most organization and it is an organization’s culture that is key to the same. It includes beliefs, values and norms shared across the organization, which ultimately aid in retaining talent. A good work culture must involve a clear corporate strategy including mission and vision. The tom management must exhibit genuine compassion towards employees. The company policies must be guided by a clear and strong value system. Two communications both vertical as well as horizontal must be constant. A three sixty degree feedback mechanism must be initiated. Also the operations of the firm must run smoothly. There must exist complete transparency in dealings.

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