Talent Is Intangible Asset In Any Organisation

Talent is an intangible asset in the balance sheet which is not visible, said Raj Kamal Singhal, Director & Chief Operating Officer-Hitachi Systems India.

“For me talent was just an expense in the balance sheet but now I can say talent is an intangible asset in the balance sheet which is not visible to any of the auditor or the external world,” he said.

“I believe talent has always been a scarcity, it’s not that we’re facing this problem for the first time in India,” he added.

According to Singhal, distractions have increased in today’s time.

“The distractions have increased. Moonlighting is there, people working from home, covid taught us India adopted that. But somewhere moonlighting is leading to multi-halting problems around,” he said.

He further highlighted that If the corporations take care of around 20 per cent of the top talent then the company has nothing to worry about.

“For us talent is everyone, we don’t define our people in terms of talent or non-talent we see a positive outlook and we define every person who's working in our organisation as talent,” said Niharika Mohan, Chief Human Resources Officer- Luminous Power Technologies.

While explaining what is talent shortage, Mohan says “It is the consumer demand”.

“A business is shaped by what are the requirements of the customers, how the business is changing and therefore what are the skills that are required in the business and if everyone is vying for the same then there is a talent shortage,” she stated.

There’s a talent shortage for niche skills, she said, “Yes there is a talent shortage but we live with the fact and that is the beauty of it.”

“When we talk about talent management, how is it that you’re able to scale it up with existing talent,” she said.

“Also provide them with careers which are cross functional, how you build them internally and if you’re able to do that successfully as an organisation, you solve the other problem which is talent retention,” she added.

What cannot be measured cannot be improved, said Kshitiz Sachan, Performance Process Coach-Keka HR.

“Keeping that in mind I think it’s very important for us to understand what is the talent which exists and what is the degree of the talent,” he said.

“So over the period of time the methodologies of managing talent have evolved,” Sachan said.

Majorly it’s about people giving the control, where they themselves are accountable towards their performance, that is something changed over the time, he added.

While talking about the talent evolution over the years, Komal Somani, Chief Human Resources Officer & Whole Time Director-ESDS Software Solution Ltd. said “Earlier we’ve seen that having a new car, bungalow and more are the newest luxury. But the newest luxury for this generation is having the freedom to work, having good health and having respect in the job that they do.”

“So unless you provide these newest luxuries to your talent you’ll always find it difficult to retain them,” Somani added.