Page 30 - Banking Finance June 2021

ARTICLE

ALIGN TALENT

WITH BUSINESS

IN BANKING

INDUSTRIES

"Developing talent is business's most important Talent management is the systematic attraction,
task - the sine qua non of competition in a identification, development, engagement/retention and
deployment of those individuals with high potential who are
knowledge economy."
of particular value to an organization. Talent management
- Peter Drucker referring to an organization's effort to attract, select,
develop and retain talented key employees. "Talent
Introduction management, which is 'the implementation of integrated
The development of technology, changing demographics and strategies or systems designed to increase workplace
the fluctuating economic and political situation, have all productivity by developing improved processes for
affected talent and employment. The banking sector is attracting, developing, retaining and utilizing people with
facing certain talent management challenges in the Indian the required skills and aptitude to meet current and future
Banking Industries and further afield. The traditional way business needs."
in which banking in India is changing, and financial
institutions that want to stay ahead of the curve must be Talent strategy is the No. 1 priority executives will focus on
aware of these trends. in coming years. This is substantiated when one considers
the business value of designing and executing an optimized
About the author talent strategy. The 2020 State of Talent Optimization
report published by different agencies in India found a
strong correlation between talent optimization and
Rishi Srivastava organization performance. In fact, 600 executives across 20
Chief Manager(Faculty)
Union Bank Of India, industries revealed that organizations with aligned talent
Staff Training Centre, Lucknow. and business strategies are more likely to outperform other
organization, retain top talent, see higher employee

30 | 2021 | JUNE | BANKING FINANCE