How can software companies such as Logica win the war for talent Essay

How can software companies such as Logica win the war for talent - Essay Example Hence, there is no correlation between innate skills and top performance. â€Å"Practice makes perfect,† it is always true that perfection comes through practice. Talent can be developed to a very great level. Over the recent past, the IT industry has seen an incredible increase in hiring because of the growing trend towards outsourcing. Large IT companies are growing in their employee number. Many companies have put forth new concepts and ideas to win the war for talent. In today’s knowledge economy, a company’s talent force greatly determines the company’s success in the market. But it is highly difficult to retain or attract skilled employees. Though the senior management in major companies believes that winning the war for talent is highly complex, few do believe that the steps taken in today’s IT world will surely help in winning the war for talent. We will discuss below on how the quest for the rightly skilled talent has been dealt with by man y major software companies (Elizabeth et al. 2007) across the globe. The War for Talent Talent is something that is worth fighting for. It is always tough to retain superior talents. This has always been the case in most of the software companies. This results in the shortage of skilled staff to work on major assignments. The war for talent starts right from the junior level up to the senior management. Companies can win this chiefly by elevating talent management. Though many companies have taken this seriously, there are others who have already started facing troubles finding or retaining skilled workforce. This would be a great challenge even for large companies. There are various reasons for this: (a) Today’s most complex economy demands high-level talent with technological literacy, ability to manage work pressure during crisis, entrepreneurial skills, etc. (b) The emergence of smaller companies which target the same skilled workforce that are sought by larger companies. Smaller companies pull in more executive talent giving them greater opportunities in terms of money and growth. (c) Also the tendency to shift jobs frequently has increased amongst executives recently. This was not the case in early times when a talented executive would have changed employers just once or twice in his/her entire career. (d) In the past few years, executive talent has been given the least priority by many large organizations. It is only recently that larger companies have started to visualize problems that could emerge if they were short of skilled force. Companies have now started becoming conscious of retaining their talents and have understood that employees are their key assets. This pictorial representation below shows the various reasons that make employees to switch over companies (Michaels 2001). Building Talent Most companies do agree that they need to have the right talent in the right place. Companies generally apply the strategy of talent acquisition, pr ogress and retention. They seek ways to make sure that they have the right talent that is needed to boost their company’s performance in future. Enhancing the skills of their workforce is the best way companies opt to build and retain their skilled force. This is the fundamental for the growth and strength of any organization. By understanding and doing best to improve the skills in-house, companies will be able to gather talented, motivated and energized workforce. It is the