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BlogTalentship: The New Science of Human Capital

February 2, 2021by vggadmin0
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There is no denying the fact that intellectual capital is the most critical and important factor for the success of any organization.

The importance of the contribution of the human capital of an organization increases even more in today’s dynamic nature of business. Only acquiring talent can not be enough for an organization’s maximum success. Managing talent strategically is the only possible way for achieving organizational goals most efficiently.

And that is where the concept of Talentship enters into the picture.

Talent-ship can be defined as a ‘Decision Science’ which helps in enhancing the decision making in the field of Human Resource (HR).

Human talent possesses the potential of creating the strongest competitive advantage to an organization yet it is underutilized because of the low applicability of traditional HR practices in the core business.

It is now high time to revolutionize HR practices from traditional to more strategic and logical processes as it is done in other departments like finance, marketing, operations, etc.

Another important aspect of the science of decision making is sustainability, i.e., The success of today must not be achieved at the cost of the future.

This sustainability can be achieved by implementing talent development through creating sustainable talent in a way that talent is always available to the organization at any given point of time in the future. This requires a strategic framework of talent management where the main focus is on organizational goals instead of training.

Here’s how a sustainable strategy can be framed for talent management:

  • Compare and align the present and future needs of talent
  • Focus talent strategy on organizational goals
  • Coordinate talent management with the core business
  • Maintaining a rigorous talent management process

As discussed above, the most efficient strategic decision making can not be achieved while using only traditional methods of HR, the managers need to look beyond the HR profession for that.
The paradigm must be applied for effective talent decision science.

HR measurement is indeed a vital part of HR practices, but it alone cannot drive the strategic change and enhance organizational effectiveness. It must be supported with some other components which are critical for an effective measurement system.

The group of these four components is what we call the LAMP model- ‘Logic, Analytics, Measures and Process’.

1. Logic
Logic is the foremost need of efficiency. It is a very important component of a measurement system as it helps in drawing the connection between HR and strategic management practices. It cannot be assessed without logic as to where to find the right pool of talent for your organizational needs. It helps in understanding the ultimate connection of human capital to the customer and profits.

2. Analytics
Analytics is all about drawing the right conclusions. The importance of analytics cannot be underestimated. A measurement system could prove to be a failure even after having good measures and logic if right the conclusions are not drawn from them. Analytics is the science of drawing the right insights and connecting the logic to the talent and organization.

3. Measures
The measure is the major component of the measurement system of the LAMP model. Measures are based on various criteria in HR i.e. consistency, reliability, timeliness, etc. Each manager can have his logical criteria of measure. They may all be correct but they are not universal. But these measurements can be made more reliable and effective by logically ascertaining the importance of each criterion in different circumstances.

4. Process
The process is the final step of the LAMP model. After adopting the right measures using logic and drawing the right analytics, it is important to make all the managers understand HR insights. These insights must be presented in a practical way to motivate managers to take action. The process must be influential so that it leads to an effective HR management strategy.

By implementing the LAMP model into HR practices, human capital can be used in the most optimized way possible. LAMP framework not only provides managers with practical insights but also is the key to talent decision science.

It brings the actual impact on organizational management efficiently and effectively.

HR possesses much more potential to contribute to the core business than just a traditional profession. HR can evolve to be much beyond the HR profession only by using ‘talentship’ or strategic ‘decision sciences’. These decisions need to be rigorous, strategic, and logical for the success of the organization.

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