BUS7B35 Resourcing and Talent Management Sample

Introduction

Employees or workers are considered as one of the key aspects of an organisation’s success. This is the reason for which organisations worldwide have been providing a greater focus on talent management. In the current essay, the concept of “the great resignation” will be discussed based on the evaluation of employment markets.

Along with that, the impact of key aspects of the employment markets on the resources as well as talent management of Infosys would also be discussed critically. In order to critically discuss findings regarding resource and talent management, theoretical perspective would also be utilised.

Discussion

Key aspects of the employment markets

The global companies always work on understanding the dynamics of their specific operational market in order to deal with resources, obtain talented employees, and set a competitive salary (HRM Guide, 2022). Key components of the employment market include the population of the labour force, the population of applicants, the applicant pool, and the individuals selected (CFI, 2022).

The population of workforce participants are generally more to the number of candidates who are available for work in the employment market. Apart from that, the applicant population is one of the significant aspects of the employment market, which includes the candidates who are applying for any particular job that matches their skills as well as expertise (CFI, 2022). In this regard, it has been found that the employment market is one of the significant activities of Eurofound’s work program for the period 2021 to 2024 (Eurofound, 2022).

A global issue can be identified in this context, which reflects the consequences of the great resignation that took place during this pandemic period. The concept of the great resignation is recognised as a phenomenon describing record numbers of employees who are leaving their jobs after the ease of Covid-19 restrictions.

In accordance to the US Bureau of Labour statistics, it was noted that over 47 million people voluntarily left their jobs during 2021 when the Covid-19 related restrictions were simplified to some extent (Fuller and Kerr, 2022). The figure in the appendix section has been demonstrating increasing growth of the employees voluntarily leaving their jobs during and after the pandemic situation (Refer to appendix 1).

Employee turnover eventually became a significant point of concern at both the national and international level during this pandemic. In case of highlighting the national level aspects, the home country of Infosys, India experienced a 12.1% employee attrition rate in 2021 (Bhattacharya and Basu, 2022). It is eventually expected to emerge at 19% by the end of 2022, which is considered as a 57% increase over the previous year circumstance (Bhattacharya and Basu, 2022).

Almost similar consequences can be highlighted throughout the international market during the period. The 2021 Bureau of Labour Statistics report can be considered in this case, which reflected the existence of 25% voluntary turnover from the employees’ perspective (Simovic, 2022). However, the overall employee turnover rate stood at 57.3% (Apollo Technical, 2022).

Another national and international aspect of the employment market can be identified in this context, which reflects the clause of hybrid working culture. This attribute took place as a result of the pandemic restrictions. Several multinational organisations had to rely on work from home policies as an integral part of continuing their operations despite experience in the toxic impact of the Covid-19 pandemic.

From the international market’s point of view, it was notified that the remote working facility had reduced employee turnover rate by 25% from the perspective of global businesses (Simovic, 2022). Moreover, increasing growth of productivity was also recorded from the perspective of 77% of the global workforce who worked remotely a few times per month (Apollo Technical, 2022).

These mentioned factors along with great resignation are notified to impact respective workforce management strategies of potential businesses operating at both national and international markets.

The impact of the employment factors on the resourcing and talent management strategies of Infosys

The aforementioned factors are already notified to put a profound influence on the respective resourcing and talent management strategies of Infosys. The company was notified to depend on hybrid working culture as a subsequent parameter of continuing their business operations throughout different regions as well as countries.

For instance, it can be notified that right after the start of the coronavirus outbreak, Infosys allowed 90% of their employees to work from home (Infosys, 2022). However, the figure has recently topped to 95%, which reflects the existence of a hybrid working culture (Infosys, 2022).

With regards to the mentioned statistics, it can be seen that Infosys initiated a change in their blended workplace where increased collaboration is also promoted to a large extent. Infosys considered innovative strategic attributes for potential employees returning during the post coronavirus pandemic. The company initiated to ensure proper mix of both on site and remote working conditions through the conceptualisation of multiple communication channels (Lee, 2022).

Adequate access was also ensured by Infosys management for their employees through help desk as well as human resource contacts. From this viewpoint, ultimate attention of the organisation can be notified to minimise external disruptions in order to make the workplace environment comparatively better through the transformation or transition programs (Lee, 2022).

The consequences of the great resignation had also impacted Infosys resourcing and talent management strategies to a large extent. During the first 3 months of 2022, Infosys recorded 27.7% employee attrition rate (Business-standard, 2022). In this condition, Infosys management decided to cut down their employee turnover through incentive schemes, which are expected to attract and retain employees with digital skills.

The aggressive redeployment concept is also planned by Infosys management, which would allow their workforce to flexibly operate with digital technology. Moreover, the organisation considered to follow a localisation approach for their US based locations that has helped them to stabilise their business with increasing resilience as well as reduced employee turnover.

The employee retention score in Infosys was noted to be rated C (Infosys, 2021). In order to improve this condition, the company began to think of emerging strategic plans as an integral part of supporting employee retention to a fair extent. Infosys management is generally notified to offer their employees an average raise of 12% to 13% in India (Sengupta, 2022).

Moreover, employee motivation is highly appreciated by Infosys, which can be reflected through their resourcing and talent management strategies. The high potential employees in Infosys are blended to be provided hikes of 20-23% (Sengupta, 2022). The existence of a retention bonus is also applicable in this context. Infosys is eventually notified to provide better rules and opportunities for their top-performing employees by educating them about new skills such as machine learning, artificial intelligence and others.

Resourcing and talent management theories

From the above understanding and analysis, it has been understood that talent management plays an important role managing business organisation and profitability. In this connection, the theory of “traditional talent management model” can be taken into consideration, which reflects the key HR possibilities that enhance talent management, recruitment, development and analytics.

Along with this, the theory suggests on management of performance that is being considered to be controlled while pertaining to the dynamic business scenario (Zhang, 2021). Delivering accuracy and flexibility are also included in this management so that the turnover of employees can be reduced while strengthening the manpower of the company to be supreme. Additionally, it can be stated that it is very essential for an organisation to manage their talent in an organisation so that the possibility of offering best possible services can be attained (Crowley‐Henry et al. 2019).

From the analysis it has been determined that Infosys unveils an integrated talent management program in order to have comprehensive talent management that supports employee engagement while addressing the life cycle of human resources (Infosys, 2022). While focusing on talent management, Infosys is able to streamline their business and reduce operation cost.

For example, Infosys has a talent management program that helps in employee interactions along with social engagement with interactive capabilities (Infosys, 2022). The social collaboration and HR functional keys to enable an always connected workforce for better possibility of retaining employees are the prime aspect of Infosys. This resulted in 412 exchanges occurring in the global outsourcing market at the 2Q of 2022, which is relatively higher than the 2Q of 2020 during pandemic (Statista, 2022) (Refer to appendix 2).

Moreover, considering the “new talent management model” it has become the most integrated business process that can be backed by the support of technology in this competitive landscape (Foung et al. 2020). Through this model, it can be understood that slightest shifts in the business environment can entirely disrupt the requirements of an organisation.

Thus, Infosys focused on new work-from-home dynamics leading to several changes in parameters along with the severe disruption in resignations (Hindu Business Line, 2021). Infosys is found to be focusing on roll out increments in terms of employee effectiveness while focusing on digital spending performance parameters and overall performance system that are also for remote workers (Hindu Business Line, 2021).

Infosys has also introduced “The Infy Ikigai” that helps in staying resilient in terms of challenging times such as Covid-19 pandemic (Hindu Business Line, 2021). Therefore, in the theory of the new talent management model, it is being understood that with a changing external environment, the process of organisation is also required to be changed.

Next generation tools such as survey tools, feedback, and application learning and development management systems all should be properly aligned and serve fairly modernised management (Hasanpour et al. 2019). Moreover, Infosys is improving employee experience through digitalisation along with launching “paperless onboarding experience”, “InfyMe app” and many others, which is helping the organisation with 85% of employee satisfaction at the experience index (Infosys, 2021) (Refer to appendix 3).

Impact of employee turnover the organisational strategic goals

Employee turnover is regarded as the most essential aspect that negatively influences the productivity of an organisation. In the case of Infosys, the company is already noticed to suffer from the issue of increasing employee turnover. With regards to the theoretical interpretations presented above, subsequent focus can be kept upon the conceptualisation of effective talent management approaches.

In accordance with the new talent management model, subsequent usage of advanced technologies has been notified (Infosys, 2021). These technologies include the concept of feedback app for collecting valuable employees’ perceptions regarding further improvement, online learning and development, pulse survey tools, learning management system and others. With the help of these mentioned technologies, Infosys management would be able to reorganise their workforce through extensive motivation as well as skills and knowledge.

Apart from that, valuable feedbacks collected from employees can eventually help the organisational management to ensure distinctive employee engagement with their core business activities and operations. Infosys is already recorded to operate with an all time highest employee wellbeing rate of 91% across different locations (Infosys, 2021). Despite the conceptualisation of the virtual setup due to the ongoing pandemic, the company has been able to ensure subsequent satisfaction of their workforce through concerted efforts.

Infosys is also noted to depend on digitalisation as an integral part of improving their employee experience as mentioned earlier. This aspect has eventually impacted in a positive manner for Infosys with 71% overall employees satisfaction rate (Infosys, 2021). The company has eventually established a strategic goal of ensuring awards for excellence, which is recognised as an integral component of the core business values.

Through the above mentioned sequences, Infosys is notified to empower their strategic goals with a concise focus on resourcing and talent management. Lawful and ethical people management is eventually considered by the company in this case that reflects their operational transparency as well as fairness.

Conclusion

The overall essay has presented a clear understanding by recognising the ongoing aspects of the employment markets such as the great resignation, hybrid working culture and others. Despite experience in the existence of increasing employee turnover in Infosys, the company is notified to plan for applying different strategic aspects such as incentive schemes, feedback apps and others.

The company is also aiming to adequately include digitalization for their resourcing and talent management, which is expected to help reduce employee turnover in the near future. However, the company is recommended to consider round table conferences with different department heads in order to effectively point out potential talent from their workforce and retain them through adequate strategies as mentioned.

References

Apollo Technical, (2022). 19 EMPLOYEE RETENTION STATISTICS THAT WILL SURPRISE YOU (2022) [Online]. Available at: <https://www.apollotechnical.com/employee-retention-statistics/#:~:text=In%20the%202021%20Bureau%20of,looking%20at%20only%20high%2Dperformers.> [Accessed 20 August 2022]

Apollo Technical, (2022). SURPRISING WORKING FROM HOME PRODUCTIVITY STATISTICS (2022). [Online]. Available at: <https://www.apollotechnical.com/working-from-home-productivity-statistics/> [Accessed 20 August 2022]

Bhattacharya, S. and Basu, D. S., (2022). India Inc may see more staff saying bye this year: Survey. Economic Times. [Online]. Available at: <https://economictimes.indiatimes.com/jobs/india-inc-may-see-more-staff-saying-bye-this-year-survey/articleshow/90807821.cms> [Accessed 20 August 2022]

Business-standard, (2022). Infosys goes all out to retain talent, increases promotions, ESOP coverage [Online]. Available at: <https://www.business-standard.com/article/companies/internal-promotions-stock-option-programmes-infosys-bid-to-retain-talent-122061700401_1.html#:~:text=In%20the%20first%20three%20months,in%20the%20Jan%2DMarch%20quarter.> [Accessed 20 August 2022]

CFI, (2022). Labor Market. [Online]. Available at: <https://corporatefinanceinstitute.com/resources/knowledge/economics/labor-market/> [Accessed 18 August 2022]

Crowley‐Henry, M., Benson, E.T. and Al Ariss, A., (2019). Linking talent management to traditional and boundaryless career orientations: Research propositions and future directions. European Management Review, 16(1), pp.5-19.

Eurofound, (2022). Employment and labour markets [Online]. Available at: <https://www.eurofound.europa.eu/topic/employment> [Accessed 20 August 2022]

Foung, W.T.Y., Yeh, Y.S. and Jaw, B.S., (2020), June. Talent management model in digital age: strategic internal entrepreneurial mechanism. In 8th International Conference of Entrepreneurship and Business Management Untar (ICEBM 2019) (pp. 202-206). Atlantis Press.

Fuller, J. and Kerr, W., (2022). The Great Resignation Didn’t Start with the Pandemic. HBR. [Online]. Available at: <https://hbr.org/2022/03/the-great-resignation-didnt-start-with-the-pandemic> [Accessed 20 August 2022]

Hasanpour, A., Abdollahi, B., Jafarinia, S. and Memari, M., (2019). Designing Talent Management Model in the Banking Industry Using Grounded Theory. Management Studies in Development and Evolution, 28(93), pp.93-129.

Hindu Business Line, (2021). Infosys to deepen focus on talent, skill development. [Online]. Available at: <https://www.thehindubusinessline.com/info-tech/amid-staff-crunch-infosys-ups-the-non-pay-ante/article33687545.ece> [Accessed 20 August 2022]

HRM Guide, (2022). The Employment Market. [Online]. Available at: <https://www.hrmguide.co.uk/hrm_and_the_business_environment/the_employment_market.htm> [Accessed 18 August 2022]

Infosys, (2021). Employee experience at the intersection of people and technology. [Online]. Available at: <https://www.infosys.com/navigate-your-next/talent-transformations/reimagining-employee-experience-infosys-journey.pdf> [Accessed 20 August 2022]

Infosys, (2021). Employee wellness and experience [Online]. Available at: <https://www.infosys.com/about/corporate-responsibility/esg-report-2020-21/pdf/infosys-esg-employee-wellness-and-experience.pdf> [Accessed 20 August 2022]

Infosys, (2022). Infosys Unveils Integrated Talent Management Platform: Infosys TalentEdge. [Online]. Available at: <https://www.infosys.com/newsroom/press-releases/2011/talent-management-platform.html> [Accessed 20 August 2022]

Infosys, (2022). Reinventing the Workplace Without a Net [Online]. Available at: <https://www.infosys.com/insights/industry-stories/reinventing-workplace.html#:~:text=In%20just%20three%20weeks%20after,figure%20has%20now%20topped%2095%25.> [Accessed 20 August 2022]

Lee, M., (2022). Enabling Change in a Blended Workplace Infosys. [Online]. Available at: <https://www.infosys.com/insights/human-potential/blended-workplace.html> [Accessed 20 August 2022]

Sengupta, D., (2022). Infosys loosens purse strings to retain talent Livemint. [Online]. Available at: <https://www.livemint.com/> [Accessed 20 August 2022]

Simovic, D., (2022). The Ultimate List of Remote Work Statistics – 2022 Edition Small biz genius. [Online]. Available at: <https://www.smallbizgenius.net/by-the-numbers/remote-work-statistics/#gref> [Accessed 20 August 2022]

Statista, (2022). Number of transactions in the global outsourcing market from 2nd quarter 2017 to 2nd quarter 2021. [Online]. Available at: <https://www.statista.com/statistics/1009737/outsourcing-market-activity-transactions-quarter/> [Accessed 20 August 2022]

Techgig, (2022). Here’s how Infosys plans to reduce its high attrition rate [Online]. Available at: <https://content.techgig.com/hiring/heres-how-infosys-plans-to-reduce-its-high-attrition-rate/articleshow/68963696.cms> [Accessed 20 August 2022]

Zhang, K., (2021). Top Trends for Talent Management. Scientific and Social Research, 3(2), pp.163-169.