Brooks, S. (2012), "Ochre House HR Leaders Conference, Gyan Nagpal presentation: Talent Economics – a new rationality in talent management?, Surrey, UK, 14 September 2011", Strategic HR Review, Vol. 11 No. 2. https://doi.org/10.1108/shr.2012.37211baa.014Download as .RIS
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Ochre House HR Leaders Conference, Gyan Nagpal presentation: Talent Economics – a new rationality in talent management?, Surrey, UK, 14 September 2011
Article Type: Resources From: Strategic HR Review, Volume 11, Issue 2
Sue BrooksSue Brooks is managing director of Ochre House.
The old apparent certainties of the commercial arena are under threat. Economic power and potential are moving from the established economies of the West to new powerhouses in the BRIC countries (Brazil, Russia, India and China) and Goldman Sachs “Next 11” (developing countries outside of BRIC). To deal with the challenges and opportunities this revolution is generating, HR is coming under increasing pressure to deliver new, more effective talent strategies. But, according to Gyan Nagpal, former head of talent in APAC for Deutsche Bank and now CEO of the consultancy, PeopleLENS, the profession will only succeed if it can learn to master this shift in business complexity and talk the “language of business.” He says: “Corporate boards are increasingly looking to HR; both for greater involvement and depth of insight. Now more than ever, HR needs to present its case in a more structured and well-researched way.”
Speaking at the annual HR Leaders Conference staged by RPO and talent management specialist, Ochre House, Nagpal argued that HR strategies need to be more nimble and responsive than ever before. He cited the example of the rush to take advantage of new commercial opportunities in emerging markets such as those of the Asia-Pacific region, but pointed out how few major businesses currently have a proactive strategy to develop their workforces in line with capital and technology investments. However, in order to get the crucial buy-in and consequent investment from corporate boards, talent investments must be scoped and communicated in terms those board members quickly and clearly understand.
A need for tailored solutions
Nagpal’s solution, which will be the subject of his book, “Talent Economics,” due for publication at the end of 2011, takes as its start point the idea that prescription without diagnosis could be as dangerous in HR as it is in medicine. HR practitioners therefore need to formulate tailored talent strategies in a more scientific way by a rigorous analysis of both the macro and micro factors that impact on an organization and its target markets. Macro analysis would include such elements as the proficiency of current education systems, the age demographic of populations and the need for diversity, for example; while the micro would cover variances in such areas as engagement, retention and motivation across different countries.
Analysis must also abandon the idea that there is any such thing as a truly global solution. Cultural and contextual influencers will always mean that a “one size fits all” is never likely to address the real issues. He reasoned that this sort of methodology would provide HR with a clear investment recipe for scarce corporate resources – something likely to gain much more board attention than any woolly prediction. And if that can really be achieved HR attain what it has campaigned for, for so long – complete credibility with business leaders around the globe.