Talent Management in Twenty First Century
Introduction
In today‘s challenging business environment of
globalization and competition becoming intense, organizations have mounting
pressure to be very competitive. Over the years, creation and protecting knowledge
has become a key tool in accelerating competitiveness, and enhancing organizational capabilities to respond to market
changes (Bryan, 2004). Most organizations, rather than being
constrained by capital, companies are typically constrained by talent, and at
any given time need the right talent to execute effective strategies (Gebelein,
2006). Hence, many companies desire to hire employees with
outstanding qualifications and skills, while other organizations would develop their workforce efficiently, to compete
with competitors. This has become an important theory in current management
approaches and strategies of organizational change. Therefore, in order to attain
organizational objectives, talent becomes a competitive factor and managing and
developing employee talent is a critical
part of the organization (Armstrong,
2005), as employee contribution
is vital to implement strategies to achieve business objectives (Susana & Ramon, 2014)
The Concept related to
Talent and Talent Management
Schon
& Ian (2009) worked on the issue titled as “The global war for talent”.
They state that, last decade observed global changes that strengthened the
competition in pooling talent internationally, and talent management has become
an important aspect of organizational development. According to Chambers et al
(1998, P 45), “better talent is worth fighting for” (cited in Schon & Ian,
2009) and (McKinsey, 2008 cited in Walter Kiechel, 2009)
has distinctly appealed that next 20 years would be very challenging in terms
of selecting proper Talent. Talent signals a capacity to
learn and advance in the face of new challenges. Talent is about future potential
rather than past track record. Therefore, talent tends to be gauged in terms of
having certain characteristics, such as an inclination to take risks and learn
from mistakes, a reasonable level of aspiration and competitiveness, the
ability to focus on situational and complex issues, and understanding of their
own strengths, boundaries and impact on others (Yeung. R, 2004). Beechar & Woodward (2009, P-274)
defines talent as “the sum of an individual's capabilities such as his or her innate
gifts, skills, comprehension, experience, intelligence, judgment, attitude,
character and drive. It also includes his or her ability to learn and grow”.
The
individuals with talents are kind of best persons who have capabilities to
contribute to their business organization
that they work achieving business objectives and at the same time to the country. Talent can be described as the introductory capabilities which were not
related to personal brainpower capability
in definite field or the normal
capability with efficiency (Mellahi, 2009). The set of workers with new
thinking, skills and knowledge, therefore which encourage them to increase the
value using existing resources of the business organization (Goffee, 2007). The
complicated combination of employee’s knowledge, skills abilities, and rational possibilities (Tansley, 2011). Based
on the above theories, it can be summarized the term of talent as a bundle of
unique abilities, skills, experiences, attitude, and knowledge controlled by workers to accomplish the goals and
objectives of the organization. According to (Chameant-Sonea et
al,2011), talent management is Acquiring Talent, Maintaining Talent & Developing
Talent and is illustrated in figure 1.0
Figure 1.0: Benefits of Talent Management strategies
(Source: Shaher, 2017)
Talent Acquisition
Talent acquisition or attainment, as defined by Deloitte, is “a
strategic approach to identifying, attracting and on boarding talent to competently
meet active business requirements” (Bersin,
2013 page 58). The achievement of any
organization, whether its small or large, is closely tangled to the excellence
of its employees, which, in turn, is diligently tied to its talent acquisition
process (Breaugh, 2016). Some positions
could be selected from external markets at ease than others, therefore
organizations should consider well, where they allocate valuable resources in
training and development (Cappelli, 2008). Most of the
Organizations are having a twin application method when it comes to recruiting
key talent. They may recruit talent from elsewhere or may develop more talent
inhouse. Employers are undergoing mounting competition for talent and gradually
identifying that the skills needed for jobs in their organizations are fluctuating
(CIPD, 2017).
Maintaining Talent
Every establishment
makes an effort to retain employees with skills, proficiencies, necessary prospective
and talent which is a value addition to the organization. Continuous planning
is one key area which most companies are required to focus on (Hiltrop, 1999).
At present every
company has some form of program designed to nurture its rising stars by
providing talented employees with adequate carrier advancement opportunities (Martin
and Schmidt,
2010). According to Walker (2001),
following are some of the essential factors which will trigger employee
retention.
- Performed work is compensated and appreciated
- Challenging work assignment
- Promotions
- Learning opportunities / Scholarships
- Organizational Culture should be invitational
- Positive relationship among the colleagues
- Balanced professional and personal life and communication
- Good Interaction
Talent Development
It is essential for business organizations to
have formal and informal training and development education systems to enhance
the skills of employees (Areiqat, 2010). Therefore, it is essential to have a
significant approach for the Talent improvement constantly, which in turn, will
increase productivity (Charan, 2001). Organizations should develop in terms of proper performance
appraisal, to identify competency gaps that are necessary to achieve
organization goals through training and development (Williamson, 2011).
The
organization that I am employed, practice the following methods to optimize
Talent Attraction, Talent Retention and Talent Development.
Talent
attraction :
- Apart from having traditional recruitment methods such as, short listing candidates through CV’s and subsequent interviews, Organization offer current employees a referral bonus for introducing talented individuals.
- Having close links with reputed colleges, in order to acquire fresh talent when needed.
- Using social media such as Face book and LinkedIn, as tools, to measure qualities of candidates and discover talent.
- Publishing career opportunities in organization website
·
Talent
Retention :
- On boarding and Orientation : New employees will undergo a transition period of 6 months. During this period, new staff members will be taught about their job title and Organizational culture and vision.
- Compensation : Includes attractive salaries, Annual bonuses, performance bonuses, annual Profit share, allowances and family insurance.
- Flexible working hours : no hard and fixed working hours. However, employees should ensure to work for 8 hrs within a day.
- “Ear to Hear” concept : opportunity to have a open discussion with your departmental head on a weekly basis, to discuss all positives and negatives that developed during the past week.
Talent
Development :
- Conducting online training programs initiated by overseas partners to understand developments in the Global trade.
- Rotating job roles
- Encouraging individuals in studies, setting up KPI’s to accomplish and providing financial support
- “Thinker” concept : allowing employees to post innovative ideas at month end. Best idea gets compensated.
Conclusion :
From the above contents,
it is clear that talent management is a vital area in today’s competitive
environment, and employees are an organizations vital asset, and talent
management practices needs to be in place as part of the organizational
strategy to achieve sustainable competitive advantage. The war for talent did not start years ago,
but has been a crucial factor all along. Organizations which provide preference
for Talent Management will have the confidence to face the challenges
successfully that may arise in the Twenty First Century.
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It’s time for a fundamentally new approach to talent management that takes into account the great uncertainty businesses face today. Fortunately, companies already have such a model, one that has been well honed over decades to anticipate and meet demand in uncertain environments—supply chain management. By borrowing lessons from operations and supply chain research, firms can forge a new model of talent management better suited to today’s realities.
ReplyDeleteCappelli,P.(2018), MANAGING UNCERTAINTY: Talent Management for the Twenty-First Century. Harvard Business Review (March 2008 issue), available at . Accessed on 6 June 2018.
Supply Chain Management connects with Just-In-Time inventory to increase efficiency and decrease waste in modern industry. But implementing SCM takes extensive planning and training, often more than a company anticipates. For the system to work, companies that are part of the supply chain must complete the training before implementing an SCM system. A company’s SCM implementation can fail because of a lack of sufficient training for employees and a lack of understanding by management of how complicated implementation can be. The expense of training and implementation also can cause top management to give less than full commitment to SCM in an attempt to save money, which can reduce or eliminate its bottom line impact. According to Butilca (2012), SCM needs integration not only in the middle of the company but also with external partners to be successful.
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ReplyDeletehttps://hbr.org/2008/03/talent-management-for-the-twenty-first-century
Accessed on 6 June 2018
Talent management process is the procedure to manage the ability, Competency, and power of employees within an organization. Everything that is done to recruit, develop, retain, reward and make employees perform better is a part of talent management (Bhattacharyya, 2016).
ReplyDeleteAs per Bhattacharyya (2016) Managing Talent is a process and it’s important that a company knows these stages and act accordingly to achieve what is expected from the employees it selves. The stages are,
1. Identifying organizational goals and understand the requirement
2. Sourcing And Attracting The Talen
3. Recruiting and Selecting the Talent.
4. Employee Retention
5. Promotion
6. Performance Appraisal
7. Succession Planning
As I have indicated in the report, Talent management is a critical factor for an organization to be successful. Michaels, Handfield & Axelrod (2001), has found that in last century, only 17% employers were looking for knowledge workers but in 2011, the ratio has been mounted to 60% which is evident how important Talent is.
DeleteHowever, if the subject is underpinned, Talent management is simply a matter anticipating the need for human capital and setting out a plan to meet it.
Fighting the war for talent itself can cause problems.according to the Pfeffer, J's journal article regarding Organizational behaviuour, Companies that adopt a talent war mind set often wind up venerating outsiders and downplaying the talent already inside the company, set up competitive, zero sum dynamics that makes internal learning and knowledge transfer difficult, activate the self-fulfilling prophecy in the wrong direction, and create an attitude of arrogance instead of an attitude of wisdom. For all of these reasons, even fighting the war for talent may be hazardous to an organizations health and detrimental to doing the things that will make it successful.
ReplyDeleteThank you very much for your comment Lakmal. Contents well noted.
DeleteWhile I partially agree with your comment, wish to highlight that if the subject “fighting the war of talent” is underpinned, it could be elaborated as the actions taken by an organization to acquire talented individuals from competitors. However, this process should be done diplomatically and methodically, especially with in line with HRM practices. At present, there is a move from product-based to knowledge based economies. This fundamental business transformation has a powerful impact on the global war for talent (Schon & Ian, 2009).
Talent management is one of the vital roles of HR. According to Armstrong (2014) talent management is the procedure of recognizing, developing, recruiting, retaining and positioning of talented people who are processed with good abilities and attitudes. So, it’s an utmost duty of an organization to identify these talents in employees and develop them to gain better results for the firms. That’s why the people have been identified as one of the vital resources to gain competitive advantage by Porter (1985). So, in the modern world talent development is really a challenging task for every organization as you specified above.
ReplyDeleteThank you for your comment Pradeep. As you have identified from the above report, Talent management is a vital factor for any organization to be successful. However, managing talent has been very challenging for the modern HR Managers, due to complexities and variables in present business world. In addition, Talent Management could be interpreted as, additional management processes and opportunities that are made available to people in the organization who are considered to be ‘talented’ (Likierman, 2007).
Delete
ReplyDeleteAs per the G Sharma (2017)Now a days managing talent in an organization is itself is a challenging task. No such industry is there which has not been affected by it. The banking sector is one among them. To hire the talented personnel is a challenging task, but to manage them is the most difficult one. In order to make a balance banks started conducting various programme in order to attract and retain the talented employees.When managing talent wisely can survive in the current market easily.
As indicated in your comment, talent recruitment is a challenging task but retaining those talented employees has become very tough. Attractive remuneration, promotions, learning and development opportunities, balance professional and personnel work life are some of the key areas of talent retention.
DeletePeople have also started thinking on this note that if they are not learning anything or even not able to grow themselves within the company, employees feel deprived and they think that they are not getting enough competent compared to their colleagues within the industry. Due to aforementioned reasons, they lack career advancement and promotion opportunities and afterwards tend to look for opportunities (Eva, at. all, 2009).
There are many definitions of intelligence. In some of them, it is known as the fast severity of understanding, the skill to learn, and the skill to adjust to the environment, and the skill to acquire the knowledge, experience and willingness to acquire, and benefit from this experience and knowledge in solving problems. Some refer to inelegance as the ability to think. It is worth to mention that early scientific studies of the talent and creativity directly associated with intelligence theory. After that, the evolution of the model of talent came to reflect the individual differences and the degree of talent (Adel A. 2009)
ReplyDeleteTalent is often perceived as a natural gift and mental aptitude, prominent abilities, and brilliance. Talent is permanent and unique, it is given at birth, and knowledge and skills which it brings cannot be obtained without it. Talent is a set of certain knowledge and valuable skills which are necessary for any company. Talent is abilities and aptitude which can be developed by gaining experience and skills (Borisova at. all,2017)
DeleteFailures in talent management are an ongoing source of pain for executives in modern organizations. Over the past generation, talent management practices, have by and large been dysfunctional, leading corporations to lurch from surpluses of talent to shortfalls to surpluses and back again.
ReplyDeleteAt its heart, talent management is simply a matter of anticipating the need for human capital and then setting out a plan to meet it.
Most firms have no formal projects for foreseeing and satisfying ability needs, depending on an inexorably costly pool of outside competitors that has been contracting since it was made from the professional cutbacks of the 1980s. Be that as it may, the counsel these organizations are getting the chance to take care of the issue - found extensive scale inward improvement programs- - is similarly incapable. Inside improvement was the standard back in the 1950s, and each administration advancement hone that appears to be novel today was normal in those years- - from official training to 360-degree input to work pivot to high-potential projects. Be that as it may, the steady business condition and hostage ability pipelines in which such practices were conceived never again exist. It's the ideal opportunity for an on a very basic level new way to deal with ability administration. Luckily, organizations as of now have such a model, one that has been all around sharpened over decades to foresee and take care of demand in unverifiable situations: production network administration. Cappelli, an educator at the Wharton School, centers around four practices specifically. Initially, organizations should adjust settle on versus-purchase choices by utilizing inside advancement projects to deliver most- - however not all- - of the required ability, filling in with outside contracting. Second, firms can diminish the dangers in guaging the interest for ability by sending littler groups of hopefuls through more modularized preparing frameworks similarly makers currently utilize segments in the nick of time generation lines. Third, organizations can enhance their profits on interest being developed endeavors by embracing novel cost-sharing projects. Fourth, they should try to secure their ventures by creating inward chances to urge recently prepared chiefs to stay with the firm. Taken together, these standards shape the establishment for another worldview in ability administration: an ability on-request framework (Cappelli P., 2008)
ReplyDeleteCompanies that implement effective talent management strategies usually end up winning, while bad hires can cut deeply into company profits (Laurie,2016). Six Key Elements of an Effective Talent management Strategy are 1) Conduct workforce planning 2) Build your employer brand 3) Source and recruit job candidates 4) Leverage recruiting technology 5) Develop an effective onboarding program 6) Utilize data analytics. Creating successful talent communities is based largely on creating organizations that are attractive to potential employees. Strong library leadership is crucial to create an appealing, branded organization, and the employees currently working for an organization can be its biggest promoters. this new departure to talent management would move toward adapting a best practices approach that would allow librarians to focus on acquiring the candidates most qualified to assist in fulfilling the organizational mission rather than matching librarian experience with the responsibilities for a specific job opening. This best practices approach should involve extensive strategic planning, an acute focus on organizational appeal to a variety of individuals, especially Millennial, the formation of a talent community that is well known and respected in the profession, and the development of a holistic candidate experience(Bugg 2016).
ReplyDeleteConduct workforce planning & build your employer brand are the basics of an Effective Talent Acquisition strategy. Work force Planning is the process an organization uses to analyze its workforce and determine the steps it must take to prepare for future staffing needs. Key Workforce Planning Steps are (SHRM,2016),
Delete1– Supply Analysis
2 – Demand Analysis
3 – Gap Analysis
4 – Solution Analysis
Job candidates today research employers carefully and expect to be engaged by them in a relevant and transparent manner. Your employer brand needs to convey that your culture, benefits and growth opportunities are superior to those of your competitors. Key Components of Your Branding Strategies are as follows (Babcock, 2015).
1--Discover your unique identity/brand
2--Design your online and other content around this identity
3--Create a fan base of employees
4--Check out the competition
5--Measure and track key performance indicators
Talent is becoming recognized as a core competitive advantage in the business world (Silzer & Dowell, 2010). It is evident that future competitiveness and growth of a company depends strongly on the company’s ability to manage its talent resources in an effective manner (Nilsson & Ellstrom, 2012).
ReplyDeleteDue to the importance of the talent management concept in the life of organizations, this concept has started receiving attention by organizations. In addition to its importance, this concept focuses on the interest in effective abilities, talents and skills within human resources. For these reasons organizations' interest in this concept increased and consequently, talent management has become very important in work organization and assignments , and one of the key changes in differentiation strategies (Zartaj, 2011).
DeleteBenefits of Talent Management
ReplyDeleteRight Person in the right Job: Through a proper ascertainment of people skills and strengths, people decisions gain a strategic agenda. The skill or competency mapping allows you to take stock of skill inventories lying with the organization. This is especially important both from the perspective of the organization as well as the employee because the right person is deployed in the right position and employee productivity is increased. Also since there is a better alignment between an individual’s interests and his job profile the job satisfaction is increased.
Retaining the top talent: Despite changes in the global economy, attrition remains a major concern of organizations. Retaining top talent is important to leadership and growth in the marketplace. Organisations that fail to retain their top talent are at the risk of losing out to competitors. The focus is now on charting employee retention programs and strategies to recruit, develop, retain and engage quality people. Employee growth in a career has to be taken care of, while succession planning is being performed those who are on the radar need to be kept in loop so that they know their performance is being rewarded.
Better Hiring: The quality of an organization is the quality of workforce it possesses. The best way to have talent at the top is have talent at the bottom. No wonder then talent management programs and trainings, hiring assessments have become an integral aspect of HR processes nowadays.
Understanding Employees Better: Employee assessments give deep insights to the management about their employees. Their development needs, career aspirations, strengths and weaknesses, abilities, likes and dislikes. It is easier therefore to determine what motivates whom and this helps a lot Job enrichment process.
Better professional development decisions: When an organization gets to know who its high potential is, it becomes easier to invest in their professional development. Since development calls for investment decisions towards learning, training and development of the individual either for growth, succession planning, performance management etc, an organization remains bothered where to make this investment and talent management just make this easier for them.
I agree with your comments Saman. Talent management is beneficial to an organization if appropriately executed.
DeleteAccording to Armstrong, M. (2014), Talent management is the process of ensuring that the organization has the talented people it needs to attain its business goals. It involves the strategic management of the flow of talent through an organization by creating and maintaining a talent pipeline.
ReplyDeleteAs suggested by Younger et al (2007), the approaches required include emphasizing ‘growth from within’; regarding talent development as a key element of the business strategy; being clear about the competencies and qualities that matter; maintaining well-defined career paths; taking management development, coaching and mentoring seriously; and demanding high performance.
The term ‘talent management’ may refer simply to management succession planning and/or management development activities, although this notion does not really add anything to these familiar processes except a new name – admittedly quite an evocative one. It is better to regard talent management as a more comprehensive and integrated bundle of activities, the aim of which is to create a pool of talent in an organization, bearing in mind that talent is a major corporate resource.
Talent management is ensuring that the organization has the talented people it requires to provide for management succession and meet present and future business needs.
According to Lewis and Hackman (2006), talent management is defined in three ways:
1) As a combination of standard human resource management practices such as recruitment, selection and career development;
2) As the creation of a large talent pool, ensuring the quantitative and qualitative flow of employees through the organization (ie akin to succession or human resource planning);
3) As a good based on demographic necessity to manage talent.
Armstrong, M. (2014). A Handbook of Human resource Management Practice, Thirteen Edition, Kogan Page Publishing, London
Simply, there is no clear definition of talent, while there some scholars defined it as the persons’ ability that includes a person’s abilities, knowledge, skills, competencies, attitudes, character, personality and potentials for future developments (Grobler and Diedericks, 2009). Obviously, talent people are source of power for organizations and considered primary driver for any organizational success, in other words, any individual who is committed, enthusiastic, motivated and performing more effectively and efficiently can be called a talent (Lin & Kleiner, 2004)
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ReplyDelete
ReplyDeleteManaging talent is a challenge to all organizations in the context of globalization irrespective of the country
(Gardner, 2002). Moreover, the concern about the scarcity of talent is almost universal. Organizations around the
world are competing for the same pool of talents. This is seen as a global labor market for talents. Trend of global
integration shows organizations’ standardizations in talent recruitment, development and management, to ensure
their competitive position and consistency. Therefore organizations have to adapt global best practices of Talent
management and at the same time adapt the local requirements and local labor market (Stahl et al., 2007). The
organizations that are very successful worldwide tend to maintain local recruitment strategies, but they combine
this local strategy with a more global transfer of information and best practices (Brewsteret al 2007).
According to Marinescu, George & Constantin (2016) some organizations aim to manage talent throughout the company, while others are just managing employees with high potential. Talent management is applied differently from one organization to another depending on the type and stage of development where they are. Approaches to this subject differ so greatly from one company to another, that a process for some is “nice to have”, and for others it is a process having a significant impact in business. Yet top companies have created worldwide selection networks through which talented people are recruited to be hired within such (Facebook, Google, Microsoft, Samsung)
DeleteTalent Management has become very important management issue over the period of a decade or so. According to number of researchers done during the period of last fifteen years it indicates that leaders in organizations consider the talented pool to be the single most important managerial concern for the last 15 years in the field of HRM. Researchers like Paauew (2007), Farndale et al. (2010) has focused the need of talent management for the organizations to have a competitive benefit leading to the organizational effectiveness. Guthridge et al (2008) states that “to manage the talent successfully, organizations must recognize that their human resource strategies.”
ReplyDeleteTalent-management practices can create the most permanent competitive advantages, new technologies and innovations can be easily be replicated by competitors and generate only temporary competitive advantages. Sustained competitive advantage comes from talent management practices in other words, how the organization attracts, develops, retains, motivates, manages, and rewards its talent (Heimen et al, 2004). Like a machine, a business will fail to operate successfully if key elements such as processes, systems, and structure are misaligned or hindered by friction between those element and like a machine, a business must be designed, operated, and maintained. These functions are performed by the talent – the human capital employed by the enterprise. Indeed, talent (i.e., an organization’s employees), typically is the single biggest lever for driving improvements in business performance. The collective skills of the talent employed in an organization largely comprise the organization’s core capabilities. An organization’s talent injects capabilities that are very difficult for competitors to benchmark and replicate. More than any other asset, talent provides the potential for long-term competitive advantage (Lawler, 2008).
DeleteManaging talent & hiring the right person for the right job is a major concern that every organization faces in today's business world. It all begins at Selection & Recruitment process where there are so many candidates meeting the advertised requirements, but not competent enough to do the work. Especially in IT field, there are so many graduates from many number of institutes & young generation who gained certified qualifications on different technologies due to social trends but without the knowledge of knowing how to apply what was learned when it is practically required. It is has become a HR departments responsibility to carefully select & recruit the right employee using many number of new methods in place to do so.
ReplyDeleteTalent Management, often times referred to as Human Capital Management, is the process of recruiting, managing, assessing, developing and maintaining an organization’s most important resource- people. It’s pretty clear that people are a business’s most important asset. Therefore HR Managers must be very mindful when acquiring talent.
DeleteTaking inspiration from the world of production and supply chain management, it is suggested a new approach to talent management that could be qualified as ""just-in-time."" In a volatile market where needs change in a flash, rather than creating a ""pool"" of competent employees who can be mobilized when needed, companies are better off accepting the uncertainties inherent in any forecast and managing their talent acquisition and development investments accordingly."
ReplyDeleteTalent management is the use of an integrated set of activities to ensure that the organization attracts, retains, motivates and develops the talented people it needs now and in the future. The aim is to secure the flow of talent, bearing in mind that talent is a major corporate resource.
ReplyDeleteIt is sometimes assumed that talent management is only concerned with key
people – the high flyers. For example, Smilansky (2005) states that it is ‘aimed at
improving the calibre, availability and flexible utilization of exceptionally capable
(high potential) employees who can have a disproportionate impact on business
performance’. But everyone in an organization has talent, even if some have more
talent than others. Talent management processes should not be limited to the
favoured few. This point was made by deLong and Vijayaraghavan (2003) when they
suggested that the unsung heroes of corporate performance are the capable, steady
performers.
Talent relationship management is the process of building effective relationships with
people in their roles. It is concerned generally with creating a great place to work (see
later), but particularly it is about treating individual employees fairly, recognizing
their value, giving them a voice and providing opportunities for growth. The aim is
to achieve ‘talent engagement’, ensuring that people are committed to their work and
the organization. As Sears (2003) points out, it is ‘better to build an existing relationship rather than try to create a new one when someone leaves’.
by making reference to an individual's performance, authors note that most managers have a tendency to define talent in terms of outcomes. (Zhang & Bright, 2012). Talent refers to unique characteristics, qualities, traits or abilities of people who utilize this to reach the objectives of organizations (El Nakhla, 2013). Talent Management has recently received most attention; it is not just a new fancy word for finding and developing employees. Talent management is an ongoing, proactive activity it is about attracting, identifying, recruiting, developing, motivating, promoting and retaining people that has a strong potential to succeed within an organization (Rothwell, 2012). Talent management is the implementation of “initiatives and strategies to harness the unique talents of individual employees and convert their talent potential into optimum organization performance” (Abbasi et.al., 2013). Talent Management is considered as a human resource management process organizations must overcome and systematically eliminate the gap between the skills and talents needed to achieve the targets (El Nakhla, 2013). Organizational talent management is hiring the right people at the right time appropriate. (Dodova & Harvathova, 2010) Talent management is workforce planning and analysis of the hiring process, training and development practices and keeping the talent and success of the program covers.. In other words, talent management means workforce supply and demand of underway processes (Zhang & Bright, 2012).
ReplyDeleteTalent management is the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs. Talent management is the additional management processes and opportunities that are made available to people in the organization who are considered to be ‘talent’ (Likierman, 2007)
DeleteMost firms have no formal programs for anticipating and fulfilling talent needs, relying on an increasingly expensive pool of outside candidates that has been shrinking since it was created from the white-collar layoffs of the 1980s. But the advice these companies are getting to solve the problem--institute large-scale internal development programs--is equally ineffective. Internal development was the norm back in the 1950s, and every management-development practice that seems novel today was routine in those years--from executive coaching to 360-degree feedback to job rotation to high-potential programs. However, the stable business environment and captive talent pipelines in which such practices were born no longer exist. It's time for a fundamentally new approach to talent management. Fortunately, companies already have such a model, one that has been well honed over decades to anticipate and meet demand in uncertain environments: supply chain management. Cappelli, a professor at the Wharton School, focuses on four practices in particular. First, companies should balance make-versus-buy decisions by using internal development programs to produce most--but not all--of the needed talent, filling in with outside hiring. Second, firms can reduce the risks in forecasting the demand for talent by sending smaller batches of candidates through more modularized training systems in much the same way manufacturers now employ components in just-in-time production lines. Third, companies can improve their returns on investment in development efforts by adopting novel cost-sharing programs. Fourth, they should seek to protect their investments by generating internal opportunities to encourage newly trained managers to stick with the firm. Taken together, these principles form the foundation for a new paradigm in talent management: a talent-on-demand system.
ReplyDeleteThank you for your comment Haran. Implementing Supply chain management takes massive planning and training. More often more than a company predicts. For the system to work, companies that are part of the supply chain must complete the training before implementing an SCM system. A company’s SCM implementation can fail because of a lack of sufficient training for employees and a lack of understanding by management of how complicated implementation can be. Hence, SCM is a very sensitive method which should be implemented cautiously.
ReplyDeleteTalent management is an area aimed at people and organizational development. It could just include a simple interview of all employees steered annually discussing their strengths and developmental needs. This could be applied for recording people against the future creativeness of the company and for succession planning.
ReplyDeleteEmployers want the skills they need when they need them, delivered in a manner they can afford. Employees want prospects for advancement and control over their careers.
ReplyDeleteThe societies in which they operate and the economy as a whole need higher levels of skills—particularly deeper competencies in management—which are best developed inside companies.
Those often-conflicting desires aren't addressed by existing development practices.