Effective talent management strategies should be aimed at promoting and enhancing the talent that add value towards achieving organizational objectives. Talent management can help in achieving optimal level of success and in retaining the high performing workforce. This report aims to explain and analyze the importance of talent management strategies within a certain company, by both looking at the current and future need. TM strategy and its importance to TNNB In a knowledge-based economy where labour is typically the largest expense, getting the people strategy part of the business is important, making finding and keeping talent a constant challenge. With changing market conditions, shifting workforce demographics and new ways of working, effective talent management is what separates the high-performing companies from the low-performing ones.
Human Resource Management The primary function of human resource management is to increase the effectiveness and contribution of employees in the attainment of organizational goals and objectives. An organization's success increasingly depends on the knowledge, skills, and abilities of its employees. Without out them they would surely fail. Particularly, how a company is run and how they treat their employees and customers help set the core competencies, which distinguish one organization from its competitors. This paper is intended to give an overall view of how important Human Resources re to a organization, by looking at the people involved, the laws that effect, and the methods used in Human resource management.
Companies are finding that to survive they must compete in international markets as well as fend off foreign competitors' attempts to gain ground in the United States (de Silva, S., 1997). To meet these challenges, U.S. businesses must develop global markets, keep up with competition from overseas, hire from an international labor pool, and prepare employees for global assignments (Noe-Hollenbeck,-Gerhert-Wright, 2003, p. 46). Employee skills have become important determinants not only of flexibility, efficiency and excellence, but also of employability, investment and the ability to adapt quickly to market changes. For today and tomorrow's employers, talent comes from a global workforce. Organizations with international operations hire at least some of their employees in the foreign countries where they operate.
In this modern era, the highly competition between business industries makes them seek for highly performance in order to achieve the competitive advantage. Any organization have effectiveness resource which have certain roles for its performance. As a result, the organizations have to manage these resources and one of the most important resource is the workforces. It is believed that the workforces are the ‘glue’ which remains all other resources together and leads them to present effectiveness results. ( Offstein et al, 2005 cited in Mathis and Jackson, 2008: 5-6) The management of human resource has been recognized as a critical resource of innovation, competitive advantage and productively.
Prospective Recruiting Managers must be committed and receive the proper training in order to succeed as well (Frey, Renee). Since recruiters are in high demand, and have specific titles for their specialized fields such as: a Sales Recruiter, an Executive Recruiter, and an Information Technology Recruiter. It’s essential to develop a specialty area that creates a demand for their skill set since recruiters are in high demand. Recruitment Managers and Hiring Managers work closely together so that they can accurately find the most suitable talent for their clients. To ensure that this collaboration is the most effective, companies hire employees that work well with others and can best promote their company brand.
Employee Motivation Employee engagement is a key business driver for organizational success. High levels of engagement in domestic and global firms promote retention of talent, foster customer loyalty and improve organizational performance and stakeholder value. A complex concept, engagement is influenced by many factors--from workplace culture, organizational communication and managerial styles to trust and respect, leadership and company reputation. For today's different generations, access to training and career opportunities, work/life balance and empowerment to make decisions are important. Thus, to foster a culture of engagement, HR leads the way to design, measure and evaluate proactive workplace policies and practices that help attract and retain talent with skills and competencies necessary for growth and sustainability.
P&G has a global HRM structure rather than a local one. P&G has “unique Human resource strategies e.g. “promote from within” philosophy which means that people are recruited at the entry level and then through strong training, development, continuous coaching and mentoring people are promoted within the company to the highest levels. P&G’s hiring process includes seeing how a person would relate to, compare with, and connect to the following: (1) The power of the minds. P&G looks at applicants with the ability to out-think, out-invent, and out-play the best competitors over time for the benefits of the consumer.
Understanding the goals and corporate environment that the business has developed, then it will more efficiently attract the best talent. Competition for talent is a constant if a company is looking to be competitive in the industry. They need to utilize the latest means to attract the best talent or they will find another employer that will be in line with the attributes of the candidate. One way companies are looking to be more competitive in hiring candidates in to develop a Human Capital Management (HCM) system that
Human assets are becoming the most important resource because of the rapid growth in the service sector. Human resources hold valuable knowledge and information, which sets them a part as the source in creating intellectual capital that sets a firm a part from its competitors (Kamoche, 2001) The most important resource for successful organisation is its human resources therefore firms cannot treat human assets as commodities. To create value, management should try to find ways to utilise employees efficiently. The importance of human resource management to align with the business strategy is fundamental to the firm’s achievement of competitive advantage. As Bratton and Gold (1999: 08) describes human assets have the characteristic of creating value to the firm, be unique, difficult to imitate and substituted.
In this regard, since companies are extending their operations the entire world over, human capital globalization is inevitable since they will need to work with people from these countries for them to successfully exploit global markets. 2. How does this case illustrate the threats and opportunities facing global companies in developing their strategies?