Chapter 1
1.0 Introduction
1.1 Talent Management Definition
Since a group of McKinsey consultants coined the phrase the War for Talent in 1997, the topic of talent management or development has received a remarkable degree of practitioner and among people who are involve in industry. According to Buckingham and Coffman, researcher, business, a talent is:
“Any recurring patterns of behavior that can be productively applied are talents. The key to excellent performance, of course, is finding the match between your talents and your role “.
Nancy R. Lockwood, an international human resources director, writes a definition that:
“Talent Management is the implementation of integrated strategies or systems designed to increase workplace productivity
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Important of Talent Development
Recognizing that the effective management of internal talent and the ability to bring in new talent is vital for continued success, there needs to be a systematic approach to spotting, developing and growing talent, which is aligned to succession. Talent development aims to consider the individual in relation to the organisation using two dimensions, one which takes into account their performance to date; the other their assessed potential. The two measures should also take into consideration an individual’s personal aspirations and motivations.
Conclusion
In the literature it is argued that the word "talent" to express that is of a static nature, but about talent as a concept, it is argued that talent is something that can be developed. Thus, talent development refers to the development of talent within the organization, rather than the "harvest" of talent one can assume that the language of meaning inherent in the concept name. Talent development is also a result of the development in the field of Human Resource Management (HRM) and developments in management
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In the knowledge economy, human capital has replaced physical capital as the most important source of competitive advantage. In addition, these organizations have lost their structure and hierarchy, and will be praised with less managers in the chain of command, and therefore does not have as many career opportunities in management because there was before. Companies are also trying to increase their competitiveness in their markets and also in the labor market. This has led to new requirements for organizations to manage their human resources. Talent management has emerged as an answer to many problems and it can ensure a competitive advantage, and retainment of staff development is important, and it is a strategic definition of human resource
Many corporations struggle with bringing in quality talent into business (Paradise, 2010). Consequently, as the workforce continues to change at warp speed, talent benchmarking strategy is the biggest challenge management faces now and the next five years in all forms of succession planning (Sims, 2014). A strategy to overcome talent benchmarking is having talent reviews along with meeting notes (Sims, 2014). Documenting what took place in the talent review is essential for management to get planning underway and refer to the order of what should happen first, second, and so forth in talent management (Sims, 2014). Although it might be true that talent benchmarking being the mightiest challenge in informal succession
To be able to get the neccisary talent for the growing buisness in a more competative market place it must be able to attract the best talent. Once the talent is present it must be carefully developed with insentives to reamin and excell in the buisness for long periods of time, to avoid turn over and neccisity to constantly seek out new talent.
As a new wealth for the organization, the businesses are noticing that the talent is the treasure of the company. In twenty-first century, organizations are facing the challenges of human capital that are also called “war for talent”(Ashton, and Morton, L. 2005; McKinsey, 1990). As a valuable treasure, talents whom can improve business performance and create contributions to the business become the centre of attention especially under the talent shortage environment. Cappelli (2008) notices that the rising star is worth to fight. Outstanding talent is crucial for business to achieve the competitive advantages (Iles et al., 2010). For a successful company, talented people play a center role. Thus, talent management becomes increasingly important for businesses to successes.
The talent management is defined by the Five STAR program where managers “begin a process of cascading, aligning, and translating these imperatives into clear goals and SMART (specific, measurable, attainable, realistic, and timely) objectives that relate specifically to each of the five STAR points” (NCHL). The programs institutes and refines goals, stipulates accountability and heighten company objectives correlating with each employee’s potentials. The principles of the succession planning and talent management strategy are to review and assess key talents to foster innovation and advancement in their careers.
Career Coach and Executive Search Specialist, Fiona Wainrit explores five ways to retain top talent.
It seems that their is a challenge in building a talent pipeline that can be sustain changing trends in the workforce. To meet the challenge Human Resources (HR) Department need to carry out talent alignment for all intents and purposes to complement the organizational strategies. By doing so well allow the organization to identify, source, and secure the best talent in the market as well as “to know and understand the business plans in order to ensure that you have talented employees and leaders who can make those plans a reality” (Silzer, 2010, p. 124).
Clifton and Nelson (1992) suggested if society focused primarily on each person’s strengths and employed them in a job that capitalizes on their strengths more people, and businesses would be successful and efficient. If a company is to ascribe to this model, they must hire the right people; individuals with strengths that match the job for which they are hired. Clifton & Nelson (1992) agreed that our unique talents are significant to success. Each person brings unique talents and skills such as creativity, organization, or networking. Since so many jobs now require a combination of human resource skills, work experience, and technical competence, employees should be matched with jobs where the strengths can shine and be reinforced (Sullivan, 2012). Nonetheless, success in hiring a qualified applicant is irrelevant, if there is an absence of a qualified manager or leader who understands the importance of capitalizing on strengths.
In this article, Meyers & van Woerkom(2014) arguments are based on the fact that, so as to explain how and why talent management can lead to a business’s sustained competitive advantage, there is need to gain insights into certain philosophies about talent that underpin management of talent. The article gives an introduction of four talent philosophies that are different in the talent’s perception as a universal or rare and stable or developable that is the stable or exclusive; developable or exclusive; stable or inclusive, developable or inclusive talent philosophy. Discussions are made on basic assumptions, practices on talent management, challenges and opportunities for each of the four philosophies given in the article. On the basis of this discussion, development of propositions that are testable for future research is done (Mathis & Jackson, 2009).
...in the War for Talent. MIT Sloan Management Review, 49(2). Massachusetts Institute of Technology, Boston.
Training and development are important factors to the success of any organization. Each employee is a valuable asset that can either add to the success a company or contribute to its failure. Training supports and makes possible the development of new skills and knowledge. Offering training for employees at various levels within an organization assist employees develop the necessary skills and proficiency to be successful in their careers as well as prepare for new responsibilities.
A major topic of research in global talent management is concerned with talent shortage and the effect of talent shortages on human resources management in MNCs. Global talent management focuses on individuals with important levels of talent such as knowledge, abilities and skills, which add value to an organization.
Talent management is gaining increased attention. It supports organisations to recognize the existing talents among employees. It also help to identify the talent required for leveraging the best opportunity to maximise the performance of the organisation. Development and retention of talent and potential is central to the employability component and it brings together the importance of HR and management initiatives. Most of the organisations find it difficult to retain their talent employees since there is a dearth of talent pool. Hence, most of the organisations are focusing
Our effectiveness depends on characteristics like talent and experience that is accumulated in the process of personal development. First talent is identified
According to him, competency-based leadership development does not just drift, however it intentionally focuses on clear career aspirations. Meanwhile, he stressed that disciplined approach to career growth will enhance the organization's performance. Lucian Cernusca and Cristina Dima (2007) in their research essay explained the concept of competency and how competency is linked to performance and one‘s career development. The authors also look into some models of competency mapping and appraisal tools for performance management. A business might possess extremely capable human resources, but they might not work on the position that suits them. This is where competency mapping and the appraisal tools come to help the HR experts choose who should work on what
Challenges Human Resource Professionals face in meeting the needs of the contemporary Workforce “In the War for Talent”.