Talent management and retaining talent
Ms. Supreet Kaur, Assistant Professor, Commerce Department, DAV College, Jalandhar
Abstract
A talent management strategy always needs to link to business strategy to make sense. Talent management has become one of the most important buzzword in corporate HR. Talent management is a natural evolution of HR. The new and more challenging problems like how to make recruitment process more efficient and effective , creating sustainable “leadership pipelines”, identifying competency gaps ,etc , require new processes and systems. So talent management integrates organisational HR with business management processes. It is now an important management practice which can be called as an integrated process of recruiting, training, supporting, and compensating people.
Introduction
Talent management means how a company find, select, give training, develops, retains, promotes its employees. It is a HR function and only make sense when
…show more content…
Stage 1: Personnel department In 1970’s personnel department was responsible for employees. The main function was to hire a person, compensation, and give benefits to them. Batch payrool was a system that supported this function.
Stage 2: HR function
In 1990’s organisation realised that HR function is more important than it was considered earlier. It is not all about hiring a person rather selecting a right person, training them, helping business to design job roles, developing compensation packages etc. Now head of personnel department has much important role. In this the HR department became more than a business function.
Stage 3: Talent management
Now we enter into new era: emergence of talent management. This is due to focus on a new set of strategic issues.
• How to make recruiting process more efficient and effective
• How to identify competency gaps
• How to manage people in a consistent and measureable
The optimal scenario of the AHA would be to have a differentiated workforce that would consist of identifying "A" players and "A" positions throughout the organization where wealth or value is created to contribute to the bottom line of generating the billion-dollar goal by 2010 and placing those players in all positions throughout the organization. However, the reality is that the best action for the AHA due to budgetary and time constraints is to make strategic investments in the workforce that will have high impact and drive desired results by putting the right people in the right places and not the right people everywhere. The AHA did this by creating a new talent framework driven by eight operational goals to help build the foundation for how they will identify their "A" players and positions for strategic investment. The objecti...
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
In conclusion, Human Resources department plays a significant role in the organization providing a wide range of valuable services to employees in various functional areas such as recruiting and training people, developing public relations, performance appraisals, maintaining workplace atmosphere, employee relations, benefits administration and much more. More than likely, HR essentially contributes to organization’s strategies and objectives through promotion of leadership activities, building friendly workplace environment and ensuring an efficient management of talented employees overall. As a strategic asset of a company, HR improves the human capital utilization and establishes the competitive workforce based on business and market demand.
Whether an organization consists of five or 25,000 employees, human resources management is vital to the success of the organization. HR is important to all managers because it provides managers with the resources – the employees – necessary to produce the work for the managers and the organization. Beyond this role, HR is capable of becoming a strong strategic partner when it comes to “establishing the overall direction and objectives of key areas of human resource management in order to ensure that they not only are consistent with but also support the achievement of business goals.” (Massey, 1994, p. 27)
Talent management is an organization’s ability to recruit, keep and train talent within their organization (Business Dictionary). Talent management usually gives roles to recruit and retain members (Business Dictionary). Talent management is known to be a business strategy. This is the case because this management is generally enforced to retain or attract top candidates (Heathfield). On the other hand, there is analysis called SWOT. According to Taylor, a SWOT analysis stands for strengths, weaknesses, opportunity, and threats. A SWOT analysis can be an analytical framework that can help organizations with their challenges (Taylor, 2016)
Most often, as employees, there is a perception that human resources management is unpretentiously condensed to personnel’s paperwork responsibilities. However, that was the human resources of the past. In the past, human resources was not perceived as a major division of corporations. However, times have certainly changed. Today, the significance of human resources management is extremely substantial and vast. It has become more and more meaningful and is a major significant component of a given organization in our society. Many corporations are now understanding and identifying that human resource management can really assist their organization to progress. In fact, in order for any organization to be successful they must recognize the intricate benefits of human resource management beyond the usual hiring procedures. Talent acquisition is a critical part of human resources and is what makes human resource management so advantageous.
Nowadays, Good managers are not only effective in their use of economic and technical resources, but when they manage people they remember that these particular resources are special, and are ultimately the most important assets. On this occasion, this report is written to explain the reason why Personnel Management has changed to Human Resource Management and how the functions and roles of Human Resource Department differ from Personnel Department.
Changing the Roles. Traditionally, HR has been an administrative position — processing paperwork, benefits, hiring and firing, and compensation. However, recently HRM has moved from a traditional to a strategic role, with the emphasis on catering to the needs of consumers and workers. Before, HR was seen as the enemy and employees believed that HR’s main purpose was to protect management. Now, the position requires HRM to be more people-oriented and protect their human capital, the staff.
It seems that HRM is so crucial to the organization, for what it does has nearly covered all aspects of the business – from strategic planning to the training and development, but unfortunately, its importance has not been accepted by everyone. As proposed by Morton, C, Newall, A. & Sparkes, J. (2001) there are three different views of HR function within the...
“Hr is shifting from focusing on the organisation of the business to focusing on the business of the organisation” (Zulmohd 2011). David Ulrich points out four distinctive roles of HR which makes the organisation most effective and produce competitive advantage. He planned to change the structure of HR function and build HR around roles. The four key HR roles identified by Ulrich, one HR business partner/strategic partner – aligning HR and business strategy which plays an important role in setting strategic direction. It builds strategic relationship with clients and strategically manages the development of the workforce. The second key role is administrative expert which creates and must deliver effective HR processes made to tailor business needs. It also involves managing people and HR related costs. To continue to the third key role, change agent which understands the organisations culture, and takes the responsibility to communicate those changes internally and gain its employees trust. The final key role identified by Ulrich is employee advocate which is a core in HR role represents employees and helps to improve their experience, protect employees’ interests and confirm strategic initiatives are well balanced. Employee advocates must also “ensure fair, ethical and equitable people processes and practices.” “David Ulrich’s HR Model is about defining the HR roles and
Challenges Human Resource Professionals face in meeting the needs of the contemporary Workforce “In the War for Talent”.
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.
By the basis resources of every organisation, staff are required in almost every work field. This means that human resource management is the major influence on the organisation, which controls the company budget, and makes strategies which are related to objectives and goal of the organisation. According to Kokemuller (2015), human resource management is a valuable assets of the organisation, which is needed to face with the changing of global economy. In order to add value to an organisation, people and performance are first specific area which plays as an important role in successful organisations, which is usually directly correlated to the talents, motivation and accomplishments of its people. Another area is talent acquisition and retention which is to hiring and retaining talented performance employees. Furthermore, it also involves building strong interviewing and screening processes, planning orientation and training, developing successful employee evaluation tools and constructing motivating compensation programs. The last area is planning which overtakes reactive responses to employment conditions for creating the company strategy plan. Human resource participants contribute to the current view and future expectations of people and resource needs, discussion of compensation and training changes and research on emerging opportunities and
And so, even taking into account the fact that the HR department of the enterprise are recruiting employees who will perform specific tasks assigned to them for the benefit of businesses, dealing with employee training and increase their professional level, in fact, the personnel office does not play a significant role in the operations of the company, it nevertheless occupies a key position in its functioning. However the main function in the company is organizational and administrative ability.
Firstly, Chuai, Preece & Iles, (2008) tried to explore the unique characteristics of Talent Management (TM) and the need for its adoption by big companies. It brought to the fore the fact that the HR profession has gone through immense changes and have used different methodologies, particularly in enhancing an effective personnel management. Chuai and his colleagues argued that TM is quite different from traditional HRM. TM seems to signal unique and new method of managing people instead of creating a compendium of old ideas with