The success of any business depends on the type of work force. Therefore in this 21st century when inter-related phenomena is emerging, posing challenges to the corporate world , the duties of HR manager become more challenging to utilize human as well as non-human resources while translating goals into action. Due to global environment and its impact on organization, it becomes vital to understand the talent management and what type of challenges it creates for HRM. This paper highlights new vistas of managing the people and discuss the new avtar of HR manager as talent manager through different strategies used for attracting and retaining most able work force by creating organizational commitment.
Key Words : Human Resource, talent Management, retention
Human Resource Department backbone for Talent Management
In 21st century prime challenge faced by the companies all over the globe is building and sustaining a strong talent pipeline. Talent management is concerned with human Resource describing various areas like manpower planning, succession planning. It is one of the core element of human capital management. Talent management can provide critical intellectual-energy ingredients by identify, developing and using
…show more content…
During the recent years many changes have taken place making HR as one Much has changed in recent years to make this an increasingly critical area o f HR. Among the issues that have made the talent management job more difficult are: frequent issues that have made the talent management job more difficult are: frequent restructuring, a growing reliance on outside hiring, flatter organisations with fewer growth options, a tighter job marker, the aging workforce and the decline of clear career paths, as we mentioned above that it create a big challenge before the
Paul, S. 2010. The role of the corporate HR function in global talent management. UK: Elsevier
... E. (2008). Turning talent management into a competitive advantage: An industry view. IBM Global Services, Somers, NY: IBM Corporation. Retrieved from http://www-935.ibm.com/services/ us/gbs/bus/pdf/gbe03083-usen-talentpart3.pdf
Gaining and retaining the best possible employees is something every company wants to do. The best way to accomplish this is by implementing talent management into the fabric of human resources. It may take a high level of commitment and planning, but the rewards can be astounding. From specific training, to motivation, optimizing each aspect of talent management allows for businesses and groups to reach their goals. “It is difficult to identify the precise meaning of talent management because of the confusion regarding definitions and terms and many assumptions made by authors who write about talent management” (http://www.irproje.com/media/userfiles/610013.pdf).
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.
Talent management has been used more narrowly either as a new term for an existing HR function or to focus on a select group of employees. The term talent management could include a long list of HR processes and components and cover only some, most, or all employees. Varied definitions are being used. Some definitions are very narrow and focus only on a single process or employee group—the “pivotal talent”, while other definitions are so broad and all inclusive that it is difficult to know what they intend to include.An
A tectonic shift has been noticed in the talent management landscape. There is a growing shortage of talent and quite obviously, they are in high demand. On the other hand, talented individuals started considering today’s employment as a seller’s market, providing them with an opportunity to offer their skills and expertise to the highest bidders, and ask for inflated remunerations, along with an ongoing stream of new scopes and support.
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).
According to our textbook Human Resource Management (HRM) is the policies, practices, and systems that influence employees’ behavior, attitudes, and performance. “The human resources management process involves planning for, attracting, developing, and retaining employees as the HRM planning provides the rights kinds of people, in the right quantity, with the right skills, at the right time (Lussier, 2012, p. 240).” According to our textbook the typical responsibilities of the Human Resources department fall into three categories, and they are administrative services and transaction, which handle hiring employees. The second involves business partner services that focus on attracting, evolving, retaining employees by having a clear understanding
Surijah (2016) wrote that to offer innovative products or services demanded by its customers. created through knowledge management and its learning culture. employees should be creative, professional, morally competence and affectively committed to their company. There are congruent relationships among corporate strategy, learning culture, human resource strategy and human capital which have a significant impact on the performance. In a high competitive business environment, a company should adopt creative corporate strategy and learning culture, as well as employs high competent and affectively committed employees. human capital plays an essential role in bringing the company into a success. Managers should practice transformational leadership
Talent management is a set of processes for strategic Human Resource planning which include everything from recruiting, selecting, managing, developing, assessing and retaining productive employees. It is a strategic processes which are aligned with the Organization’s business strategy. This helps Organization to maintain talented, superiors and expert workforce to achieve Key Results. Main goal of Talent Management is to harness and develop unique talent of employees to meet the organizational goals. It also reflects the ability of companies to source, select, develop, promote employees. Talent Management helps to discover various critical issues and change these issues to benefit the organization to improve upon
Human resource is the most valuable and unique asset of an organization. The successful management of an organization’s human resource is an exciting, dynamic and challenging task , especially at a time when the world has become a global village and economies are in a state of flux. The lack of talented resource and the growing expectation of the modern day employee has further increased the difficulty of the human resource function.
The first being, aging workforce and low birth rate which will result in the active workforce declining by 29 percent in 2050 will contribute massively to SWP. Secondly, as the work environment becomes dynamic and workforce becomes diverse, planning needs to be done beforehand to forecast the organization’s talent pool. Thirdly, with changing career patterns, expectations and succession planning taking a lead, SWP becomes the force in ensuring proper talent management in any organization. Given below is the strategic workforce challenge in each of the sectors as per a report published by Hay
Recruitment is a linear process, where employers source applicants for the existing vacancies currently available. The word Talent Acquisition (TA) is often used synonymously with Recruiting. However, they are two completely different things. Recruiting is a subset of TA, and includes the actions of sourcing, testing, interviewing, assessing, hiring and selecting. In a few organizations this reaches the early phases of onboarding, which in turn becomes a distributed responsibility between HR and the potential employer, with support from the training
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.
Challenges Human Resource Professionals face in meeting the needs of the contemporary Workforce “In the War for Talent”.