Businesses are moving into a new era concerning human resources (HR). The emergence of Talent Management (TM) is the innovative focus that is combined with management issues and HR methods (Bersin, 2006). How can an organisation be more efficient when recruiting new staff? How can companies identify competency issues and solve these through training or development options? How can they manage their employees to affiliate them with company goals and missions? How can organisations identify their top talent and reposition them to gain maximum outcome? These encounters require new strategies and methods in which TM can achieve company expansion and success.
“A firm’s resources and capabilities include all of the financial, physical, human, and organisational assets used by a firm to develop, manufacture, and deliver products or services to its customers” (Barney, 1995, p.50). Identifying and retaining the right people for the right job at the right time (Jackson & Schuler, 1990) and therefore managing talent are critical to the company’s accomplishment of their objective and purpose. Silzer explains TM process through a specific menu: identification (talent planning, university recruiting, and succession plan), assessment (performance management), development (development and career planning, succession management, talent movement) and retention (employee engagement, compensation and benefits). This strategic framework can help professionals and leaders to build and sustain their talent effectively (Silzer & Dowell, 2010).
This report will highlight the importance of recruiting, selecting and developing talent, focusing on a small German company: Fürst Wallerstein. It will describe how current issues and TM aligns up with busi...
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...lents, hence Fürst Wallerstein is struggling in this process to attract people to create a sustainable business.
The company is entering new markets and exporting products overseas to China and Thailand. Hence, Fürst Wallerstein faces issues through the education system of Germany, lack of employee experience, and their staff tends to have language and cultural barriers. Many employees are very loyal, working at the company since many years, and most of the employees’ families have been with Fürst Wallerstein for many generations. It is challenging to source young, talented, local, innovative- thinking and fluent English- speaking employees that have experience with different traditions and cultures in foreign countries. Therefore Carl-Eugen zu Oettingen-Wallerstein handles all foreign business operations solitary (Oettingen-Wallerstein, 2014) at the moment.
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
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.
It is essential for organization to hire the right mix of people for their organization to run efficiently and effectively. All positions hold the key; even though every position is not that of an executive or manager. According to Silzer and Dowell (2010), whether a company succeeds or fails is determined by its talent. This writer believes with the global and technological expansion of the 21st century talented people will always be in demand. …“Collins (2001) suggests that having the right people comes before having the right strategies” (p. 3); as a result, this writer believes that organization will remain competitive with their internal and external quest for talent.
After creating an environment that fulfills the needs of your employees, there are four keys to success that must be followed. The first key is to search for your employee’s talents. Normally, managers try to hire those with experience, intellect and determi...
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
Fürst Wallerstein has an informal TM strategy, yet they mostly combine these responsibilities with HR tasks. This however will complicate HR procedures and should therefore be elaborated thoroughly with TM tools to solve the above-mentioned issues of maintaining and seeking talent. Fürst Wallerstein plans to further develop these programs, because they are extremely committed to their employees and realize that they are an important key factor for a successful company.
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
An organizational human resources department utilizes the hiring and firing process to meet the organization’s personnel needs. Organizational human resource departments are charged with the oversight of an organizations administration department. The practice of hiring and firing people is a process employer’s conducts on a daily basis. This process has to be done in a proper manner and not in haste. The implication that can occur from the improper hiring and firing process could and can have a positive or negative impact on an organization. Therefore, employers must carefully evaluate their decision to hire/fire individuals and its impact on the organizations’ workplace environment and others employees. Human Resource Management is important for an effective organization. In today’s organization, HRM is valuable to the organization because of increase legal complexities and its known for improvement in productivity. However, management should realize that poor human resource management could result in an outburst of hiring process followed by firing or layoffs. According to (Satterlee 2013, p. 194), “Hiring the best candidate who is also a good fit for the organization is crucial for the success of an organization, because a poor hiring decision will have repercussions across the entire organization”. Satterlee made a valid point because poor hiring could have an impact on the bottom line performance of the firm. In other words, HRM is the contributing factor to the success of the organization including motivating and maintain the staffs. The purpose to the motivation is to ensure that all employees grow to a full potential. According to (Sims 2006, p. 5), “HRM efforts are planned, systematic approaches to increasing organizati...
The enterprise should seize the initiative in the current financial crisis from recruitment, management and development under the force of its firm for talents. Enterprises need talents who can suit to the business, and then the first question for the firms is how to attract and recruit talents. As to the recruitment of talented people, it is a process to choose the individual from available applicants who can perform successfully at certain position. To improve workforce diversity, managers need to widen their scope of recruitment. For example, the practice of depending on employee referrals as a source of job applicants tends to produce job hunters who will be similar to current employees.
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
Recruiting has never been easy, and with today’s competitive talent marketplace, it’s only become more challenging. To separate themselves from the pack and attract top performers who are looking for more than their next job, companies need a fresh approach to talent management—and it all starts with humanizing the recruitment process.
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.
Challenges Human Resource Professionals face in meeting the needs of the contemporary Workforce “In the War for Talent”.