Talent Management
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Introduction
Talent
management is not just a simple human resource key term one will come across.
It is also dedicated to recruiting, managing, creating, and maintaining the
best and brightest workers in the industry. Indeed, talent management is
critical to a company's corporate plan because it oversees one of the company's
most valuable assets: its employees. That is why, to attract
employees, businesses should make an effort to efficiently manage them and
assist them in developing their skills and capabilities (Rinaldhy, 2021). Talent
management is an espoused and enacted commitment to implementing an integrated, strategic, and
technology-enabled approach to human resource management (HRM). This commitment
stems in part from the widely shared belief that human resources are the
organization’s primary source of competitive advantage; an essential asset that
is becoming in increasingly short supply. The benefits of an effectively
implemented talent management strategy include improved employee recruitment
and retention rates, and enhanced employee engagement. These outcomes in turn have been associated with
improved operational and financial performance. The external and internal
drivers and restraints for talent management are many. Of particular importance
is senior management understanding and commitment (Hughes & Rog, 2019)
Lockwood says "One of the most challenging
challenges for HR leaders is talent management" (Lockwood, 2005, cited in
Rinaldhy, 2021).In this
dynamic and competitive business era organizations are facing challenges in
talent management. Talent management of talented workers is becoming of great
importance for the organizations which are working on a global level. The demand
for key position talented employees is high because those are the persons who
will steer the organization and will be responsible to take the organization
towards the peak of success, this is the reason organizations are in a state of
fight for the best people (Rabbi,2015)
In 2014, more than half of employers in the
UK deploy talent management in their organisations, and three quarters (76%) of
very large organisations (5000 + employees) undertake talent management
activities. This domain starts being taken seriously as soon as organisations
realise that people are their most important asset and that these assets (Merlevede 2014, p.10)
According to (Hughes
& Rog,2008) Hospitality organizations interested in implementing a talent management
strategy would be well advised to: define what is meant by talent management;
ensure CEO commitment; align talent management with the strategic goals of the
organization; establish talent assessment, data management, and analysis
systems; ensure clear line management accountability, and conduct an audit of
all HRM practices about evidence-based best practices.
The below link of Talent
Management ½ - HRM Lecture 07 of Dr. Armin Trost (2013), says “Talent management In most cases it applies to how can we
identify talented people and how can we develop these into key positions”.
References
Adaptability in Talent development with Esther Jackson 2022, podcast Talent Development Hot Seat with Andy Storch, 12 April, accessed 24 April 2022,< https://podcasts.apple.com/us/podcast/adaptability-in-talent-development-with-dr-esther-jackson/id1378433981?i=1000557211090 >.
HRM Lecture 07 Dr. Armin Trots, 2013, online video, accessed 23 April 2022, https://www.youtube.com/watch?v=Pk8hN7lw_RA.
Hughes, J.C. & Rog, E.(2008), Talent management A strategy for improving employee recruitment, retention and engagement within hospitality organizations , International Journal of Contemporary Hospitality Management, vol. 20, no. 7,accessed 25 April 2022, < https://www.emerald.com/insight/publication/issn/0959-6119/vol/20/iss/7 > .
Mckinsey&Company (2018), Why effective talent management matters, digital image, MCKINSEY accessed 22 April 2022, < https://www.mckinsey.com/business-functions/people-and-organizational-performance/our-insights/winning-with-your-talent-management-strategy >.
Merlevedge, P. (ed) (2014), Talent Management: A focus on Excellence, e-book, accessed 25 April 2022, from bookboon.com'.
Rabbi, F. (2015), Talent management as a source of competitive advantage, Journal of Asian business strategy, vol. 5, no. 9, pp. 208-214, accessed 25 April 2022, DOI: 10.18488/journal.1006/2015.5.9/1006.9.208.214.
Rinaldhy, M.R. (2021), The Importance of Talent Management and the Challenges It Faces, accessed 25 April 2022, <https://www.researchgate.net/publication/353109897 >.
Stahl, Günter, and Björkman, Ingmar and Farndale, Elaine and Morris, Shad S. and Paauwe, Jaap and Stiles, Philip and Trevor, Jonathan and Wright, Patrick, (2012), ‘Six principles of effective global talent management ‘, Sloan Management Review, 53 (2). pp. 25-42., accessed 26 2012, < https://epub.wu.ac.at/3616/>.
Also I think there are many issues that are in the practice of talent management. And according to Cappelli, and Keller, (2014) One conceptual issue is" whether the focus of interest, and indeed the overall approach, has shifted from an orientation on the individual candidate to a focus on the job, particularly a strategic job. In academic terms, such a change might lead to a shift from a psychology-based focus on individuals to a more organization theory based focus on the organization itself.
ReplyDeleteI think it is significant for us to understand that aspect of the practical issue, as, we might lose the fundamental idea of functionality in talent management in an organizational setting with its' competitive nature.
Ref : Cappelli, P. and Keller, J.R., 2014. Talent management: Conceptual approaches and practical challenges. Annu. Rev. Organ. Psychol. Organ. Behav., 1(1), pp.305-331.
Ruwini, hope this explanation would be able to give a better explanation for the point you raised, The fact that some individuals are more talented or able than their peers is disputed by very few. However, the real point of debate is about the type and nature of treatment these 'high potentials' receive. As TM applies to the management of a selected group for key positions, the application of strong ethical models is essential to not only groom talent but also maintain loyalty and appropriate career development options for other employees. As a rule, a good TM model should not only identify potential and measure performance but must also have protocols in place to ascertain how these individuals have achieved that performance and made their mark (SHRM,2008).
DeleteAccording to Harvard Business Review (2008) talent management is simply a matter of anticipating the need for human capital and then setting out a plan to meet it.
ReplyDeleteKrishan, Lewis and Heckman (2006), got a different and broader perspective on Talent Management. According to them talent management is comprised of “a
Deletecollection of typical human resource department practices. . .such as recruiting,
selection, development and career and succession management”.
One of the key aspects of talent management is retaining talent in the organization. Retaining is important as replacement is very costly (Allan,2008)
ReplyDeleteTo add more insight for your statement here, according to Morton (2005, p. 11) “Talent management is integral
Deleteto engaging employees in the organization”.
The components of Talent management comprise (i) Identification of Talent; (ii) Development of Talent; and (iii) Engagement of Talent (Budhwar & Sparrow, 2002).
ReplyDeleteTalent Identification is the process of identifying key positions and roles that are required to support the design and deployment of strategic and operational plans and initiatives.
Talent Development deals with the internal as well as external talent development. Internal talent development integrates the processes of training, performance management, coaching, special projects, career development, etc., while external talent development is essential for recruitment and selection.
Engagement of Talent for Engagement, Motivation, and Retention which refers to build, align and support the strategic talent pool of the organization. Managing talent is the systematic attraction, identification, development, engagement, retention, and deployment of individuals with high potentials who are of particular value to an organization (Dries, 2013).
Hence Talent management is a key success element for the organization .
Yes Hasara, I agree with your point there is a growing interest in talent management .According to Hughes & Rog(2019), A 2007 search of the term talent management on Googlee revealed approximately 5,750,000 hits, with talent management solutions, talent management tools, talent management software and talent management guides
ReplyDeletedominating various HRM periodicals and websites.
Thank you for the vast insight on Talent Management Piyumi. The benefits of an effectively implemented talent management strategy include improved employee recruitment and retention rates, and enhanced employee engagement. These outcomes in turn have been associated with improved operational and financial performance. The external and internal drivers and restraints for talent management are many. Of particular importance is senior management understanding and commitment (Hughes & Rog, 2019),
ReplyDeleteArmstrong and Taylor (2014) stated that a primary aspect of human resource management is the core concept of talent management: that it is required to participate in talent planning in order to establish a talent pool via a talent pipeline.
ReplyDeleteRavindu , There are several benefits of talent management such as employee engagement, retention of employee, increased productivity, culture of excellence and much more (Ballesteros & Inmaculada, 2010).
DeleteThe meaning of talent management is based on that "those with the best people win" .In present business world talent management is the major resourcing activity.(Armstrong 2012)
ReplyDeleteOrganization success with the help of talent management is anchored in three factors; these factors are development and reward plan, creation of set of career paths for the talented employee, which will help in ensuring the high quality work in the organization which will ultimately result in superior performance (Ballesteros & Inmaculada, 2010).
DeleteBy grounding Talent management in a strategic decision framework that clearly guides talent decisions, developing systems-level models that illustrate the multi-pool impacts of talent choices, and developing reliable, valid, and theoretical measures researchers can markedly improve the quality of talent conversations in organizations (Lewis & Heckman, 2006).
ReplyDeleteHarshi, thank you for your insight on Talent Management, Coleman (2008) suggested certain factors which can help the successful implementation of talent management strategy. The talent management strategy should be integrated and aligned with organizational strategy and it is also of vital importance to articulate the talent management strategy. Talent management is linked to culture and people of the organization. People and culture are the heart of the organization for creating the successful talent management strategy. The biggest challenges for the managers to manage talent is not the technical one, it’s the cultural one.
DeleteAccording to Tripathy, (2014)Talent Development Strategies creates comprehensive talent assessments, succession planning, and other talent management efforts that deliver business results and are vital to corporate strategy.
ReplyDeleteTripathy, Mr.S. (2014). Talent Acquisition a Key Factor to Overcome New Age Challenges and Opportunities for Human Resource Management. IOSR Journal of Business and Management, 16(12), pp.39–43. doi:10.9790/487x-161223943.
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ReplyDeleteHi Naomi
ReplyDeletethe Chartered Institute of professional development identifies talent management as attracting, identifying, developing and retaining the human resources which are considered to be assets for the company.
Organizations would gain more benefits from effective talent management and certainly would provide a clear competitive edge over their rivalries.
Some of the notable benefits are;
• Creating meaningful work and growth opportunities
• Building a high-performance workplace.
• Encouraging continuous learning.
• Adding value to the ‘employee value proposition‘.
• Increasing productivity.
CIPD (2021), Talent management, Understand the changing context and benefits of talent management, and the key features of a talent management strategy Accessed on 13th May 13, 2022
Introduction is explained. But, Talent is not the only term that describes people with exceptional ability or gifted qualities to achieve extra ordinary accomplishments. There are other terms such as gifted, able, or promising that are used to describe people with high levels of achievement. Gallardo-Gallardo et al. (2013)
ReplyDeleteAccording to Gerhart, (2005) Although the term “talent management” does not appear in the peer-reviewed literature there is a significant body of research that has examined the link between HR investments and practices and organizational outcomes. The benefits of these linkages have been empirically demonstrated in a line of research that is well established and highly regarded.
ReplyDelete