In today’s competitive workforce, talent is not only incremental, but also scarce. War for talent, a term coined by Steven Hankin of McKinsey & Company, refers to the competitive landscape of talent management of skilled and valuable employees. Talent management is defined as “the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs” (Lockwood, 2006). This paper talks about the challenges faced by organizations and how organizations use strategic HR to overcome concerns regarding attraction, recruitment and retention of talented employees. A few HR executives have raised that “the single greatest challenge in workforce management is creating or maintaining their companies’ ability to compete for top talent” (Jones & Keene, 2005). Moreover attracting and recruiting talented employees is not sufficient anymore, organizations need to implement an effective policy to retain these employees. The strategies discussed in this paper are supported with real time case studies to add further accreditation. The research drawn from these case studies are both empirical and theoretical in nature. LITERATURE REVIEW Although there are several aspects that relate to the war for talent, this research briefly reviews a few of the strategies widely used by organizations to overcome the challenges they face: 1. Telecommuting 2. Voluntary Payroll Deduction (VPD) 3. Employee Engagement TELECOMMUNICATION Recent studies show that a major concern raised by employees is their work life balance. Telecommuting may not work for all types of busin... ... middle of paper ... ...gallup.com/consulting/File/126806/MetaAnalysis_Q12_WhitePaper_2009.pdf Harter, J. K., Schmidt, F. L., Killham, E. A., & Agrawal, S. T. (2009). Meta-Analysis: The Relationship Between Engagement at Work and Organisational Outcomes. Retrieved February 13, 2014, from www.gallup.com/consulting/File/126806/MetaAnalysis_Q12_WhitePaper_2009.pdf Jones, D. K., & Keene, L. (2005). Vero Solutions Inc. Retrieved from http://verosolutionsinc.com/wp-content/themes/twentyten/files/AberdeenGroup.pdf Lockwood, N. R. (2006). Talent Management: Driver for Organizational Success. (SHRM Research ) Retrieved from Society for Human Resource Management: http://www.shrm.org/research/articles/articles/documents/0606rquartpdf.pdf The Gallup Organization. (1998). Employee Engagement= Business Success. Retrieved Febuary 12, 2014, from www.bcpublicservica.ca Voluntary Benefits . (2002). 9.
In the previous study, the authors stated that there are various studies about the telecommuting include references to corporate attitudes toward telecommuting, motivation, productivity, supervision and employee satisfaction.
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
Saks, A. (2006). Antecedents and consequences of employee engagement [electronic version]. Journal of Managerial Psychology, 21(1), 600-619.
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 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
Talent recruitment is among the key issues businesses must solve. Attracting the right talent and making the right hire is not as easy as it might sound, especially in the current recruitment landscape.
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.
Nilsson stipulates that Talent Management has become the focal point of corporate human resource strategies and this has sparked huge interest in the area of human resource management and human resource development research Nilsson (2011). According to Michaels, Handfield-Jones and Axelrod (2001) the concept of talent can be described as ‘the war for talent’ in gaining the competitive edge for attracting, recruiting, developing and retaining these talented individuals. Applebaum, Bailey, Berg & Kalleberg (2000) agree with Beardwell and Thompson that talent is an individual’s ability which includes their skills, knowledge and potential for development. Phillips (2014) argues that talent is not an individual but in fact a group or leaders, technical experts and key players who drive the organisation forward. Both comments demonstrate that the term talent has evolved from focusing on the attributes of individuals to focusing on a group of key performers that can influence the performance of an organisation. Nilsson (2011) highlights that since the McKinsey firm announced that the global war for talent is becoming the essential force for competitiveness and performance, the term Talent Management has become a common term used in the corporate world. McDonnell, Lamare, Gunnigle and Lavelle (2010) foreseen this and during the recession period organisations focused on retaining the talented
In many instances it was found that organizations have in their control a lot of factors that are important to retaining valued employees. Lack of a sound corporate strategy was indicated as the primary reason for why the organization did not have a sound talent management program. There is also the perception that talent management is not worth the costs. The authors feel that the entire organization must have a mind-set of management for it to be effective for if senior management of an organization buys into the concept then it will become engrai...
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
A recent report by the renowned Hay group says ‘A talented and aligned workforce is crucial for bringing strategy to life and ensuring an organization delivers on its objectives ‘. This report also says that direct people costs make up an average of 40 per cent of organizational costs. So what is it that drives the organizations today? A talented workforce is the answer. How can a talented workforce be obtained? Pat comes the reply from any industry expert “Through proper strategic workforce planning.” Strategic workforce planning is the need of the hour with the entry of dynamic workforce diversity and booming technology owing to globalization.
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.
Talent acquisition as a distinctive function and department is a comparatively new development. In lots of companies, recruiting itself continues to be an indistinct function of the HR generalist (Beechler et al., 2009, Botha et al., 2011, Boudreau
A new meta-analysis published in the Journal of Applied Psychology concluded that, “… employee satisfaction and engagement are related to meaningful business outcomes at a magnitude that is important to many organizations.”
Hiring the best from the market trickles down to the organization’s success. It is with this reason that the human resources are key assets in an organization. Retaining talent is crucial if the organization is focused on remaining competitive and increasing its profit margins.