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
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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
“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
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.
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...
Human Resource Management is defined as the process of managing human talent to achieve an organization’s objectives (Bohlander & Snell, 2010). A more detailed definition is given by the Society for Human Resource Management which states that “human resource management is the function within an organization that focuses on recruiting, managing, and providing direction for the people who work in the organization” (Schmidt, 2011). The role that human resource management plays is the most vital in all business organizations. This importance is easily seen in running a health care facility. Human resource in health care is important in improving the overall patient health outcomes and the delivery of health care services.
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.
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
Human Resource Management (HRM) can be defined as “the set of programs, functions, and activities designed and performed in order to capitalize on both employee as well as organizational effectiveness. It is a management function that helps organization in recruiting, selecting, and training, developing and managing
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.
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)
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.