Dissertation Topics Talent Management Text

Ashton and morton said, getting the right people in pivotal roles at the right time should be nothing new to hr professionals, but when implemented effectively, talent management can create long term organizational success ashton and morton, 2005, p28. Organisations have realised the fact that good employees are their greatest asset and are what gives them the competitive advantage in the long run. This objective made the hr professionals in these organisations concentrate on finding and building a talented workforce. With the unfolding of the 21st century, there is a growing awareness among hr professionals to focus more on identifying and retaining a talented workforce and making them actively engage in the business’ strategies.

The term ‘the war of talent’ by mc kinsey amp company, from their research on talent management practices in various organisations, outlines that the high quality of an organisation’s talent will determine its success in the competitive business environment michael et al. Organisations have realised that talent is an intangible asset and better talent will enable them to perform better when compared to their competitors. This made hr professionals in the organisations emphasize and change their approach towards talent management. This essay will discuss how talent management plays a vital role in formulating the business strategies of an organisation and examines how an organisation with better talent can possess a competitive advantage. In the last three decades, the changes in the workplace from industrial revolution to recent global economic crisis resulted in development and adaption of new talent management practices in organisations. Many new strategies were adopted beyond traditional processes in an effort to manage and engage a talented workforce formulating various business strategies. With the phenomenon of globalisation and increase in outsourcing of company operations to other countries, by the end of 20th century organisations were mainly concentrating on attracting a talented and skilled workforce to work for them michael et al.

This evoked a fight termed ‘the war of talent’ between organisations in the process of gaining competitive advantage by attracting, developing, motivating and retaining the talented workforce. This realisation and changes in the business environment made talent management practices a top priority for organisations lawyer, 2008. Talent management is the process of identifying, selecting, developing and deploying new employees engaging, motivating and retaining current employees and attracting a highly skilled workforce to perform valuable operations in the organisation berger and berger, 2003.

It ensures that all the people, processes and resources are in place to help the business deliver its strategy. From the research of mc kinsey amp company it can be analysed that companies which possessed talented people in their key positions were able to attain high performance and increase their organisation’s profits michael et al. It can be understood that the organisations which realise the significance of strategic talent management and manage their business accordingly will reap higher benefits and rewards1. Traditionally, the evolution of human resource management is based on the fact that an effective and efficient workforce can improve strategic performance and functional excellence beardwell and claydon, 2007. Talent management may be more a new language of old hr work which is committed to improving organisational performance by involving employees, line managers and hr practitioners frank, finnegan and taylor, 2004. Today, talent management has become a matter of strategic importance for many organisations. This need for talent management is also driven by macro factors such as growth of new cycles of business, changing workforce demographics, composite economic conditions and growth of new enterprises ashton and morton, 2005.

The growth of new cycles of business for an organisation often requires a variety of talent in order to out perform in each cycle. This emphasises the need for integration of talent management practices within a business strategy and implementation of those processes at every level in the organisation. Also, with the reduction of labour pools due to a change in workforce demographics, there is every possibility of compression of talent in the organisation which evokes the need for talent management. The growth of new enterprises will also result in the attraction of a talented workforce from the large organisations, which will also stress the need for efficient talent management practices.

Finally, the recent financial crisis and present complex economic conditions emphasises the need for a talented workforce in formulating crucial business strategies for an organisation at every level ashton and morton, 2005. At a macro level, another important factor that drives the need for talent management practices is a shift in global focus on development of leadership at every level of the organisation. This leads to a human capital centric hcc organising structure which includes integration of a business strategy with talent practices, emphasis on leadership, sharing of information, building of talent at every level and significance of performance management activities.

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In contrast, a structure centric sc organisation consists of traditional bureaucratic hierarchies where managers do not make any effort to engage, motivate and retain employees. It is a much more bureaucratic approach where only the manager talks at all the levels and never considers the need to make future leaders lawyer, 2008. This is the primary issue with many organisations, as many still follow a sc approach. But, the sc approach can still work provided management make modest effort to implement talent management practices. All it needs to do is to attract, retain and motivate the right talent within the organisation as it helps to attain high performance through the human capital, making it a competitive advantage factor for the organisation.

However, for organisations which mainly rely on the competences of their human capital in order to excel in their performance adoption of a human centric approach is crucial. This is because organising is not just controlling of people costs but it is about how well the human capital people performs in their operations at every level, as they form key indicators of performance for an organisation lawyer, 2008. The main issue with many organisations is that they emphasise more on attracting employees to their company but fail to concentrate on identifying, retaining and developing talent within the organisation frank and taylor, 2004.

Many companies which realised the importance of having a talented workforce adopted talent management practices to solve employee retention problems. Also, development of a hcc organising structure will help to identify and develop people within the organisation, making them future leaders. This organising structure also enables them to share information with other departments in the organisation which helps to gain knowledge across all levels of the organisation. In a hcc approach, performance management is one of the most important activities where employees are assessed based on their performance.

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The organisation’s development of talent and leadership qualities in employees at every level is handed over to line managers. Thus, a hcc approach will concentrate on integration of talent management practices with the business strategy lawyer, 2008. For instance, the business strategy should include duties for line managers and senior managers to develop the required skills and knowledge to their next sub ordinates. When a talent management system integrates with a business strategy across all processes of the organisation it will not only help to develop a talented workforce across all levels but will also enable everyone in the organisation to realise the business objectives of the organisation as a whole lawyer, 2008. It can be understood that talent management is a strategic and holistic approach to both the hr department and business planning, which creates organisational effectiveness. This enhances both the performance and talent of the workforce which makes a great difference in the performance of organisations currently and in future. Also, it aims to enhance performance in the workforce across all levels in an organisation enabling everyone to reach their potential targets.

In order to achieve high performance and impose talent at all levels, organisations should possess the following five talent management imperatives which help to deliver the business strategy michaels et al. 2001:

Creation of ‘employee value proposition evp ': the creation of gaining evp will help to bring talent into the organisation. People are mainly attracted to organisations for four reasons, becuase: it facilitates exciting and challenging work it offers good remuneration and rewards it is a strong brand and it offers future growth and development for its staff. these factors help to create a winning evp, thus contributing to employee retention and satisfaction.

attracting a talented workforce: organisations should always seek highly talented people who can deliver their business objectives effectively. Organisations mainly focus on infusing talent at every level of the organisation right from top management to line managers. In today’s competitive market, identifying talent will ensure companies increase their performance and provide a competitive advantage. Developing great leaders within the organisation: it is a fact that many organisations possess a talented workforce but they lack the skills to identify and develop them.

The organisation should possess a business strategy which gives responsibility to line managers to identify and develop future leaders. This is the integration of a business strategy with talent management practices which helps to achieve the organisation’s goals and objectives. Differentiation of talent: performance management strategies are vital in differentiating people in the organisation. Often companies focus on assessing the talent of their employees with various performance strategies and differentiate top performers from low performers. They provide top performers with high profile roles and give good remuneration and rewards for the value they create. It is always challenging for organisations to handle low performers but they can overcome this though relevant training and development programmes. This differentiation will enable organisations to raise the performance of the top performers, making them feel a vital part of the success of the business michaels et al.