The Importance of Talent Management
The twenty-first century has become a globalisation and
technology-driven period in which businesses must keep one step ahead of their
competition. As a result, global marketplaces have become extremely
competitive, necessitating a competitive advantage in order to stay ahead of
the competition. Employees are no longer constrained to showcasing their
abilities simply inside one market or region as a result of globalisation's
impact. Furthermore, employment are being moved to locations that best meet the
organization's needs in terms of labor, skills, pricing, and capacity. Many
businesses are moving their call centers, IT departments, manufacturing,
finance, and accounting departments to nations with lower operating and labor
expenses (Tucker, 2005), Kao & Verma, 2005). Keeping this in mind,
businesses want personnel with exceptional talents and talented professionals
to help them reach new heights. According to Shaikh, Tunio, and Shah (2017),
all organizations can acquire a competitive advantage over their competitors by
having talented individuals perform well. As a result, an organisation’s
recruitment and selection processes, as well as the development of a talent
pool, proper utilization of these capabilities, and retention of the top
personnel, are critical.
Talent management is a method for developing and
implementing a series of coordinated activities that businesses need to recruit
and retain skilled personnel (Armstrong, 2006). To ensure that the process
remains aligned with organisational strategy and goals, talent management is
always evolving, adjusting, and changing. Organizations have realized that in
order to stand out, they need the best talent. Organizations that grasp the
business case for talent management are able to successfully combine talent
management and organizational strategy, resulting in improved workplace
performance (Lockwood, 2006). To ensure that the Talent Management Strategy is
linked with the goals of the organization, it is vital to examine the business
strategy, with a focus on present and future talent need. Creating and
maintaining a workforce that contributes to the groups' exhibition is arguably
the most critical challenge that the administration faces today. Each
organization's key goal in order to grow and prosper in this competitive market
is to execute consistently.
Being a part of an International Airline, it is
imperative to have high performance as an employee with the growing competition
among the other airlines. Collings and Mellahi (2009) emphasize the importance
of cultivating a talent pool of "high incumbents" who can occupy
crucial positions in the organization and contribute to achieving
"sustainable competitive advantage." It is critical that they improve
their talents, advance to higher levels of the organization, or leave.
Attracting and retaining the best employees, as well as detecting and
dismissing ineffective workers, is what talent management is all about (Ulrich,
2008; Ulrich & Brockbank, 2009). The management of talented people is of
great importance for organisations that are on a global level, such as the
airline industry. As a result, there is a strong demand for the cream of the
crowd because they are the people who drive the sector forward. To achieve
organizational goals of attracting, hiring, developing, and retaining people,
Human Resources should work closely with upper management to the greatest
extent possible (Oladapo, 2014). Human resource managers must track, establish,
coordinate, and implement talent management systems and efforts in order to
foster organizational commitment to talent management.
To remain competitive in the global economy, company
leaders must obtain long-term stability from their personnel management
strategies, rather than relying on short-term solutions that lead to economic
catastrophe, such as mass layoffs (Temkin, 2008). The demand for human capital
will continue to drive talent management in order for businesses to gain an
advantage (Towers Perrin, 2003). As a result, talent management is critical for
the company. Human resource strategies such as recruiting, selection,
development, and career management, employer branding, motivation, and training
and development, according to Lewis and Heckman (2006), constitute talent
management. Furthermore, it is mentioned that the concept of talent management
is built on workforce skills, demand, and supply, and that it focuses on
modeling and predicting the flow of human resources throughout an organization.
It demonstrates that, while each firm attempts to achieve a common mission,
maximizing the human asset is critical to achieving organizational goals.
Because each of us is unique and has a distinct personality, talent management
strategies are essential.
The following
research were done previously on talent management practices.
Bibi (2016) The impact of talent management methods such
as recruiting and selection for attracting talent, coaching and mentoring for
learning and development, and remuneration for retaining talent on employee
performance was investigated in this study. Recruiting and selecting, coaching,
mentoring, and other talent management practices were found to have a positive
impact on employee performance in this study. To measure employee performance
as a result of talent management strategies, the study comprised 364
individuals from various healthcare organizations in Karachi, Pakistan,
including paramedical and administrative staff as well as physicians.
Suherman and Safitri (2018) The purpose of this study was
to see how talent management affects employee performance at UBP Karawang.
Talent management has a considerable effect on employee performance by 37.8%,
according to the analysis and discussion. This was a quantitative research
project. The data was collected from 42 employees.
Rawashdeh (2018) The goal of this study was to look at
how talent management methods, attractiveness, development, maintenance, and
performance of Jordanian commercial banks are related. This indicated that
personnel management is critical for the banking sector's survival in today's
highly competitive business environments in high-income countries. As a result,
the response rate of 84 percent obtained from a total of 101 questionnaires
utilized in the analysis process, which was designated a research sample, was
considered extremely satisfactory.
References
Bibi, M.(2016). Impact of Talent Management Practices on Employee Performance: An Empirical Study among Healthcare Employees SEISENSE. Journal of Management. Vol 2 No 1 (2019) Research Article Available at https://pdfs.semanticscholar.org/8303/255047a17c45145f3e3df76f6110d23f2ea4.pdf.
Shaikh, M.R., Tunio, A.R., and Shah, I.A . (2017) Factors Affecting to Employee’s Performance. International Journal of Academic Research in Accounting, Finance and Management Sciences Vol. 7, No.1, January 2017, pp. 312–32. Available at
http://hrmars.com/hrmars_papers/Article_32_Factors_Affecting_to_Employees_Performance.pdf Accessed on August 20th 2019
Temkin,
S. (2008). Managers feel strain of
economic crisis. Business Day, 20.
Towers Perrin. (2003). Working today: Understanding what drives employee engagement. Retrieved August 27, 2007, from http://www.towersperring.com
Tucker,
E., Kao,T., & Verma, N. (2005).
Next-generation talent management: Insights on
how workforce trends are changing the face of talent management.
Business Credit, 106(7), 20-27.
Ulrich, D. (2008).
The talent trifecta. Development & Learning in Organization, 22(2),
32–35.
Ulrich, D., & Brockbank, W. (2009). The HR business-partner
model: Past learning and future challenges. People & Strategy, 32(2), 5–7.
.png)
Hi Ashanthi, I agree with the contents of the post. It is also emphasised in Armstrong & Taylor (2014), that the aim of talent management is to create a talent pool as it is a major corporate resource and that talent management is a comprehensive and integrated bundle of activities.
ReplyDeleteHi Nilushi, thank you for your comments. I agree. According to Collings & Mellahi (2009), cultivating a talent pool is of utmost importance to gain a competitive advantage for organizations. Tansley & Tietze (2013) defines talent pool as a group of individuals who share a set of traits that the organization recognizes. This is to ensure they've the right set of people with the best skills to reach organizational goals efficiently. As you have mentioned accurately, talent management entails more than one task. It includes everything from the time an employee is hired to the end of their career life cycle.
ReplyDeleteHi Ashanthi, Good post about Talent Management. Adding further, most of the research in the area of talent management so far has been premised on the idea of talent shortages, reflecting the robust economic conditions from 2000 to 2008 (Collings & Mellahi, 2009).
ReplyDeleteHi Hashini. Thank you for your comment. The difficult business climate of recent years necessitates HR's in-depth grasp of how people are major drivers of profit and success, as well as the capacity to manage talent to achieve business objectives. Today, almost all the companies have started to use the concept of talent management as it is seen as unique, and a non-imitable competitive advantage, which doesn't have just one phase. Different companies with different strategies apply talent management in different ways , which could lead to their global success ( Poorhosseinzadeh & Subramaniam, 2013).
DeleteHi Ashanthi , So Interesting , Organizations utilize TM to acquire, leverage, and safeguard their distinctive strategic resources, which are critical to establishing persistent competitive advantage (Dries, 2013a) (Sparrow & Makram, 2015).
ReplyDeleteHi Maheshani. Thank you for your comment. I agree. TM and its principle can benefit and enhance knowledge management in organizations (Whelan & Caracary, 2011). Thus employees knowledge, skills and capabilities need to be boosted and recognized as a vital source of competitive advantage (Colling & Mellahi, 2009).
Delete