People and organisations - MN7181 - Talent Management

Talent management in Global context in twenty first century

The talent management concept was derived from the “War for Talent” in late 20th  century to attract and retain talented people obviously for the competitive advantage.It has evolved to a state where the organizations are endeavoring to create a ‘best place to work’ by various means.

There are several elements of Talent management

1. Resourcing strategy - discovering talent with in the organization and promotional development of it.
2. Attraction and retention policies and programs - recruiting people from outside the organization and ensuring the committed people inside the organization to remain.
3. Talent Audit - identifying potential people for carrier development for future demands of the organization.
4. Role development - providing opportunity and motivation to develop their roles.
5. Talent relationship management - development of an effective relationships among the  their roles by due recognition.
6. Performance Management - motivation of the engagement of people by due recognition of performance beneficial to the organization.
7. Total reward - a fair system of rewarding financially  and non financially for the value of the consistent contribution to the organisation.
8. Learning and development - providing opportunity for talented people to acquire and enhance their competencies.
9. Career Management - harnessing the progression of the talented to the organizational needs ( Armstrong, 2006).

These concepts are more than several decades old and there are some failures of these concepts. The development of the human capital to an anticipated need could be ineffective due to the challenge of the changing demands and technology. Therefore no doubt that some of the organizations would consider talent management is meaningless and rely on outsourcing the talent according to the demand. This trend has evolved due to the readily available talent in the cooperate sector for some roles and ineffective cost of the internal training. On the other hand the economic recessions have led to the strategies like demise of life long employment and cutting off layers of the hierarchy in the process of  restructuring the organization to overcome the downfall. In this background the principle elementals of talent management need some upgrades to   Relieve the pain of the possible failures of the talent management of the modern organizations. The new way of thinking about talent management appear more important. 

1. Managing the risk by Buying - It should be realized that it is impossible to predict the talent demand with a certainty. Therefore it would be very heathy to hire the necessary talent outside without hesitation when the shortfall appears
2. Adapting  to the uncertainty of the demand for talent - breaking the development programs to smaller unit and widening the talent pool rather than developing highly skilled individuals with lengthy programs. This strategy is useful in facing the change in the human capital demand.
3. Shared cost in Development of employees & Keeping relationships - getting the employees to share the cost of development and maintaining the  relationship with former employees with the of return someday.
4. Balancing  employee- employer interests for preservation of investment - Employees interest is with the prospects for advancement and control over their carrier. The employers interest is on skills delivered at an affordable manner. One of the ways to balance is Internal job boards in order to facilitate the employees to apply for openings with in the organization. However this could lead to increased conflicts as the employer loses control over their internal talent. Therefore development of a framework of talent on demand which is driven by  the markets appear as a way to balance interests of employee and employer ( Cappelli, 2008).

The future advancements of strategic talent management the areas of  with identifying pivotal talent positions, developing a talent pool, creating a differentiated HR architecture would contribute for competitive advantage which is sustainable for an organization ( Collins & Melanie,  2009).

References

1. Armstrong M (2006), Handbook of Human resource management and practice ( 10th edition), pp 391-410.
2. Cappelli P (2008), Talent management for the twenty first century, Harvard business review, Available online www.hbr.org, Accessed on 30/10/2019.
3. Collings, D.G. and Mellahi, K. (2009) “Strategic Talent Management: A review and research agenda”, Human Resource Management Review, 19(4), pp 304–313.