A Talent Management Strategy

Moore, Shelley (January 12, 2011) Understand the Components of Talent Management-Posted in Talent Management http://www.bloomware.com/understand-the-components

As I review the chapters, and think about the process that would be best to measure employee talent, I believe that my favorite would be the 360 performance management process. So I will employ this one to measure employee talent for this assignment. It is known for providing critical on-going feedback to maximize performance in organizations. The on-going feedback helps everyone maximize their performance and in-turn maximizes the organizations performance. It allows for quick corrective action when things start to go off the rails, so managers and employees can address any issues while they are still small. While ideally managers and

Talent management has been used to attract the highly skilled workers as well as developing and retaining the existing workers for the business to achieve its objectives. It always forms what employers consider since it assists in getting and keeping the most qualified individuals.

A strategic management program is imperative for any successful business in today’s company environment. Organizations are willing to spend not only time, but also invest millions of dollars in the talent management programs because of the obvious benefits the programs create such as employment engagement, customer satisfaction, absenteeism, turnover, employee loyalty, and union avoidance. Talent management programs consists of many critical components that when organized properly foster a setting of continuous growth and success. These components of an effective program include: 1. Onboarding 2. Training and development 3. Performance management 4. Employee engagement 5. Succession planning 6. Mentorship 7.Work Life/Balance 8. Offboarding. Organizations must ensure that they have the human resources capabilities readily available to meet the current and future requirements of an ever changing demand. Therefore, having a strong talent management program is critical and incorporating each of these components will ensure that the talent management program is successful.

Talent management is a common term in corporate leadership which refers to a process that covers a key aspect of an employee’s life cycle. The cycle consists of a selection of development, succession and performance management for the purpose of ensuring that an organization has sufficient number of employees in terms of quantity and quality. This critical process ensures that an organization has enough people in place to meet their current and future business priorities. Talent management reflects an organizations commitment to hire, manage and retain talented work force, for the purpose of improving employee’s productivity and customer satisfaction. It is a perfect tool for success and the adoption of efficient talent management practices is the cause of advancement in some of the world’s leading corporations. One particular example is the bank of America.

This paper is going to describe OCBC’s unique approach to talent management and development. Compare OCBC’s approach to talent management and development to other organizations you are familiar with (e.g., current or past employers, a family business). Explain how OCBC’s approach to talent management and employee development been a primary contributing factor to the firm’s success. Evaluate the extent to which OCBC’s approach to talent management and development fits other organizations or industries, including some limitations if applied elsewhere without modification.

Talent management is a strategic process. Organizations use talent management to find, develop, and retain talented workers. According to the Project Management Institute, “proper talent management is a strategic competency - a blend of recruitment, professional development, succession planning and execution of best practices” (“Organization Talent Management,” n.d., para. 2). Successful

Talent management is the integrated and systematic process of attracting, engaging and retaining key employees and potential organizational leaders. The main objective of the talent management is employee performance evaluation.

For organizations to carry out their strategic plans effectively and efficiently, it is very important to have and forecast the best talent in order to thrive in this hyper-competitive and increasingly complex global business environment. According to Wellins, Smith, and Erker (n.d), talent management is "a mission-critical process that ensures organizations have the quantity and quality of people in place to meet their current and future business priorities". It is therefore imperative for organizations to consider human capital or workforce as the foundation for organizational growth, development, and success, by having the best employees as a strategic asset for most advantageous performance, and aligning such endowments with the organizations ' strategic goals. It can also be said that the success of any organization is directly linked to the performance of those who work in it. This implies that failure to properly tackle and anticipate the employment or personnel needs can jeopardize the viability of the entire organization. Based on these premises, organizations need to be proactive enough by predicting their staffing needs so that they would always have the needed human resource capability to execute their strategies. To effectively plan for the future staffing needs, the human resource practitioners may rely on some analytical tools to determine future workforce requirements and availabilities, in order to find out if the

Talent acquisition, retention and development is becoming into the range as one of the most critical elements of Human Resource Management. For years, companies have struggled to capture market share through economization and downsizing, while growth had seemed to take a backseat. New technology and tools are now available to address attracting, developing and retaining talent.

The issue with many companies today is that their organizations put tremendous effort into attracting employees to their company. The process of attracting and retaining profitable employees, as it is increasingly more competitive between firms and of strategic importance, has come to be known as the war for talent.

Talent acquisition is defined as the “strategic approach to identifying, attracting and onboarding top talent to efficiently and effectively meet dynamic business needs” (Erickson, 2012). Talent acquisition has the unique role of ensuring job applicants not only have the right credentials for the job, but also have the right mentality for the job. In other words, the person who ultimately will be offered the job needs to ‘fit’ within the firm’s structure and culture.

Diversity is known as individuals which are representing more than one national origin, race, gender, sexual orientation, disability, religion, beliefs, and age which create a diverse workforce environment were some feels valued at all costs and was skill sets are being used to develop goals within the organisation.

Retention of crucial talent is the key to the continued growth and success of business that it is well worth investing the time and effort into ensuring these individuals are happy to stay put and develop within the company instead of looking elsewhere for 3.2 Staff Commitment, Competence & Development and Retention of talent

Talent management as career development can be viewed as an individual concern, an organizational concern and a societal concern(Shuck et al., 2017). The fast pace of the current work environment can easily result in overlooking individual growth. Lack of career growth opportunity is often cited as the number one reason that employees leave a position(Shuck et al., 2017). Orientation, training, and performance management, are no longer enough to keep employees engaged in an organization. Career planning is on the continuum of strategic HRM and an area that tugs at the sustainable HRM