Literature Review On Talent Management

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.

D. Consequences for recruitment and retention of top talent: Matthew Rice’s article outlines the compensation and talent strategies that minimize employee turnover. Talent audits are used to identify top performers, investing in employee engagement strategies to improve retention of the existing team, and eliminate employees’ reasons to leave by offering job activities and development opportunities, and this because: “A talent audit is a critical first step in understanding your risk profile and where you need to invest time, energy and capital to limit your turnover risk” (Rice, 2011, p. 32). If applicable, describe any consequences this scenario has had for the organization 's ability to recruit and/or retain top talent. The research provides insight in how changes in

While it is certainly important to acquire new talent for the organization, it is worthwhile investigating what talent is already available within the organization and if these can be used

So what does it mean to develop a talent mind set at all the different levels of an organization? The Mckinsey Company explains that this mindset should begin with the senior management. They describe how these leaders must have a serious belief that building a strong management talent pool is critical to achieving the aspirations of the company (Michaels, 2001). This conviction of talent is what will give the competitive advantage to a company because the leaders will believe in having talent on all the levels of the company and not just the top. So how does this bring talented people in and make the fullest possible use of their abilities? A company that is building talent in such a sophisticated way will attract talented individuals, this will be due to the leaders who are creating, supporting, and innovating new ways to strengthen talent. This positive attitude will then become part of the company’s culture and talented professionals will become attracted to it. This mind set of having a positive attitude towards talent will also encourage people to work to their fullest ability. Employees in this environment will be forced to use new and existing talents to work with other talented employees and make the link with the company’s business strategy and required talents. Thus by working with this mindset, employees will always be looking to increase their abilities and utilize them towards the companies business plan.

It is essential for every organisation to understand the recruitment trends as by attracting the best talent, organisations will have an advantage over their competitors. When talent planning, organisations should promote a career opportunity, not a job opportunity as this gives a whole new outlook to any potential employee.

For an organisation to attract talent successfully, as part of the talent planning policy it needs to identify and assess what factors affect its approach to attracting talent. For example:

Organisational success depends on having the right skill mix. This unit provides an introduction to resourcing and talent planning process. Studying this unit will enable learners to understand the factors which impact on an organisation’s resourcing and talent planning policy. They will learn about the relationship between recruitment and selection by identifying the key stages

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

Many CEOs are naturally inclined and accountable for overseeing the day-to-day operations of their respective firms. Not that there is anything wrong with that, but in the years ahead, one of a circle’s greater competitive increase will be its cleverness to attract, develop, excite and retain endowment. Responsibility for conduct that ability is already being assumed by some CEOs, who, these co-authors and McKinsey consultants Saw, are immovable advent to the realization that their respective organizations are current to have to improve their talent contrivance plot. In this stipulate, which is based on their recently announce book, The War for Talent, the co-creator review the state of talent management as practiced by 13,000 managers. While

During the recent past however, when the company became a more dominant global competitor and a publicly traded conglomerate, the numbers of employees leaving the firm have increased, generating adjacent problems of employee recruitment, training and retention. In other words, the major challenges currently faced by the company are related to talent management. At a more specific level, the issues refer to the following:

Allen, D. G., Bryant, P. C., & Vardaman, J. M. (2010). Retaining Talent: Replacing Misconceptions with Evidence-Based Strategies. Academy Of Management Perspectives, 24(2), 48-64. doi:10.5465/AMP.2010.51827775

Talent Management is broadly defined as the process of ‘recruiting, managing, assessing, developing and maintaining’ a workforce (Khatri and Gupta et al., 2010). It is a practice that is directly related to the preservation and safeguarding of a company’s competitive advantage, a competitive advantage that is provided by an almost inimitable and increasingly scarce resource, talented people (Collings and Mellahi, 2009). In 1982 the Brookings Institution found that 62 per cent of average company value was credited to physical assets (equipment and facilities) and only 38 per cent to intangible assets (patents, intellectual property, brand, and, most of all, people), by 2003, these percentages had changed dramatically, with 80 per cent of value attributable to intangible assets and 20 per cent to tangible assets (Wellins, Smith, Erker, 2012). These figures provide compelling evidence for the significance of talent management and its ability to drive company performance.

The shortage of skilled employees combined with tightening budgets has left many organizations reassessing their talent management investments. Limited resources and changes in the type of labor needed have left manufacturing firms with the difficult choice of whether to invest in the development of internal talent or looking outside the firm. The purpose of this paper is to present a theoretical analysis of the selection or develop of skilled trades in a large manufacturing organization.

Talent management as defined by CIPD (Corporate Institute of Personal and Development) is a work fantasy, engagement, retention and deployment of those who have high potential for the future or fulfills business critical roles. Companies rather than normal adopted methods have their own concepts of talent.