Talent Management : An Organization

The banks approach starts out that just about every other business in Singapore is dealing with or has an account with OCBC bank. The reason why the bank is so successful is because the bank was built and run on stick business policies and has active talent management and development (Shukla-Pandey, 2012).

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:

Bank of America is a bank and financial holding company. It is a financial institution that serves individuals small and large business, large corporations and the government. The bank offers banking, investing, asset management, risk management, and other financial services. Through its subsidiaries and other nonbanking subsidiaries in the United States and international markets it provides six major segments. They are Deposits, Global Card Services, Home Loans and Insurance, Global Banking, and Global Wealth & Investments Management. The company is headquartered in Charlotte North Carolina and employees more than 283M people.

Conscientious and accomplished talent management professional with more than 20 years of demonstrated success supporting talent initiatives, advising leadership, and coaching management to meet hiring needs, retain a superior workforce, and improve performance. Highly experienced in workforce readiness and capabilities analysis and strategic planning at the individual, business unit, and leadership levels. Astute coaching ability to assess gaps and strengths, set goals and objectives, nurture and encourage, facilitate feedback, and offer resources to stretch the talents of leaders and employees.

Talent Management refers to the anticipation of required human capital of the organisation and the way these are planned in order to meet the result along with the recruit, retain, develop, reward and making people integrated for the strategic workforce planning. Different models and theories are being applied in order to understand and have their application of Talent management and these are associated with the objectives of the organisation (Taylor, 2008).

This brief report will cover aspects of attracting, recruiting and selection of talent, identify and explain the benefits and attractions of a diverse workforce and describe methods of recruitment and selection.

As mentioned in detail below, the balanced scorecard is a great process used to help measure talent. The balance scorecard is not biased, as it is based primarily on factual information. This abates the influence of personal preference in regards to the measurement of talent and subsequent promotions. Furthermore, the balanced scorecard provides a means to which an individual can ascertain his or her strengths or weaknesses. Through this self assessment, the individuals can alter his development or training to better progress his or her skillset.

Kelly OCG understood the company’s business strategy and had a strong focus on achieving them. They aligned talent management initiative and HR activities, systems and processes so that they were fully integrated. Senior executive had limited contact with talent programs processes. Realizing that talented employee were the heart and soul of an organization talent planning and management process in now becoming a core business practice driven by business strategy and talent strategy. (Dowell, 2002). Jeff Immelt, GE’s CEO, stated, “developing and motivation people is the most important part of my job. I spend one third of my time on people”. (Lawler, 2008). Many companies rely on HR to design, implement and monitor various talent management programs and

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.

Our staffing company has lost several placements to competitors recently. This situation raises the need for a system for proper management of Talent in our company.

This indicates that Talent Management practices are an important element for an organisation to have in place and more importantly to have implemented successfully. Collings and Mellahi (2009) argue that Talent Management remains relatively poorly defined and despite the volume of academic literature surrounding Talent Management, it is suggested that Talent Management is still in its infancy stage and it lacks a consistent definition and scope as well as a conceptual framework based on empirical research. There are many studies that indicate that key business leaders try to source talented people as a priority and regard this as the single most important managerial preoccupation for the coming decade stated by Deloitte et al 2010. Guthridge, Komm and Lawson et al 2008 mentions as Talent Management is an important factor to an organisations success, it must be able to design and implement strategies that will support and develop potential and current employees. CIPD (2006) confirmed that 51% of HR professionals in the UK responded to a survey that suggested 20% of them operate with a formal definition of Talent Management raising the question is Talent

Talent management isn’t a new concept to human resources (HR) leaders or to major companies, but it takes on new meaning and greater importance in volatile economic times. The definition of talent management varies among industries, companies and even branches of the same business. That’s generally smart because it means managers are molding the concept to fit their firm’s needs. The best approach is to define it simply as the work businesses do to get the most out of their people – for the sake of their employees and the bottom line. Povah, N., and Thornton, G., (2012).

In our current changing business world, bringing new employees into a business that need a certain skills or background knowledge can be hard to find qualified applicants to perform the daily tasks and duties of a job. As a result, bringing in new talent and implementing talent acquisition methods transform the company from being unsuccessful to fortuitous companies in the 21st century. Ron Torch, CEO and President of Torch Group Inc., said, “In todays job market, it is so challenging to recruit, qualify and hire the right talent quickly. Why is that? In one word..."CHANGE". Rapid changes in technology and our economy have dictated that to be successful in talent acquisition,

Talent development is the process of evolving and guiding employees who are able to contribute to the organization’s success and growth. Talent management is the umbrella above talent development; it is the process of attracting, identifying, selecting, retaining, developing and motivating, highly skilled employees and managers. The definition of talent management is also the purpose of both talent development and management. This allows for organizations to make long-term plans for the future because it also means that they will have long-term employees. In addition, their purpose increases an organization’s competitive advantage by collecting and managing organizational knowledge, attracting, developing, and integrating new workers, developing and positioning current workers to move up within an organization, assesses organizational needs, and attracts

During the team project I have learned that succession management and career development are effective tools for retaining high performing employees, which adds on to the effective talent management process. Some of the components I learned that are important to effective talent management are recruitment, retention, professional development, leadership or high potential development, performance management, feedback or measurement, workforce planning, and culture (Phillips & Gully, 2014).