Talent Management : An Organization

Talent is a recurring pattern of thought, feeling or behaviour that can be applied productively.

Talent management metrics link human capital investment to financial performance. According to management gurus Huselid, Becker and Beatty 2005, there are critical challenges to successful workforce measurement and management. Talent management metrics are evolving. As organizations increasingly focus on talent management strategies, they seek ways to validate these initiatives and measure their business impact. Many firms are beginning to include talent management in their dashboards or scorecards. Scorecards provide a clear “line of sight” to organizational strategic goals by linking talent management to objectives and performance appraisals. Measures may include factors such as employee survey results and turnover. Companies also create their own measurements to fit their organizational cultures. Increasingly, talent management technology to house and track talent management strategies is becoming available. Databases with all relevant data in one location can result in significant time savings for staffing, such as the ability to quickly identify talent for open positions. Some vendors include talent management solutions in their HR suites. Strategic talent management software may help manage workforce

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.

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.

Identify and assess at least 4 factors that affect an organisation’s approach to attracting talent.

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:

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.

* outlines an approach to identifying the learning culture and strategy that will support organisational success

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:

Sustainable talent management is considered to be more than just a terminology; rather, it is a set of some crucial activities which are performed under the human resource head with the motive of exerting a pull on the talented individuals for using their skills and the best of their abilities for the progression and prosperity of the organization (Collings and Mellahi, 2009). The process of sustainable talent management is not confined to attracting the individuals only; rather, it also involves their

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.

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.

A major factor contributing to the shaky ground on which some businesses stand these days is the generally low number of qualified job seekers at large in the labor market. Coupled with the problem of increasingly high rates of employee turnover, business leaders are finding it increasingly difficult to attract and retain the top talent necessary for their expected levels of productivity.