Talent Management Issues and Challenges

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

Executive Summary…….3 W hy Employee Retention and Motivation Is Important…….5 Turbulence In The Work Environment…….5 At The Root Of The Problem—Demographics…….6 Retention As A Strategic Business Issue…….6 Calculating The Cost Of Attrition…….8 Why Employees Become Disengaged and Leave…….9 The Phenomena Of Intrinsic Motivation…….13 Turnover Is Not A

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.

Some feel their supervisors don’t understand them and some are just on the way to the next highest paying job. No matter the reason, the loss of staff affects the quality and quantity of service we provide to our clients. Turnover increases critical incidents with our clients by putting them in harm’s way by utilizing staff they may not have been properly trained to deal with the client and their particular needs (Wenger, 2011). Furthermore, turnover causes severe staffing shortages and increases overtime costs for additional staff to cover those vacated positions (Wenger, 2011). As an HR professional, I wanted to focus this research on finding the answers to the questions I had around turnover. My research will include the concepts of recruitment and selection in acquiring human resources as well as compensation and training and development and will be used in formulating the strategic recruitment plan.

Retaining employees is one way the turnover rate can decrease, Branham (2000), focuses on retaining valuable employees by incorporating four key elements. The first key elements is, “be a company that people want to work for”. There are many companies that have been labeled as, “employers of choice”. These employers all have something in common, which is how they value their employers (Branham, 2000). They treat their employees with respect and like family. With being an “employer of choice,” people are the most valuable asset; not just customers but employees too. Many companies go above and beyond for their customers, but not for their employees, yet they wonder why they are losing valuable talent.

In much the same sense, there is a very high cost to employers who have poor talent management practices that result in high employee turnover and a substandard talent pool. Both turnover and poor quality talent end up being much more costly to employers than investing in their most important asset - their talent – in the first place. Employers who adopt competitive compensation packages, innovative employee recognition programs and employee development initiatives can more effectively foster a positive work culture that is essential today to attract and retain “game changing” talent.

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.

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

Write a 2-3 page essay identifying the critical components of a Talent Management Program and provide a detailed rationale of why companies invest millions of dollars in Talent Management Programs?

Consequently, the demand for talent is outstripping the supply. The ability for a firm to create an integrated system that yields a continual flow of talent ready to address specific strategic and operational opportunities may be the single most enduring competitive advantage. While organizations often find that their strategies, products, services, or markets require change, the need to have relevant, differentiated talent to achieve these business goals remains constant (pp. 73-35).

Summary of key findings Resourcing strategies and objectives Recruitment difficulties Graduate recruitment Attracting and selecting candidates Resourcing in turbulent times Diversity Workforce planning Labour turnover Employee retention Recruiting employees Resourcing strategies and objectives Recruitment difficulties Graduate recruitment Attracting candidates Selecting candidates Recruitment costs Resourcing in turbulent times The impact of the economic climate on resourcing Views on the employment market Implications for talent management Diversity Workforce planning Managing labour turnover Cost of labour turnover Retaining employees Looking forward

This report aims to evaluate reasons for high employee turnover rates and introduce effective counter measures to combat losses. I researched a number of peer journals, scholarly reports, and organizational reviews to complete my analysis. I was able to ascertain a few key elements that have proven to be desirable for employees on all levels and develop a clear understanding of elements that push employees away from an organization. This report uses the data I collected to suggest why employees leave and how to keep them.

Workforce turnover is a complex and important issue amongst today's organisations. It is perhaps one of the most often cited cause of increased cost and decreased productivity. No wonder people management has become an important frontier to extract and create more value from company assets. On comprehending the articles, it has become evident that organisations have moved beyond the traditional approach of only investing in core business activities, to invest in employee retention strategies. Many organisations, for example St. George Bank

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.