Talent Management is New Innovation Taking Over Human Resources

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.

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.

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:

The most intriguing idea that come into my view of talent management is an achievement, put into practice of talent management to review staff meeting. For discussion in relation to talented staffs and building their knowledge, expertise and possibility introducing to other managers in separate sections of the business. As well as the potential to utilize make growth of inside talent is magnified for equally the business and the talented workers.

Talent management tend to be critical, however most of the organizations end up flounder in the case of effectively leveraging a state of the art technology solution. The basis of the difficulties comes from the business benefits that have sharply diminished in the event of failure by the organization to take advantage of talent solutions that have integrated completely with the core human resource system of records as well as with one another, (Bill Millar, 2007). Due to this, organization will always fail to have a decided competitive advantage on the part of

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

Employees who have experience in leadership and have been in the industry a while would be in the talent pool called leadership talent. The next key concept after the employee has been placed in the talent pool, is to establish a planned development program which share and teaches them the business knowledge and well as professionalism, teamwork and leadership development. Another key concept is the increase of retention of employees identified in the various pools. One of the first key concepts of talent management for this “for-profit” organization is to develop talent and identify functional areas is linked to the business strategy. After you review the business strategy to ensure linked to the functional areas, you identify the focus areas. Next you identify and define the organizational capabilities, then define key leaders. Assess and define individual functional standards. Then identify and build talent systems components, and then measure impact and effectiveness. To help achieve these steps mentioned above you must implement a structured selection process. Develop a career development program that also assesses talent. Implement formal learning and developing programs. Merge functional competencies integrated with the performance management systems; measure and assess your outcomes and then reward and recognize employees that have excelled in the programs. The key components for the employee would be Selection; Development; Succession; and

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.

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.

Teaming across organizational boundaries appears to be a hallmark of companies in transformation. In fact, a number of companies these days have eliminated many of the traditional organizational boundaries entirely. Project teams instead of traditional managers organize work, and workers are even able to join teams based on their competencies and interest. These are just some of the changes being made as the United States quickly transforms from an industrial society to a service society. Instead of the boss being the CEO the boss is now becoming the customer. As our company structures change thus does the roles of our Humane Resource departments. In the following paragraphs we will discuss some of

Business leaders need to be aware of the trends that will impact the operating environment in the future. Trends offer clues about how the operating environment will change. concept these shifts will allow luminous CEO’s and managers to adapt and thrive. This is especially accurate in the dwelling of Human Resources management since people are one of the most principal resources to any enterprise. Here are five accepted trends in Human Resources management that business leaders will want to watch:

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.

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.

Talent management has been very important, it has helped OCBC to approve and assist in the companies plan to reach all major goals. All elements of talent management need certain strategies to reach its goal in the business world (Hrmasia, 2015). Employees potential must be the sole focus, HR must supplement the company with the best workers for a company to reach its full potentiality, because customer satisfaction is necessary (Hrmasia, 2015). HR at OCBC made sure

Talent management is done to ensure that all the fields in the organization have their workforce to ensure their smooth operation. The organizations are able to identify key positions and ensure that they are never void (Berger, 2004). This will result to continuity of its operations at all times. High performance is therefore maintained.