The Importance Of Talent Management For An Organization

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

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

This helps in maintaining a friendly relation with the members later on. This in turn, helps in the motivation of employees which result in the firm’s success.

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.

Keywords: human resources management, HRM, motivation, diversity, communication, recognition, relationships, performance, economic growth, recruiting, candidates, creativity,

The CIPD defines talent as those individuals who can make a difference to organisational performance either through their immediate contribution or, in the longer-term, by demonstrating the highest levels of potential.

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:

Learning and Talent Development Allows people at all level of the organisation possess and develop the skills, knowledge and experiences to fulfil the short and long term ambitions of the

Strengthen employees’ skills so you can delegate more tasks to them and focus on more important managerial responsibilities—such as planning. Boost productivity by helping your employees work smarter. Develop a deep bench of talent who can step into your shoes as you advance in the company. Improve retention; employees are more loyal and motivated when their bosses take time to help them improve their skills. Make more effective use of company resources; coaching costs less than formal training (p. 1).

Talent management is a strategic process. Organizations use talent management to find, develop, and retain talented workers. According to the Project Management Institute, “proper talent management is a strategic competency - a blend of recruitment, professional development, succession planning and execution of best practices” (“Organization Talent Management,” n.d., para. 2). Successful

The additional assessments of short, medium, and long term outcomes provide the bank with a way to align outcome measures with talent management strategies and to determine which practices and processes are reinforcing the strategy. The identification of these assumptions also helped to shape the vision for the future integration of talent management. The assumption of internal coordination and integration had always been an explicit goal. (Goldsmith and Carter, 2010). Stating it as a necessary precondition to achieve the organization strategy increased the awareness of some of the difficult challenges, such as tricky coordination, gaps, redundancies, unstated or unclear requirements and other common problem areas. As a result, the logic map became the foundation of a business case to improve the overall talent management process and key practice areas. For example, one of the metrics in the health of the bench index relates to the quantity of external talent flowing into the bank. This metric is presented in the context of potential causes and the impact on other strategic metrics, such as the ability to build innovative products. (Goldsmith and Carter, 2010).

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.

Human Resource Management is designing management systems to ensure that human talent is used effectively and efficiently to accomplish organizational goals (Mathis & Jackson, 2008). To that end, Human Resource

According to Decenzo and Robbins (1994), “Human Resource Management is a process of procuring, developing and maintaining the performance level of the employees to achieve the organizational goals in an efficient and effective manner”. The HRM practices of recruiting and selecting employees, training them for their job, evaluating their