Talent Management : An Organization

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.

Organizations are constantly looking for ways to improve existing talented employees and recognize future ones, human capital who will support their structural plan. Talent Pipeline is a collection of experienced applicants who is ready to take up the responsibilities of vacant positions at the executive level as well as other crucial positions. The variety of positions will require distinct talent and awareness. Talent can be an organization’s greatest asset or liability. The good news is that whether it is entirely within management’s control. PricewaterhouseCoopers’, retrieved from https://www.pwc.com In order to keep the pipeline overflowing with the various talents, the organization obligation is to create a platform

Talent management is a common term in corporate leadership which refers to a process that covers a key aspect of an employee’s life cycle. The cycle consists of a selection of development, succession and performance management for the purpose of ensuring that an organization has sufficient number of employees in terms of quantity and quality. This critical process ensures that an organization has enough people in place to meet their current and future business priorities. Talent management reflects an organizations commitment to hire, manage and retain talented work force, for the purpose of improving employee’s productivity and customer satisfaction. It is a perfect tool for success and the adoption of efficient talent management practices is the cause of advancement in some of the world’s leading corporations. One particular example is the bank of America.

In today 's whirlwind job climate, organizations are seeing a shift in the candidate profile. The rebounding economy, coupled with technological advancements, allows potential employees the ability to leverage their skillset to achieve their desired work situation. Diversity in the workplace climate is growing due to the emergence of the 'shared economy ', in addition to the growing appeal of temporary work situations. In this emerging workforce, workers are looking for autonomy, flexibility, and organizations that they are proud to be associated with . This means that employers are competing more fiercely than year’s prior. Access to top candidates is growing more difficult due to the fact that many employers are not presently engaging workers in all of the workforce arrangements that are currently available. More importantly, candidates with desirable skill sets—particularly in the STEM sector are proving to be a challenge to procure. As the U.S. is experiencing the lowest unemployment rate since 2006 , it is critical for companies looking to secure top talent to engage in a new, robust and holistic talent acquisition strategy. Total talent management, a relatively new concept, is gaining traction, as a solution to engaging today’s best and brightest in the workforce. Simply put, Total Talent Management (TTM) is a talent strategy that focuses on all aspects of work arrangements. The concept of TTM

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 Management9 and Succession Planning.10 Talent management processes include attracting, developing, and retaining the individuals who have potential for success in organizations. It includes actions taken to manage the development of those individuals to ensure their competitiveness for future opportunities. An organization’s ability to attract, develop, promote, and retain diverse talent happens through proactive measures. Succession planning includes managing the development of employees to enhance skill levels and support continued preparation for advancement to key positions.11

This report will provide an advice for the Executive Board of Landco, whether a Talent Management approach in the company will be suitable for individual and organisational development. It will consider all main areas of HR practise, which will be critically reviewed, followed by a conclusion and recommendation.

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

Strategic Management requires the top management to establish goals and initiatives taking into consideration internal and external resources and data from the competition. These decisions and actions define the long performance of the organization. It includes internal and external environmental scanning, strategy formulation, implementation, evaluation and control. (Wheelen, Hunger, Hoffman, & Bamford, 2015) This paper will discuss how strategic management can be used to recruit and retain the best employees to support strategic management.

Strategic Human Resource Management (SHRM) can be defined as the linking of human resources with strategic goals and objectives in order to improve business performance and develop organizational culture that fosters innovation, flexibility and competitive advantages. It is an approach to the development and implementation of Human Resource (HR) strategies that are integrated with business strategies and enable the organization to achieve its goals (Armstrong, 2000). For most organizations, HR is responsible for the recruitment and selection of personnel. Organizations often depend on their HR department to ascertain the appropriate talent to man available positions and clearly define the responsibilities of those positions, but are not limited to those standards. It is important that a company or organization maintain SHRM in order to address the wide range of organizational issues as they pertain to the many factors of managing human capital and getting the job done. When utilizing SHRM, HR transforms into a dynamic entity to ensure that benefits and policies are aligned to properly manage the practices of the entire organization. Because of this, the HR department is able to strategically support the entire organization by becoming a neutral decision maker in disputes and decisions across

The role of the Human Resource Professional is evolving with the change in competitive market environment and the realization that Human Resource Management must play a more strategic role in the success of an organization. Organizations that do not put their emphasis on attracting and retaining talents may find themselves in dire consequences, as their competitors may be outplaying them in the strategic employment of their human resources.

Talent management is a term that includes a large variety of different methods a company interacts with workers from training, coaching, succession, recruiting and performance. It is considered an umbrella term that all of the various talent strategies fall under. Talent management has become a major issue in todays’ job market with more companies beginning to understand the need to retain quality people in their workforce and have started to attempt changes in their talent strategies as the market has become even more competitive these days (TALENT MANAGEMENT,2015).

These are all questions that can be answered if we had the ability to look at our employee data. A talent management system could provide our Human Resources department with a supply chain network where they could manage our talent. If we take a look at the why of HR and our organizational development, we can clearly see we have what I would call a proposal for business value.

In bajaj allianz life insurance Company, the Talent Management Program is a unique platform that assesses the Performance and Potential of an employee and hence comes out with a more balanced view of individuals ' abilities. It helps to develop an organizational wide talent map thereby enabling the organization to identify key talent and nurture them. In this program, each employee is mapped on a performance vs. potential grid enabling us to groom an employee not only on the basis of performance but potential talent as well. Through Talent Management Program they now have a holistic view of an individual’s abilities as it recognizes Key Resources and provide them with growth opportunities; facilitates retention of High Performers and complements the rewards system. It also facilitates designing of Personal Development Plan (PDP) and Personal Improvement Plans (PIP) for employees and hence provides the basis for Training Needs Analysis (TNA).The Excellence Awards endow a national platform on which Excellence in each field of our operations is recognized. It is instituted to value the efforts and contributions made by the employees and to appreciate Excellence in all their endeavors. The employees are evaluated on certain pre-defined parameters such as Ambition and Drive, Ability and Willingness to Learn, Customer Orientation, and People Orientation etc. The nominations go through an extremely robust evaluation at the highest level of management and the