Talent Management
Critically evaluate the development issues that arise for managing talent. Evaluate the appropriateness of different development interventions for talented employees.
Introduction:
Talent management is defined as the strategies and practices needed to identify, develop, attract and retain skilled workers of value to an organisation. (Rands 2009). It can be described as a holistic approach to the strategic management of the organisation’s employees. Organisations need to view their people as investments which add value to the company and not as costs which take from the bottom line. Having a talent management system in the organisation is crucial to growing the value of that human capital. If we analyse the critical factors for organisational survival and growth today, we will see that they have evolved from land, capital and equipment to creativity, innovation and problem solving. The focus has switched from fixed assets to people and their skills.
“In our knowledge based economy, value is the product of knowledge and information. Companies have to bet on people, not technologies, or factories and certainly not capital (Martin, Moldoveanu, 2003). Despite this and the fact that the CEOs of many major corporations are stressing that talent is their most important resource, organisations are finding talent management to be a very intricate and complex issue, and many are struggling in their attempts to properly implement talent management programmes. As the world lies deep in recession and HR faces greater challenges than ever before, opportunities still exist for organisations to excel through proper employee development strategies. In this essay we will look at why talent management is so important, what issues arise as organisations try to implement a talent management system and finally we will look at the different development processes used when developing talented employees.
Importance of Talent Management:
In a global survey of more than 9,000
Introduction:
Talent management is defined as the strategies and practices needed to identify, develop, attract and retain skilled workers of value to an organisation. (Rands 2009). It can be described as a holistic approach to the strategic management of the organisation’s employees. Organisations need to view their people as investments which add value to the company and not as costs which take from the bottom line. Having a talent management system in the organisation is crucial to growing the value of that human capital. If we analyse the critical factors for organisational survival and growth today, we will see that they have evolved from land, capital and equipment to creativity, innovation and problem solving. The focus has switched from fixed assets to people and their skills.
“In our knowledge based economy, value is the product of knowledge and information. Companies have to bet on people, not technologies, or factories and certainly not capital (Martin, Moldoveanu, 2003). Despite this and the fact that the CEOs of many major corporations are stressing that talent is their most important resource, organisations are finding talent management to be a very intricate and complex issue, and many are struggling in their attempts to properly implement talent management programmes. As the world lies deep in recession and HR faces greater challenges than ever before, opportunities still exist for organisations to excel through proper employee development strategies. In this essay we will look at why talent management is so important, what issues arise as organisations try to implement a talent management system and finally we will look at the different development processes used when developing talented employees.
Importance of Talent Management:
In a global survey of more than 9,000
Bibliography: Anonymous (2006), Record profits fuel war for talent, Financial Times, 16 June, London. Berger, D. R. (2004) The journey to organisation excellence: navigating the forces impacting talent management. In: D. R. Berger & L. A. Berger (eds.), The Talent Management Handbook, Ch.3. McGraw-Hill, New York. “Capital Versus Talent: The Battle That’s Reshaping Business,” Harvard Business Review (July 2003), 36. Garavan , T (2007) A Strategic Perspective on Human Resource Development, Advances in Developing Human Resources, 9:11 Hewitt, T Pfeffer, J. (2001) Organisational Dynamics, Vol. 29, No. 4, pp. 248-259, © 2001 Elsevier Science, Inc.