The case study: When the only way is up
Apparently, there are several problematic issues in the given case study regarding The Global Financial Crisis (GFC) which causes of the long term loss of jobs in the finance and banking area estimated by The International Labour Organization (ILO). Moreover, not only GFC is globally creating the finance and banking sector trouble, but also GFC is affecting the finance and baking department in Australia which is forecasted by Finance Sector Union (FSU). In the result, more than seven thousands jobs were lost across the number of banks. Thus, Human Resource Management (HRM) is playing the significant roles to relief the difficulties in the stage of GFC. This essay focuses on the critical analysis of significance of managing talented and high potential staff during the recession, explanation of the way which the firms such as ANZ, CBA, NAB and KPMG, manage their talented and high potential employees in the stage of economic downturn, and evaluation of effects which those firms are responsible to retain the effective employees by identifying the key stakeholders as the economy picks up. Initially, it is comprehended that talented and high potential employees have a prospective to deal with the difficulties when they are facing any unexpected conditions. Areiqat, Abdelhadi and Al-Tarawneh (2010) agree that highly potential staffs differently have their own values and motivations. Their thinking is dissimilar and fast. Also, different kinds of challenges are preferred by them to deal with. The more complicated they face; the more challenged them to work on that. These employees must be coped with non-traditional perspective as relationship between employer and employees. Additionally, Baker (2006) cited in Areiqat, Abdelhadi and Al-Tarawneh (2010) give the example of Apple Company that the smart employees which is employed by Apple Company have to present their ability what they will assist the company’s achievement instead of the company will command them to do the job. Periodicity of economic downturn is the stage of using talent management in any organizations so that they will take the talented and high potential people’s ability to escape the economic crisis. Durdova and Horvathova (2010) support that every organization wishes to achieve stated objectives and to fulfil their task effectively, with the purpose of carrying out their intentions, the organizations have to employ all their resources such as individuals, tools, technologies capital and approaches. To achieve the companies’ goal, the key component is the talented individuals which are contributing to a significant extent to the implementation of strategy and to the firms’ economic purpose (Durdova & Horvothova, 2010). Stumpf (2010) states that the purpose of having the talent and high potential employees is that the firm can attract, retain and develop the maximum talent essential for sustainable achievement including success with customers, employees and employers. Firstly, Porter (2011) states that in the period of economic downturn is the venture of employee turnover. The most staffs’ turnover can be prevented by the manager responding immediately and filling the position with high talented employees. The manager needs to be aggressive in attracting the best candidates while they are retained in top talent. This strategy reduces staffs’ turnover (Porter, 2011). Additionally, to effectively manage talented and high potential staff in stage of economic downturn, McCualey and Wakefield (2007) state that the talent mindset is a thought and approach of seeing thing which necessitate commitment over the long period and allow the leadership development a priority. The famous Mckinsey & Company was given as sample of high commitment for talent mindset that was described that primary belief in the significant of talent which high- performing firm exhibit (McCualey and Wakefield, 2007). Also, McCualey and Wakefield (2007) still...
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