Talent management: A critical review on the talent management - Essay Example

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Introduction “People are our organisation’s greatest asset.” This is undoubtedly true. That this particular phrase is a truism is illustrated by the following example. According to Handfield-Jones et al. (2001), The Limited was having problems with falling stock prices in the early 1990s…
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Download file to see previous pages As he talked to each of these men, he realized that they were not spending hardly any time on reviewing advertising, checking sales and creating new product concepts. Rather, the CEOs that he talked to, as well as Steven Spielberg, each told Wexner that they spent about 50% of their time on talent management – recruiting, developing and retaining talented people. This led Wexner to concentrate more on talent management himself, which led to profits growing from $285 million to $445 million, and to the stock for The Limited almost doubling. Although Wexner also implemented other restructuring – closing some divisions, purchasing others, spinning off still others – Wexner states that his newfound emphasis on talent managing was the core of The Limited’s turnaround (Handfield-Jones et al., 2006). Therefore, understanding talent management is critical in today’s world, because, as Wexner understands, talented people is really the core of a business. Recruiting, developing and retaining the right talent for the job is critical to whether a business succeeds or fails. This paper therefore will examine the nature of talent management, what is talent management, how does it differ from human resources, and why it is true that talent is, indeed, an organisation’s greatest asset. ...
tes that there are eight elements that comprise talented people – 1) a passion for learning; 2) responsiveness to mentors and other influences in ones’ life; 3) striving for achievement; 4) ambition; 5) iconoclasm; 6) self-sufficiency; 7) physical vulnerability and 8) personal branding (Van Dijk, 2008, p. 388). Iles et al. (2009) states that, although different organisations use a standard definition of talent, within their own organisation, no two companies use the same definition of talent. This would mean that talent definitions need to be tailored for the individual organisations. Other scholars cited by Iles et al. (2009) state that talent does not necessarily have to be defined, as organisations just know who their talented personnel are. Other scholars that Iles et al. (2009) alludes to states that talent must be defined, but broadly – for instance, when defining talent for leaders and managers, a person is considered talented if they have a mind which is sharp and strategic, the ability to be a leader, is mature emotionally, has good communication skills and can attract and inspire other talented people. The Importance of Talent Management O’Neal & Gebauer (2006) states that talent management is the act of attracting, engaging and retaining talented employees. Iles et al. (2009) adds that talent management is strategic management of talent, so that the right talent goes to the right people at the opportune time to help the organisation achieve its business objectives. Bhatnagar (2007) agrees that attracting, engaging and retaining employees makes up the crux of talent management, but states that engagement of employees is the most important of these aspects, because it is seen as the key to the retention of talented employees. This means, among other ...Download file to see next pagesRead More
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