Resource and Talent Planning - Essay Example

Comments (0) Cite this document
Summary
THE WAR FOR TALENT HAS FOCUSED ON THE COMPETITION FOR LABOUR AND THE SHORTAGES EXPERIENCED BY ORGANIZATIONS AT A TIME OF ECONOMIC GROWTH. CRITICALLY EXPLORE HOW ORGANIZATIONS CAN MANAGE TALENT WHEN ECONOMIC GROWTH SLOWS by Author’s Name Name of the Class Name of the Professor Name of the School City, State 19 November 2013 Abstract The contemporary global economy requires companies to keep investing in human capital…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER91.8% of users find it useful
Resource and Talent Planning
Read TextPreview

Extract of sample "Resource and Talent Planning"

Download file to see previous pages Table of Contents 1.Introduction 4 2.The War for Talent 5 3.Factors affecting the War for Talent 6 4.Talent Management during Economic Downturns 7 4.1 Recruitment and Selection 8 4.2 Training and Development 9 4.3 Talent Retention 10 5.Conclusion 11 1. Introduction The war for talent has been as a result of an expanding global economy. This is because it has led to increased competition for talent around the globe. During times of slow economic growth or unusual economic crisis, management of talent remains a critical issue for organisations. This is because during such times, companies stand to lose valuable talents among their employees, if not careful. In order to succeed in the competitive global marketplace, organisations need to manage talent. Lockwood defines talent management as the application of systems created to improve productivity in the workplace or unified approaches by establishing better methods for inviting, cultivating, maintaining and deploying individuals with the essential skills and abilities to fulfil present and forthcoming business needs (2006). It is a fact that the greatest challenge companies’ face in managing their work force is developing and retaining talent. Just like the rest of the world, talent management is constantly progressing. Different other factors also come into play in the effort to manage talent within organisations. These include partnerships, global development, and the economy that is constantly changing (Lockwood, 2006). At the centre of talent management is the belief that talent begins from the bottom of organisations and is present in individuals at all levels, and therefore everyone ought to be considered. The war for talent is influenced by factors such as increased movement of people across the globe, irreversible changes to cultures, skills and business environments, economic and demographic trends across the globe, and diversity, which all lead to competition for labour and labour shortages in organisations. To counter this, especially during times of slow economic growth, organisations focus on recruiting top talent, training and developing talent, and retaining good employees as discussed in this paper. 2. The War for Talent The term ‘The War for Talent’ was created by McKinsey & Company in 1997. During the time that this term came to being, many organisations had been experiencing the phenomenon associated with it, but they could not fully express it. According to Michaels, Handfield-Jones and Axelrod, “the economy was burning white hot in the late 1990s and companies were scrambling to hire and retain the people they needed” (2001, p. 1). During this time, organisations were offering substantial bonuses for those who signed contracts with them, highly qualifies employees were being headhunted before they even settled in their new jobs and majority of them were asking for salary increments barely three months after joining organisations (Michaels, Handfield-Jones and Axelrod, 2001). Companies experienced shortages for qualified employees to fill crucial positions, while those that were esteemed with such talents, such as consulting firms and ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Resource and Talent Planning Essay Example | Topics and Well Written Essays - 2000 words”, n.d.)
Resource and Talent Planning Essay Example | Topics and Well Written Essays - 2000 words. Retrieved from https://studentshare.org/human-resources/1489676-resource-and-talent-planning
(Resource and Talent Planning Essay Example | Topics and Well Written Essays - 2000 Words)
Resource and Talent Planning Essay Example | Topics and Well Written Essays - 2000 Words. https://studentshare.org/human-resources/1489676-resource-and-talent-planning.
“Resource and Talent Planning Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.org/human-resources/1489676-resource-and-talent-planning.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Resource and Talent Planning

Human Resource Planning

...? Human Resource Planning (HRP) Introduction A comprehensive definition of Human Resource Planning provided on investopedia.com explains it as“The ongoing process of systematic planning to achieve optimum use of an organization's most valuable asset - its human resources”. Human Resource Planning is a very important function of an organization, as it helps in developing a relationship between the employees of an organization and their tasks such that each employee contributes optimally to the organization without being either over-burdened or under challenged (Bohlander &Snell 2009). Based on the needs of...
6 Pages(1500 words)Essay

Enterprise Resource Planning HW

...?Running head: Enterprise Resource Planning System Enterprise Resource Planning System Enterprise Resource Planning System 2 Abstract This paper aims to explore the issues that companies face when purchasing an Enterprise Resource Planning system (ERP system). It also provides brief information on the things to consider when purchasing an ERP system, such as expectations from the vendor and consideration on the amount of influence a vendor has over the purchasing company’s decision. It briefly touches on the issues that vendors usually disregard when pitching for a sale of an ERP system. The paper...
3 Pages(750 words)Research Paper

Enterprise Resource Planning

...? Enterprise Resource Planning The essay aims to discuss relevant topics presented in the chapter on resource planning; to specifically include ideas and procedures (MRP, CRP, ERP, CRM and SCM) found most intriguing and to give the reasons why. Resource Planning From among the major topics discussed under Resource Planning, one finds the concepts, theories and applications for Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Supply Chain Management (SCM) most intriguing and challenging. Although the concepts and intricate details discussed...
1 Pages(250 words)Essay

Resource,learning and talent mgt

...of coordinating efforts of people in order to accomplish objectives and goals. A manager relies on resources provided by an organization. The manager must use these resources effectively and efficiently. It is essential to note that management occurs as a function of organizing, planning, staffing and leading (Vorria and Bohoris, 2009, p. 4). A manager controls and directs an organization using structures such as organizational structures. Leadership is a vital variable that affects the performance of an organization while management controls and directs an organization using structures such as organizational structures. Analysis of General Motors especially the introduction of Voltz...
10 Pages(2500 words)Essay

HUMAN RESOURCE MANAGEMENT PROJECT

...and preserving the best people within the organization. The overall performance of any organization depends upon the effectiveness of the human resource management. It facilitates the organization meeting different challenges by improvising different strategies for different situation. The objective and the mission statement are defined by the human resource management by formulating an accurate business plan for the organization. Issue related to performance management of employees, strategy development for the organization, any enterprise reform as per the industry standards, absenteeism management, conflict management, resource and talent...
9 Pages(2250 words)Book Report/Review

Strategic Human Resource Planning

...HUMAN RESOURCE MANAGEMENT Strategic Human Resource Planning Introduction Strategic planning is when an organization or an individual sets goals, describes a strategy to achieve them and identifies how it can improve from previous experiences. This includes resource allocation, cost-benefit analysis and various other techniques. It helps an organization decide how it is going to function in the future. Therefore, Strategic Human Resource Planning is handling an organization's human resource with a strategy which allows an organization to enjoy higher efficiency, effectiveness and good...
2 Pages(500 words)Essay

Human Resource Planning Assignment

...Introduction: Human resource planning concerns what companies do to ensure that they retain the right staff to carry out and realize the organizations goals. In an organizational planning exercise, a business plan guides the process and helps managers see where the organization lies and where it is headed to. There are many organizations that make the mistake of never getting to appreciate the role of human resource planning in their organizations. Dynamic is the word to describe today's organizational environment. More than ever before, high staff turn over and restlessness. Restlessness in the sense that human capital has become more aware of their freedoms and rights and is not ready to settle for any thing less than justice... for...
13 Pages(3250 words)Assignment

Sap (Enterprise resource planning)

...SAP (Enterprise Resource Planning) Introduction to ERP What is the purpose of Enterprise Resource Planning The Enterprise Resource Planning system integrates all the processes and systems of an organization into one system. It uses many hardware and software components to make this integration possible. 2. Who are the vendors of Enterprise Resource Planning Vendors are consultants or specialists who can help a company introduce this system within their firm. The vendors for this ERP system are SAP, Oracle Applications, The Sage Group, Microsoft Dynamics and SSA Global Technologies. These are the top...
9 Pages(2250 words)Essay

Human Resource Planning / Manpower Planning

...Introduction Additional Asian Examples and some changes are in colored Blue. A table has been added to show the advantages/disadvantages of each technique. Human Resource Planning (HRP) is an essential part of the overall company’s strategy which is closely connected to the business objectives of the company. The planning process entails (i) an analysis of the present employees’ skill sets, (ii) the determination of future workforce needs, (iii) forecasting new requirements, and (iv) eliminating any excess human resource. A significant part of this planning process also includes attracting and keeping people who can make positive contributions towards the...
7 Pages(1750 words)Essay

Entrprise resource planning

...the organizational structure in which its entities except one remains subordinate to a particular entity. Hierarchical organizations prefer using sales and operational planning in providing confidence and insight over the company’s supply chain process. Sales and operations planning methodology remain important especially in maintaining effective communication relating to organization’s plans and sales objectives. Unlike other entities, hierarchical types of entities have structures, which suit the operations and sales planning processes. Additionally, the hierarchical structure is also divided into various functions, which accommodates the planning...
2 Pages(500 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Resource and Talent Planning for FREE!

Contact Us