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Role of HR in developing talent at work in the banking sector (UK and US) - Literature review Example

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Running head: ROLE OF HR IN DEVELOPING TALENT AT WORK IN THE BANKING SECTOR (UK AND US) Role of HR in Developing Talent at Work in the Banking Sector (UK and US) Insert Name Insert Grade Course Insert 10 October 2011 Role of HR in Developing Talent at Work in the Banking Sector (UK and US) 1) Introduction Human resource roles vary from recruiting, training, rewarding to developing employee’s talents…
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Role of HR in developing talent at work in the banking sector (UK and US)
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Download file to see previous pages Human resource managers include various tools in recognizing and developing talent in the organization. According to Berger & Berger (2010), the talent assessing tools may include 360- degree feedback; however, the appropriateness and effectiveness of tools used is what matters the most. In addition, coaching plays an important role in the development of an employee’s talent; it can be conducted by a manager or a fellow colleague. Moreover, Morgan & Jardin (2010, p.23) argue that, “it is vitally important to run talent management like a business in order to drive maximum return on investment in people.” The role of HR has been significant to the organization and an individual as well. In talent development and management, the human resources department ensures that appropriate measures are put in place to ensure that there is presence of the right personnel needed for an organization to succeed (Catalyst, N.d., p. 21). This paper’s aim is to focus on the human resources role in developing talent in the banking sector, mainly in the United States and the United Kingdom. 2) Human Resource Role The human resource role concerning talent development begins with the creation of that talent, hence nurturing and developing it. In this talent driven economy, talent- powered organizations are essential; indeed, such talents must be developed and further sustained (Cheese, Thomas, & Craig, 2007, p.46). Talent is normally referred to as a special gift, in this case involving experience, knowledge, & skills of an individual, (Shavininna, 2007, p.159). Therefore, each organization aims at acquiring, retaining, and sustaining such talent, with an aim of achieving organizational goals. According to Collins (2011, p.35), a global war for talent is evident, with global graduates seeking opportunities to develop their skills and experience in oversees countries. In addition, the United Nations data revealed that over 214 million people live away from their home countries. In countries like the United Kingdom and the United States, the arrival of highly skilled migrants contributes to higher education through fees. The talent war is aimed at accessing the best talent, with companies offering favorable working environment with an aim of attracting best talent. The banking sector of any country is a vital field; almost all banks in the United States and in the United Kingdom have incorporated human resources in their operations, especially as this department deals with a number of duties concerning the employees, such as training and development. One such bank is the Deutsche bank, which is based in various countries among them the United States, and attests to the human resource importance in its organization, whereby, the human resources contribute to developing and retaining the best talent (Deutsche Bank, 2011). In addition, Standard Chattered Bank in the United Kingdom has incorporated talent development programmes, whereby, attracting the best talent and further developing it is their main aim, as they believe in building their employees (Standard Chartered Bank, 2009). Success is determined when a company’ ...Download file to see next pagesRead More
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