Talent Management - Essay Example

Talent Management What is Talent Management According to an online article Targeted Talent Management, talent management is "a crucial way of securing, developing and motivating people with the right skills and approaches to meet business objectives." The Importance of Talent ManagementTalent Management is important to the success of a business, and to have competitive advantage over other organizations. It is essential for organizations worldwide to engage in talent management because there is a global war (increased demand) for talent (Sullivan 2005).

This is as a result of globalization and technology ("Leadership Advantage"). The recruiting process has now gone global, with many organizations outsourcing offshore in order to stay competitive. The emergence of technology, particularly the Internet, makes this process even easier, as companies worldwide are now recruiting via the Internet ("Leadership Advantage"). The Cayman Islands, for example, recruit people from various nationalities to join the international organizations on their islands.

The Cayman Islands have clearly benefited from doing so, as they form the fifth largest financial centre in the world, with over 5,945 registered companies in the financial industry (Cayman Islands Chamber of Commerce).Furthermore, some of the current senior managers are headed for retirement, so it is important to have a new younger generation of fully competent persons for the future. It is expensive to always re-hire and re-train. Therefore, managing the talent already available within the organization is crucial (Sullivan 2005).

Managing Talent - Strategic ImplementationDuttagupta (2005) has established a framework for managing talent. The process includes executive assessment, effective recruiting, coaching, providing feedback, mentoring, empowering, leadership assessment and development, as well as creation of a rewards system. HRD practitioners may either work on the strategy themselves or outsource the task to an organization capable of doing so.The HRD as part of its business strategy may organize a company retreat for a weekend, perhaps at a hotel, where all the managers get together and assesses the organization's "current and future strategic needs, against the competition and against the overall marketplace" (Businessweek 2003).

Out of this retreat, the HRD should develop a database showcasing the skills and competencies that they require for their business, and the talent they have in-house to match these requirements.The organisation may also choose the option of hiring an outside firm to handle the process for them. This will counter the in-house bias that may factor in (Businessweek 2003). Part of the duty of the external firm should be to conduct qualitative analyses as part of the assessment process (Mercer HR).

In assessing talent, the firm should check for emotional intelligence (EI).1 The EI assessment addresses how persons deal with problem solving, stress, social responsibility, flexibility, impulse control, assertiveness, and independence (Bill Teoh). Whatever results are found ought to be integrated within the HR management structure, in the form of training seminars with the staff, among other means.The elements mentioned above, based on the HR framework proposed by Duttagupta (2005), is one wherein after the executive assessment and recruiting steps are done, it is important that the talent (staff) is coached and mentored so as to adapt to the particular culture, attitudes and values required of the organization.

Feedback is also essential, so that the person will know where he/she has strengths as well as areas for improvement. Theory actually supports this notion of feedback. The Control Theory (CT) states that when an individual receives feedback about his/her unsatisfactory performance, the initial reaction is to make positive adjustments (Motivational spillover 2). It is also important that the person is empowered, by being allowed to handle challenging situations on the job, and should be awarded and/or commended when performance is good.

In all of this managers ought to ensure that their own attitudes (professional and personal) are of high repute, so as to allow for mutual respect. The onus is on the HRD to ensure that this process is institutionalised.Consequences for Organizations that Fail to Manage TalentWith the global war for talent organizations undoubtedly stand to have high staff turnover, lack of business growth, and loss of talent to their competitors, if they fail to manage their talent adequately.If organizations fail to identify their business objectives, and align these business objectives with the right people at the right time, then they stand to become less productive and less efficient, as well as lacking or limited in leadership.

There is also the issue of the baby boom (Sullivan 2005). A lot of the current leaders/managers are heading towards retirement, so if the present talent within the organization is not coached, empowered, mentored, motivated and developed to demonstrate high-performance and business initiative, while at the same time feeling job fulfilment, then that organization is headed for serious business failure (Mercer HR).Works CitedCayman Islands Chamber of Commerce. "Financial Services." 10 Apr. 2006.

Duttagupta, Rhea. Identifying and managing your assets: talent management. London:PricewaterhouseCoopers, 2005. 7 April 2006 .Klein, Judy and Miles, Stephen A. 22 Sept. 2003. "Optimizing Today's Talent Management Strategies." Businessweek. 7 Apr. 2006 .Mercer HR. Talent Management. "How We Can Help." 7 Apr. 2006