TALENT MANAGEMENT IN 21ST CENTURY

Many researchers have provided various definitions under the term “Talent Management” from different perspectives.

Stephenson & Pandit (2008) as well as several researchers reveled that having the right number of people at the right place at the right time with the right skill sets and the levels of motivation are fundamental factors of talent management process. CIPD defines Talent Management as deployment, development, organized attraction and retention of the demanded as well as high potential employees within the organization, who will be considered as a valuable resource for the organizational development. Further CIPD says that by managing talent in strategically, organizations are being able to build a high performance within the workplace by adding values to their branding agenda, and contribute to diversity management. Because of these reasons they says that HR professionals widely consider on Talent Management process which is to be among their key significance at all the time (CIPD, 2009). Also Lewis and Heckman (2006), stated that the talent management involves with all Human Resource Management processes with an exact importance on the attraction, development and retention of the talents.

In the modern business environment Organizations used to have the best talent in order to succeed in the hyper-competitive and increasingly complex global economy resulting the understand of need to hire, develop, and retain the talented people within the organization awaring that they must manage talent as a critical resource to achieve the best as well as potential outcomes always (Wellin, et al., 2014).

Talent management starts with the business strategy within an organization in terms of the future demand for talented people. From this companies aims to develop and maintain a pool of talented people through the talent pipeline, which consists the processes of resourcing, career planning and talent development that maintain the flow of talent needed by the organization.

Creating talented people is one of the fundamental pillars of American Express. And therefore, the company has put in a lot of effort to identify the competencies for developing their staff members. But, before they get into that, they take a look at how good people are spotted in the first place (Kalra & Vijay Nair, 2004).

As discussed by Ready and Conger (2007), HSBC has created a system called talent pools that track and manage the careers of employees. The employees in these pools are initially selected for new assignments within the line of business as well as over time are given for the positions that cross boundaries in order to demonstrate that they have the potential to reach a senior management role. Then they can be placed in the group talent pool, which means that they have the potential to reach the senior executive level in three to five years and top management in the longer term. 

References

Chartered Institute of Personnel and development, 2009. Learning and development. The Chartered Institute Of Personnel and Development, London.

Chartered Institute of Personnel and development, 2009. Talent management: Strategy, policy, Practice. Chartered Institute of Personnel and development, London.

Kalra, V. & Vijay Nair (2004). Developing People Managers at American Express. [Online]
Available at: https://www.peoplematters.in/article
[Accessed 04th June 2018].

Lewis, R.E. and R.J. Heckman, 2006. Talent management: A critical review. Human Resource Management review, 16: 139-154.

Ready, D A and Conger, J A (2007) Make your company a talent factory, Harvard Business Review, June, pp 68–77.

Stephenson, E. and Pandit, A. (2008). How companies act on global trends: A McKinsey global survey (Boston: McKinsey).

Wellin, R. S., Audrey B. Smith & Scott Erke, 2014. Nine best practices for effective talent management, s.l.: Development Dimensions International.