Talent Management Assignment Sample

Introduction : Talent Management

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Talent management is an important concept for the companies because it helps to maintain high performance of the employees and also retains new talents in the internal structure of the company. Talent management is done with the help of innovative strategies used by the human resource managers, which basically helps to support the objectives and scope of the companies. Apart from this, talent management also helps to analyze the needs of the employees or the staff members through which the working environment is improved, which further increases their satisfaction regarding their job roles and increases their rate of retention (Hongal & Kinange, 2020). The workplace culture, in this case, is also improved through which the HR manager is able to ensure the long-term sustainability of the company and can also help the employees to align their performance with the scope and expectations of the particular company. The main aspects of talent management include constant growth and development of the employees through which high sales margins can be earned by the companies. This is further done through proper training of the employees, which boosts their commitment and dedication towards the workplace (Kravariti & Johnston, 2020). Talent management can also help to build a strong team which can reduce the issues of misconduct.

Discussion 

Importance of talent management in the companies

Talent management is a process that is handled by the HR management of the company through which the highly skilled employees are attracted, hire new employees with new skills and retain the existing workforce, which can contribute to the sustainability of the company. The process is, however done according to the job requirements of the company through which the employees are able to address the recent challenges and achieve its scope for an extended period (Atrizka et al., 2020). Talent management is also important for the company because it can help to ensure proper growth and expansion in the emerging economies, which can further lead to new opportunities for the companies in the global marketplace. The main aspects of maintaining talent management include the following:

Improves satisfaction of the employees- Talent management helps to enhance the motivation of the employees through which they are able to improve their personal as well as professional development through which the benefits of the company can be enhanced. In this case, the HR managers develop strategies like timely appraisals or promotions, or paid leaves can be helpful for the employees to feel satisfied through which the company will be able to earn a stable position in the marketing environment due to an increase in its productivity (Indeed Editorial team, 2023). This can also boost the commitment or rate of retention of the employees through which the company will be able to earn more profit in the future.

Increase competitiveness of the company- As talent management requires innovative strategies which can help to retain or attract the talented employees for the companies from the particular industry, it supports the competitive edge of the company. The strategies in this case include a proper recruitment process and selective hiring through which a positive workplace culture is generated, which discards the issues of conflicts and maintains a highly productive working environment. Exceptional hiring in the association is also helpful to the HR managers because it ensures a competitive advantage in the marketplace through which the company will be able to stand stable financially (Valamis, 2023).

Help to fill the gaps in the company- The HR managers generate a proper hiring process through which talent management can be maintained in the internal structure of the company. This can further help to cover the talent gaps in the companies through which the companies are able to meet their long-term goals. It further helps to maintain a smooth flow of operations in the company through which constant development is achieved in terms of productivity and efficiency of the employees (Valamis, 2023). Talent management also helps to enhance the value of the staff members working in a particular company equally, through which they do not become overwhelmed by their performance and gain dominance. 

Improving satisfaction of the customers- As talent management helps to ensure excellence by recruiting and retaining the top talents, it also helps to enhance the customer's services through which the rate of retention of the audience associated with the company also increases. Proper retention of the employees, in this case, also helps them to stay connected with the professional and boost the experience of the customers, which further helps to increase their satisfaction (Indeed Editorial team, 2023). Talent management also helps to ensure consistency and flexibility in the workplace through which the employees are able to maintain proper communication with the customers and serve them accordingly through which their interest is retained. 

Issues faced by HRM in managing the talents 

The HR managers are facing a lot of issues in retaining their talents in the corporate world, through which holding a strong position in the company is becoming quite difficult. In this case, the HR managers are also unable to implement a proper leadership style through which they can take new docs to manage new and existing talents for the companies like Amazon and Tesla, through which their profit margin is consistently decreasing (Kravariti & Johnston, 2020). The main issues faced by the HR managers are, however mentioned below:

Poor availability of top talents- The tight conditions of the labor market in various countries like the UK, US, China, etc., due to political or economic forces have further reduced the availability of high-quality talent in the marketplace of different industries such as Construction and Retail. This has created crucial challenges for the HR team as according to the recent survey from XpertHR, it was noted that around 51% of the companies in different business sectors are facing constant issues in managing in recruiting highly talented employees through which their sales and profit margin are decreasing (Friedman, 2022). To solve this issue, HR managers can innovate new strategies like providing free education to individuals living in rural or backward areas or training the young ones without judging their educational backgrounds can be helpful to boost the availability of the labor markets. Providing flexible working hours is another method that can be helpful for HR managers to enhance the retention of new talents from the marketplace.

Changing aspects for talented employees- According to the study by the World Health Organization (WHO), it was noted that several companies had faced talent management or employee burnout issues due to the increase in mental illness. In this case, constant increases in the stress and depression of the employees working in different fields like the IT department or R & D department have been noted due to the poor job security or improper appraisals through which the employees were diagnosed with poor mental health. Around 62% of the employees have been facing this issue, and about 73% of the employees are dissatisfied with their workplace development and looking for new jobs all over the world (Friedman, 2022). In association with this, it was also noted that the employees who are more committed or engaged in the workplace and doing overtime to support their financial terms are facing issues of improper mental health as compared to the normal or part-time employees. To resolve this issue, HR managers can ensure that every employee working under the same department has the minimum workload so that they are able to maintain a proper work-life balance for the current as well as future periods (Gallardo et al., 2019). 

Improper presence of leadership styles- This is the most crucial issue faced by HR managers as with an increase in the competition in the marketplace, HR managers have extra pressure to manage the performance of the employees and fulfill the talent gaps. In this case, they are unable to maintain timely interaction with the employees through which the issues of irregular profit have been noted. In this case, it was also found through the study of Friedman (2022) that 47% of the employees are not satisfied with the current management and recruiting process through which they are unable to maintain flexibility in the workplace. To resolve this issue, the HR managers can learn new skills and could implement innovative strategies through which they are able to enhance the employee performance and reduce their turnover at the same time. On-job training and new leadership styles can also be helpful for the HR managers through which they will be able to understand the issues faced by the employees on time, through which their workplace dedication can be increased. 

Human resource theories to enhance talent management 

The HR managers of the companies can implement various theories like organizational theory, motivational theory, AMO (Ability, Motivation and Opportunity) theory and institutional theory, which can further help to enhance talent management in its internal structure (Brown, 2019). 

Motivational theory- This theory is beneficial to maintain the needs of the employees in the workplace through which the managers will be able to boost their performance and productivity for the long run. In this case, the managers can use specific hiking through which the employees will be placed in the company according to their experience and qualifications through which the issues of misconduct can be resolved (Cherry, 2022). Apart from this, to resolve psychological needs, the managers can provide timely training or counseling sessions for the employees through which they will be able to manage the challenges in the workplace efficiently and maintain proper mental health. It can also help to enhance the retention of the employees. 

Classic organizational theory- It is the most formal type of theory through which HR managers can maintain professionalism in the workplace and can maintain structures through which equality is provided to the diverse workforce. In this case, the HR manners can also maintain the proper vision of labor through which the workload of the employees can be reduced, and they will be able to stay committed for an extended period (Indeed Editorial team, 2023). Apart from this, timely tracking and span of control shall also be implemented by the HR managers through which proper coordination can be maintained and the issues of conflict dynamics can be resolved. This can also help to promote extra support to the employees through which they are able to gain a sense of trust and loyalty in the workplace and meet the expectations of the company efficiently.

AMO theory- This theory can be used by the HR managers to maintain proper discipline in the workplace and enhance the capability of the employees to boost the productivity as per the scope of the company. In this case, the HR managers can plan occasional pay leaves and extra accommodation to the employees through which they are able to maintain a strong workplace relationship which can further enhance the workplace culture or can even enhance the talent management (Kellner et al., 2019). This theory can also boost the personal development of the employees through which they are able to reduce their stress and stay creative in the workplace.

Conclusion 

It can be concluded through the study that HR managers play an important role in shaping the talent management aspects of the company, and they also help to develop or track the performance of the employees through which desired productivity can be achieved. It can also be noted through the study that the HR managers should possess extraordinary qualities through which they will be able to boost the relationship with the employees and will be able to enhance the roles and responsibilities according to expectations of the companies. To further enhance the performance and talent management of the employees, the HR managers of the companies shall hire some specialists and experts who can enhance the collaboration among the employees and can boost their confidence in the workplace. Apart from this, talent management can also help to drive innovation in the workplace as it motivates the employees to maintain creativity among the team members. This can also help to resolve the current workplace challenges through which the company will be able to maintain expansion in the global market and will be able to promote new capabilities, which can contribute to an increase in the profit and the sales margin.

Reference

• Atrizka, D., Lubis, H., Simanjuntak, C. W., & Pratama, I. (2020). Ensuring Better Affective Commitment and Organizational Citizenship Behavior through Talent Management and Psychological Contract Fulfillment: An Empirical Study of Indonesia Pharmaceutical Sector. Systematic Reviews in Pharmacy, 11(1).EBSCOhost | 144513115 | Ensuring Better Affective Commitment and Organizational Citizenship Behavior through Talent Management and Psychological Contract Fulfillment: An Empirical Study of Indonesia Pharmaceutical Sector. 
• Brown, J. (2019, October 31). What are the five theories of human resource management? KnowledgeBurrow.com. Retrieved April 28, 2023, from https://knowledgeburrow.com/what-are-the-five-theories-of-human-resource-management/#:~:text=Discuss%20and%20argue%20the%20following%20underpinning%20theories%20of,theory.%207%20Transaction%20costs%20theory.%208%20Agency%20theory 
• Cherry, K. (2022, August 14). How Maslow's hierarchy of needs explains human motivation. Verywell Mind. Retrieved April 28, 2023, from https://www.verywellmind.com/what-is-maslows-hierarchy-of-needs-4136760 
• Claus, L. (2019). HR disruption—Time already to reinvent talent management. BRQ Business Research Quarterly, 22(3), 207-215. https://doi.org/10.1016/j.brq.2019.04.002 
• Friedman, E. (2022, April 14). Council post: Top Five issues facing human resources in 2020. Forbes. Retrieved April 28, 2023, from https://www.forbes.com/sites/forbeshumanresourcescouncil/2020/04/06/top-five-issues-facing-human-resources-in-2020/?sh=464ddac248d5 
• Gallardo W., Thunnissen M., & Scullion H. (2019). Talent management: Context matters. Taylor & Francis. (Online). Retrieved April 28, 2023, from https://www.tandfonline.com/doi/full/10.1080/09585192.2019.1642645 
• Hongal, P., & Kinange, U. (2020). A study on talent management and its impact on organization performance-an empirical review. International Journal of Engineering and Management Research, 10.A Study on Talent Management and its Impact on Organization Performance - An Empirical Review by Pushpa Hongal, Uttamkumar Kinange :: SSRN 
• Indeed Editorial team, (2023). What is an organizational theory? definition and 6 types - indeed. (Online). Retrieved April 27, 2023, from https://www.indeed.com/career-advice/career-development/what-is-organizational-theory 
• Indeed Editorial team, (2023). What is talent management in Human Resources (HR)? - indeed. (Online). Retrieved April 27, 2023, from https://www.indeed.com/career-advice/career-development/talent-management-hr 
• Kellner A., Lafferty K., & Townsend K. (2019). Ability, motivation and opportunity theory: A formula for employee ... (Online). Retrieved April 27, 2023, from https://www.researchgate.net/publication/333405972_Ability_Motivation_and_Opportunity_theory_a_formula_for_employee_performance
• Kravariti, F., & Johnston, K. (2020). Talent management: a critical literature review and research agenda for public sector human resource management. Public Management Review, 22(1), 75-95. https://doi.org/10.1080/14719037.2019.1638439 
• Valamis. (2023, March 20). What is talent management? model, strategy, process. Valamis. Retrieved April 28, 2023, from https://www.valamis.com/hub/talent-management