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Lecture

Unit 8.doc

10 Pages
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Department
Management
Course Code
MANA 298
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All

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Talent Retention – LLC 4225 UNIT 8 INTRODUCTION TO TALENT MANAGEMENT AND RETENTION Unit Structure 1.0 Overview 1.1 Learning Outcomes 1.2 Introduction 1.3 Talent Retention 1.4 Aims of Talent Management 1.5 The Meaning of Talent Management 1.6 The Importance of Talent Management 1.7 The Process of Talent Management 1.7.1 Business Strategy 1.7.2 The Resourcing Strategy 1.7.3 Talent Audit 1.7.4 Attraction and Retention Policies and Programmes 1.7.5 Role Design 1.7.6 Talent Relationship Management 1.7.7 Performance Management 1.7.8 Training/Learning and Development 1.7.9 Management Succession Planning 1.7.10 Career Management 1.8 Summary 1.0 OVERVIEW This unit provides a better understanding of the terms talent management and talent retention. It explores the importance of talent management and retention as a strategic component of Unit 1 1 Talent Retention – LLC 4225 Employee Resourcing Strategy. The importance of talent management with respect to its effect on employee recruitment and retention is also discussed. 1.1 LEARNING OUTCOMES By the end of this Unit, you should be able to do the following: 1. Explain your understanding of the term “talent management”. 2. State the aims of talent management. 3. Explain the importance of managing talent. 4. Describe the process of talent management. 1.2 INTRODUCTION Talent management is a process of ensuring that an organisation has the employees with the necessary talents it needs in terms of knowledge, skills, experience and attitudes. Talented people possess special capabilities and aptitudes which enable them to perform in a more efficient and effective manner. Failures in talent management are an ongoing source of pain for executives in modern organisations. Over the past generation, talent management practices, especially in the United States, have by and large been dysfunctional, leading corporations to lurch from surpluses of talent to shortfalls to surpluses and back again. At its heart, talent management is simply a matter of anticipating the need for human capital and then setting out a plan to meet it. (Harvard Business Review, March 2008) Unit 1 2 Talent Retention – LLC 4225 1.3 TALENT RETENTION The competition for qualified and skilful employees is fierce and attitudes of newer employees are shifting. Keeping skilled employees in the organisation once they are on board is a major challenge for top executives. Globalisation and changes in the business environment have drastically altered the work style of employees whereby life-time employment is no longer liked by most of them. The ease with which employees can change jobs, geographic locations and new industries offers new challenges. In times of difficult organisational situations, most firms are not well-equipped to take advantage of this opportunity to recruit talent. Thus, anticipating hire process in crisis times implies that not only firms are able to acquire best talented people but are also able to retain them in the long term, compared to their less prepared competitors. The hospitality sector is susceptible and vulnerable to crises in Mauritius. Therefore, there is a need for organisations in this sector to align crisis management strategies through the development, management and retention of talented employees so as to be ahead of rivals and thus gain competitive advantage. 1.4 THE AIMS OF TALENT MANAGEMENT The aims of talent management are as follows:- • Define what is meant by talent in terms of competencies and potential. • Define the future talents required in the organisation. • Ensure the recruitment and selection of the right quantity and quality of people who are likely to stay with the organisation for a reasonable length of time. • Design jobs and develop roles that give people opportunities to apply and grow their skills and provide them with autonomy, interest and challenge. • Provide scope for achieving a reasonable work-life balance. • Create a safe working environment in which work processes and facilities enable rewarding jobs. Unit 1 3 Talent Retention – LLC 4225 • Conduct talent audit to identify employees with potentials and those who might leave the organisation. • Create opportunities for talented staff for growth and career development. • Motivate and recognise those with talent by rewarding excellence and achievement. • Introduce management succession planning procedures that identify the existing talent to meet future requirements and indicate what management development activities are required. 1.5 THE MEANING OF TALENT MANAGEMENT As defined by the CIPD (2007f), “Talent consists of those individuals who can make a difference to organisational performance, either through their immediate contribution or in the longer term by demonstrating the highest levels of potential”. Talent management is simply the process of recruiting, developing, deploying and retaining those talented people. The various aspects of talent management are recruitment, selection, monitoring, performance management, career development, leadership development, replacement planning, career planning, recognition and reward (Romans and Lardner, 2006; Heinen and O’Neill, 2004; Schewweyer, 2004). Competition and lack of availability of highly talented and skilled employees make finding and retaining talented employees major priorities for organisations (Fegley 2006). In order to attract and retain the best talent anywhere in the world, an organisation must have a strong and positive employer brand (Brewster et al. 2005). Unit 1 4 Talent Retention – LLC 4225 1.6 THE IMPORTANCE OF TALENT MANAGEMENT Talent management has many benefits, and the two primary reasons are: 1. Effective talent management ensures that organisations can successfully acquire and retain essential talent. 2. The second has to do with the extent to which these employees are engaged. According to Morton (2005,p11) “Talent management is integral to engaging employees in the organisation.” The ability to effectively address both of these issues has become a primary determinant of organisational success and in some cases, e
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