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McMaster University

Commerce 2BC3 Chapter 8: Talent Management and Development Talent Management - An espoused and enacted commitment to implementing an integrated, strategic, and technology-enabled approach to human resource management (HRM) as a means to enhance the attraction, development, and retention of key human resources - Commitment stems in part from the widely shared belief that human resources are the organizations primary source of competitive advantage and as essential asset that is becoming increasingly in short supply - Must be linked to strategic organizational plans - Key areas that are important in talent management as a part of strategic HR planning are these: Creating and maintaining an organizational culture that values individuals Identifying the future needs of the organization and a method of developing individuals to fill those needs Developing a tool of talented people who can supply future job needs Establishing ways to conduct and manage HR activities to support talent management - Seen as more crucial than ever as the demographics of the workforce - Building talent and retaining it should be a priority worldwide Nature of Talent Management - Can be seen as a bridge - Talent management activities provide the means to ensure that individuals who have been recruited and selected are retained as well-performing human resources - Include training; individual career planning, and HR development efforts - Succession planning involves identifying future workforce needs and what candidates will be available to fill them - Throughout the talent management process, effective performance management activities are vital Talent Management Information Systems - Implementation and use of electronic, Web-based, computer software - Training, providing succession planning replacement charts, or online performance appraisal system - Systems must be integrated Scope of Talent Management Targeting Jobs - Identify the types of jobs that will be the focus of talent management - Individuals seen as talent: 86%-senior leaders 82%- Mid-managers 75%- Key technical and other contributors - These 3 groups only represent only about 1/3 of the total workforces of many employers Targeting High-Potential Individuals - Managers at all levels are not committed to the time and effort required which can limit successful activities - Attracting, retaining, and developing high-pos have become the primary focus of senior managers and HR efforts - May lead to many of the other employees seeing their career opportunities as being limited - Effective talent must be linked to HR planning - This means having the right number of human resources, with the right capabilities, at the right times, and in the right places, both short term and long term Careers and Career Planning Career: Series of work-related positions a person occupies throughout life - People pursue careers to satisfy deeply individual needs Changing Nature of Careers -Traditional model is rare Careers and Work-life balance - More freelancing, more working at home, more frequent job changes, more job opportunities but less security - More people set goals for the type of lives they want and then use jobs to meet those goals - For dual-career couples and working women, balancing work demands with personal and family responsibilities is a growing challenge - Career issues have changed for employers - Employers must focus on retaining and developing talented workers by providing coaching, mentoring, and appropriate assignments Global Evolution of Careers - Insecurity caused by layoffs and downsizing marks a trend that stand in sharp contrast to the trend toward personal control over career goals - Careers for many individuals contain both more flexibility and more insecurity Organization-Centered Career Planning - Employers that fail to help employees focus their careers in areas that benefit the organization may face shortages of employees who believe themselves to be ready to assume new jobs and responsibilities - Effective career planning considers both organization-centered and individual-centered perspectives Organization-centered career planning: Career planning that focuses on identifying career paths that provide for the logical progression of people between jobs in an organization Follow this as you advance in organizational units - Top management and HR professionals are responsible for developing career planning programs - A good program includes many elements of talent management, such as performance appraisal, development activities, opportunities for transfer and promotion, and some planning for succession - Employers frequently use career workshops, a career centre or newsletter, and career counseling - The systems an employer uses to manage careers in the organization should be planned and managed in an integrated fashion to guide managers in developing employees careers Career Paths - Represent employees movements through opportunities over time - To develop the weak areas and fine-tune the strengths - An innovative use of career paths called skill supply chains allow employees to move to other companies as they success where they are Employer Websites and Career Planning - Have career sections on their websites - Can be used to lit open jobs for current employees looking to change jobs - Is a link to the external world and a link for existing employee development - Sites can also be used for career assessment, information, and instructions Individual-Centered Career Planning - Career planning focusing on an individuals career rather than on organizational needs - 3 key activities: 1) Self-assessment - Individuals need to think about what interests them, what they do not like, what they do well and what their strengths and weaknesses are 2) Feedback on reality - Employees need feedback on how well they are doing, how bosses see there capabilities, and where they fit in organizational plans for the future Through performance appraisal feedback 3) Setting of career goals - Deciding on a career path, setting some timetables, and writing down these items all set the stage for a person o pursue the career of choice Supported by short-term plans for the individual to get the experience or training necessary to move toward the goals - Because it focuses on the individual, it may change depending on shifts in the individuals interests, abilities, circumstances, and family issues - A career based on such planning, is referred to as protean because it is changeable - A successful protean career does not simply include what a person knows but also includes who that person knows and an understanding, based on experience, as to why activities are done the way they are done - Careers are boundary less in that they might span several companies, industries, jobs, and projects How people chose careers - 4 general characteristics affect how people make career choices: 1) Interests - Match their interests - Change for many people over time 2) Self-image - An extension and molder of self-image - Can see themselves in it 3) Personality - Includes his or her personal orientation and personal need 4) Social backgrounds - Socioeconomic status and the educational levels and occupations of a persons parents are included in that persons social background - Less is known on why people choose specific organizations- Timing is important Career Progression Considerations - Useful to think about general patterns in peoples lives and the effects on their careers - People often choose careers based on interests or personality and choose organizations to work for that fit with their own personal characteristics, interests, and needs - Individuals experience high levels stability, followed by transition periods, and by inevitable discoveries, disappointments, and triumphs Cycles of structure and transition occur through individuals lives and careers Career Transitions and HR - Organizational entry and socialization, transfers and promotions, and job loss - Starting as a new employee can be overwhelming - Entry shock includes the following concerns: Supervisors: The boss/employee relationship is different from the student/teacher relationship Feedback: In school, feedback is frequent and measurable, although it is not that way in most jobs Time: School has short time cycles, whereas time horizons are longer at work The work: Problems are more tightly defined at school; at work, the logistical and political aspects of solving problems are less certain - Job loss has been most associated with downsizing mergers, and acquisitions - Transfers and promotions offer opportunities for employees to develop - Expected to perform well immediately, but not realistic Global Career Development - The international experiences of expatriates must offer benefits both to the employer and to the expatriates career as well Repatriation - Planning, training, and reassignment of global employees to their home countries Development Issues - Global managers are more expensive - Must focus on developing local managers - Development area typically i
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