As a new wealth for the organization, the businesses are noticing that the talent is the treasure of the company. In twenty-first century, organizations are facing the challenges of human capital that are also called “war for talent”(Ashton, and Morton, L. 2005; McKinsey, 1990). As a valuable treasure, talents whom can improve business performance and create contributions to the business become the centre of attention especially under the talent shortage environment. Cappelli (2008) notices that the rising star is worth to fight. Outstanding talent is crucial for business to achieve the competitive advantages (Iles et al., 2010). For a successful company, talented people play a center role. Thus, talent management becomes increasingly important for businesses to successes.
The aim of this paper is to analyze the personal experiences in the human resource department of the China Merchants Bank (CMB) through a review of the literature.
This paper begins with a discussion of the definitions of the talent and talent management. In the third part, the significance of talent management will be shown. Fourthly, this work will distinguish between the human resource management and talent management. It will develop the fundamental processes of the talent management. In the following sections, its theoretical arguments for the barriers for the talent management and the critiques are shown in the fifth section. Finally, the writer’s personal experience of going to work for the China Merchants Bank will be analyzed.
2. Literature review
2.1 What is talent
McKinsey (2008) defines talent is a rising star with high skills, knowledge, experience, intelligence, attitude, intrinsic gifts and ability to learn and develop (cited in Stephenson and Pandit, 2008).
According to Torrington et al. (2010), talent can be divided into two groups. First, talents are a small number of people with superior knowledge and skills and have the potential to reach the top position in the organization (Michaels et al., 2001). However, this elitist definition ignores the relationship between talent and business success. The second approach that defined by Chubb and Phillips (2008) is that a talent is the value elitist that is important for business to achieve its target. Torrington et al. (2010) recognizes that those two definitions are not always independent and they also find that many organizations adopt a balance between the two.
Makela et al. (2010) suggest that there are two stages process for an organization to evaluation the internal talent. The first step is experience-based online search and choice that include the performance appraisal and appraisal rating and evaluation. The second one is the cognition-based offline search and choice including talent review and talent pool inclusion. Both processes are incorporated into with organization’s performance management practice.
2.2 What is talent management
According to Ashton and Morton (2005), talent...