This website uses cookies to ensure you have the best experience. Learn more

What Is Talent Management And Is It Likely To Be An Effective Hr Approach Within Organizations

1059 words - 5 pages

Talent Management is broadly defined as the process of ‘recruiting, managing, assessing, developing and maintaining’ a workforce (Khatri and Gupta et al., 2010). It is a practice that is directly related to the preservation and safeguarding of a company’s competitive advantage, a competitive advantage that is provided by an almost inimitable and increasingly scarce resource, talented people (Collings and Mellahi, 2009). In 1982 the Brookings Institution found that 62 per cent of average company value was credited to physical assets (equipment and facilities) and only 38 per cent to intangible assets (patents, intellectual property, brand, and, most of all, people), by 2003, these percentages had changed dramatically, with 80 per cent of value attributable to intangible assets and 20 per cent to tangible assets (Wellins, Smith, Erker, 2012). These figures provide compelling evidence for the significance of talent management and its ability to drive company performance.
Talent management and its implementation has a growing fan base amongst HR professionals (ADP, 2010). Over the last five years there has been an emergent correlation between the use of talent management and greater share holder returns (Wellins, Smith, Erker, 2012). Organisations are all too aware of the need for talent in what is a ‘hyper- competitive and increasingly complex global economy’ (Wellins, Smith, Erker, 2012). People are often considered an organisation’s most valuable asset and resource, as such, HR managers as well as fulfilling the basic functions of recruitment and training, must also concentrate resources on actively ‘managing’ talent as it is an ‘increasingly scarce resource’ (Wellins, Smith, Erker, 2012). This new emphasis on talent management is not surprising considering it is estimated that companies now spend over a third of their revenues on employee wages and benefits (Wellins, Smith, Erker, 2012).
In 2007, ‘The Hackett Group’, a strategic advisory firm, produced research recognising the congruence between ‘developing and retaining a talented workforce’ and company performance (ADP, 2010). Their research states, “Companies with top-quartile talent management outperformed typical companies across four standard financial metrics” (ADP, 2010). ‘They generated EBITDA (earnings before interest, taxes, depreciation, and amortization) of 16.2 percent, versus 14.1 percent for typical companies’ (ADP, 2010). Surveys conducted by ‘FORTUNE Magazine’ pointed to the connection between admired companies and the presence of talent management schemes. Two of nine qualities found in admired companies were, ‘the ability to attract and retain talented people and long-term investment value’, these factors represent the very essence and purpose of talent management. (ADP, 2010).
Talent management seeks to provide a comprehensive construction of an organisation’s current and future strategy. It seeks to highlight business priorities by identifying and isolating divergences in...

Find Another Essay On What is talent management and is it likely to be an effective HR approach within organizations

Communication in Management: In The Workplace.What is communication? How can it be more effective? What types of communication exist? How can it be understood or misunderstood?

2376 words - 10 pages can be fatal to the success of a business or organization. "Good communication ensures individuals know what is expected of them and ensures coordination within the organization" (Ball). "At the root of a large number of organizational problems is poor communication. Effective communication is an essential component of organizational success" (Wertheim). For these reasons, it is crucial for a manager to possess both effective verbal and non-verbal

Fürst Wallerstein’s Approach to Talent Management

948 words - 4 pages 3. Fürst Wallerstein’s Approach to Talent Management Once all issues have been identified and analysed, the important question is: how should these challenges be treated? With which TM strategy can the company achieve their goals? Lawler states that important elements in a successful TM system are: a precise company vision and goal, a recruitment process, a training program, and a performance management system in combination with a reward

Management of change, and why is it so effective?

1805 words - 7 pages organisational perspective, and how it should be dealt with upon to succeed in effective change management. After reading this essay, there should be a further understanding upon change management.Effective change management is what all organisations want, which is, being able to change without much doubt, without it being too complex, and without it being too unclear. Although this is what all organisations strive for, it is not always so simple

Title: How is Mauritius (island in the Indian Ocean) likely to be affected by climate change? Questions: What is climate change? In which fields is Mauritius affected?

939 words - 4 pages already invest in an effective water drain system during floods and cyclones. Buildings should be designed and built with strong materials in such a way that they are able to resist strong cyclones. The vast part of the sea that belongs to us is now creating problems to us. Changing sea temperatures are causing the death of various fish in some parts of the lagoon. Variation of the seawater causes the sea animals to move to other places and this

What it is like to be a teenager

777 words - 3 pages What it is like to be a teenager. A teenager’s life is not as simple as many think. The changes each adolescent goes through are enormous. Many people believe the change is only physical, which is completely untrue. The greatest change teenager faces are those within his/her brain; another word, psychological. In the charts and graphs, it is evident that teenagers are constantly pressured by their surroundings, which explains the reason for

What is it like for Mary to be a bat?

1005 words - 5 pages The doctrine of physicalism is a widely discussed philosophical issue in which the mind-body problem is heavily explored. This controversial topic has left philosophers questioning the relationship between mind and matter, and more specifically, consciousness and the brain. There are a number of arguments supporting either side, but two that are rather compelling are Nagel’s What is it like to be a bat? and Jackson’s What Mary didn’t know. These

Food is Not Always What it appears to be

1050 words - 5 pages of intuition, happiness and identity while under the rule of women. In reality, an apple and muffin are both food, and a man and woman are both people. Thus, there is need for the separation. Food may be what goes in one’s mouth, but words that reveal one’s true self are what come out. Food is not always what it appears to be.

What it is to be a hero in American Literature

743 words - 3 pages What exactly does it mean to be an American? This question has thousands of possible answers, all depending on the person. It is difficult to answer though, according to separate pieces of literature when one's own opinion might differ. However, according to many novels and plays, to be an American, especially an American Hero, is to work an entire lifetime to reach the American Dream, then fall just short, all the wasted tears and effort in

What is it mean to be a human

591 words - 2 pages humans and what is it means to be a human? When God creates a man it said that He creates him in his image. That tell us that man is God a like creature. God also creates a woman in image of man and there fore woman also is God a like creature. There fore in the rest of the paper I will use word man but it will include woman too. That what make man different from other creatures. In the Garden of Eden He says to them. "You may freely eat

What It Is Like To Be A Wallflower

987 words - 4 pages by Gallery Books, is simply extraordinary. Stephen Chbosky is a screenwriter, director, and novelist. The Perks of Being a Wallflower has also been made into a major motion picture staring Logan Lerman and Emma Watson; Stephen Chbosky was the screenwriter and director for this movie as well. The Perks of Being a Wallflower will show the reader what it is like to be a wallflower. The Perks of Being a Wallflower is a novel about a boy named

Nigeria - why is it under-developed and what can be done to improve its situation?

1323 words - 5 pages Nigeria - why is it under-developed and what can be done to improve its situation?IntroductionNigeria is a country in West Africa, next to Niger, Chad, Benin, Cameroon and the Atlantic Ocean. Nigeria has a size that is about four times as big as the size of the United Kingdom, and has a population of more than 100 million people. The environment in Nigeria differs a great deal in the different parts of the country. The coastline consists of sand

Similar Essays

What Is The Significance Of Adolescent Psychology And Is It Important For An Educator To Be Knowledgeable Of It?

1151 words - 5 pages Spring 2014 Adolescence is a transitional period we will all come to experience. What makes adolescence stand out is that it is a period in our lives that links what we have experienced in our childhood to developing and shaping the individuals we will become during adulthood. This particular field in psychology calls for a focus on young people’s abilities, strengths and developmental needs. There is an extensive amount of research that

What Is Talent Managment In An Organization?

793 words - 4 pages have been extensively concerning the term, talent management. Therefore, it is worthy to have further discussion on whether it efficiently supported organizations. In this essay, I will briefly explain talent management by referencing the definition from Collings and Mellahi (2009). Two arguments will come up to support the positive side that talent management is appearing to be an effective HR approach. Ultimately, a conclusion will summarize

What It Takes To Be An Effective Leader

1183 words - 5 pages to achieve that vision. As a founder of a leadership firm named Bob Mason said:” Leadership is simply causing other people to do what the leaders want. Good leadership, whether formal or informal, is helping other people rise to their full potential while accomplishing the mission and goals of the organization. All members of an organization, who are responsible for the work of others, have the potential to be good leaders if properly developed

What Is Effective Classroom Management? Essay

1043 words - 5 pages Paul Pedota’s article entitled Strategies for Effective Classroom Management in the Secondary Setting, he states, “The classroom should be a showcase for student work… it is important to let students know that their work is important as well as let others know what students are learning” (2007, p. 164). It is vital to create an attractive and welcoming room that students would value and appreciate. Classroom information, such as bell schedule and