Discuss how the economic environment has influenced the need for talent management practices
Several economic issues have increased the need for talent management practice. The most recent economic issues are the recession that influenced the entire world market, it is important to note that with the right people in the industries, recession effects could not have influenced the performance of many organizations. It is crucial to note that organizations in different economic environment require adequate talent management to increase their performance and also remain relevant in their market place (Schweyer, 2010). Changes that are inevitable in any economic environment demand skills and talents to effectively manage these economic variations. In a marketplace, for instance, the need to analyze the ever-changing customers buying behavior is critical in providing them with the right products and services. This efficiency can only be achieved with the use of talent management practices such as training and motivation.
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Since the economic environment dictates the performance of many organizations, talent management practices help organizations to cope with different economic challenges. Organizations that manage their talent through practices that enhance their performance are highly unlikely to be influenced by changes in economic environments. It is usually because of the ability that the organization’s human resource has acquired through training practices (Silzer, 2009).
Discuss how globalization has contributed to the tipping point for talent management practices
Globalization has been a critical tipping point for talent development practices, this is because of the quick information flow that globalization has enhanced. Globalization has also improved communication processes worldwide; the development of communication infrastructure is the key to critical information flow in talent management practice. In essence, globalization has provided a wider ground for organizations to search for the right talent, without globalization, this could not be possible. Some of the most important tipping points for the talent management contributed by globalization include teleconferencing and video conferencing seminars which can be carried out in different locations worldwide. Technology has enabled this form of the communication process that has greatly enhanced the development of talent management in a cost-effective way (Schweyer, 2010).
As evident, information flow is critical for any organization’s development, this has been greatly enhanced through technological development that has been powered by globalization. Technology has made the training process of employees easy by providing relevant information and improving the communication process with less consideration of geographical location. The scope of talent acquisition has been increased by globalization, for instance, a company in Australia can acquire and train employees in Spain without necessarily having these employees travel to Australia. This is a great tipping point for any organization that takes advantage of globalization and the technology that comes with it.
Discuss how talent management practices have evolved beyond training programs
Despite the role played by the training process, talent management in the modern world has grown beyond training programs. This is the case because organizations can acquire trained employees from other companies who have adequate experience on the task. Talent management practices have also grown beyond training programs and concentrated on retention processes that aim at lowering employee turnover.
In the retention practices, motivation, and reward are critical; this is because they address the most fundamental needs of employees. In this sense, training processes are not imperative if the organization is going to lose its employees after training them to offer better services. It is thus critical in the modern world for the organization to give more attention to the retention of talent rather than training and losing them to other firms (Silzer, 2009). The process of training is usually costly to the organization and thus the organization needs to concentrate on talent management practices that ensure retention of talent.
Discuss the talent management practices that have the most influence on talent retention
Some talent management practices are critical in the talent retention process, some of the most important practices are motivation and employee reward. High employee turnover is usually created by poor reward and motivation scheme within the organization, employees of an organization need to feel appreciated through motivation schemes that develop and encourage them to work effectively within the organization. Personal interaction and listening to the employee’s problems is critical in enhancing their performance in the organization (Schweyer, 2010). This is so because it makes them feel appreciated and part of the organization, in talent management practices, motivation is the hub of the retention process.
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Rewarding schemes is another imperative process in the retention process; this is because employees feel appreciated through payments and bonuses. With time, the addition of payment as a result of experience is critical in ensuring that organizations’ employees are retained. One of the major causes of employee turnover is poor payment schemes by organizations, this shows how important payment schemes are towards the retention of employees in the organization.
Discuss how effective talent management practices can increase organizational performance and shareholder value
All organizations depend on human capital for performance, this is simply because human resource is the most basic and essential part of the organization. In essence, the performance of an organization is based on the performance of its human resource. Talent management practices can thus increase the performance of an organization and also enhance the shareholder value. This is so because talent management practices involve tapping of the right people, training, and retention (Goldsmith, 2009). The performance of an organization deeply depends on workforce optimization through development practices that are evident in the talent management process.
Effective talent management practices usually involve getting the right people, training, and development of these people. Having the right people do the job in itself is not sufficient without training, development, and retention practices. Development involves the training and motivation of employees through rewards and bonuses. Regular seminars also play a crucial role in the development of employees’ skills which is critical in enhancing the performance of an organization. Additionally, listening to employee’s problems and interacting with them on a personal level is critical in ensuring that employees are retained in the organization. Getting talented and skilled employees in the market is usually difficult and expensive, it is thus critical for the organization to retain its employees for better performance and increase of shareholder’s value.
Goldsmith, M., & Carter, L. (2009). Best Practices in Talent Management: How the World’s Leading Corporations Manage, Develop, and Retain Top Talent. New York, NY: John Wiley and Sons.
Schweyer, A. (2010). Talent Management Systems: Best Practices in Technology Solutions for Recruitment, Retention and Workforce Planning. Michigan, MA: John Wiley and Sons.
Silzer, R., & Dowel, B. (2009). Strategy-Driven Talent Management: A Leadership Imperative. New York, NY: John Wiley and Sons.