Human Resource Management. Finding Talents


Submitted Assignment, 2016
29 Pages, Grade: 1.0

Excerpt

Table of Contents

List of Abbreviations

1. Introduction
1.1. Problem Description
1.2. Objectives
1.3. Scope of Work

2. Talent Management Theory in Practice
2.1. Definition and Concept of Talent and Talent Management
2.2. Talent Management Strategies
2.2.1. Attraction
2.2.1.1. Employee Value Proposition
2.2.1.2. Recruiting Process
2.2.1.3. Selection Practices
2.2.2. Development
2.2.2.1. Targeting Talent
2.2.2.2. Development Process
2.2.3. Retention
2.2.3.1. Organizational Identity
2.2.3.2. Compensation and Rewards
2.2.3.3. Careers and Employability

3. Closing
3.1. Summary
3.2. Conclusion
3.3. Future Outlook

Bibliography

ITM-Checklist

List of Abbreviations

illustration not visible in this excerpt

List of Figures

Figure 1: Connection between Business and Talent Management Strategy

Figure 2: Dimensions of Employee Value Proposition

Figure 3: Performance and Potential Matrix

Figure 4: Long-Term Retention Strategy Model

Figure 5: Pay-For-Performance Model

1. Introduction

This first introductory chapter will provide the situational context through the problem description, present the central objectives and outline the general scope of work of the assignment.

1.1 Problem Description

Due to globalization and demographic changes, the context in which companies are operating has become more competitive and more complex. In fact, a new context has emerged, characterized by changes in the business environment including the market of potential candidates, which have led to the international challenge or “war for talent”1, companies are facing today. Thus, there has been a transformation of the importance regarding the role and strategic management of talents within an or- ganization which has meanwhile already become one of the top priorities in many companies. As a professional talent management can have a decisive influence on the future success and sustainability of an organization, many companies are seek- ing for suitable strategies and their operative implications to remain competitive.2

1.2 Objectives

The mentioned context presents the starting point for further analysis within the scope of this assignment. The objective is to present and analyse the three different theoretical talent management strategies of talent attraction, development and reten- tion and find out, which operative implications they have for an organization in prac- tice.

1.3 Scope of Work

In order to provide the mentioned transfer from the theoretical analysis to the practi- cal implications and answer the mentioned research question, the assignment fol- lows a specific methodological and deductive approach. The logical line of thoughts implicates the formal structure of the assignment, which in detail is organized into four main chapters.

This introductory chapter is essentially a formal chapter which serves as a guideline to present the basic concept of the assignment through the problem description, objectives and scope of work.

The second chapter presents the theoretical foundation of the assignment by defining the terms and outlining the concept of talent and talent management as well as their importance within the context of the overall business strategy.

The third chapter focuses on the operative implications regarding the three major talent management strategies of talent attraction, development and retention in practice by presenting concrete activities and possible challenges to consider.

Eventually, the assignment is completed by the fourth and last chapter which again is a formal chapter to respond to the initially mentioned research question by provid- ing a summary and conclusion of the essential findings of the assignment as well as a future outlook on the developments in the area of strategic talent management.

This composition is based on a wide range of internationally recognized standard works and references as well as latest discussions found in high-quality human resource and management journals that provide information on the current research of talent management.

2. Talent Management Theory

This chapter presents the theoretical foundation of talent and talent management as well as their integration within the context of the overall business strategy.

2.1 Definition and Concept of Talent and Talent Management

Any discussion and analysis of the topic in question first requires a definition of the basic terms. Notwithstanding the usual problem to find a common understanding of the word, talent can generally be defined as “the sum of a person’s abilities”3, meaning his or hers intrinsic characteristics, attitudes, skills, knowledge, intelligence, experience and motivation that allows an individual to perform certain tasks. It also includes his or her ability to learn and develop.4

A good definition and precise meaning of TM (= talent management) is even more difficult to formulate. Although most organizations regularly perform talent manage- ment activities, there is no consistent definition of the term as quite a number of dif- ferent attributes and approaches can be used to characterize it. However, for the purpose of this assignment, talent management is referred to as “a strategic activity aligned with the firm’s business strategy that aims to attract, develop and retain tal- ented employees at each level of the organization”5. In other words, a company’s strategic talent management planning is closely linked to its business strategy.6

At the core of this definition is the employee. By developing and maintaining valuable and rare resources that are hard to imitate in form of human capital, organizations are able to create a sustainable competitive advantage through the deployment of a talent management strategy that covers critical success factors for the overall busi- ness strategy such as talent attraction, development and retention as outlined in fig- ure 1.7

Figure 1: Connection between Business and Talent Management Strategy8

illustration not visible in this excerpt

Source: Adapted from Cf. Hatum, A., 2010, p.17

2.2 Talent Management Strategies

This chapter will present the three major talent management strategies of talent attraction, development and retention and derive concrete activities for their organizational implementation.

2.2.1 Attraction

The first step of a successful talent management is attracting the right talent. How- ever, to attract the best candidates, a company should do more than simply analyze its organizational competencies and determine the types of talents required. First, the company requires an attractive EVP (=Employee Value Proposition) as “the set of benefits that characterize .. [the] employer”9 and enhances the company’s reputa- tion as a good place to work at. Second, the company needs to identify appropriate recruitment channels to attract the desired talents and third, it also needs to deter- mine helpful selection practices to identify the right candidates.10

2.2.1.1Employee Value Proposition

An EVP summarizes what employees can expect to receive from the company in exchange for the work they perform. Thus, it can be defined as the “holistic sum of everything people experience and receive while they are part of a company - everything from the intrinsic satisfaction of the work to the environment, leadership, colleagues, compensation and more. It’s about how well the company fulfills people’s needs, their expectations, and even their dreams”11.12

Generally, an EVP comprises the following set of the company’s organizational features and characteristics:13

1. Organizational culture (e.g. spirit, risk-taking attitude, corporate social respon- sibility policy)
2. People (e.g. teamwork, leadership style)
3. Work characteristics (e.g. innovation, work-life-balance)
4. Rewards (e.g. compensation, incentives)

Figure 2 shows the four sets of characteristics as mentioned above.

Figure 2: Dimensions of Employee Value Proposition14

illustration not visible in this excerpt

Source: Adapted from Hatum, A., 2010, p.38

An EVP is closely related to employer branding but much more comprehensive as it reflects certain feelings and experiences at the workplace. Thus, it creates an emotional bond which helps the company compete with other companies on the market to attract the best talents.15

2.2.1.2Recruiting Process

Once the company has created an attractive EVP, it can focus on the next critical step in the talent attraction process, because a strong EVP alone does not ensure that the company will ultimately hire the best candidate.16

When attracting the required talents to occupy current vacancies, the company should not only consider internal candidates but also search for additional talent from external in order to be successful. Although the recruitment channels the company chooses to contact potential candidates depends on the target employees, it is important that the different channels used communicate a consistent message that is in line with the reality that the employees face at the company.17

There are various innovative trends in the recruitment field that a company can use to identify the right candidates:18

- Headhunting
- Employee referrals
- Company website
- Universities/ business schools
- E-recruiting (e.g. Xing, LinkedIn)
- Online simulation tests
- Video résumé and other online channels (e.g. YouTube, blogs)

When talent is scare, companies sometimes have to use multiple channels to ensure attracting the right candidates.19

[...]


1 Beechler, S., Woodward, I., The global “war for talent“, 2009, p.373- 0LFKDHOV ( +DQGILHOG- Jones, H., Axelrod, B., The War for Talent, 2001, p.1.

2 Cf. Eds. Heidelberger, M., Komherr, L., Handbuch der Personalberatung, 2014, p.329f.; eds. Burton-Jones, A., Spender J., Human Capital, 2011, p.531ff.; eds. Scullion, H., Collings, D., Global Talent Management, 2011, p.3ff.; Hatum, A., Next Generation Talent Management, 2010, p.1f., 4-7; Collings, D., Mellahi, K., Strategic Talent Management, 2009, p.304-313; Guthridge, M., Komm, A., Lawson, E., Making talent a strategic priority, 2008, p.49-59; Barney, J., Firm Resources and Sustained Competitive Advantage, 1991, p.99-120.

3 Hatum, A., Next Generation Talent Management, 2010, p.10.

4 Cf. Ed. Meifert, M., Strategische Personalentwicklung, 2013, p.219; Hatum, A., Next Generation Talent Management, 2010, p.10; Lewis, R., Heckman, R., Talent management, 2006, p.139-154.

5 Hatum, A., Next Generation Talent Management, 2010, p.13.

6 Cf. Ed. Meifert, M., Strategische Personalentwicklung, 2013, p.218; eds. Scullion, H., Collings, D., Global Talent Management, 2011, p.5ff.; Hatum, A., Next Generation Talent Management, 2010, p.10-13; Farndale, E., Scullion, H., Sparrow, P., The role of the corporate HR function in global talent management, 2010, p.161-168; Collings, D., Mellahi, K., Strategic Talent Management, 2009, p.304-313; Armstrong, M., A Handbook of Human Resource Management Practice, 2006, p.389-408; Lewis, R., Heckman, R., Talent management, 2006, p. 139-154; Ashton, C., Morton, L., Managing talent for competitive advantage, 2005, p.28-31; Boudreau, J., Ramstad, P., Talentship and the new paradigm for human resource management, 2005, p. 17-26.

7 Cf. Ed. Meifert, M., Strategische Personalentwicklung, 2013, p.218; Hatum, A., Next Generation Talent Management, 2010, p.13-17 Collings, D., Mellahi, K., Strategic Talent Management, 2009, p.304- 313 Lewis, R., Heckman, R., Talent management, 2006, p.139-154 Barney, J., Firm Resources and Sustained Competitive Advantage, 1991, p.99-120.

8 Cf. Hatum, A., Next Generation Talent Management, 2010, p.17.

9 Hatum, A., Next Generation Talent Management, 2010, p.37.

10 Cf. Schuler, R., Jackson, S., Tarique, I., Global talent management and global talent challenges, 2011, p.506- eds. Scullion, H., Collings, D., Global 7DOHQW 0DQDJHPHQW S II Hatum, A., Next Generation Talent Management, 2010, p.37f.

11 Hatum, A., Next Generation Talent Management, 2010, p.38.

12 Cf. Schuler, R., Jackson, S., Tarique, I., Global talent management and global talent challenges, 2011, p.506-516; Hatum, A., Next Generation Talent Management, 2010, p.38; Guthridge, M., Komm, A., Lawson, E., Making talent a strategic priority, 2008, p.49-59.

13 Cf. Schuler, R., Jackson, S., Tarique, I., Global talent management and global talent challenges, 2011, p.506-Hatum, A., Next Generation Talent Management, 2010, p.38-42 Guthridge, M., Komm, A., Lawson, E., Making talent a strategic priority, 2008, p.49-59.

14 Cf. Hatum, A., Next Generation Talent Management, 2010, p.38.

15 Cf. Schuler, R., Jackson, S., Tarique, I., Global talent management and global talent challenges, 2011, p.506-Hatum, A., Next Generation Talent Management, 2010, p.38- Guthridge, M., Komm, A., Lawson, E., Making talent a strategic priority, 2008, p.49-59.

16 Cf. Hatum, A., Next Generation Talent Management, 2010, p.42f.

17 Cf. eds. Burton-Jones, A., Spender J., Human Capital, 2011, p.318ff.; eds. Scullion, H., Collings, D., Global Talent Management. 2011, p.22f., 105-129; Hatum. A., Next Generation Talent Management. 2010, p.42-45.

18 Cf. eds. Burton--RQHV $ 6SHQGHU - +XPDQ DSLWDO S II Hatum, A., Next Generation Talent Management, 2010, p.48-53.

19 Cf. eds. Burton--RQHV $ 6SHQGHU - +XPDQ DSLWDO S II Hatum, A., Next Generation Talent Management, 2010, p.53.

Excerpt out of 29 pages

Details

Title
Human Resource Management. Finding Talents
College
University of applied sciences, Düsseldorf
Course
Human Resource Management
Grade
1.0
Author
Year
2016
Pages
29
Catalog Number
V415930
ISBN (eBook)
9783668657380
ISBN (Book)
9783668657397
File size
571 KB
Language
English
Tags
Human Resources, Human Resource Management, Talent Management, Talent, Finding Talents
Quote paper
Samira Penner (Author), 2016, Human Resource Management. Finding Talents, Munich, GRIN Verlag, https://www.grin.com/document/415930

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