Top PDF Finance and the Importance of Talent Management

Finance and the Importance of Talent Management

Finance and the Importance of Talent Management

Similarly, talent management is broader than the individual: ensuring the function is structured to maximise the talent pipeline, that roles are designed to give challenge and enrichment to the individual and value to the organisation, is key to an integrated talent management strategy. Finance functions face many tough challenges as their organisations strive to generate growth and keep costs to a minimum. Talent management will be critically important for their success. The best way for finance teams to meet the demands placed on them – and provide maximum value to their organisations – is by systematically identifying, developing, deploying and retaining those who make a significant difference and contribution to the organisation’s success. This requires effective and close working with the HR function to ensure appropriate best practice is employed. Integrated talent management as described above can be hard to achieve, requiring commitment from CFOs, HR and other senior managers. However, leading organisations appreciate that the effort is worthwhile. This report looks at the issues to consider when embarking on talent management for finance, and shares with you the approaches some leading organisations are taking.
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Maximising people power: effective talent management in finance

Maximising people power: effective talent management in finance

For most companies, talent management activity focuses on the individual, and it is invariably a tactical activity that takes place locally. But for KPMG, finance talent management is a strategic driver of value, and it is a key consideration at the early stages of all major activity. This is demonstrated in recent work KPMG undertook with the UK arm of a major European Life Insurer. driven by a need to restructure to meet forthcoming regulatory changes, along with a desire to separate the finance and risk functions, the insurer engaged KPMG to help redesign their operating model. often a technical and process-driven activity, by engaging talent management expertise from day one, KPMG was able to help the client transform their finance function by designing an organisation that delivers the overall strategy – and has finance talent management principles embedded at all levels.
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TALENT MANAGEMENT AND IT’S IMPORTANCE IN THE LITERATURE

TALENT MANAGEMENT AND IT’S IMPORTANCE IN THE LITERATURE

Talent management is about attracting, developing and maintaining right talent in an organization. It plays a vital role in the success of an organization. So it becomes inevitable practice for organizations. This paper is a review of the existing literatures in the area of talent management. It tries to make the concept clear and discussed how to create an effective talent management. The paper also discussed about the advantages of the practice of talent management and how important it is for the success of an organization.
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IMPORTANCE OF JOB SATISFACTION AND TALENT MANAGEMENT

IMPORTANCE OF JOB SATISFACTION AND TALENT MANAGEMENT

Research indicates that effective talent management is essential in achieving organizational excellence and is a driving force for business success. A cursory review of the talent management literature reveals a degree of debate as to the conceptual boundaries of the topic. Indeed, Aston and Morton (2005: 30) noted that there “...isn’t a single consistent or concise definition” of talent management. Notwithstanding this criticism, Lewis and Heckman (2006) identified three key streams of thought around the concept of talent management.
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Talent management and its effects on the competitive advantage in organizations

Talent management and its effects on the competitive advantage in organizations

strategies and systems to increase productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs. Talent management ensures organizations that right people with fit skills located at right place to access business strategy. In fact, talent management include complete set of process for recognize, managing people for successful of business strategy that organization used it (Ballesteros, 2010). The strategic importance of talent was appreciated after the study of McKinsey & Co found that the most important corporate resource over the next 20 years will be talent: smart, sophisticated businesspeople that are technologically literate, globally astute, and operationally agile. And even as the demand for talent goes up, the supply of it will be going down. The war for the shortage of talent between companies is the biggest human resources concern (Makela et al., 2010). The organizations that are interested in achieving its strategic goals must adopt unique approaches for attracting, developing and retention of talented employees (Huselid et al., 2005). Thus, talent is the core competency of the organization and its management will definitely enable organizations to be competitive. This paper attempts to explain the effects of talent management on competitive advantage on the success of the organization. When organizations able to attract, develop and retain talented employees then organization will be able to achieve competitive advantage for the success of the organization.
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The Relationship of Talent Management and Organizational Development with Job Motivation of Employees

The Relationship of Talent Management and Organizational Development with Job Motivation of Employees

Therefore considering the importance of the subject, this research studied the relationship between talent management and organizational development and job motivation of the employees in educational, research, student, and cultural deputies of Bushehr University of medical sciences and health services, and based on the hypotheses of the research, we will discuss the conclusions: The fi ndings confi rmed the signifi cant relationship between talent management and its dimensions including attraction and recruitment of talented employees, identifi cation and separation of employees, using talent, talent development, creation and maintenance of positive relationships, and talent maintenance, and also organizational development and its dimensions including purpose, leadership, attitude, reward, relationships, structure, and benefi cial mechanisms with job motivation of the employees in educational, research, student, and cultural deputies of Bushehr University of medical sciences and health services. Considering that job motivation of employees is aff ected by motivational stimuli like intrinsic, external, mental, or health factors, it seems that talent management and organizational development are the factors eff ecting on job motivation of employees. Today, organizational development plans to change the organization in a special way leading to improvement of the troubleshooting process and improvement of quality of work life. Organizational development is the application of attitudes of systems in fi elds of intrapersonal, structural, technical, and task communications in organization. In fact in organizational development, the manager wants to know which skills should exist in organization and how the human resources can fi ll the skill gaps in organization by improvement of skills of human resources. Therefore with this attitude, job motivation will improve. Talent management also causes the ability of managers and employees of educational organizations and creates fl exibility in organizations. On the other hand using the strategy of attracting talented individuals in educational organizations, a kind of balance between work and life can be created, and also the development and learning opportunities can be made for individuals and organizations, and their job motivation fi nally reaches to a desirable point. Finally, these fi ndings are in line with the research results of Oheley (2007), Peter Lok and John Crawford (2000), and Herzberg (1965).
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A MODEL FOR EFFECTIVE TALENT MANAGEMENT PRACTICE IN INDIAN INFORMATION TECHNOLOGY COMPANIES

A MODEL FOR EFFECTIVE TALENT MANAGEMENT PRACTICE IN INDIAN INFORMATION TECHNOLOGY COMPANIES

Dr. ParulSaxena’s (2013) paper emphasizes on Talent Management as a strategic move to achieve competitive advantage and organizational excellence in the globalized business scenario. In his study, he throws light on various strategies to source, attract and retain the best talent in the company. The study also explains the top retention techniques and the degree of their effectiveness. The paper concludes that Talent Management is the deciding factor of any organization’s success and the failure to recognize the importance of Talent Management will push the organizations to face talent crunch and ultimately become a loser in the talent war. METHODOLOGY OF THE STUDY
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Talent Management Literature Review

Talent Management Literature Review

In the current economic downturn, there is high demand for talents and it has proven to be highly tough to attract, deploy, develop, and retain them. Talent management is a hot topic that has just attracted everyone’s attention; on the other hand, the universities outflow fails to fulfill talent demand worldwide (Pruis, 2011). Today almost all the companies has started to use the concept of talent management and they know that they need to be more practical to deal with an employee with right knowledge, skills, abilities, behaviors, and relationships to achieve strategic business objectives (Morgan and Jardin, 2010). Almost all the organizations use talent management system but they may not be aware of what they do exactly in the talent system. Each of them defines talent management in a different way. Some define talent as the high performance employees or potential people in the organization; the others consider high skill and knowledgeable people as talents, and another group believes that the organization itself can make their talented people with succession planning. However, in recent years, talent management has attracted most of the researchers’ attention but there are a lot of issues that remain unknown. Therefore, it is very important to understand this issue according to the context of Malaysia, which may become the driving force to the acceptance and use of talent management in future. A good platform is needed in order to provide a model of successful talent management to assist Malaysian managers to compete in the competitive global scale. After 1998 when McKinsey created the phrase of “War of Talent”, many researchers around the world grasped the importance of talent management. On the other hand, the companies that really wanted to enter the global scale and compete in this area felt the need to have a competitive advantage to survive (Beechler and Woodward, 2009). Talent management issue is a unique and non-imitable competitive advantage, which doesn’t just have one phase. Different companies with various strategies implement talent management in a unique manner, which may lead to their success on a global scale. Since a group of McKinsey consultants invented the phrase “The War for Talent”, which addressed the issue of growing talent shortage in the late 1990s, the topic of talent management has become one of the hottest issues for management academics, consultants, and practitioners alike. Most companies worldwide, regardless of size, are confronting and/or will soon confront many TM challenges; if left unmet, it will impact their global business strategies, both in the near term and longer term.
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Talent management as a core source of innovation and social development in higher education [NYP 5/6/2019]

Talent management as a core source of innovation and social development in higher education [NYP 5/6/2019]

[204–206]. A majority of higher education organisations have realised that talented individuals are strategic assets because they play a key role in the success, innova- tion and growth of the higher education institutions over the long term [9, 12, 39, 40]. These individuals assist higher education organisations with cultural adap- tion through identifying the challenges of public perception and the development of active learning environments [26, 89, 207]. Highly qualified employees constitute a critical resource of creativity, innovation and therefore future revenues for institu- tions [12, 106]. In addition, increase in the strategic importance of human resources management for competitive advantage can be achieved by talented individuals [206, 208, 209]. As a result, innovation is a complicated task, which requires high professional ability in knowledge-intensive positions [202]. Hence, talented indi- viduals play a significant role in an institution ’ s survival and innovation in a dynamic environment [201, 208, 210, 211].
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The ‘encyclopedia’ of decision frameworks in talent management: supporting the development of a talent management strategy

The ‘encyclopedia’ of decision frameworks in talent management: supporting the development of a talent management strategy

So, ultimately, the job itself makes the strategic difference, not the employee. Collings and Mellahi (2009) state that, “ultimately, the key is a differentiated focus on strategic rather than non-strategic positions” (p.10). But the process of identifying which jobs are strategically important for the firm is complex. Huselid et al. (2005) state that traditionally jobs were differentiated on the basis of input, such as skills or efforts. Huselid et al. (2005) state: “We all know that effective business strategy requires differentiating a firm’s products and services in ways that create value for customers. Accomplishing this requires a differentiated workforce strategy, as well.” (p.8). A positions are defined by their “disproportionate importance to a company’s ability to execute some parts of its strategy and second the wide variability in the quality of the work displayed among the employees in these positions” (Huselid et al., 2005, p.2). With these types of jobs, “there is likely to be a wide range in people’s performance”. When someone performs an A position in an excellent way the job is, with the wide range in people’s performance, likely to provide the firm a sustainable competitive advantage.
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TALENT MANAGEMENT PRACTICES SELECT IT COMPANIES – A STUDY ON TATA CONSULTANCY SERVICES (TCS)

TALENT MANAGEMENT PRACTICES SELECT IT COMPANIES – A STUDY ON TATA CONSULTANCY SERVICES (TCS)

Talent management refers to the skills of attracting highly skilled workers of integrating new workers, developing and retaining current workers to meet current and future business objectives. Talent management in this context does not refer to the management of entertainers. Companies engaging in talent management strategy shift the responsibility of employees from the human resources department to all managers throughout the organization. The process of attracting and retaining profitable employees, as it is increasingly more competitiveness between firms and of strategic importance, has come to be known as “the war for talent”. Talent management is also known as human capital management. The term talent management means different things to different people. To some it is about the managing high-worth individuals or "the talented” whilst to others it is about how talent is managed generally - i.e. on the assumption that all people have talent which should be identified, furnished and developed.
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Considering the talent in talent management: consequences of strategic talent management for the employee psychological contract and individual outcomes

Considering the talent in talent management: consequences of strategic talent management for the employee psychological contract and individual outcomes

While the TM literature has only recently begun to consider the employee in talent management, the employee has not overlooked organisational talent management. Perhaps not surprisingly, given the visible focus on talent as a board-level concern and a top management priority in organisations today, the notion of talent has also become a concept of significant visibility to the employee within their world of work. A recent study has found that employee psychological contract fulfilment is positively associated with the number of talent management practices which the organisation implements (Sonnenberg, van Zijderveld, & Brinks, 2014), suggesting that employees take note of their organisation’s use of talent management. Navigating their careers within and across organisational boundaries in protean careers today (Hall, 2004), employees will undoubtedly be exposed to competitive attraction and recruitment campaigns under the umbrella of “talent management”, and its associated rhetoric (Dries, 2013a), regarding the importance of talent to business today. As the contractual employment relationship draws on the ability of an individual to contribute to the performance of organisation through the individual’s competence, knowledge, skills, and abilities, the talent which the employee possesses will enable (or not) their individual opportunities for employment and subsequent career progression. Correspondingly, the notion of talent and the concept and practice of organisational talent management can both be seen as centrally relevant to the employee’s perceptions of their own employment and career opportunities and the corresponding quality and outcomes of their experience of employment. Even in the context of today’s boundaryless careers (Arthur & Rousseau, 1996), whereby employees move between organisations and are expected to take a much greater lead in their own career management (Hall, 2004), employees still seek organisational support for their careers (Sturges, Conway, Guest, & Liefooghe, 2005). Aspects of careers today rely on the perceived talent which an individual may possess and which thereby may enable ability to offer talent in service of their organisation’s priorities. Given this, it is not surprising then that the notion of being identified as talent by one’s organisation has been theorised to be a meaningful event in the employee- organisation relationship (Björkman et al., 2013; Dries, 2013a; King, 2016).
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Talent and Talent Management Insights

Talent and Talent Management Insights

A critical factor will be the alignment of leaders and managers in the belief in an engagement culture. Furthermore it has been shown that in high-engagement cultures, ‘leaders at all levels understand the importance of communicating not only clear goals and objectives, but also the standards for how employees treat and communicate with customers and fellow employees.’ When viewed from the organisational level, this means having performance management systems that include behavioural as well as financial or performance goals. These behavioural goals will rest on line managers having conversations that count with their teams, not as a one off performance appraisal but as part of an on- going management philosophy. The performance reviews will be done in a way that ‘balances clarity about requirements with clarity about behavioural expectations, reinforcing that meeting objectives is important, but so is how objectives are met.’
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The Influence of Talent Management and Self Efficacy Against the Employee Competencies and Performance Distributor of Heavy Equipment in South Sulawesi

The Influence of Talent Management and Self Efficacy Against the Employee Competencies and Performance Distributor of Heavy Equipment in South Sulawesi

Competence can also be used as a criterion to determine the placement of the employee. Employees who are placed on specific tasks will know what competencies are required, as well as the path that must be taken to achieve it by evaluating the competence-competence corresponding to benchmark performance assessment. So the system management of the human resources (HR) more generally, employees can be developed to enhance the knowledge, skills, expertise, level of competence and performance. The importance of competence in improving employee performance had a very strong relationship, this improved performance depends on the competence of which is owned by one individual. The competence of human resources such as knowledge and ability of the primary capital for employees to achieve the desired goals and expectations of the employees.
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Talent management and new generation workforce

Talent management and new generation workforce

Initially during 70s to 80s, “Personnel department” was associated with people management. Its scope was to recruit the people and decide their pay package. During next slot, from 80s to 90s the importance of HR function was understood and “Strategic HR” came into existence. The scope was then increased including recruitment, training, beneficial packages, designing job roles and establish a channel between company and employees. In the current era the strategic HR is not sufficient for the company growth. In the fast upgrading world it became necessary to identify the hidden talent and nurture it for the company development. If the packages to the employee are set with this reference, it will motivate them and the investment in training will be surely effective in retention. The planning of the workforce has to be done to meet the goals. Accordingly, the recruitment process should be planned. The workplace culture has to be maintained for succession planning. Training for the hidden talent has to be planned and development has to be monitored for performance management. Beneficial pay packages have to be planned, skill gap analysis has to be done and skilled people have to be given appropriate role for matching the company requirements.
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“INVESTMENT IN HUMAN CAPITAL FOR SUSTAINABLE GROWTHS AND PROFITS: THE NEED OF TALENT MANAGEMENT FRAMEWORK FOR MALAYSIAN BANKS”

“INVESTMENT IN HUMAN CAPITAL FOR SUSTAINABLE GROWTHS AND PROFITS: THE NEED OF TALENT MANAGEMENT FRAMEWORK FOR MALAYSIAN BANKS”

TBS in terms of their significant relationships for the talent system, employers’ commitment and employees’ development. This study also provides critical insights by emphasizing and reinforcing on the importance of talent management system for successful accomplishment of talent management programs as a business strategy in the Malaysian banking industry in the era of globalization. Talented employees are more engaged, able to attract more customers and improve companies branding. An effective talent management framework will enhance employees’ commitment, engagement, retention and eventually reduces turnover. Therefore, with integrated talent management programs in place, the Malaysian banks as major players of Malaysian capital markets, could manage well against expected banking talent crisis. By adopting a sound strategies in attracting, developing and retaining their talented young bankers as their successful business strategy for future annual growths and profits, will eventually pave the healthy landscape for capital market with reference to banking industry to successfully manage opportunities and challenges of changing global banking environments.
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ANALYZING THE RELATIONSHIP BETWEEN TALENT MANAGEMENT AND COMPETITIVE ADVANTAGE

ANALYZING THE RELATIONSHIP BETWEEN TALENT MANAGEMENT AND COMPETITIVE ADVANTAGE

To sum up in a nutshell, it can be concluded that the employment context has transitioned due to the economic and demographic pressures, the transition to knowledge-based economy, and the increasing mobility of human capital as a result of globalization. In this context, it was noted that organizational success is now dependent on sustaining businesses through the human resources and as globalization increases, so does the need for great talent. Importantly, it was noted that talent management involves the process of attracting the right talent, coming up with a flexible talent base, and initiating policies to meet the demands of different people, managing risks, and marshalling efficient strategies for managing all employees. Therefore, this scenario is investigated in the current study to show how talent management strategies are likely to have substantial influence, particularly in an emerging market in which associations, if they are present, are most likely to be noticed as a result of heightened importance of talent management fueled by growing earning potential, consumer markets, and industrial capacity. Specifically, the study investigated the relationship between human resource management practices, talent management, and organizational performance of commercial banks established in Egypt.
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TALENT MANAGEMENT IN EDUCATION SECTOR

TALENT MANAGEMENT IN EDUCATION SECTOR

We invite unpublished novel, original, empirical and high quality research work pertaining to the recent developments & practices in the areas of Com- puter Science & Applications; Commerce; Business; Finance; Marketing; Human Resource Management; General Management; Banking; Economics; Tourism Administration & Management; Education; Law; Library & Information Science; Defence & Strategic Studies; Electronic Science; Corporate Gov- ernance; Industrial Relations; and emerging paradigms in allied subjects like Accounting; Accounting Information Systems; Accounting Theory & Practice; Auditing; Behavioral Accounting; Behavioral Economics; Corporate Finance; Cost Accounting; Econometrics; Economic Development; Economic History; Financial Institutions & Markets; Financial Services; Fiscal Policy; Government & Non Profit Accounting; Industrial Organization; International Economics & Trade; International Finance; Macro Economics; Micro Economics; Rural Economics; Co-operation; Demography: Development Planning; Development Studies; Applied Economics; Development Economics; Business Economics; Monetary Policy; Public Policy Economics; Real Estate; Regional Economics; Political Science; Continuing Education; Labour Welfare; Philosophy; Psychology; Sociology; Tax Accounting; Advertising & Promotion Management; Management Information Systems (MIS); Business Law; Public Responsibility & Ethics; Communication; Direct Marketing; E-Commerce; Global Business; Health Care Administration; Labour Relations & Human Resource Management; Marketing Research; Marketing Theory & Applications; Non-Profit Or- ganizations; Office Administration/Management; Operations Research/Statistics; Organizational Behavior & Theory; Organizational Development; Pro- duction/Operations; International Relations; Human Rights & Duties; Public Administration; Population Studies; Purchasing/Materials Management; Re- tailing; Sales/Selling; Services; Small Business Entrepreneurship; Strategic Management Policy; Technology/Innovation; Tourism & Hospitality; Transpor- tation Distribution; Algorithms; Artificial Intelligence; Compilers & Translation; Computer Aided Design (CAD); Computer Aided Manufacturing; Computer Graphics; Computer Organization & Architecture; Database Structures & Systems; Discrete Structures; Internet; Management Information Systems; Mod- eling & Simulation; Neural Systems/Neural Networks; Numerical Analysis/Scientific Computing; Object Oriented Programming; Operating Systems; Pro- gramming Languages; Robotics; Symbolic & Formal Logic; Web Design and emerging paradigms in allied subjects.
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Reviewing the mediating role of work/life balance and motivational drivers of employee engagement on the relationship between talent management and organization performance

Reviewing the mediating role of work/life balance and motivational drivers of employee engagement on the relationship between talent management and organization performance

Labor market is no further characterized by stability and long-term security; it becomes atypical and dynamic market for organization to face, consists of many new and challenging traits such as outsourcing, contingencies, mobility (Nilsson and Ellström, 2012) shorter product life cycle and unique products (Samantara and Sharma, 2014). This dynamic market is characterized of being a knowledge based economy, which was emerged due to many new factors such as globalization, strong competition, technological advancement (Mathew, 2015) and labor demographic changes which made human resources a significant asset in achieving organizational success and prosperity (Jauhari, et al., 2013), strong competitive advantage that is hard to be imitated (Coff and Kryscynski, 2011) and created “war of talent at the global level”. Therefore, organizations are continually looking for knowledgeable and talented workers who optimize their performance and efficiency (Slavković, et al., 2015). Those talents are organizations’ tool to face unpredictable and competitive environment. Talent management is about attracting, developing and retaining talented employees (Jauhari et al, 2013) to outperform competitors and succeed (Tansley, 2011). Talent management is a comprehensive approach that needs to be carefully assessed and planed; its importance emerges due to the global shortage of talent (Hejase, et al., 2016). Talent management is about having the right person in the right place to do the right job and prevent organizations’ attrition. Employee engagement and work / life balance provide managerial instruments that emphasize the harmony between employees and organizations (Vinnie, et al., 2013), appreciating employees as human beings and enhancing employees’ motivation and efficiency (Mahanta, 2015), help organizations to manage talent efficiently and improve performance. Engaged employees have positive consequences on organizations’ performance. They are more productive, creative, loyal and working ahead to achieve organization goals (Jauhari, et al., 2013). Moreover, work life balance achieves organization stability through preventing the loss of talented employees (Mazur-Wierzbicka, 2015). Organizations are seeking positive outcomes from its talent management approach and this systematic approach has to be effective by creating a pool of gifted employees who are capable to achieve organization goals and objectives through being motivated and qualified.
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TALENT MANAGEMENT AND ORGANISATIONAL EFFECTIVENESS

TALENT MANAGEMENT AND ORGANISATIONAL EFFECTIVENESS

Today, companies have become fiercely competitive when it comes to attracting and retaining talent. According to Branham, 75 per cent of the senior executives admit that employee retention is a major concern today, the obvious reason being the ‘increasing rate of turnover’. This dynamically changing and volatile demand-supply equation with such erratic attrition trends and cut throat competition has led organisations to focus on mechanisms pertaining to attracting and retaining talent. It is an accepted truth that turnover will happen and companies need to device a strategy to curb unprecedented turnover from affecting organisational success.
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