Managing Talent Essay

3272 WordsAug 21, 201214 Pages
INTRODUCTION "I believe the real difference between success and failure in a corporation can be very often traced to the question of how well the organization brings out the great energies and talents of its people." – (Thomas J. Watson-Jr., 1963) As aptly put across above, indeed, every organization, big or small, strives for the right people who are instrumental in determining the outcome of the battle, making a difference to the bottom lines. In fact, according to a Mckinsley Quarterly report survey, the sole single biggest aim for all the managers of organizations for the next five years is finding talented employees (Guthridge and Lawson, 2008). There is a belief that following the globalisation and as the developing countries are rising with time in terms of their knowledge economy, there has been an increasing demand for the top talent in each company as they strive to reach financial growth, the supply for these top talents has been less. Since the demand is more, the competition between companies too is increasing as they struggle to recruit and retain these top talents. It is also worth noticing that today’s generation has different expectations and they are more flexible in moving from one company to another. Increasing their pay package is no longer the only way to retain them (Jackie Ford, Nancy Harding & Dimi Stoyanova, 2010). Talent management requires the organizations to adopt a strategic approach which is initiated by talent planning (Pilbeam & Corbridge, 2010). The terms “talent management”, “succession management”, and “human resource planning” have the same meaning and all of them revolve around the same concept (Lewis & Heckman, 2006). Chartered Institute of Personnel and Development (CIPD) defines talent management as “the systematic attraction, identification, development, engagement/retention and deployment of those individuals with

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