Challenges Effecting Talent Management

Added on -2020-02-19

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Running head: CHALLENGES EFFECTING TALENT MANAGEMENTHuman Resources Talent Management Plan of HSBC Australia
CHALLENGES EFFECTING TALENT MANAGEMENT1Table of ContentsIntroduction...........................................................................................................................................2Economic, Technological and cultural factors effecting Talent Management.......................................2Economy governed by Knowledge....................................................................................................2Globalization.....................................................................................................................................3Demographic Challenges effecting the talent management...............................................................3Effect of the digital technology on managing the talent.....................................................................4Strategic plan to develop cultural and diversity intelligence..............................................................5Legislative framework for Equal opportunity....................................................................................5Contemporary management approach to attain effectiveness in the organization..............................6Benefits and consequences of taking corrective measures for efficient talent management..................7Conclusion.............................................................................................................................................8References.............................................................................................................................................9
CHALLENGES EFFECTING TALENT MANAGEMENT2IntroductionHong Kong and Shanghai bank in Australia, has some key features being in a bankingindustry. The main feature is development and practicing a strategy which is consistent and not affected critically by the dynamic demands of the customers, practices and conventions. We as a consultant company has to analyse the challenges HSBC Australia is facing with respect to the development of their global talent management plan which is effected by a number of organisational cultural consequences (Culture plus Consulting, 2016). This will help the company to deal with it in practicality and create its employee resources in a way which fosters fulfilling and rewarding work environment. Being a financial industry where wealth management is the priority of the company, the main emphasis is upon skillset, talent and hard work. In order to manage the culture in the right direction, there are various drivers which cause a cultural shift in the company. It is the effective management of the driving factors which help in proper talent management. In this essay, the focus is upon deciding the measures to promote change management in the company in order to cope up with the effectsof factors like diversity, by imparting awareness of multiculturalism (Mitchell, 2014). It is empowerment of employees, development of talent with the help of teamwork and embracingcultural change which inculcates the organisational development.Economic, Technological and cultural factors effecting Talent ManagementEconomy governed by KnowledgeA global business model in the banking sector can only be consistent when the team of employees working in the organization is strong and adaptable to the cultural change. The
CHALLENGES EFFECTING TALENT MANAGEMENT3practices and regulations in the company depend upon the customer demand to a huge extent.Therefore, if the staff is adaptable to the cultural shift which happens with new languages, and entirely a modern way of carrying out work activities then technical knowledge is not theonly factor enough in placing the right candidate at the right position. It is equally important for the company in the country like Australia especially at senior positions to be open as the economy here is an international economy (Bedford, 2013). Apart from the expertise and a good combination of skill set in the employees of bank, banking is more driven by customer relationship. Managing talent in HSBC Australia entails factors like acquisition of customers and attracting new customers which increases the market share which is identified by both knowledge and cultural centric approach in the human resources (Parker, 2015).GlobalizationThere have been many activities introduced in the Human resource and talent management practices in various companies in Australia resulting from the business environmental changes. Being a wealth management sector HSBC has encountered elevation in competitiveness in global market due to a number of changes in technology, finance and information. It is required to manage the Human resource and their talent in a manner they can cope up with the resistance with respect to accommodating themselves to diversity. The change in systems, processes in order to become culturally responsive both within the organization and outside with the society is a key challenge (McDonough, 2011).Demographic Challenges effecting the talent managementThe employees of the company are facing diversity in the workplace with reference to dimensions resulting from reduction in barriers between geographical boundaries across various countries. These dimensions are marital status, background of education, race, gender, physical capabilities. It is thus, the responsibility of the human resources department

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