Talent Management and HRM Assignment

This assignment delves into the world of talent management and human resource management (HRM), covering key aspects such as strategic planning, recruitment, selection, and employee retention. It draws from a range of academic sources, including e-books, articles, and websites, to provide a comprehensive overview of these crucial business functions.

TALENT MANAGEMENT IN
CONTEMPORARY
ORGANIZATIONS
Due Date:
05/03/2021
MG 4131 L6 HUMAN RESOURCES
MANAGEMENT
NATALIA AMPATZIDOU 218869
DR. KONASTANTINOS TASOULIS
DEREE THE AMERICAN COLLEGE OF GREECE |

TABLE OF CONTENTS
INTRODUCTION……………………………………………………………………..2
LITERATURE REVIEW……………………………………………………………...3
Talent and Talent Management………………………………………………..3
Importance of having TM in an organization and the challenges…………......3
When Talent Management Represents “old wine in new bottles” ……………5
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CASE STUDY………………………………………………………………………...7
Examination of Specific Organizations……………………………………….7
CONCLUSION……………………………………………………………………….9
REFRENCES………………………………………………………………………...10
INTRODUCTION
In our days and times, managers place greater importance on developing the
human resource policies of their businesses than they did before. Human resource
management is an operational feature that oversees the human resource problems
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within the company (Podgorodnichenko, 2019). Department members have the skills,
resources, training, logistical services, coaching, legal and management guidance, and
monitoring of talent management that the majority of the organization needs for
effective activity. It is expected that HR managers will lead talent management and
performance management strategies to build the global workforce that businesses
need to be competitive (Noe, 2020). Talent management is structured around core
principles of HRM (Human Resources Management) that prioritize the recruitment of
skilled, driven workers and the construction of a work atmosphere that encourages
them to innovate, execute, collaborate and lead (Noe, 2020). Moreover, the purpose of
this project will be focused on the concept of talent management, the benefits and the
challenges of this strategy and in case study according to a specific organization
(Astor S.A) will focus on how this strategy helped this company to evolve in the
market.
LITERATURE REVIEW
Talent and Talent Management
In fact, talent in the company is addressed in several ways: it may describe
natural or perfected talents but is often used to identify high-performing and high-
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potential workers. Thus, the precise definition of talent in a market environment
varies according to the sense and to reference point (Griffiths, 2015). More specifically,
talent management is characterized as a methodologically structured, strategic process
of bringing the right talent on board and encouraging them to evolve to their fullest
potential while keeping organizational goals in mind (Ghosh, 2019). This includes
understanding that all HR activities are interrelated, consistent with business interests,
and helping the company leverage talent to achieve business objectives. Talent
management and selection have been generally recognized as perhaps the most
critical factors for organizational performance since the McKinsey Study coined the
word “the war for talent in 1997” (Goldstein, 2017). Given its prominence and
strategic significance in the business world, the debate and the practice have been
primarily dominated by business and consultancy firms, especially under the notion of
talent shortage. However, talent management has now been one of the most critical
obstacles for HR directors, when just the 30 percent of them saying they have the
ability they need to meet their potential growth aspirations (Goldstein, 2017).
Importance of having TM in an organization and the challenges
Talent management activities includes different set of activities that various
organizations embraced to ensure it receives and retains a highly trained and
experienced staff. Talent management function is not only limited to the boundaries
of human resource. It also does the job of recruiting, handling, creating, and
maintaining the skilled human resources in the business (Sen, 2019). Talent
management is an essential aspect of an enterprise and plays a vital role in designing
business plans as it manages the most valuable commodity of the company, which is
its employees (Sen, 2019). This is the key reason why organizations should
concentrate on the handling of the workers in a successful manner and support them
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in improving their talents and capabilities, as to maintain them for a longer time. The
top reasons for concentrating on the talent management market are: Attract the best
talent. Using a proactive approach to workforce acquisition allows a company to
retain qualified and professional workers (Sen, 2019). Motivation of the employee.
The establishment of talent management also aims to sustain the degree of morale of
workers. Because satisfied workers seem to have a longer stay with the company and
a strong emphasis on their duties (Sheehan, 2018).
By increasing the efficiency of staff, talent management aims to find the most
suitable and trained personnel for a particular role that can enable the company to
achieve a seamless and barrier-free performance management process. TM allows an
organization to make systematic and clear decisions about how to train personnel
correctly, which, in essence, contributes to the growth of staff skills. In addition,
workers begin to develop greater involvement with the organization, as they see
justice in the growth process (Goldstein, 2017). Employees involved in talent
management encourages an organization to make systematic and clear decisions about
how to train talent correctly, which, in essence, contributes to the improvement of
personnel skills. Moreover, workers begin to develop greater trust on the company’s
activities, as they perceive that the production process is quite fair (Bickham, 2016).
This also encourages the company to maintain workers for a prolonged period of time,
which tends to increase morale and improve service at all levels. In addition, a well-
defined and organized on-board training system helps attract the top skilled workers,
which continues to be more cost-effective for the business from a potential standpoint,
since they tend to spend less money in the future recruitment process(Sears, 2002).
Moreover, improving TM's company success continues to make workers feel
more committed, inspired and willing to execute any tasks. This allows them to shift
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their overall emphasis for the good of the brand, which leads to a happier customer
and business development (Sen, 2019). Last but not least, the satisfaction of the
customer must be increased. Talent acquisition has contributed to the establishment of
more streamlined structures within organizations. This transformation process, in
particular, has led to a higher level of customer satisfaction, because they do not have
to negotiate with so many employees to do their work (Richez, 2018). All the above
criteria show how effective is talent management, companies should concentrate on
managing workers effectively to help them improve their talents and capabilities, in
order to attract them for a longer period of time.
Talent management is very helpful for a company, but it has some challenges.
First of all, when employees in talent position feel that their payment or their
compensation is not enough, they will complain. This is a difficult situation for an HR
manager as she/he tries to keep the employees satisfied and the cost of the company
low (Guo, 2016). Furthermore, employee turnover is a challenge that todays managers
face. TM focuses on an employee's development from beginning to end. Employees
would be more respected, challenged, and fulfilled with their work as a result of this.
A company's employee turnover ratios may be higher if TM isn't properly
implemented (Oakes, 2011). When a person considers his work is static and their
salary is not going up, high employee turnover rates occur.
When Talent Management Represents “old wine in new bottles”
Michaels et al. (2001), in his 1993 novel, War for Talent, it indicates that HR
management is making a great effort to develop and maintain standard HR activities
without relating these activities to the challenges and tactics and guidance of TM.
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Talent management is a specialty in human resource management that is known for
re-inventing how workers are engaged, inspired and trained to be their best person in
the organization. This also draws out the best levels of promise, while ensuring that
their skills are respected, nurtured, and valued in the organization. For certain
workers, this turned out to be the reason why they love working for the company.
Although HRM and talent management are equally constitutive on each other to
accomplish the goals of the employees in the company, there's many important
distinctions that affect the role they play within the organization and how practitioners
handle their roles in both fields (Westfall, 2019). HR and TM are grouped together,
but they have separate responsibilities. Talent recruitment should be thought of as a
strategic division of the human resources department. In comparison to day-to-day
employee management, it operates from a wider viewpoint and seeks to accomplish
long-term goals (Westfall, 2019).
HR is a more focused sector of an organization that functions as an
autonomous entity, while talent management has a much broader scope. Talent
management systems are common in the organization, with separate staff from
numerous organizations working in multiple talent management activities. Through
contrasting HRM with TM in terms of selection and scientific results, the researcher
observed that TM previews some fresh and distinct approaches to HRM in
organizations, rather than just repackaging outdated strategies and concepts with a
brand-new name (Lawler, 2015). Thinking instead of experience is among the most
important aspects in talent acquisition. Organizations where top management takes
talent seriously would do well on all aspects of TM. The number of solutions is
relatively simple. A small additional expenditure in time is needed to achieve the
vision of TM process.
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CASE STUDY
Examination of Specific Organizations
A case study will be focused in a company and more specific in an industrial
laundry one - Astor S.A, which is based in Agios Nikolaos Crete and is a professional
textile service. Astor S.A specializes in cleaning hotel linen and also rent linen and
has almost 200 employees. Also is one of the biggest laundries in Greece and one of
the innovational laundries in Europe, the CEO and HR manager of the company
added, as they are in the process of building a new factory with the latest innovation
machines and with the biggest variety of hotel linen in Greece and beyond . Human
resources play a high role in the organization, as it needs to find a lot of people to
work. More specifically, the CEO mentioned that they adopt the Talent management
since 2017 - as they are in need of finding people with vision, in order to create an
innovational laundry.
Moreover, CEO mention that “find people with talent in this small region like
Agios Nikolaos and more general in Lasithi is a difficult procedure, as the labor
market is narrow, because of the limited number of citizens”. This difficulty is
common to small towns and more specifically in the island. The reason why this
business turned in talent management was generally to attract and also keep talented
employees in the business, as it is a seasonal job (7/12 months per year) and also they
implanted the TM in 30% of their staff. The phrase "talent management" is nοt just a
popular human resource buzzword for this organization, but it is also dedicated to
hiring, managing, developing, and retaining the best and brightest workers in the
industry. Indeed, talent acquisition is critical to Astor S.A corporate plan, because it
oversees one of the company's most valuable assets: its employees.
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More particular, as it is mentioned above by Sen (2019), having proactive
talent management offers organizations the ability to recruit the most creative and
professional staff at their disposal. It provides an employer identity that could draw
new talent and, in exchange, leads to the enhancement of the organization's corporate
success and results. Furthermore, Astor S.A pays attention in the motivation of their
staff as they want to bring out the best of themselves. This also mentioned in the
literature as Sheehan (2018) refered that motivation of the employees assists
companies with keeping their staff focused, which gives them additional opportunities
to remain in the business and complete their assignments. Also, the company by using
talent management increase the employ performance. “TM making it easy for
businesses to determine which workers are better prepared for the role, resulting in
less performance improvement problems and complaints. This would also ensure that
the company's best talent lasts for longer.” said the CEO and HR manager. In
addition, Talent management enables Astor S.A to make systematic and clear
decisions on workforce growth, ensuring that workers' expertise and growth are
protected. Employees will be more committed, because there is a fair growth process
which aims to increase the engagement rate and helps businesses fulfill their
organizational requirements.
Furthermore, Talent management makes our staff feel committed, qualified
and inspired, enabling them to strive for the company's corporate objectives, which in
turns, increases customer loyalty and business success. In the start the steps to achieve
TM was difficult, as it was hard to find people with passion to work for us. But step
by step we manage to find people for our departments (Rental senior manager, A head
department for the mechanical staff, HR coordinator etc.).With the TM structure CEO
mentioned that “Well-structured on-boarding practices create higher levels of
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retention which saves the company on its recruitment and performance management
cost in the long run”. The company invested in TM in order to upgrade the HR
department and as it seems they gained a lot from this approach.
CONCLUSION
Human resource management and talent management have changed
significantly in recent years and will continue to do so in the future. Organizations
which are more mature in the TM are more likely to outperform those that are not.
The contemporary understanding of talent management as a function that requires
employee experience at its core – a networked, customizable structure for individuals
designed on the employee's interaction with their organization. Quite simply, Talent
management is a new generation of the Human Resources Management that offers a
lot to a company and within the years is on the rise.
WORDCOUNT: 2166
Astor S.A – company’s site: http://www.astorsa.gr/
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