Talent Management Strategies and Practices

This assignment delves into the realm of talent management, examining various strategies and practices employed by organizations to effectively manage their human capital. Students are tasked with analyzing the impact of organizational culture on talent management, exploring employee engagement initiatives, and investigating best practices for retention. Key areas of focus include talent acquisition, development, and overall management within a dynamic business environment.

Running head: HUMAN RESOURCE MANAGEMENT
Human Resource Management
Name of the Student
Name of the University
Author Note

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Table of Content
1.0 Introduction................................................................................................................................2
1.2 Scope of the Study.................................................................................................................3
1.3 Aims and Objectives..............................................................................................................4
1.4 Justifying stated aims and objectives.....................................................................................4
2.0 Literature Review......................................................................................................................5
Literature-........................................................................................................................................5
2.1 Defining and explaining talent management:........................................................................5
2.2 Key drivers of talent management:........................................................................................6
2.4 Effective Talent Management processes...............................................................................7
3.0 Research Design......................................................................................................................11
3.1 Research philosophy:...........................................................................................................12
3.2 Data Collection Method.......................................................................................................12
3.3 Sampling strategy:...............................................................................................................13
3.4 Limitation:...........................................................................................................................14
3.5 Ethical Issues.......................................................................................................................14
4.0 Research Plan...........................................................................................................................15
4.1 Organization of the study.....................................................................................................15
4.2 Project Plan( Grantt Chart)......................................................................................................15
References and Bibliography.........................................................................................................17

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Topic- Developing an Effective Talent Management System for Managers at Bank of the
Bahamas
1.0 Introduction
The purpose of the report is to develop an effective talent management system for
managers at the Bank of Bahamas as a lever for enhanced organizational performance,
competitive advantage and sustainable growth. Bank of Bahamas is aware of the fact that they
need to acquire the best talent to gain success and sustain in a “hyper-competitive” and
growingly complex global economy. Besides understanding the necessities of hiring, developing
as well as retaining skilled workforce, the firms know that they should manage talent as a critical
resource to gain the best outcome. According to Stahl et al., (2012) some firms in today’s
environment have a stable supply of talent to a lower level of organizational hierarchy but the
gap existing on the top of the firm, particularly, at the managerial level. Al Ariss, Cascio and
Paauwe (2014) also mentioned that talent is increasingly becoming deficient so it needs to be
managed to the fullest effect.
It is worth mentioning when introducing talent management here that during the
economic fall, marketers or the banking industry could observe a short ceasefire in the war for
talent. However, the industry is experiencing new challenges such as lack of regional talents that
are certainly creating additional pressure for organizations.
The forces include the questions like whether the leaders or managers are capable of doing more
with less. There needs to be a clear strategic focus on keeping those managers or leaders and
enhancing their successors. The importance of conducting a research on this context lies on the
fact that whether the leaders today are able to leverage their existing talents. Oladapo (2014)

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mentioned that few organizations have been observed to be cutting off the workforce but the
firms need to be cautious about the layoff, as going too deep in terms of workforce lay off cause
resource crisis. Talent is scarce and if the economy bounces back, firms again observe
operational challenge caused by deficiency of workforce.
Keeping in view the increasing importance of talent management, this proposed research
sets out to develop an effective talent management Bank of Bahamas. A talent management
system is required in Bank of the Bahamas because the firm is currently facing some significant
performance issues and the source of the issues is improper or absence of talent management.
Thereby, by gaining an insight about the potential issues related to talent management faced by
organizations in the banking industry, a suitable talent management system will be developed in
the proposed research. So therefore, the purpose of the research is to identify the potential
issues in managing key talents involving managers, executives, line managers, senior managers
and middle managers and develop an effective talent management system for Bank of the
Bahamas.
1.2 Scope of the Study
There are hardly a number of studies conducted on talent management and till now
whatever periodic scholars have performed, are the survey to identify the perception of
employers regarding talent management. As the need of talent management is crucial almost in
all organizations, only a few scholars outside the corporate management have attempted to
research talent management system. However, the global banking industry is yet to pay attention
to talent management. Here, unlike the previous papers, the proposed piece of research is an
empirical study focusing on the issues in managing key talents caused by ineffective managerial

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practices. The study particularly focuses on talent management, key dimensions of talent
management, drivers of talent management and best practices of talent management.
1.3 Aim and Objectives
The aim of the research is to develop an effective talent management system for
managers at Bank of Bahamas geared towards enhanced organizational performance and
sustainable business growth. The study would reveal the desired impact of talent management
on organization and help to understand how Bank of the Bahamas resolves the issue of talent
scarcity through the proposed talent management program. The following are the key objectives
of achieving of the stated aim.
1. To identify relevant theories, concepts and models that will inform the primary
research
2. To identify significant challenges faced by the organizations in managing talents
3. To investigate the drivers of talent management at managerial level within the Bank
of the Bahamas
4. To identify the perceptions and opinions of key stakeholders regarding the
effectiveness as to how the Bank of the Bahamas could implement and sustain an
effective TM system for managers
1.4 Justifying stated aim and objectives
The aims and objectives stated above are appropriate and relevant to the context of
proposed research, as Bank of the Bahamas faces the issue of retaining the key talents and poor
organizational performance. Thus, the aim of identifying the existing issues in managing talent is
noteworthy because without learning the existing concepts, theories and models talent

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management system cannot be designed properly. Similarly, objective of conducting an
investigation on the drivers of talent management helps to understand that organizations also
need to consider the drivers of TM, otherwise, it could be difficult to gain the desired outcome
from the system. The fourth objective is also appropriate because without perception and
opinions of stakeholders, implementation of TM system could be challenging because the
organization may face internal resistance if the stakeholders are not communicated properly.
2.0 Literature Review
Literature-
2.1 Defining and explaining talent management:
Certainly there are several definitions for this term mostly used by corporate leadership
across the world; however, Dries (2013) defined this term as a mission critical process that
makes sure that companies have the quality and quantity of employees in place to satisfy the
present and future business priorities. Here, Cooke, Saini and Wang (2014) particularly
mentioned that this process could cover all major aspects of an individual’s life cycle such as
selection, development, succession as well as performance management. In this context,
Sonnenberg, van Zijderveld & Brinks (2014) mentioned about some key elements such as a clear
understanding of firm’s present and future strategies and identification significant gaps between
talent that are greatly effective in managing talents. The focus on talent management is
inevitable, as Church et al., (2015) mentioned that organizations now spend a large percentage of
their revenue on worker’ wages and benefits. Meyers and van Woerkom (2014) arguably

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mentioned that gaining ability to hire, retain, deploy as well as engage talents at all managerial
levels remains as a significant competitive advantage emerging from talent management.
2.2 Key drivers of talent management:
Lacey and Groves (2014) mentioned that a transparent relationship exists between
effective business performance and talents. Growingly, companies try to estimate the return on
their investment particularly in talents. The outcome provides a “body of proof” that emerges a
convincing picture of the effect that talent has on organizational performance. Sidani and Al
Ariss (2014) performed a research from the Hackett Group and found that organizations that
progress at managing talents, reported a 15% of growth in earning than the competitors.
However, Church and Rotolo (2013) argued that talent is the major source of value creation,
which means the financial value of the organizations often depend on the quality of talents. The
author also mentioned about a Brooking Institution that discovered almost 62% of firm’s average
value was attributed to its physical asset. Another significant driver of talent management
mentioned by Collings (2014) is, employee expectation, which is certainly dynamic and this
could force companies to pay necessary attention to talent management practices and strategies.
The author also stated that employees show loyalty to their profession instead of showing it to
their employers and they are highly concerned about their “work-life balance”.
2.3 Key dimension of talent management:
Claussen et al., (2014) performed a research on HR talent management and discovered that a
significant dimension of talent management is an in-depth understanding of company’s present
and future business strategies. On the other side, De Vos and Dries (2013) put forward that
accurate hiring and promotion decisions are major dimensions of talent management. An

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experimental study conducted by Kim (2014) reveals that there should be a relation between the
individual goals and team goals. The firms should align employees’ individual goal with their
corporate or business goals setting a clear expectation. The firms also need to develop feedback
system to guide employees to work in accordance with organizational objectives.
2.4 Effective Talent Management processes
As put forward by Schuler (2015) several HR groups of some large organizations seek to
develop a talent management strategy that determine their priorities and goals for the year and
associated them to strategic plan and goals of the organizations. The reasons behind this are
varied but the author also mentioned that if talent management strategy and plans are put aside,
the results could be typically same, which means the HR department is not observed to be
playing a strategic role in their business setting. Consequently, talent management tasks are not
given required importance as required. Arguably, Meyers, van Woerkom and Dries (2013)
mentioned that the challenging part is going forward with appropriate framework for talent
management strategy and plan. Thereby, the author mentioned about the following strategic
process to develop talent management strategy.

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Figure 1: HR strategic talent management planning process
(Source: Meyers, van Woerkom and Dries 2013)
Step 1:
The leaders need to know whether their organizations’ strategic plans and priorities are
in place. The leaders should know what are those plans and priorities, as they need to list each
one by specifying goals, description and timing.

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Step- 2:
In this step, the author mentioned that the leaders need to identify as well as consider the
key drivers and challenges that might have a crucial impact on organizations’ capability to
accomplish its goals. Here, internal and external challenges need to considered. For example,
when identifying the challenges, organizations may observe a scarcity of regional talents, which
could make the job market competitive as human resource, is limited in the market.
Step 3: Perform a gap analysis
Now the leaders need to compare whether their organizations are standing today where
they wish to be as well as find out any gap that should be addressed to achieve their the goals.
Additionally, Festing and Schäfer (2014) reviewed this journal and mentioned while identifying
gaps, the firms also need to consider the risks in bridging the gap. For example, if an
organization wants to acquire the top position in customer satisfaction, it needs to identify its
existing or current customer satisfaction position and the position to hold the rank 1. Now, the
organization need to identify gap between these two. Here the risk of not developing the
customer satisfaction to this extent may include a decline in sales.
Step 4: Define human resource priorities and goals
The firms need to identify HR goals for future timing on the basis of goals and challenges
identified in the previous step to backup business to achieve its goals. However, each goal should
be designed following SMART criteria. This means that organizations should develop a goal that
is specific but not descriptive. For example, the firm could develop an objective of increasing
productivity by 10% from its current figure. This is specific and it can be measurable by
percentage. It is achievable because the percentage is not high and unrealistic.

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Step 5: Inventory for talent management process
In this step, the organizations need to do an inventory of current HR talent management
processes to find out any new changes required to the existing process to support the goals.
Moreover, when the gaps are identified , it is necessary to put plans to identify them. The author
mentioned the following templates of talent management in the journals.
Figure 2: Talent Management Template
(Source: Meyers, van Woerkom and Dries 2013)

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Figure 3: Talent Management Template
(Source: Meyers, van Woerkom and Dries 2013)
Step 6: Measuring the result and communicating the success
When HR goals and priorities of talent management are developed, it is crucial to
evaluate and measure the effectiveness and communicate the outcome to the organization. Here,
the organizations work on achieving each goal, they need to ensure that they keep the track of
relevant metrics; thereby, it would be easy to report on progress as well as success or take
corrective actions as required. The author of this model stated that reporting or taking corrective
action helps to determine whether the goals were effective and worth retaining.
3.0 Research Design
Appropriate application of research methodology helps to derive desired result from the
study. The proposed research includes both primary and secondary analysis. The proposed study
would be performed by implementing a deductive research approach. The quantitative data
collection method would be used to collect primary data. On the other side, the secondary data
for performing a critical analysis will be collected from books, journals, newspaper articles, and
other authentic sources of banks. The research design is generally divided into two categories
such as exploratory and conclusive (Deductive). However, in the proposed study, explanatory
approach will be applied to identify the issues in the existing HRM practices of Bank of the
Bahamas, which should focus on developing talent management system for managers. This
casual approach would help to identify the negligence in the major elements such as recruitment,
training and development, performance management, manpower development of human resource
management. The primary data will be collected by conducting a survey among the employees of

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Bank of the Bahamas. Once the data are collected, they can be compared and analyzed with the
findings found in the literature. The collected data will be converted and presented in the table
and graph in numerical form.
3.1 Research philosophy:
A research philosophy is treated as the belief regarding the way in which information
about particular phenomenon should be gathered, used and analyzed. For example, if the
phenomenon is talent management, here the belief about the ways in which the information such
as dimensions and drivers of talent management can be collected and analyzed, is the
philosophy. The research philosophy is divided into four different categories such as post-
positivism, positivism, interepretivism and realism (Aitken & Valentine, 2014). However, for
the proposed research, positivism research philosophy will be considered as this philosophy
helps to identify the actual information from the context. For example, to learn about talent
management issues, the information can be collected from the organizations that actually face
talent management issues. In addition, positivism philosophy has been selected because this
philosophy drives the knowledge enhancement through the creation and testing of hypotheses,
which further leads to generalization of validation of patterns of evidences.
3.2 Data Collection Method
As put forward by Neuman (2013), data collection remains as the process of gathering
information from all useful sources to identify answers to the research problems. The data
collection method is divided into two different categories such as secondary and primary data
collection techniques.
Primary data collection-

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Primary data collection technique is divided into quantitative and qualitative but in the
proposed study, quantitative research method will be carried out to perform a survey among the
staff of the Bank of the Bahamas. To conduct the survey, a questionnaire will be developed,
which would be distributed to the respondents. The questionnaire includes 20 close-ended
questions that consist of the elements of talent management systems. The survey will be
conducted based on the sampling technique. Simple random sampling technique will be used in
the proposed research study. The population size for sampling is 90 employees of Bank of the
Bahamas. The target population includes the production managers, line managers, senior
executives and supervisors of general staff.
Secondary data collection-
Secondary data is a sort of data that has already been published in newspapers, online portals,
magazines, etc. There is huge amount of data available in these selected sources. Thus,
implementation of relevant set of criteria to choose secondary data that are considered to be used
in the proposed research plays a crucial role with respect to increasing the range of research
reliability and validity.
3.3 Sampling strategy:
Sampling techniques are usually divided into two different sections such as probability and non-
probability. According to Marshall et al., (2013), in probability sampling each population holds a
“non-zero” chance of taking part in the study; randomization remains as the core of probability
sampling. In the proposed research, simple random probability technique will be used to conduct
the survey among the employees of the Bank of the Bahamas. In addition, a convenience non-
probability sampling method will be used to interview managers of Bank of the Bahamas.

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3.4 Evaluation of Findings
After collecting and then analyzing the data, the evaluation of findings will be based on a certain
criteria, which include the criteria such as credibility. Hence, the credibility further includes three
sub criteria such as validity, reliability and generalisability. Hence, the validity of the collected
data based on the integrity of concept related to talent management programs. Several concepts
and ideas of talent management found in journals and they should be considered validated
because all those concepts are similar and provide the same meaning. Another significant
mentioned criterion is reliability; it is ensured that the data sources which will be for collection
rare reliable and consistent because the existing studies have used similar sources and methods.
The generalisability of the data findings is also ensured because the proposed can be used for
further research in other context because the results are derived by using reliable methods and
from relevant data sources.

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Figure 4: Evaluation Findings
(Source: Marshall et al., 2013)
3.4 Limitation:
The proposed research is limited to an experimental study only but the research lacks a
comparative analysis between two firms about the establishment of talent management in the
management practices. Moreover, the secondary analysis is conducted involving 15 journals
only, but the analysis would be more intensive if few more journals were considered.
3.5 Ethical Issues
Ethical consideration is usually considered as one of the most significant elements of the
study, which could lead to failure, if this part is not assessed properly (Bryman, 2015).At the

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time of the collecting primary data through survey and interview from the employees and the
supervisors, the issue of consent might appear to be an ethical challenge. Moreover, the
employees and supervisors will be asked certain questions regarding the internal operation of
Bank of the Bahamas, which they might not prefer to answer. However, at the time of collecting
the primary data, it will be ensured that participants are not subjected to harm in any manner.
Considering the dignity, the respect for the respondents will be prioritized. Permission from the
respondents will be taken from the respondents prior to survey and interview. Moreover, the
protection of the privacy of respondents will be ensured and to do this adequate level of
confidentiality of the research data will be ensured. Another significant fact that appears as an
issue, is that, in order to conduct the survey and interview among the target audience,
respondents’ consent should be taken. The consent forms ensure that respondents are not forced
to take part in the survey and interview.
4.0 Research Plan
4.1 Organization of the study
In order to conduct the proposed study, firstly, the topic of effective talent management
system and its associated elements will be introduced in the introductory section of the study.
TM elements will be defined and supported with the opinions of scholars. Secondly, research
problems will be stated and based on the issues appropriate research aim will be developed. To
achieve the aim of the research objectives that are already stated above in this report, would be
presented. Based on the objectives, key literature will be presented and facts related to talent
management practices will be critically analyzed with appropriate talent management theories
and models. On the basis of the analysis, literature gap will be identified. Thereafter, the list of

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research techniques that are supposed to be used in the study, will be discussed intensively.
Then, the collected data will be presented in table and graph to conduct the analysis. The analysis
would be conducted by comparing the primary data with the findings derived in the literature.
Eventually, based on the outcome of the study, appropriate recommendation and future
requirement to extend the study will be discussed.
4.2 Project Plan( Grantt Chart)
Main activities/ stages Month
Jan
2018
Month
Jun
2018
Month
Mar
2018
Month
Mar
2018
Month
Jun
2018
Month
July
2018
Selection of topic 
Collecting data from
secondary sources
 
Constructing the research
layout

Literature review   
Development of research Plan  
Selection of Appropriate
Research Techniques
 
Primary data collection  
Analysis & Interpretation of
Data which are collected
 
Conclusion 

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Development of Draft 
Final Work submission 
Table 1: Grantt Chart
(Source: Self-Made)

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References and Bibliography
Aitken, S. C., & Valentine, G. (Eds.). (2014). Approaches to human geography: philosophies,
theories, people and practices. London, Sage.
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future research directions. Journal of World Business, 49(2), 173-179.
Bryman, A. (2015). Social research methods. London, Oxford university press.
Church, A. H., Rotolo, C. T., Ginther, N. M., & Levine, R. (2015). How are top companies
designing and managing their high-potential programs? A follow-up talent management
benchmark study. Consulting Psychology Journal: Practice and Research, 67(1), 17.
Church, A. H., & Rotolo, C. T. (2013). How are top companies assessing their high-potentials
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Claussen, J., Grohsjean, T., Luger, J., & Probst, G. (2014). Talent management and career
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Collings, D. G. (2014). Toward mature talent management: Beyond shareholder value. Human
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Cooke, F. L., Saini, D. S., & Wang, J. (2014). Talent management in China and India: A
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De Vos, A., & Dries, N. (2013). Applying a talent management lens to career management: The
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Neuman, W. L. (2013). Social research methods: Qualitative and quantitative approaches.
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