Report on Strategic Talent Management in HRM: Standard Chartered Bank

This report provides a comprehensive analysis of strategic talent management within the context of Human Resource Management (HRM). It begins with an introduction to HRM and the significance of strategic talent management in acquiring, hiring, and retaining talented employees. The report delves into the strategic talent management process, including workforce planning, recruitment, onboarding, performance management, training, succession planning, compensation, and benefits. It examines the functions of strategic talent management, highlighting similarities and differences with recruitment, succession planning, reward management, HR planning, and employee engagement. Furthermore, the report discusses key factors to consider when developing talent management activities, such as mission and vision statements, employee requirements, organizational structure, performance evaluation, and work-life balance. Standard Chartered Bank is used as a case study to illustrate the practical application of these concepts.

Human Resource Management

Table of Contents
INTRODUCTION...........................................................................................................................3
SECTION 1......................................................................................................................................4
SECTION 2....................................................................................................................................10
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
Human resource management is all about managing human resources in an organization.
It is a function that is simply designed to enhance performance of employees. Human resources
are the person who works In the organisation for achieving the organisational goals. Human
resource management(HRM) includes various activities like planning, recruiting and selecting,
provide necessary training, enhance employee's skills through various learning programmes.
Strategic talent management is about acquiring, hiring and retaining the talented employees in
the organisational (Armstrong, 2011). Human resource management always focus on talent
management. HR functions, succession planning, recruitment planning, reward management, HR
planning, performance evaluation all these have a direct impact on strategic talent management.
the formulation of Work Life Balance Practices and motivation and engagement practices also
impacted the strategic talent management. Standard Chartered is a leading international banking
group committed to build a sustainable business over long term. It operates in more than 70
countries with employee strength of over 87000. The Bank emphasizes on basics of strategic
talent management by acquiring, hiring and retaining talented employees. The objective behind
developing the strategic talent management is to improve its human resource management
protocols (Bhattacharyya, 2009).
SECTION 1
Strategic talent management is a process of anticipating the required human capital and
planning to meet those needs for the organisation. Strategic talent management includes
succession planning, assessment and development of individual and focuses on high potential
management. Performance management and talent acquisition are also included in talent
management. The process of strategic talent management is as follows:

Illustration 1: Talent Management
(Source: Jackson and Seo, 2010) Work Force Planning: The Work Force planning is all about identifying the potential of
work in the human resources. The organisation focuses on hiring the most suitable
employees in the organisation (Collings and Mellahi, 2009). It is a process that informs
organisation about the current and future impact of the internal and external on the
organisation to enable the required changes to better the position in near future. Recruiting: Recruiting is the process of assessing, evaluating and hiring the most suitable
employees in the organisation. In this process the organisation analyses the requirement
of job, attract right employees to that job, screening and selecting the most suitable
applicant and integrating the new employee into the organisation (Ehnert, I., 2009). On boarding: On boarding is a process that gives necessary skills, knowledge and
behaviours to newly hired employees so that they can work efficiently and effectively in
the organisation. It gives higher job satisfaction, increase job performance, greater
organisational commitment and reduces the workplace stress and intent to quit (Fried, Y.,
2011). Performance Management: Performance management is a process in which the
management and employee work towards a same goal as a team. This is a process that
starts off with hiring the employees and ends when the employee leave the organisation.
It helps is increasing sales, create transparency in achieving the goals, providing

confidence to employees, improving employees engagement and reducing the costs in the
organisation. Training and Performance Support: Training and performance support helps employees
in gaining necessary knowledge and learning. The management provides these learning
by organising various learning programmes for the employees. These learning
programmes provides expertise to the employees (Rodwell and Teo, 2008). Succession Planning: Succession planning is a process of identifying and developing the
young employees so that they can replace the senior employees at the time of their
retirement or death. It provides continuity and ensures smooth running of the business. It
is a very important function that enables the management to identify the right candidates
for a position (Gallicano, 2009). Compensation and Benefits: It is an important part of integral human resource
management. To provide job satisfaction and enhance the performance of the employees,
management gives compensation and other benefits to the employees. These
compensations are other than salary that increases morale of employees to perform better.
These benefits can be monetary or non monetary as well (Jackson and Seo, 2010). These
benefits can be increments, promotions, gifts, bonuses and others.
 Critical Skills Gap Analysis: Critical gap analysis is the process of analysing the
capabilities of the employees. In this process the management determines whether the
employee can finish the task accurately and effectively without facing any problems.
Through this process management identifies the skills that an employee needs to fulfil his
responsibilities (Armstrong, 2011).
The whole process of strategic talent management is runs around job roles, job descriptions,
competency models, and learning content.
According to Chartered Institute of Personnel Development (CIPD) talented employees
makes difference in the performance of the organisation with their continuous contributions and
by level of potential. Talent management is a systematic process of identification, attraction,
engagement, development, retention and deployment of the individuals of the organisation
(Ehnert, I., 2009).
The following are the strategic talent management functions defined by CIPD, (2007):-

 Strategic talent management helps in managing talent pipeline. The management
identifies the required skills, knowledge and aptitudes in the individuals and works on
their development to bear future business needs.
 It works on developing relationships with business schools and universities to secure
future talent of the organisation.
 It manages recruitment suppliers on a global basis (Collings and Mellahi, 2009).
 To protect against global issues of diversity, Strategic management ensures audit trails.
 It helps in enhancing organisation's image and support employer branding in the labour
market.
 It provides program excellence. It provides excellence in identifying, developing,
engaging, and retaining critical talent.
 Level of integration across objectives and program activities explains the variations
between effective and ineffective talent management practices. The effective talent
management function integrate talent and workforce plans with the organisation's
strategic plans (Fried, Y., 2011).
 It enhances employee engagement to improve retention.
 It provides diversity in the workplace.
 It helps in developing leaders in the organisation.
 It enhances productivity of the employees.
There are various similarities between talent management and these following activities:- Talent Management and Recruitment Process:- Both the activities includes identifying
the right individual for the organisation. The recruitment process includes hiring the
employees and talent management also includes hiring the most skilled and
knowledgable individuals for the organisation (Schuler and Jackson, 2008). Talent Management and Succession planning: Succession planning is defines as
purposeful and systematic efforts made by an organisation to ensure leadership skills,
develop required knowledge and intellectual capital for the future to encourage and retain
employees for long time whereas, talent management is also about anticipating right
human capital and planning to meet those needs (Collings and Mellahi, 2009). Both the

activities are moreover future oriented. Those requires proper planning to meet future
requirements. Talent Management and Reward Management: There are many similarities between
talent and reward management. Reward management is directly related to talent
management. The organisation provides benefits and other rewards to those talented
employees. Talented employees always have high potential to work, they are expert in
their field and they help each others at the workplace. The organisation always promotes
those employees and provide them certain benefits in form of bonus, promotion,
increments, allowances and recognitions. Talent Management and Human Resource Planning: HR planning is a process of
identifying current and future human resource requirements to achieve organisational
goals whereas talent management focuses on enhancing the skills and knowledge of those
human resources. Human resource planning and talent management both requires capable
individuals who have potential to learn and perform better.
 Motivation and Talent Management: There is a direct link between motivation and
talent management. Talent management requires motivation to workforce. The
employees get motivated from the learning and development programmes. The
management is requires to provide motivation to the staff members. A motivated
employee is capable of doing task more efficiently and effectively (Fried, Y., 2011).
Talent management process ensures that the leaders are motivating employees at the
workplace.
There are differences between Talent Management and these following activities:- Talent Management and Recruitment Process:- Talent management is an ongoing
strategy to find leaders, specialists and future executives for the organisation whereas
Recruitment process is all about filling vacant jobs in the organisation. Talent
management is more concerned with long term HR planning whereas recruitment process
focuses on filing current vacant job positions (Storey, 2014). Talent Management and Succession planning:- Succession planning is a longer process
as compare to talent management. Talent management process starts when the new
employee joins the organisation whereas succession planning starts before the employee

joins the organisation. Talent management is more concerned with learning and
development of employees at workplace whereas succession planning is ongoing process. Talent Management and Reward Management:- Talent management and Reward
management are moreover similar process but there are some differences in that as well.
Reward management doesn't include training and development programmes it only
facilitates the skilled employees (Schuler and Jackson, 2008). Talent management helps
organisation in providing these skills. Talent Management and Human Resource Planning:- Talent management is a part of
human resource planning. Human resource planning has a vast area as compare to talent
management. HR planning starts before the organisation starts its operations and ends
when organisation ends whereas talent management is all about recruit, retain and
develop the skills of an employee.
 Talent Management and Employee Engagement: Talent management includes recruit,
retain, develop, reward and encourage employees to perform better whereas employee
engagement talks about how willing an employee is to invest time, energy, skills, ideas
and knowledge to the organisation (Rodwell and Teo, 2008). Employee engagement
starts with talent management.
At the time of Developing Talent Management activities the organisation needs to focus on these
following factors: Mission and Vision Statement: The organisation needs to emphasize on mission and
vision statement of the organisation. The necessary training and development
programmes should be conducted as per the mission and vision statement of company
(Ristow, 2009). The mission statement focuses on current objectives whereas vision
statement focuses on the long term goals of the organisation. Employee Requirements: Talent management process should focus on employee
requirements. The training should be given as per the requirement the employees. By
giving proper knowledge in different fields ensures smooth flow of working in the
organisation.
 Organisation Structure: The organisation structure includes the behaviour, work pattern,
market trends and work pattern of the organisation (Regis,2008). The talent management
process should consider all these elements in learning programs. The management can

give knowledge about recent market trends, the economy of nation and necessary
information about the competitors.
Performance Evaluation: Performance evaluation is process of determining individual's job
related actions and their outcome on the basis of their performance. Organisation sets standards
of working and the employees needs to perform as per the standards (Bhattacharyya, 2009). It
helps in improving the performance quality and effectiveness of the workers. Employers can get
feedbacks of the employees and then improve the quality or work pattern of the organisation.
Performance evaluation can be done in the following ways:- Monitoring and Observing the
performance, observing the lifestyle, measuring the quality produced by the employees.
Employers can also rank and rate employees according to the performance of the employees. It
requires quality leader who can set standards as per his own performance. Employees can learn
from their leader and gets encouraged to work more efficiently (Pearson, 2010). This in turn
affects the organisation directly or indirectly (Lucero and Allen, 2006). When the employees are
capable of working more efficiently, it affects the organisation in positive way.
The Work-Life Balance: The work life balance empowers employees to prioritize their work
life and their lifestyle. The lifestyle of an individual includes family, health, pleasure and
spiritual development. The employers, government and employees wants to maximise the
participation in workforce. Therefore, the individual can not be able to give time to family,
children, and other people from the organisation. It destroys social life of the individual. The
concept of work life balance gives flexibility to the employees to balance their social life and
corporate life. It allows employees to work in non-traditional work pattern that better fit their
commitment towards society. It boosts the morale of employees and they become more efficient
in working. A happy working environment can be developed by providing work life balance. A
happy worker is always a productive worker. The organisation also gets benefited when the
worker works with more efficiency (Pas, 2011). It helps organisation in achieving targets in time
and the organisation become more profitable.
SECTION 2
The Standard Chartered is a British multinational banking and financial services
company that has over 1200 branches across more than 70 countries. It has employee strength of
over 87000 currently. It is an international bank operates in consumer, corporate and institutional

banking. It is a leading international banking group committed to build a sustainable business
over long term. The standard chartered bank is planning to develop strategic talent management
practices in the organisation. The management of the bank should consider the following factors
in developing talent management practices:- Workforce Planning: The workforce planning is the first step in developing strategic
talent management process (Ordiz, 2003). The bank should focus on recruiting the most
suitable employees for the organisation. It will help the informs organisation about the
current and future impact of the internal and external on the organisation to enable the
required changes to better the position in near future. Recruitment: After workforce planning the next step is recruitment process. The Bank
should hire those employees who are capable of doing better work (Nicholson, 2003).
The organisation can hire skilled and knowledgable employees so that they learn fast and
organisation will be benefited with the same. The process of recruitment should focus on
future needs of the organisation. The bank needs to emphasize on hiring right people for
right job in right time. The talent management programs will further enhance their skills
and knowledge. On Boarding: In the process of On boarding, the bank management will provide
necessary training and learning programs to the hired employees (Mellahi, 2009). The
bank employees will learn about the monetary policies, their impact on global economy,
foreign currency, the rate of exchange, share prices in different countries. As an
international bank, these are the most important informations that the bank employees
needs to know. The bank management can provide learnings in these various fields. Performance Management: The bank management needs to focus on performance
management. It ensures that the bank management and the bank employees are working
towards the same goal (Lucero and Allen, 2006). The management needs to ensure that
all the employees knows their roles and responsibilities in the organisation. It will
increase the confidence level of the employees, provide transparency in work and
increase the employee participation in the decision making process and the organisation
will able to grow faster. Training and Performance support: The next step in talent management is providing
timely training and performance support. The management should ensure that the

employers or leaders are supporting their sub- ordinates (Liebowitz, 2010.). Whenever
the bank employees faces any problems or issues the management staff should solve their
work related queries. Succession Planning: Succession planning is future planning for the fulfilment of vacant
jobs. The bank management should be more future oriented, they need to know the right
individual who can replace the died or retired employees. The job position can not remain
vacant for long time so the bank management know the more capable employees who can
work better at the higher positions (Jackson and Seo, 2010). It will enable continuity and
smooth running of the business operations. Compensation and Benefits: Compensation and benefits are the necessary elements in
talent management process. The bank management should provide compensation and
benefits to the best performers. It will encourage other employees as well to work better.
The benefits can be monetary and non monetary as well. These benefits will surely
increase the morale and job satisfaction of the bank employees. The employees will
remain associate with the organisation for longer time period the bank will able to reduce
its employee turnover rate (Gallicano, 2009).
 Critical Skills Gap Analysis: In Critical skills and Gap analysis the bank management
will focus on the capabilities of the employees. The management will examine the
employee relations in the organisation and work to better these relations by solving their
issues. The bank management can conduct meetings to know the issues of employers and
employees and try to solve it as early as possible (Ehnert, I., 2009). This will create a
happy environment at workplace and employers and employees will able to work
efficiently and effectively.
The bank can improve its human resource management protocols in following ways as well:- Adopting Technical changes: The bank need to adopt technical changes to improve its
human resource management. The management needs to invest in right technologies. The
management can provide training and other lear00nings about the technologies (Collings
and Mellahi, 2009). The employees should have proper knowledge of working on
different systems. Transparent Approach to Communication: The bank management should ensure the
two way communication process in the organisation. All the employees should have

rights to approach higher level authorities and put their ideas and suggestions in front of
them. It will encourage the bank employees and the bank management can get more
participation of the employees in the decision making process (Fried, Y., 2011). Team Building/ Group Dynamics: The bank management can improve its human
resource management protocols by organising different kind of team building activities
for the employees. The bank management can organise management games, Learning
events and other activities for their employees (Bhattacharyya, 2009). The employees
will feel comfortable working in a group and chances of their participation in decision
making process can also increase. Appraising Staff Performance: The human resource management can be improved by
appraising the performance of the employees (Armstrong, 2011). It will encourage the
employees to work better and it will also encourage other employees to perform better
and get recognitions from the organisation. Reward Management: Standard Chartered Company have adopted the effective Reward
system policy to motivate and encourage their employees to improve their performance.
For instance, The management of International Bank have introduced performance
related pay for the Sales and Marketing department (Analoui, 2007) They provide
incentives based on the number of clients they have made for the Bank to encourage the
employee to give thei00r efforts and skills to made more numbers of clients for the
Financial Institution. The employee who are at top level of management are provided
promotions and their work performance is recognised and appreciated among the staff
members. They have fixed the CTC of each employee and the salaries of all the
employees are incremented based on their Past Year's Performance. It has helped the
Bank to build employee relations and create commitment and loyalty among the
workforce. They have designed effective reward system policies where work of each
employee is recognised and appreciated in the Banking organisation. The management of
Standard Chartered have analysed the needs and expectation of each employee and have
designed the reward system accordingly. It has been found that it is considered as the
most powerful motivators of performance. Further, they follow fair reward system