Developing an Effective Talent Management System at Bank of Bahamas

This research project investigates talent management strategies at the Bank of Bahamas, aiming to address issues such as high employee turnover. It includes a literature review examining current talent management challenges and the need for internal framework improvements. The study employs a primary analysis, using survey data collected from Bank of Bahamas employees to assess the organization's current talent management approaches. The findings suggest that the bank lags in areas like training, development, and talent acquisition. Recommendations include enhancing organizational culture, providing appropriate pay structures, and improving communication training to foster employee satisfaction and retention. The research concludes by emphasizing the importance of a well-developed talent management system for improving organizational performance and competitive advantage.

Running head: 40220853
Research Project
40220853

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Abstract
This research project is based on talent management strategies in Bank of Bahamas. Many
studies have been performed in talent management to find out the issues that organization
face when managing or acquiring talents. The purpose of the study is to review the current
talent management strategies and suggest suitable talent management strategies that helps
Bank of Bahamas to address the issues of high employee turnover. A literature Review has
been performed to learn the existing issues of talent management. The findings of the
literature provides the fact that as the market needs are changing rapidly, the businesses are in
the need of new talents that fulfil their organizational needs. However, some existing
business prefer to develop or strengthen its current training and development program but
findings of most of the papers mention the a similar fact that to gain desired outcome from
business, the organizations need to take care of internal framework. In order to conduct the
research, a primary analysis has been conducted. To implement the primary research, the
primary data has been collected by carrying out a survey among the employees of Bank of
Bahamas. The random sampling method has been used and population size for the survey is
90 but the responses of 50 respondents have been considered. The findings of the research
indicate that Bank of Bahamas is lagging behind in terms of talent management approaches.
The organization is not able to meet the basic needs of employees such as appropriate
training and development program, appropriate talent acquisition strategy. Thus, the
organization has been suggested to enhance an effective organizational culture first. Bank of
Bahamas also needs to provide appropriate pay structure. Employees should also be provided
with appropriate communication training.

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Table of Content
CHAPTER 1: INTRODUCTION..............................................................................................7
1.0 Introduction..........................................................................................................................7
1.1 Research Context.............................................................................................................7
1.2 Rationale of the Research.................................................................................................8
1.3 Problem Statement...........................................................................................................9
1.4 Aim of the research..........................................................................................................9
1.5 Objective of the research................................................................................................10
1.6 Question of the research.................................................................................................10
1.7 Structure of the research.................................................................................................11
CHAPTER 2: LITERATURE REVIEW.................................................................................13
2.0 Introduction........................................................................................................................13
2.1 Talent management:.......................................................................................................13
2.2 Strategies of Talent Management:.................................................................................14
2.3 Talent management in financial and banking sector:.....................................................17
2.4 Talent acquisition technique is the key to competitive future........................................18
2.5 Talent constraints are holding the back growth:............................................................19
2.6 Development of long-term solutions:.............................................................................20
2.7 Impact of talent management on organizational success...............................................21
2.8 Talent management to generate high performance workforce:......................................21
2.9 High skilled internal talent pools...................................................................................23
2.10 Need for talent management........................................................................................25

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2.11 Conceptual Framework................................................................................................26
CHAPTER 3: RESEARCH METHODOLOGY -...................................................................28
3.1 Introduction....................................................................................................................28
3.2 Research philosophy......................................................................................................28
3.3 Research design..............................................................................................................29
3.4 Research approach.........................................................................................................30
3.5 Data collection method..................................................................................................31
3.6 Sampling technique........................................................................................................32
3.7 Sample size.....................................................................................................................33
3.8 Data analysis..................................................................................................................33
3.9 Reliability and validity...................................................................................................34
3.10 Limitations...................................................................................................................34
3.11 Ethics............................................................................................................................35
CHAPTER 4: FINDINGS AND ANALYSIS.........................................................................37
4.1 Introduction....................................................................................................................37
4.2 Quantitative Data...........................................................................................................37
CHAPTER 5: CONCLUSION AND RECOMMENDATION................................................74
5.1 Conclusion......................................................................................................................74
5.2 Recommendations..........................................................................................................75
References-...............................................................................................................................80

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List of Table
Table 1: Employee Tenure.......................................................................................................38
Table 2: Educational Qualification of employees at Bank of Bahamas...................................40
Table 3: Employee’s opinion to co-workers............................................................................42
Table 4: Supervisor’s role in employee’s professional growth................................................44
Table 5: Employee Opportunity for receiving promotion........................................................45
Table 6: Employee’s intention to switch to another job..........................................................47
Table 7: Effectiveness of training provided to employees.......................................................49
Table 8: Employee Reward policy...........................................................................................50
Table 9: Company’s expectation on hires on coming next month...........................................52
Table 10: Company’s investment on talent acquisition program.............................................54
Table 11: Talent Acquisition Channels....................................................................................56
Table 12: Functions in the current recruitment process at Bank of Bahamas..........................58
Table 13: Amount of Time “Line Manager” spent on Talent Management Activities...........60
Table 14: Present Talent Acquisition Strategy.........................................................................62
Table 15: Talent Management Program of Bank of Bahamas.................................................64
Table 16: Capability of present strategy of talent at Bank of Bahamas...................................65
Table 17: Level of importance in employee satisfaction.........................................................67
Table 18: Philanthropic activities at Bank of Bahamas...........................................................69
Table 19: Importance of elements in employee retention........................................................71
Table 20: Areas in Talent management need to be developed.................................................73

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List of Graph
Graph 1: Employee Tenure......................................................................................................39
Graph 2: Educational Qualification of employees at Bank of Bahamas..................................41
Graph 3: Employee’s opinion to co-workers...........................................................................43
Graph 4: Supervisor’s role in employee’s professional growth...............................................44
Graph 5: Employee Opportunity for receiving promotion.......................................................46
Graph 6: Employee’s intention to switch to another job..........................................................48
Graph 7: Table 7: Effectiveness of training provided to employees........................................49
Graph 8: Employee Reward policy..........................................................................................51
Graph 9: Company’s expectation on hires on coming next month..........................................53
Graph 10: Company’s investment on talent acquisition program............................................55
Chart 11: Talent Acquisition Channels....................................................................................57
Graph 12: Functions in the current recruitment process at Bank of Bahamas.........................59
Graph 13: Amount of Time “Line Manager” spent on Talent Management Activities...........60
Graph 14: Present Talent Acquisition Strategy........................................................................62
Graph 15: Talent Management Program of Bank of Bahamas................................................64
Graph 16: Capability of present strategy of talent at Bank of Bahamas..................................66
Table 17: Level of importance in employee satisfaction.........................................................68
Graph 18: Philanthropic activities at Bank of Bahamas..........................................................70
Graph 19: Importance of elements in employee retention.......................................................72
Graph 20: Areas in Talent management need to be developed................................................73

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Topic- Developing an Effective Talent Management System for Managers at Bank of
the Bahamas
CHAPTER 1: INTRODUCTION
1.0 Introduction
The major purpose of this research study is to identify the drivers of talent
management at managerial level and also to evaluate the respective challenge faced by the
organizations in order to maintain those talents. Thus, it is important to know about the
benefits and importance of the talent management in order to know the gap between the
required talent management plan in the company and the procedure followed in the
considered organization that is Bank of the Bahamas.
1.1 Research Context
This introductory chapter illustrates the rationale of the research study, problem
statement, aim of the research followed by the research objectives and questions. Lastly,
entire structure of the research is demonstrated along with the overview of each chapter
present in the research study.
Vaiman et al. (2012) stated that talent management is the process for an organization's
commitment for recruiting, hiring, retaining and developing superior and talented employees
so that they can collaboratively accomplish the organizational goals and objectives.
Thunnissen, Boselie and Fruytier (2013) furthermore depicted that Human Resource in the
organization need to have clear recruitment policies that successfully address the business
vision and strategy needs, undertaking generational audit, maintaining demographic reach of
the labour force talent and supporting ‘generation Y’s’ talent and development needs.
Moreover, the managers of the boards and other directors need to regularly review the talent

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of the organization in order to identify and develop leadership talent. HR should also develop
formal process for identifying potential employees and develop approaches that are focused
more towards enhancing the talent of the high-potential employees (Al Ariss, Cascio, &
Paauwe, 2014). Dries (2013) on the other hand stated that in order to manage the talent within
the workforce, the company needs to ensure the leadership sustainability and keep the
talented staff engaged with the organization.
1.2 Rationale of the Research
Managers play an important role in the organization as they represent the group's
interest and efforts, as a spokesperson for both shareholders and the employees, maintaining
interests of the business and the working personnel and direct the people in time of crisis
(Kucherov & Zavyalova, 2012). Moreover, decision-makers and leaders should possess
accurate knowledge of the organizational operations and underlying technology that is used
to accomplish those functionalities. However, the ability of these manager might disrupted if
not managed properly and thus it is required to maintain the talent of these managers so that
their knowledge can be updated and they can perform with accuracy to obtained the desired
goals and objectives. Skuza, Scullion and McDonnell (2013) moreover depict that the lack of
new knowledge and technological aspects hampers the productivity of the organization.
Cooke, Saini and Wang (2014) furthermore depict that lack of improved and updated
knowledge also resulted in conflict between the managers and employees as the knowledge
differs. This will not only diminish the working quality but the productivity of the work. In
addition to that, the problem that is faced by most of the organization is that company intends
to retain the talent of the employee and invest for improving their talent. People in
management position are selected for the managerial position due to their knowledge
regarding work and ability to manage the organizational proceedings. Thus, their need of
training is overlooked by the organization as it is considered that they are already

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knowledgeable and need no improvement. However, these managers often need enhancement
in their knowledge level especially when new system and technology is incorporated in the
organization. Conducting research on this context allows the organizations to leverage their
existing talents and identify the probable risks and challenges that can be occurred while
maintaining the talent management for the managers.
1.3 Problem Statement
Oladapo (2014) depicted that when an organization plans for the recruiting the
managers, the common mistake that almost all the organization make is that they do not
develop the talent of the people recruited for the managerial role. The prime reason for the
same is that the organization thinks that these managers are not required training as they are
aware of all the organizational facts and figure. Schiemann (2014) highlight another reason
that is some of the managers thinks that they do not need training or having fear to enrol them
for the training due to higher designation. However, Meyers, van Woerkom and Dries (2013)
also stated that the changing technology and the changing business procedure might leads to
putrefy of the knowledge and retaining their talent through training can enhance their ability
to perform the managerial position. Specially in banking industry, where there are much
pressure on managers regarding maintaining the financial transaction, managing customers
and audit the daily work, talent development of managers is cumbersome and often
overlooked. This research thus endeavours for identifying significant challenges faced by the
organizations in managing talents; investigate the drivers of talent management at managerial
level within the Bank of the Bahamas and perceptions and opinions of key stakeholders
regarding the talent management of managers.

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1.4 Aim of the research
The main aim of the research study is to develop talent management system in the
Bank of Bahamas for the managers by identifying drivers of talent management at managerial
level.
1.5 Objective of the research
 To identify relevant theories, concepts, models and a critical review that will inform
the primary research
 To identify significant challenges faced by the organizations in managing talents in
Bank of Bahamas
 To investigate the drivers of talent management at managerial level within the Bank
of Bahamas
 To identify the perceptions and opinions of key stakeholders regarding the
effectiveness as to how the Bank of Bahamas could implement and sustain an
effective TM system for managers
1.5.1 Research objectives
To analyse the research findings for developing a practical framework for effective
talent management for the managers at Bank of Bahamas
1.6 Question of the research
 What are the significant challenges faced by the organizations in managing talents?
 What are the drivers of talent management at managerial level within the Bank of
Bahamas
 What are the perceptions and opinions of key stakeholders regarding the effectiveness
as to how the Bank of Bahamas could implement and sustain an effective TM system
for managers

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Chapter 1: Introduction
Chapter 2: Literature Review
Chapter 3: Research Methodology
Chapter 4: Findings and Analysis
Chapter 5: Conclusion and Recommendations
1.7 Structure of the research
Image 1: Structure of the research
(Source: Created by Author)
Chapter 1: Introduction
This chapter illustrates the background of the research and the problem statement due
to which the research is planned to be conducted. The research aims and objectives are also
developed in this introductory chapter to highlight the main aim of the research.
Chapter 2: Literature Review
This chapter is a critical analysis of all the research based on the similar research
topics. This chapter also comprised of relatable theories and model and critical evaluation of
the research finding by other research scholars. A conceptual framework is also highlighted
in order to represent the developed literature review that addresses the main research

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objectives that is to develop a practical framework for effective talent management for the
managers at Bank of Bahamas
Chapter 3: Research Methodology
This chapter highlights the research procedure used in the study to obtain the research
findings. In this chapter, the details about the research philosophy, research deign and
approaches are highlighted. Moreover, the details about the data collection and its analysis
technique will also be discussed along with the discussion of the sampling technique and
research ethics.
Chapter 4: Findings and Analysis
The analysis of the gathered data will be occurred in this chapter. This chapter
highlight the findings based on which the research questions will be answered.
Chapter 5: Conclusion and Recommendations
This last chapter links the research objectives with the research outcome in order to
address the formulated objectives. This chapter will show that whether or not the research
become successful in developing a practical framework for effective talent management for
the managers. Another section of this chapter is recommendation portion which will highlight
some strategies through which the identified challenges in implementing talent management
plan can be overcome.