Talent Management Report: Analysis of Current State and Components

This report provides a comprehensive analysis of talent management within modern organizations, based on a provided case study. It begins by examining the current state of talent management, highlighting its significance in achieving organizational goals amidst increasing global competition and talent shortages. The report then delves into the key components essential for a successful talent management program, including performance management, recruitment, succession planning, learning and development, compensation, and organizational culture. It emphasizes the need for effective strategies to attract, retain, and develop employees, addressing challenges such as employee turnover and the importance of aligning individual and organizational goals. The report concludes by underscoring the critical role of talent management in fostering a sustainable competitive advantage and achieving organizational objectives, providing insights into how organizations can adapt and improve their talent management practices.

Running head: TALENT MANAGEMENT
Talent Management
Name of the student
Name of the university
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Table of Contents
Introduction...................................................................................................................2
Current state of talent management in modern organisations.....................................2
Components to be included for successful talent management program....................4
Conclusion....................................................................................................................6
references.....................................................................................................................8

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INTRODUCTION
This report aims to examine the current state of talent management in modern
organisations and the various elements required for effective talent management
within organisations. Talent management has become one of the major factors
responsible for achieving all the short term and long term goals of the organisation.
Globalisation has led to increase to increase in competition in the global market and
is has become necessary for the companies to make use of effective talent
management programs to ensure develop of new and existing workforce within the
organisations. As per the given case study, there has been acute shortage of
talented employees as the global platform which makes it is even more significant for
managing talent effectively as employee attrition and turnover puts significant
pressure on the company in terms of achieving the organisational objectives.
CURRENT STATE OF TALENT MANAGEMENT IN MODERN ORGANISATIONS
In modern organisations, lack of effective talent management has become
one of the major sources of pain and failure in managing talents. Talent
management practices, in majority of the global organisations have remained
dysfunctional which has resulted in significant ups and downs in managing talents
(Singh, 2010). The numbers have kept fluctuating in the modern era due to the
inefficiencies in the talent management processes.
Initially, talent management has been the measure for antedating the
necessity of human capital development and developing strategies to meet those
strategies. However, this is one of the major challenge in the modern era mainly due
to two reasons. The majority of the companies have not developed strategies and
are not prepared to manage talent effectively. This results in lack of talent
management strategies in majority of the organisations. On the other hand, the
reactive approach focuses on hiring talents from the outside but due to the shortage
of talent it has become redundant (Singh, 2010). Moreover, there are large number
of companies following bureaucratic and complex models for succession planning.
The use of legacy system are bound to fail in the modern era as business
environment has become highly volatile which results in increase in cost and
inaccuracy. The most important challenge which tops the chart among the

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management in different organisations is attracting, pursuing and retaining workforce
that are right for the job.
On the other hand, majority of the companies have not formulated any
strategy to manage talent effectively. There is a lack of workforce planning in
majority of the companies and various companies have returned to long term
planning of succession which is mapping career of the individuals for the future.
However, consistent talent pipelines and business situations does not exist in the
modern business environment. These processes are not expected to work in the
modern era as the plan is a multiple year development process but a significant
change in organisational chart, management team and strategies and the
successors are bound to leave most of the times (Singh, 2010). It is common for
majority of the companies to look for suitable candidates from the outside the
organisation as they generally conclude that successor does not meet the key skills
to meet the need of the job. This is one of the worst outcomes for any organisation
as it results in feelings of betrayal among the candidates within the organisation. It
has become necessary for most companies to change their succession plan on a
yearly basis due to the change in job roles and employees leave which results in loss
of energy and time.
Therefore, the most common false notion among the management in different
organisation about talent management is the fact that talent management is not
about developing effective succession plans or reducing the turnover rates within
organisations. On the contrary, it is necessary to achieve the organisational
objectives and increase the profit margin effectively. Talent management has a
greater role to play in this as it is beneficial in managing cost within the organisation
(Singh, 2010). The rapid change in the consumer demand and competition in the
market may results in increase in turnover rate which affects their financial return.
This critically highlights the current need for the organisations to develop excellent
and effective workforce by developing relevant talent management practices. This
makes it key to build an effective organisational culture so that the management can
deal with the changes in managing talent and help employees achieve their fullest
potential. The next part of the study focuses on suggesting the elements and
components to be updated in order to develop effective talent management program.

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COMPONENTS TO BE INCLUDED FOR SUCCESSFUL TALENT MANAGEMENT
PROGRAM
Talent management consists of a number of diverse human resource
functions which are necessary for generating a string talent management scenario
within modern organisations. Talent management system consists of various
processes such as performance management, recruitment process, succession
management, learning, compensation, competency management and career
development (Singh, 2010). Talent management is essential for attracting,
acquiring, managing and measuring talent by using organisational systems and
commitment.
Companies that are more human capital oriented excel and gain more profits
when they are able to develop an extraordinary talent management practices. The
purpose of talent management is not only to introduce and acquire highly talent
individuals to any organisation but it is used to make sure that there is accurate fit
between the employer and the employee (Singh, 2010). Moreover, it is also used to
develop an effective positive relationship and maintain as long as the organisation
needs to keep that individual within the organisation. As the economy in the global
market is highly complex and hypercompetitive, it is critical to acquire and manage
the best talents for succeeding in the market. Therefore, in order to achieve the best
possible outcomes, organisations need to hire, manage and retain quality workforce.
Therefore, it is essential to select right candidate for a given job. An
organisation dependent on the human capital should develop a selection process
which consists of two important factors, one is identification of right talent and
develop the proper image within the minds of the potential candidates for a job.
During the time of the selection, the overall process needs to be customized
according to the needs of the organisation and the position that is being filled (Singh,
2010). Companies have started using different types of policies to make sure that
they hire the right candidate for the right position. Various companies like Microsoft
have started using virtual interviews and job fairs to interact and hire potential
candidates. This has been done in order to attract potential candidate for technology

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related jobs as this provides the job offer more intriguing to the potential
respondents.
The next crucial component for effective management of talent is providing
them with effective development and growth opportunities. This can be understood
by the commitment of any organisation towards internal development of their
employees. The organisations need to continuously evaluate and identify the
changing needs of the employees so that they are able to provide all around growth
to their respondents. This means that effective training and development is essential
for the development of the organisations. Moreover, the modern and younger
workforce always continuous and dynamic opportunities to learn from their
employers. They are not reliant on static training programs from time to time for
growth (Singh, 2010). They are willing learn something new every day so that they
are able to grow personally and professionally every day. The majority of the
organisations are facing problem sin retaining and acquiring high performing
employees due to this very reason as they are unable to offer something more to
their employees.
In majority of organisations relied on human capital, the responsibility of
career and self-development is dependent on every individual working within it. It is
less necessary for the organisations having high level of involvement and have been
focusing on talent management. However, global organisations have been
constantly focused on acquiring new talents and adjusting to the talent mix. Effective
career self-management is beneficial for the development of organisation and the
employee as it not only provides continuous growth for the employees but the
workforce as a whole within the organisation. Workforce is one of the major sources
of competitive advantage for all the organisations. An employee can be considered
effective as long as they are trying to add on to their career development along with
development of the organisation and work responsibly within the global market.
Employees need to align their personal goals with the goals of their organisation for
effective growth which can achieved by continuous development (Singh, 2010).
However, it is difficult to understand why self-development is beneficial for
organisations. It is beneficial for organisations to develop a workforce that are highly
motivated and are able to make decisions for themselves and the organisations.
Moreover, employees that feel good and satisfied with their careers are more

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effective for organisations than those that are demotivated and confused about their
career choices.
The main component of development for employees within the organisation
are their ability to perform different types of assignment and the ease of shifting from
one to another. Internal transfer and effective job postings are essential components
for maintaining a diverse workforce within the organisation. Moreover, employees in
the modern era are willing to perform different types of job roles to keep themselves
and learn something new. Internal job postings need to be mentioned on human
resource information system portals along with detailed described of the job along
the competencies and the job skills required by the organisations. These internal job
position results in increase in work diversification for already existing employees and
flexibility in learning various job roles which helps in individual and company growth
in the future years. The company also provide information on the challenges,
demands and rewards for taking up the job role. This is crucial in modern
organisations as increase in flexibility and diversity helps in motivating employees.
As per the job characteristics model by Oldham and Hackman’s, employees are
highly motivated by factors such as skill variety, task identity, task significance,
autonomy and job feedback (Taylor, 2015). These factors add meaning to the work
performed by the employees and work diversification and flexibility are factors
addressing these job characteristics.
Last not but the least component that is being talked about is retention of
existing talents in the global market. Employee turnover is one of the major issues
and challenges faced by global organisations. The cost of training, developing and
employing a new employee is very high along with the cost of losing a very talent
and skilled employees. This increases the overall human resource cost of
organisations and companies dependent on human resources incur huge losses due
to the decrease in workforce. Moreover, turnover increases the overall human
resource management cost within organisations which could hamper the long-term
sustainability of organisations. This is very true for organisations that make huge
investments in hiring, training and managing their workforce. All the above-
mentioned factors have been instrumental in highlighting the factors or components
that are essential for effective talent management for modern organisations.

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CONCLUSION
Thus, the report has come to this conclusion that effective talent management
is essential for modern organisations to develop significant sustainable competitive
advantage in the global market. Moreover, it is essential for organisations to
understood the true meaning of talent management and purpose of using it in
modern organisations. The majority of the organisations and management within it
are not aware of the changes required and are too hung up on the old norms and
structures followed in bureaucratic organisations. Business entities need to change
their thought process by promoting continuous self-development, work
diversification, talent retainment and other relevant factors in successful shaping the
employees. Workforce is a key to sustainable competitive advantage but even
though there is shortage of skilled employees, companies have been reluctant in
adopting these strategies necessary for continuous growth. Moreover, it can be
concluded by saying that organisations need to restructure and change their
organisational culture for improving their profit margin and growth rate in this fast
changing business environment.

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REFERENCES
Singh, T. (2010). Contemporary trends in talent management-strategizing towards
building strong organisation. Abhinav National Monthly Refereed Journal of
Research in Commerce & Management, 3(10).
Taylor, G. (2015). Hackman and oldham's job characteristics model. Teaching
Business & Economics, 19(2), 7.