Talent Management in the global context

Changing Fabric of Labour Markets 

Human Resources Management processes are undergoing major change in developed countries caused by maturing populations, drop in productivity, economic crisis, technological advancements, Increase in knowledge based workforce and global competitiveness.  All of which are creating shortage of workforce and over dependence on contingent workforce and returning back of retired workers to the workforce are some common challenges that HRM’s are faced with in the 21^st century (Jaldeen, 2016). All of these factors are affecting talent management process and demand for talent according to CIPD (2015) in the UK.

Talent Management 

Many writers and experts are of the view talent management exclusive or inclusive models are very much akin to the HRM/D processes in that in recruitment, selection, retention, development and other roles. Nevertheless, the real difference is in the integrative strategic nature of the talent management processes to the goals and objectives of the business and cohesively being highly SHRM oriented.

 

Change in Employer Branding and Attraction of Employees

Employers approach to attracting has change in the past decade or so with more branding of employers to attract talent. Organizational good working practices and values are elements that the employer is working to enhance the brand through online means, social media. More opportunity for career growth, L & D, Compensation management, rewards awards and recognition are on the plate to attract potentially high performing, Competency based candidates with individual based incentives and performance incentives. Increasing number of CEO and SHRM directors investing and seeking talent management today.

High Performance Work Practices 

High Performance Work Organizations (HPWO) attract more talent pools as the organization guarantee high involvement, human resource and reward practices which has two benefits in th HPWPs, may create sustainable performance improvements to the company and secondly HPWPs, creates a better workplace for employee satisfaction, motivation and a sense of personal achievement the integration of both leads to high  levels of financial performance and strong employee commitment and sustainable competitiveness and innovation all of which encourage talent employees to such companies (Sung and Ashton, 2005).

Reference:

 

CIPD (2015) Resourcing and Talent Planning Survey Report, 2015, CIPD, UK

Sung, J and Ashton, D., (2005) High Performance Work Practices: linking strategy and skills to performance outcomes. CIPD, UK.

Jaldeen, R.M, (2016) Megatrends; Human Resources Management 2020, Published by The Training Partnership. Series 1, Volume 1, 2016. Available as download onhttp://seniormanagersforum.blogspot.com