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Talent management is a way of delivering fundamental benefits to organizations by using complex collection of connected human resource. It refers to attracting very skilled workers, integrating the new workers into the organization, and retaining and developing the skills of the current workers to effectively meet both the current and the future business goals and objectives.       It involves the company shifting the responsibility of employees from the traditional human resources department to all the company’s managers. Talent management is increasing becoming competitive between companies as each try to attract and retain profitable employees. In other companies, Human Capital Management is used to refer to talent management.

This term emerged in the 1990’s. It was to incorporate new development in the human resource management. This new developments placed on managing talent or human resources. It was first used by David Watkins of Softscape, who wrote about it in an article in, “1998”.

It is obvious that working teams consisting of the best employees perform higher than those with less skilled employees. Leading organizations know this. Exceptional performances in business are directly due to superior talent. It is acknowledged that people are different and for a business to succeed there must be correct strategy. Talent management is the strategy.

1. Discuss how the economic environment has influenced the need for talent management practices.

The current economic environment has extremely influenced the current need for management practices. The current business environment has evolved from the less competitive agrarian age to the industrial age and finally to this very competitive knowledge age. It is now facing evolution to even advanced age called the conceptual age. Many businesses are employing management models and systems that were used in the past that are no longer successful. This models and systems that the executives know understand and have great experiences with are now worthless rendered with the increasing competition and innovations. This is because they are based on set sets of past assumptions that have ceased to exist. It is becoming increasingly clear that, with a future business environment, that is based on; innovation, horizontal relationships, fast responses and high-engagement levels, old, precious practices will not be effective. Companies are thus required to embrace talent management to enable them survive since new times need new practices and mind sets. It been proven that companies that employ talent management perform much better than other players in the market.

2. Discuss how globalization has contributed to the tipping point for talent management practices.

With globalization, world has moved into one village with information traveling between millions of persons within no time. The information reaches everyone from children to adults and even to the elderly. With this advancement, people in different parts of the world all have the information, tool and all the software they need to apply their knowledge. Talent management tipping point has greatly been contributed to by globalization and the created global market. The talented minds of foreigners that used to provide human capital to United States and the Western Europe, are now returning to their countries because there is growing opportunity for them there. Countries like china are changing their education from memorization to innovation and creativity. This means they can now come up with more innovative businesses that are a threat to the current western business and companies.

Talent pools and markets now exist all over the world; and the west is no longer have the past monopoly they have is various fields. They now have to compete for the talented minds with companies all over the world also compete for their initial market. This means that they have to apply extensive talent research strategies.

3. Discuss how talent management practices have evolved beyond training programs.

Talent development used to be done mainly through training in universities and colleges. However, the current tread is seeing more of the skills being learnt on the job. Research has shown that more than 70 percent of what workers need to know to do their jobs are learnt on the job. This informal learning has proved to be more successful than the traditional, formal learning. Informal learning at the job is usually done through such activities as cross-functional teams, stretch assignments, international assignments and flexible job design. This ensures that a company has employees with high skills.

4. Discuss the talent management practices that have the most influence on talent retention

Talent management aims at retaining employees. There are several talent management practices will help to retain employees. The main practices are hiring the individuals fit for both the job and the organization, building interpersonal communication between and team morale among team members and by having the managers inspiring and motivating individuals on higher performance. Providing tuition reimbursement, competitive salaries and good vocational and holiday benefits will also help a company to retain employees.

5. Discuss how effective talent management practices can increase organizational performance and shareholder value.

With employment of an effective and correct talent management practices, the company will ensure that it improves the quality of goods and services it produces. Improved quality will mean satisfaction of more and more customers need and hence expended market and customer loyalty. This will mean more sell and eventually higher revenue collected by the company. Having skilled employees because of effective talent management practices will mean not only quality products but also increased productivity due to their efficiency and motivation. Increase in productivity will translate to lower production costs and increased profit margins. Efficient worker also will also mean reduced circle time in production lines. It is thus obvious that effective talent management practices will increase and organization performance. The increased profitability of the company will lead to more return to the shareholders and the market capitalization of the company. This means improved shareholder value.

Conclusion

From the discussions above, it is clear that companies and organizations in the twenty first century need to embrace talent management practices. This is the only way a company will be able to grow and remain competitive in the current knowledge age and the future conceptual age. Globalization has greatly contributed to tipping point for the management practices and this has rendered previous management practices irrelevant. Talent management practices have enabled successful organization to retain employees also improve their employees’ skills through informal training at the work place. Effective talent management practices have can also increase organizational performance and improve shareholder value. This can be achieved by using the total talent quality of the company’s workforce.

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