...ASSIGNMENT NO. 2 TALENT MANAGEMENT RESEARCH PAPER TABLE OF CONTENT I. Executive Summary…………………………………………………...............3 II. Introduction…………………………………………………………................4 III. What is the meaning and nature of talent or global talent management and succession planning in particular organizational contexts?.................................5 IV. What are the key challenges faced by organizations in their approach to talent management?.......................................................................................................7 V. What are the measures of success/critical success factors for talent management initiatives for both the management of the organization and its employees?......9 VI. Conclusion……………………………………………………………..….....13 VII. Bibliography & Reference..……………………………….…………………14 TALENT MANAGEMENT RESEARCH PAPER By Ramy Emam Page 2 I. EXECUTIVE SUMMARY What is talent management? Wide variations exist in how the term ‘talent’ is defined across differing sectors, and organizations may prefer to adopt their own interpretations rather than accepting universal or prescribed definitions. That said, it is helpful to start with a broad definition and, from our research, we have developed a working definition for both ‘talent’ and ‘talent management’: Talent consists of those individuals who can make a difference to organizational performance...
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...echnical specialists in a technical career EMELIE BAEDECKE YLLNER ALEXANDRA BRUNILA Master of Science Thesis Stockholm, Sweden 2013 i Talent management – Retaining and managing technical specialists in a technical career Emelie Baedecke Yllner Alexandra Brunila Master of Science Thesis ME200X 2013:31 KTH Industrial Engineering and Management Industrial Management SE-100 44 STOCKHOLM ii iii Master of Science Thesis INDEK 2013:31 Talent management – Retaining and managing technical specialists in a technical career Emelie Baedecke Yllner Alexandra Brunila Approved 2013-05-30 Examiner Kristina Nyström Supervisor Martin Vendel Commissioner Anonymous Contact person Anonymous Abstract The purpose of this thesis is to investigate talent management and how companies should work with talent management in order to retain and manage technical specialists in a technical career. Talent management is found to be important for modern organizations because of the advent of the knowledge economy, new generations entering the workforce and the need for businesses to become more strategic and competitive, which implies new ways of managing human capital. Furthermore, talent management is motivated by the fact that it has been found to lead to higher corporate profits when it is connected to the corporate strategy. The research method in this thesis is qualitative, and based on a case study of an organization in Norway active in the oil and gas industry, where qualitative semi-structured interviews...
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...Talent Management Terry Meyer November 2005 ALL RIGHTS RESERVED COPYRIGHT Disclaimer Publication or other use of this document by any unauthorised person is strictly prohibited. The views expressed in this document are, unless otherwise stated, those of the author and not those of Fasset. THE CONTEXT OF TALENT MANAGEMENT As South Africa embarks on it’s journey into the second decade of democracy, few can argue that tremendous strides have been made on the political, economic, social and legislative fronts. Much of our legislation and policy directions are amongst the most progressive in the world. However, many challenges remain. One of these is the shortage of professional and managerial skills and the imbalances in terms of race and gender at these levels. Another, is the need to build a robust and entrepreneurial SMME sector which will create the jobs needed to absorb the unemployed in the economy. “Staffing is the new speed limit to growth. It is not the access to capital or technology that will constrain the growth of enterprises or the South African economy, but rather the lack of adequate skills to support organizational growth plans. The traditional channels of education and training are no longer providing skills in sufficient numbers nor are they necessarily aligned to organizational needs. Organizations must participate in the development of relevant skills if they are to survive.” (Italia Boninelli, HR Director: Netcare Group1) In a knowledge and service...
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...with maximum efficiency. In the nonprofit sector, creating a competitive compensation and benefits strategy is important to attract talent, but developing a total rewards package may be more important. “Employees nowadays are looking at the whole package: ‘What’s my base salary, do I have incentives, what are my benefits, can I telecommute, can I have flex time, can I have a relaxed dress code and is it family-friendly?’” Glantz said. “[If] a not-for-profit can offer what’s considered an attractive total rewards package, [it’s] going to help that company.” The argument now is that these intangibles need to be measured and monitored, and subsequently tied to the bottom line. Re-defining the bottom to include intangibles such as leadership practices, organizational capabilities, and the ability to attract talented people is necessary. In addition, as organizations continue to automate business processes using technology, in order to remain competitive against others that are doing the same, they must now focus on their talent. Additionally, though talent can be cultivated and developed, it can also leave the organization, become sick, de-motivated, and perhaps influence others to behave in ways unfavorable for the organization. Worst of all, talent can deliver the “double-whammy” by moving to a direct competitor. The strategic management of talent as such a critical driver of corporate performance has become more and more important in the last few decades. Several key events have...
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...Talent Management Strategy Formulate a talent management strategy to encompass the entire talent requirements of the organization. When discussing and planning your organization’s future, it’s important to consider not just the goals, objectives, and initiatives, but clearly how to accomplish them. The most important contributor is undoubtedly your employees. Aligning the organization’s business strategy with its employees is called talent management, and it encompasses aligning the right employee with the right position in the organization. Talent management is a business strategy and must be fully incorporated within all of the employee connected practices of the organization. Retaining and attracting talented employees, in a talent management system, is the responsibility of every tier of management in the organization, but especially the Human Resource managers who are in charge of hiring, training, and development. A successful talent management strategy also engages in the practice of sharing data about high profiled employees and their employment history and accomplishments to all divisions of the organization. This process of sharing openness makes it possible for a range of departments to recognize available talent when opportunities open and become available. The charting of people’s skills and strengths enable the organization to appraise the manpower that is not being utilized properly and to its highest potential. This is critical from the standpoint of...
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...Performance Appraisal Form of Talent Management Head a) Objectives: * Hiring culture fit employees * Talent Retention * Effective workforce planning b) Dimensions: Quantitative: 1. Cost per hire – A metric is designed to measure the costs associated with the sourcing, recruiting and staffing activities borne by an employer to fill an open position in the organization 2. Time to fill – From the time you advertise your vacancy till the time the candidate is actually on board 3. Performance of hired employees – Appraisal rating of employees joined after one year of hiring 4. Attrition rate – Attrition rates describe the rate at which employees leave a company Qualitative: 1. Aligning talent acquisition strategies with business needs – Identifying the business needs and aligning the talent acquisition strategy accordingly to contribute in fulfilling business strategy 2. Effective use of technology in hiring – Using the latest online mediums available (for example: portals, LinkedIn etc.) and targeting at reducing the cost c) Measures: S: Strengths to build upon P: Performs well & meets expectations D: Developmental needs I: Issue Dimension | Expectation | Actual | Measure | Quantitative | Cost per hire | 10% of CTC | 8% of CTC | S | Time to fill | 2 months | 3 months | D | Performance of hired employees | >= 3 | 3.5 | P | Attrition rate | < 6% | 5.8% | P | Qualitative | Aligning talent acquisition strategies...
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...-----------------------6-7 Inside Apollo------------------------------------------------------------------------------------------------8-9 The need for change---------------------------------------------------------------------------------------9-10 Talent management practice Findings----------------------------------------------------------------10-11 Apollo’s Induction program----------------------------------------------------------------------------11-14 Suggestions--------------------------------------------------------------------------------------------------14 Conclusion------------------------------------------------------------------------------------------------14-16 Appendix------------------------------------------------------------------------------------------------------17 References----------------------------------------------------------------------------------------------------18 Introduction Going forward, companies are faced with an array of challenges. They have to focus on costs cutting, evaluating and reevaluating business strategies and developing leadership competencies for top executives. To keep employees happy and for a company to thrive, employers must manage their talents; implement effective compensation and rewards strategies. Apollo Information Services, Inc. (AISI) is the largest medical coding and billing company in Southwest Florida. It is recognized in the community as a...
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...Summer Internship Report On TALENT MANAGEMENT & PRACTICE ACKNOWLEDGEMENT The completion of this project is the result of the efforts of many people who are directly or indirectly involved with me from the initial stages onwards. I am therefore, indebted to all those who have made this project a success. Foremost, I would like to thank the almighty who has been the apostle of my strength throughout. It is my distinct honor & privilege to work under the able guidance of my faculty guide Mr. T.V.Raman & industry guide Mr. Rohin Dhar. I am thankful to both of them for their whole hearted support, kind inspiration, keen interest, affectionate guidance, valuable suggestions & analytical discussion in the research project. I am deeply indebted to their genial modesty & able guidance rendered during the course of the study. I acknowledge my sincere thanks to Director General Dr. Sanjay Srivastava, for providing necessary facilities & help for the study. Last but not the least, I feel indebted to my parents & friends who have provided help directly or indirectly in completion of this project. Also my special thanks to everyone in ICICI direct for their help & cooperation for the achievement of this goal. And a word of thanks to all those who remained unmentioned but contributed in some way or the other. They all may not be mentioned but no one is forgotten. Payal Gagneja A0101908398 ...
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...in frontier markets like much of sub-Saharan Africa, along with some countries in Central Asia, Latin America, and Southeast Asia face hurdles more challenging than anything they have seen in the BRICs, especially in recruiting, retaining, and developing employees. The frontier markets are at the heart of Etisalat’s long-term strategy and although telecommunication and technology are their main-business their biggest challenge lies in their talent management strategy. The nature of our industry and the dynamics of the market these days dictate that companies need people who are not just very capable but very adaptable to changing financial times and various geographic environments. Also, robust retention packages and incentives are required to retain talent. Etisalat has been able to attract, retain, and manage executive talent not just based on the compensation package, but also on their ability to create a long-term relationship and opportunities for professional development. They create a snapshot of each individual in their talent pipeline in terms of the three Es: education, experience, and exposure. And then they create the opportunities to make sure that they are well rounded. Etisalat maintains employee loyalty by offering not only competitive compensations and benefits but also by providing them with safe and interactive work environment. Employees in challenging markets with volatile political and economic situation are allowed to enhance their personal and professional...
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...The Big Idea: 21st-Century Talent Spotting by Claudio Fernández-Aráoz Claudio Fernández-Aráoz is a senior adviser at global executive search firm A few years ago, I was asked to help find a new CEO for a family-owned electronics retailer that wanted to professionalize its management and expand its operations. I worked closely with the outgoing chief executive and the board to pinpoint the relevant competencies for the job and then seek out and assess candidates. The man we hired had all the right credentials: He’d attended top professional schools and worked for some of the best organizations in the industry, and he was a successful country manager in one of the world’s most admired companies. Even more important, he’d scored above the target level for each of the competencies we’d identified. But none of that mattered. Despite his impressive background and great fit, he could not adjust to the massive technological, competitive, and regulatory changes occurring in the market at the time. Following three years of lackluster performance, he was asked to leave. Compare that story with one from the start of my executive search career. My task was to fill a project manager role at a small brewery owned by Quinsa, which then dominated the beer market in the southern cone of Latin America. In those days, I hadn’t yet heard the term “competency.” I was working in a new office without research support (in the pre-internet era), and Quinsa was the only serious beverage industry player...
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...law oFFice maNaGemeNT & aDmiNisTRaTioN RePoRT large firms, down somewhat. TALENT MANAGEMENT — Given productivity improvements in many firms over the past several years, it will be increasingly difficult for those firms to achieve the same gains in productivity that characterized performance over the past half decade. How to make Talent acquisition easier in Today’s marketplace — While demand for litigation continues to grow, there are signs that rates of growth are leveling off. — The real estate market appears to be cooling down. — Many clients are working aggressively to reduce their legal costs, and convergence projects will take a toll on many firms. — Operational costs are rising and will perhaps continue to do so because of this latest round of associate “salary wars.” — continuing growth and consolidation in the legal market will make it increasingly difficult for firms to differentiate themselves from their competitors. o coming to future issues of LOMAr l New—and Indispensable—Data on Law Firm Finances l Must-See Resources from LOMAr’s Summer Management Reading List l Best Marketing practices: 50 Tactics to Try Now! l Technology Do’s and Don’ts for Firms Set to Buy at Year-End l Exclusive Reports from the Industry’s 2006 conferences and Annual Meetings l What’s New With the ALA? l Associate compensation Is on the Rise: Here’s What the Shift Means for partners l 4 How to Select...
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...Example: The Talent Agency Suppose you have been asked to build a database for a talent agency that books musical bands into clubs/Restaurants. The agent needs a database to keep track of the agency’s transactions and to answer day-to-day questions. For example, a club manager often wants to know which bands are available on a certain date at a certain time, or wants to know the agent’s fee for a certain band. The agent may want to see a list of all band members and the instrument each person plays, or a list of all bands that have three members. Suppose that you have talked to the agent and have observed the agency’s business operation. You conclude that your database needs to reflect the following facts: 1. A booking is an event in which a certain band plays in a particular club on a particular date, starting and ending at certain times, and performing for a specific fee. A band can play more than once a day. The Heartbreakers, for example, could play at the East End Cafe in the afternoon and then at the West End Cafe on the same night. For each booking, the club pays the talent agent. The agent keeps a five per cent fee and then gives the remainder of the payment to the band. 2. Each band has at least two members and an unlimited maximum number of members. The agent notes a telephone number of just one band member, which is used as the band’s contact number. No two bands have the same name or telephone number. 3. Band member names are not unique. For example, two...
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...Talent Management Globalization, competition and technological trends, and changes in the workforce make finding and retaining talented employees a major priority for any organization. In this highly demanding business environment, Human Resources departments are starting to move away from the traditional HR role to a more strategic position that unites the management of human capital with organizational goals. How could organizations overcome such a bottleneck? Through Talent Management. Talent Management is the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs. Talent Management has moved away from being an administrative process to a continuous organizational practice with a strategic focus that drives organization outcomes. Human capital and Talent management are aligned in regards to the below management processes: * Succession planning * Development of leaders * Retention and career planning In this project, we have explored the talent management programs in several insurance organizations in Jordan. We've approached the organizations, did interviews with them, as well as surveys. Afterwards, we analyzed the data, and benchmarked the organizations' talent programs with the UNDP's talent program. We benchmarked against the United Nations Development...
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...A Talent Management Strategy Formulate a talent management strategy to encompass the entire talent requirements of the organization. When discussing and planning your organization’s future, it’s important to consider not just the goals, objectives, and initiatives, but clearly how to accomplish them. The most important contributor is undoubtedly your employees. Aligning the organization’s business strategy with its employees is called talent management, and it encompasses aligning the right employee with the right position in the organization. Talent management is a business strategy and must be fully incorporated within all of the employee connected practices of the organization. Retaining and attracting talented employees, in a talent management system, is the responsibility of every tier of management in the organization, but especially the Human Resource managers who are in charge of hiring, training, and development. A successful talent management strategy also engages in the practice of sharing data about high profiled employees and their employment history and accomplishments to all divisions of the organization. This process of sharing openness makes it possible for a range of departments to recognize available talent when opportunities open and become available. The charting of people’s skills and strengths enable the organization to appraise the manpower that is not being utilized properly and to its highest potential. This is critical from the standpoint...
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...Talent management is quickly becoming a top preference for companies all over the world. (Bhatnagar 2008). The reasoning to this is due to the surge in rivalry between businesses to capture the talent that is available, we call this “the war for talent” (Beardwell and Thompson, 2014). Talent management refers to the best suited people or individuals to the occupation in question, sometimes assigned “A players”. In the past the disorganisation of talent management has led to the breakdown of large multinational companies, who rectify the problem by turning over more and more talent which inevitably makes the problem worse, causing it to fail and an overall sense of pain is inflicted upon the companies. (Cappelli, 2008). However nowadays companies are starting to realise that talent management is not a meaningless theory, as it was subjected to in the past, and that it is pivotal to company success. A new direction to talent management is developing incorporating the ambiguity that enterprises face today. Modern businesses deal with this uncertainty by implementing a supply chain management model to predict and satisfy demand. (Cappelli, 2008) In this project I will be examining the new venture of Cedar Park Furniture, a UK furniture retail chain that is preparing to enter the Irish market in 2017. My job is to produce a talent management strategy for the company and express the critical practices required to ensure its management team and employees commit considerably to the...
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