Definition of Talent Management
What Difficulties might an Organization face when it attempts to make changes to its talent Management Function?
There is no exact definition of talent management and it has been defined by various critics in different ways. However, usually talent management is said to be the anticipation of the human capital, required by an organization, and the planning to meet its needs. Talent management is also known as a science, using strategic human resource planning in order to improve or uplift the value of a business and to enable the companies and organizations to reach their desired business goals (Dries, 2013). Every activity that is done for recruiting, retaining, developing, rewarding and for making the people in the organization work, forms a part of talent management as well as the strategic workforce planning.
Challenges of talent management
An organization faces various challenges in talent management when an organization loses sight of the functions of talent management (Nilsson & Ellström, 2012). These are strategic and intentional in how to train, select, attract, develop, retain, promote and move employees throughout the organization. Some of the challenges are:-
- High total compensation demands
- Tightening of talent market
- Increasing employee turnover
- Lack of efficient leadership
- Unappealing company culture
- Lack of benefits, incentives and other facilities
Difficulties an organization faces for changing its talent management functions
To solve the issues or face the challenges regarding talent management, an organization needs to change its talent management functions accordingly, focusing on the abovementioned factors. With changes in the talent management functions, the organizations can face various other issues. The main issue is the acceptance of the changes by the employees, based on certain factors, in implementing such changes (Vaiman, Scullion & Collings, 2012). Some of the important factors are:-
Control- The amount of control an employee has in any situation, determines the amount of change, challenge and uncertainty they can handle.
Current Stress level- Every work has a certain level of stress level. The acceptance of talent manage changes by the employees depends on the increase or decrease of the stress level of work, after such changes are made.
Understanding- The acceptance of employees also depends on how well the employees understand the reasons behind such changes.
Time frame- Acceptance of changes also depends on the time frame within which changes are implemented. There must be sufficient time provided to employees in order to adapt to the new management changes. Otherwise difficulties arise in implementation of such changes.
Meaning- Acceptance depends on how well the employees understand that what the change means in terms of their leaders, themselves and their leader’s attitude towards the employees.
Challenges in Talent Management
Self- efficacy- Another important factor on which the acceptance of the change by employees depends is their perception on how well is his or her skill in meeting the new requirements and challenges.
These are the few factors on which the acceptance of the employees regarding change in talent management function depends and in cases, where these factors are negatively affected, difficulties arise for organizations in implementing the changes in talent management functions. For example, when a company makes a change in the existing work requirements by increasing it, such change will affect the talent management of the company positively, only when the employee is of the opinion that he or she has the skill and efficiency to meet the increased requirements. Similarly, when a company makes a change in the working methods for effective talent management, such change becomes a successful one only when the employees understand the necessity of such change. Hence, in order to make talent management functions effective, an organization needs to focus on the abovementioned functions while making changes in the existing talent management functions.
Implications such change might have in managing and the talent management function
Any change in the management functions of an organization will definitely need a change in the measuring and managing processes of talent management. Changes in the talent management functions will lead to the measurement of certain core standards for assessing modern day talent management program with the core HR areas. The changes in talent management functions like change in working methods, internal promotions, workload, leadership functions and all other talent management related functions will require the organizations to take up certain quantitative and qualitative methods for measuring and managing the talent management. Quantitative methods will include searching and analyzing of three aspects (Nijs, 2014). Firstly, the cost of hiring talent, time to hire talent and the productivity of full time employees are to me measured. Secondly, the financial aspect that includes the revenue of employees, voluntary and involuntary employee loss rates on revenue, number of senior positions and the depth of bench strength are to be analyzed and measured. Thirdly, the retention ability of the organization after making changes should be analyzed, which includes average talent rates, average time span of new hires, internal promotions, turnover rates and workforce diversity. These all are quantitative methods and a change in the talent management function of an organization will require the organization to analyze the abovementioned aspects in order to measure and manage the talent management. Apart from the quantitative methods, the change will require an organization to take up qualitative measures as well for analyzing and measuring the same, which includes overall manager, manager and executive satisfaction, employee management scores by department and manager and exit interviews (Al Ariss, Cascio & Paauwe, 2014). In order to measure and manage the talent management after making changes in the talent management functions, an organization needs to take up such qualitative and quantitative methods for analyzing the impact of such changes.
Factors affecting the Acceptance of Changes in Talent Management
Events that can cause someone to leave an organization without another job
Based on the above mentioned difficulties that an organization can face due to changes in the talent management functions, certain events might occur, making an employee leave the organization without another job. Some of them are:-
Relationship with boss- This is one of the most common reasons for an employee to leave his current job without another job. For the smooth functioning of a business, the relationship between the boss and the employee must not be a bitter one (Hippel, Kalokerinos & Henry, 2013). The employee works under the instructions of the boss and when such relationship becomes bitter, it is likely for an employee to leave the organization, as such bitter relationship might lead to harassment of the employee.
Bored and unchallenged by the work itself- No one wants to do a work that is boring, not challenging and not exciting to do. The employees want to enjoy their jobs. For this purpose the proper talent management is required so that work is distributed among the employees, based on their talents, efficiency and capability (Birur & Muthiah, 2013). Often due to improper talent management, employees are not assigned with suitable work and this is another reason why employees tend to leave their jobs.
Opportunities to use skills and abilities- Similarly, when work is not assigned properly, based on the skills and abilities of the employees, it becomes difficult for the employees perform. When employees use their significant skills on the job, they feel a sense of satisfaction, pride and accomplishment and self-confidence. Employees look to develop their skills and abilities further by participating in various activities. In the absence of such opportunities, employees tend to leave their jobs.
Organization’s financial stability- Financial instability of an organization is another reason for employees, leaving a job. Lack of sales, freezing of salary, layoffs. Bad press, employee turnover are the few factors that lead to the feeling of instability and lack of trust in the employees (Mohr, Young & Burgess 2012). These factors, leading to the feeling of instability and distrust, can make an employee leave the job.
Overall corporate culture- Employees appreciate workplaces in which communication is effective and transparent, management is accessible, executives are approachable and respected, and the direction is clear and understood (Amah, 2012). Moreover, an organization that aims at employee satisfaction, benefits, perks and treatment of employees with respect are said to have a better corporate culture. Employees, working in organizations that lack these qualities, often leave their jobs.
The above discussion makes it clear that talent management is a significant part of an organization and without effective talent management functions it becomes difficult for the organizations to retain its employees, which harms the smooth functioning of the organization. This report also states that organizations should, from time to time evaluate and change its talent management functions and take up qualitative and quantitative methods to measure and manage its talent management. Therefore, for the smooth functioning of business
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