In the todays’ world, the markets of the
business industries are increasing at a higher pace. The talent
management and the productive people within the business
organisation is must to have for ensuring the attainment of the
business objective. With the increasing wants and needs in the
society, the talented people are required in an essential manner.
HR department of the business organisation is fully responsible
for the effective selection of candidates that ensures the
productivity of the business (Narayanan
et al., 2019).
Conceptualization of Talent Management
Elia et al
(2017), believes that the
talent management is something that helps in identifying the
talent, training, hiring, and consists of effective strategies for
the further improvement. Also, Ogunnaike
et al (2018) has suggested
that the implementation of the talent management system within the
business organisation helps the manager and owner to improve the
performance and the productivity. Further, to strategically
identify the talent Painter?Morland
et al (2019), says that the
selection and the recruitment process is expensive and its
repetition increase the cost to the company, thus the employee
retention would be strategic move for the talent management.
History
of Talent Management
The strategy of talent management is deeply
linked with the human resource. Also, many researchers such as
Boselie
and Thunnissen (2017) and Sparrow (2019)
have also defined that the strategic talent management process is
mainly based on three aspects such as training, recruitment, and
retention of talented personals with the help of performance
appraisal. Cappelli
and Keller (2017),
believes that
the talent management is emerged from the human resource
management and is the attribute that is not presented in the
individual.
Bersin
Model of Talent Management
The functions of HRM practices are mainly
evolved as a procedure and to make sure the high quality of
service for the clients. This showcases that the talent management
is the most important concept used within the corporate world. The
Bersin model of talent management explores the new ways and the
effective management strategies to retain the talent and to
increase the performance and achieve the objective strategically.
with the view of todays’ world of intense competition, the
managers are facing issues with the recruitment process and the
retention of the existing talented people, for that this model
acts as a beneficial way to achieve the objective, such as the
following is the figure showcasing the model (Rao
and Priyadarshini 2017).
Figure:
Bersin
Model of Talent Management
Source: (Rao
and Priyadarshini 2017).
Friedman
and Schnorr’s Retention model
The employee retention is the pivotal aspect
of strategic talent management process that needs the human
assets, administration, and executives. Thus, the Friedman and
Schnorr’s model helps in getting the advantage and the move to
effectively achieve the management of the talent in the business
as strategic priority. Within the model the human asset and
framework, for instance; the existence of staff and the
representative improvement within the hierarchical sets. The
external hover of the model suggests the logical elements such as
hierarchical societies, absolute prices, and tutoring.
Authoritative culture has a strong connection with the purpose for
representative to remain or leave the business organisation.
Figure:
Employee Retention Model
Source: (Kundu
and Lata, 2017).
Further,
the complete prizes or rewards with monetary or non-monetary
considerations are also connected with the retention of the
employees. The lifestyles of employees and management with the
experienced firms that further enhances the customer productivity
and increase the motivation to work and retain in the organisation
for the long period of time. Thus, this will mainly help the HR
department of Lloyds bank to effectively acquire the talented
people and further manage as a strategic priority that ultimately
will support in the achievement of the desired goal (Kundu
and Lata, 2017).
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The Gantt chart is an effectively tool to
ensure the timely delivery of the project, and is used with the
research project that can be seen as below.
Week. 1 – 2 = research of the topic and
approval
Week. 3 – 4 = literature review, gathering
of secondary data from theories and journals.
Week. 5 – 6 = summary of literature review
with major problems and related research limitations.
Week. 7 – 8 = usage of methodologies,
establishment surveys, questionnaires, and more methods for the
research.
Week. 9 – 10 = time scale, Gantt chart of
the activities for effective execution
Week. 11 – 12 = preliminary results and
outcomes, analysis of the stored and collected data and making an
equation with secondary data.
Week. 13 – 14 = limitations of research
and evaluation with research method and reflection.
Week. 14 – 16 = aspects for future
research, suggestions, and conclusion on the basis of results
obtained.
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Boselie,
P. and Thunnissen, M., 2017. Talent management in the public
sector. In The
Oxford handbook of talent management.
Cappelli,
P. and Keller, J.R., 2017. The historical context of talent
management. The
Oxford handbook of talent management,
pp.23-42.
Claus, L.,
2019. HR disruption—Time already to reinvent talent
management. BRQ
Business Research Quarterly, 22(3),
pp.207-215.
Elia,
P.T., Ghazzawi, K. and Arnaout, B., 2017. Talent management
implications in the Lebanese banking industry. Human
Resource Management Research, 7(2),
pp.83-89.
Kundu,
S.C. and Lata, K., 2017. Effects of supportive work environment on
employee retention. International
Journal of Organizational Analysis.
Narayanan,
A., Rajithakumar, S. and Menon, M., 2019. Talent management and
employee retention: An integrative research framework. Human
Resource Development Review, 18(2),
pp.228-247.
Ogunnaike,
O.O., Ogbari, M.E., Kehinde, O.J. and Onasanya, Y.A., 2018. Talent
management as a determinant of firm performance: A conceptual
approach. Business
& Social Sciences Journal, 3(1),
pp.21-32.
Painter?Morland,
M., Kirk, S., Deslandes, G. and Tansley, C., 2019. Talent
management: The good, the bad, and the possible. European
Management Review, 16(1),
pp.135-146.
Rao, G.V.
and Priyadarshini, K.I., 2017. Some Insights into Procedures and
Practices to Acquire the Right Talent. Journal
of Strategic Human Resource Management, 6(2),
p.34.
Sparrow,
P., 2019. A historical analysis of critiques in the talent
management debate. BRQ
Business Research Quarterly, 22(3),
pp.160-170.
Whysall,
Z., Owtram, M. and Brittain, S., 2019. The new talent management
challenges of Industry 4.0. Journal
of management development.
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