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Talent Management

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Dai Perkasa

on 25 November 2014

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Transcript of Talent Management

Retaining Talents in Talent Management can divided into three parts :

Part (a) : Retaining Talent Through Training

Part (b) : Retaining Talent Through Cash
Incentives

Part (c) : Retaining Talent Through Non-Financial Incentives
TALENT MANAGEMENT
Albert Liew Ja Jun 11025082
Arul Raj Nadarajan 11025078
Dai Adnan Perkasa 11025197
Ebenezer Lasal 11025094
Lavonne Tan 11025087
Muhamad Fakhrurazi 11025093

How is talent identified in a firm?
Literature Review:
‘those who can make the greatest difference to organizational performance, either through their immediate contribution or in the longer term by demonstrating the highest level of potential’
(Tansley and Sempik, 2008)

Literature Review:
According to Talent Development Director: ‘Talent’ in the firm means two things. One, I think that everybody in the firm accepts that everybody is a talented individual. We recruit bright people intellectually. But our business also has the
responsibility to try and help them realize that.
So…there is a fundamental belief that everybody is talented, and there is a belief that we do need to
identify leaders or people who are going to lead key parts or have key roles in the business in the future and these would be quite senior roles.

(Tansley and Tietze, 2013)

Recruitment and Selection Process in Talent Management
The importance of talent management in recruiting and selecting employees:

Competitive market
Competition between firms are getting tougher

"There is growing recognition that MNEs need to manage talent on a global basis to remain competitive, reflecting the trend that competition between employers for talent has shifted from the country level to the regional and global levels, and that talent may be located in different parts of the global network"
(Sparrow et al., 2004; Farndale et al.,2010).


Talent Management
What is talent management?
According to Gay & Sims (2006)
talent management is defined as facilities the development and career progress of highly talented and skilled individuals in the organization, using formalized procedures, resources, policies, and processes.

Purpose for Talent Management:
Fulmer & Conger (2004)
suggests that the main purpose for talent management is to provide a deep supply of valuable resources continuously throughout the organization.

Linkage to Literature Review
Interviewing is in line with the term
fit to focus
where the process of interviewing is needed in order t o allow the coaches to understand and work towards getting the right players.
Training and game play relates to the term
fit to workforce
. In relation to Individual Perspective, we, as players are happy and motivated to succeed and giving our best with the hopes of playing for the nation. From the Organizational Perspective, Building talent management into the psychological contract and the performance management process is an important way for organizations to ensure they reap the benefits of their investment.
In our training regime, the whole process of selecting and training are being handled by national coaches and senior managers. This shows the term
fit to management
capability applies in the experience. It also gives me the confidence to perform better knowing we are in good hands.

LITERATURE REVIEW
Part (c) : Retaining Talent Through Non-Financial
Incentives
McKinsey Quarterly view three non cash motivators motivate
and engage employees:
Praise and commendation from immediate manager,
employees feel that their companies value them, take their well-being seriously, and strive to create opportunities for career growth by awards, recognition and etc.
Personal Experience
At the age of 20, I was playing for a futsal club called Waja FC. It was one of the top clubs in Malaysia. In order to further enhance our skills and level, some of us are selected for trials with the national under-21 squad.
Due to huge number of candidates, a special interview was first conducted by a few coaches in order to understand my background and my general knowledge on the game. After going through the interview, a series of training is conducted, starting with the fitness test. The intensity of the training is of the highest level where only the toughest and fittest will be selected and qualify for the next level.
Next, the training is then focused on technical gameplay where skills, capabilities and technique are core and vital in the game of futsal. Teamwork is also key in this game as individuals who does not contribute or adhere to the tactics and game plan will be removed from the squad.
The coaches will filter and remove players that are not up to their specifications and requirements. Among all the talented players, only 15 players will make the cut and progress towards entering the main team.
The final selection process involves us to play friendly matches with other top teams. This is where hours of practices and training is being put to use. During the game, we will encounter different type of situations and challenges. The coaches n managers will then see “who can do this job and rise to the challenge”.

Turner’s (1997) Three Stages Of Rites Of Passage
Separation
- Involves people’s symbolic/physical detachment from their current social life to another social life.
Liminality
- A transition period which “after they have been separated from their previous way of life but before they enter a new social category and a new way of life”.
Incorporation
- A “new” identity created.

(Van Gennep, 1960)
Experience: As a badminton school player in my former high school, players who stood out in playing badminton made a
great difference in strengthening my school’s badminton team
as our contribution to the team was important when we competed against other schools in tournaments. Our badminton skills and the ability to analyze the game gave us advantage when we compete against other school as representing our school
contributes to uplifting our school’s name (organization).
That itself is a talent that cannot be easily replicated. Not every person possess a talent to play a sport like badminton therefore only
those who made a great difference like myself were considered talents of the school in the sport.
Players like myself served well in my school as every year we gained new experience in school tournaments. We demonstrated high levels of potential as each year passed due to our experience. As I myself represented school throughout all the years in my high school life, I can safely say I was portrayed as a talent in my school (organization).

Experience:
In my school’s badminton team,
everyone was considered a talent.
Those who were on the team representing school possessed some sort of talent for playing this game.
How talent was identified was through series of internal competitions
for eg. Badminton competition between classes, forms and also sport houses. Those who showed potential in the game were identified as possessing some sort of a talent for the game. With so many talents on team, it was important
to identify a leader of these talents.
I, for one, showed not only talent in badminton, but I showed leadership skill as I was able to command the team with my firmness and loud spoken personality.

My potential served my team well in the long run as my senior team mates were in their final year (form 5). I was chosen to be the successor of my previous senior team leader and it was the senior and
my coach’s responsibility to elect a new team leader.
They were the ones who
helped me realized
that I could lead the team to represent school and to watch the behaviors of my fellow teammates during tournaments.




Challenges of Talent Management
Generation Y – think and behave differently
The demand and preferences of Generation Y are different from the expectation of educator
Narrowing the gap of student expectation of careers and the reality of working live, remains a key point
Student who work part-time has a chance to developed skills and knowledge in the working industry
(Lucas and Lammont, 1998).

Literature Review
Boudreau and Ramstad (2007, p. 25)
defined the goal of talentship decision science as “to increase the success of the organization by improving decisions that depend on or impact talent resources”

Decisions are often made on the basis of cognition-based choice processes, in which boundedly rational decision makers evaluate available performance data and anticipations of future potential.

Finding the Right Fit
Fit to Focus: How will the process achieve the strategic objectives?

Fit to Workforce and the Psychological Contract: What do employees want talent management to do for them, and how far will the psychological contract have to shift to work for both the employees and the organization?

Fit to Management Capability and Roles in Managing People: Does the current workforce and management have the capability and capacity to make talent management work?

Rising talent are recruits from university who are put in the first talent pool.
All the candidate that are placed in this talent level 1

are highly educated and with good grades or distinctive performance in certain field.
Separation:
Different from university life which more demanding and challenging life.
(Long working hours and complicated rules.)
Liminality:
Transition period that required rising talent to transform themselves into young professionals.
(Training for core technical and professional skills.)
Incorporation:
Robust individuals able to manage the stress and pressure to move out of the transitory stage, by taking on of a different identity demanded by the organization.
(Familiar with the operations of the organization.)
(Tansley and Tietze, 2013)
Rising Talent
Personal Experience(Rising Talent)
During the last summer semester break, I had gone for an internship job with Maybank Malaysia. For information, Maybank is a strong financial bank in Malaysia and also one of the oldest leading financial institutions in Malaysia. I knew that in order to get in to this organization, a candidate must be a real rising talent who possess with good quality. When my turn to be interviewed by the senior managers, in order to ensure I was able to get a position in the finance department,
I had mentioned that I was one of the top student who doing very well in my finance subjects and proving them by showing them my result slip. For instance, inside the result slip it clearly showed that I scored 93 for quantitative methods, 90 for economics of financial markets, 79 for portfolio choice and 81 for introduction to econometrics.
Moreover,
I also showed my Bloomberg Aptitude Test (a worldwide aptitude test to test on financial knowledge) result to them. I had scored 540 out of 800 in the aptitude test and had been placed in a medium upper class category.
With those excellent grades in finance subjects and distinctive performance in the aptitude test, I had been recruited by the organization and immediately categorized as a rising talent which is the first stage in the talent management process of an organization.


Separation
: Once I started my internship life with Maybank, I learned that it was totally different from my ordinary university life. It was more challenging and demanding as there was many rules to compliance and long working hours.
For instance, in university normally I had a fixed duration for every lecture class. However, in Maybank, although it mentioned that the working hours was from 8.30am – 5pm, yet I always need to stay in the office until night to finish the daily tasks as there was no procrastination culture in the firm.

Liminality
: In the first two months, I was really struggling to transform myself into a young professional which required by the firm as I realized that what I had studied so far had a minimal help in my career. During this tough transition period, I had been given training for core technical and professional skills in order to cope and fit in to the job faster.
For instance, I had been trained to read and analyse the financial data from the database. Moreover, I was also given a few projects in one time which had a same deadline to train to handle the stress and complete the tasks in a limited time period.

Incorporation
: After six months of work routine in Maybank, I had found out that I was able to manage the pressure and stress to move out from the transitory stage. This implied that in this stage I had succeed to carry out the different identity demanded by the organization.
The different identity in this case refers to to able to manage stress in order to meet several deadlines in one time and familiar with all the daily operations of the department.
LITERATURE REVIEW
Part (a) : Retaining Talent Through Training
Training is seen as one potential retaining factor.
Research by Chiang et al. (2005)
suggest that
training quality was positively related to training satisfaction, job satisfaction and intention to stay.
Related to the concept of training is that of
education and the type of training given
by training providers such as universities and vocational institutions.
(Deery, 2008)

Training also will increasingly seek experience-based
career leverage opportunities to rapidly develop their careers,
and to enhance their personal marketability.
(Glen, 2006)


Personal Experience
During my last semester break, I was working at Maxis as a customer service executive. My job was to handle in coming calls regarding the Maxis prepaid services. After two months of working, I was sent for training together with a few other colleagues of mine. The training was a measure by the company to update us on the prepaid products and services. This was a necessary move as the prepaid products and services change from time to time and the training helped us to be on the job efficiently. The
training quality was positively related to the training satisfaction,

job satisfaction and
instilled the
intention to stay
as I was valued and appreciated by the company. The
education and the type of training given
not only enriched my job satisfaction but increased my knowledge as well. The added knowledge and skills helped me to seek experience-based
career leverage opportunities to rapidly develop my career
where in a short span of time I was promoted to be one of the team leaders on the call floor.
LITERATURE REVIEW
Part (b) : Retaining Talent Through Cash Incentives
Demody et al argues that employees are best motivated and attracted through monetary rewards especially for
hourly paid staffs like incentive pay programs and innovative benefits such as cash bonuses, flexible work schedules and mentoring programs”

(Deery, 2008)

Another author by the name of Glen stresses this monetary reward through the example of
funding tertiary education needs
such as MBA’s, etc.,
in return for the secured ongoing employment
of high flyers, or indeed by budgeting across-the-board for individual vocational needs.
(Glen, 2006)


Personal Experience
During my tenure with Maxis as a Customer Service Executive (CSE) I was
hourly paid
and subjected to
incentive pay programs and innovative benefits

such as cash bonuses, flexible work schedules and mentoring programs.
The incentive pay programs like cash bonuses were given based on the performance using the Key Performance Index (KPI). Furthermore we staffs are given the privilege of swapping our work time with one another to enjoy the flexible work schedules. Once I was elevated to the team leader’s position, I was tasked to mentor the new recruits when they enter the call floor. In addition to it, Maxis also offers scholarship programs to their staffs wishing to further their studies
by funding tertiary education needs in return for the secured ongoing employment.
This serves as a benefit to both Maxis and their employees as it helps the company to retain good employees from leaving and the employees get financial aid to further their studies.
Personal Experience working in CIMB
During my last semester break, I work in CIMB headquarters as a general clerk. My role as general clerk is to complete all the data key-entry for the sales department. Precise data key-in, make sure that no error on the data in the project. I always double check my work before I pass the data entry to the second clerk. After completing my job the immediate manager has
praise my work due to efficient and precise work
.
I also efficient always on time, and also finishing job according to standard operation. Then receive a award as a good employee of the month in the office.


Attention from leaders (for example, one-on-on conversations)

HR directors, emphasized leadership attention as a way to signal the importance of retaining top talent. “One-on-one meetings between staff and leaders are hugely motivational where they make people feel valued during these difficult times.

Opportunities to lead projects or task forces

A chance to lead projects is a is a particularly powerful way of inspiring employees to make a strong contribution at a challenging time. Such opportunities also develop their leadership capabilities, with long-term benefits for the organization and makes people feel like they’re part of the company’s future.
(McKinsey, 2009)


During my tenure with CIMB, they gave me the
opportunity to be involved in the sales department.
I was given a training by the local manager as a junior sales advisor. So on the manager ask me to be in the department permanently. Manager trust me that I'm capable to handle the job effectively in the sales (loan, hire purchase)department.
Once I was elected as the assistant in the department, they praise me because of the my hard working in the department.



Working Experience
Conclusion
Issues concerning individuals’ place and meaning in organizations.
Can be link to rites of passage through talent management progression stages. (Individual’s identity can be easily unravel and form a brand new favorable identity via rites of passage by organization.)
Can be linked to how is talent identified in a firm (those who can make the greatest difference to organizational performance by demonstrating highest potential and what does their talent mean to the organization.)
Can be linked to Recruitment and Selection Process in Talent Management. (Individuals are selected to fit to workforce; to see where they fit in the organization.)

Personal Experience
In 2012, I was having my internship at Outsourcing Company called PT Duta Griya Sarana, Jakarta. They put me as a tax administration. My job is to key the data everyday for a whole month, from 9a.m until 5p.m. I felt like a robot, repeating the same thing over and over again.
"Boredom and unafraid of expressing my opinions

(Earle, 2003)
".

On the other hand, I've worked in Management Office at Pacific Place Mall Jakarta. Even though I expected and applied my internship in finance department, they put me in marketing department. I felt that I'm way better in finance rather than sales, the company limited my talent because when i worked on that department my performance was poor, i had lack of communication and the working environment there was disaster, they should let me be
more interactive, so they can "pull"
my true talent and performance
(Goman, 2006).
References
Garrow, V. and Hirsh, W. 2014. Talent Management: Issues of Focus and Fit. 37 (4), pp. 389-402. Available at: http://ppm.sagepub.com/content/37/4/389.full.pdf+html [Accessed: 8 Apr 2014].
Kim, S. and Mclean, G. 2014. Global Talent Management Necessity, Challenges, and the Roles of HRD.Advances in Developing Human Resources, 14 (4), pp. 566-585. Available at: http://adh.sagepub.com/content/14/4/566.full.pdf+html?hwshib2=authn%3A1397495179%3A20140413%253A9325a17c-474f-41fa-9c34-bb8ea38e427e%3A0%3A0%3A0%3A8ncjUyBYA0kVAg49H7s1mA%3D%3D [Accessed: 9 Apr 2014].
Mccauley, C. and Wakefield, M. 2006. Talent Management in the 21st Century: Help Your Company Find, Develop, and Keep its Strongest Workers. Journal for quality \& participation, 29 (4).
Vaiman, V., Scullion, H. and Collings, D. 2012. Talent management decision making. Management Decision, 50 (5), pp. 925--941. Available from: doi: DOI 10.1108/00251741211227663.
M., Martin Dewhurst, Matthew Guthridge, and Elizabeth Mohr, 2009. Motivating people. Motivating people: Getting beyond money, November 2009, pg 1-5
T. Towers Watson , 2012. White Paper. NON-CASH INCENTIVE & RECOGNITION, November 2012, Pg 1-32.
Tansley, C. and Tietze, S. 2013. Rites of passage through talent management progression stages: an identity work perspective. The International Journal of Human Resource Management, 24 (9), pp. 1799-1815.
Collings, D. G. and Mellahi, K. 2009. Strategic talent management: A review and research agenda. Human Resource Management Review, 19 (4), pp. 304-313.
Gennep, A. V. 1960. The rites of passage. Chicago: University of Chicago Press.
file:///Users/lavonne/Downloads/Key%20reading%20from%20reading%20list%20(1).pdf
Barron, P., 2008. Education and talent management: implications for the hospitality industry, Vol 20 No 7.
Glen.C, 2006, “Key skills retention and motivation: the war for talent still rages and retention is the high ground”, Industrial and Commercial Training, Vol. 38, No. 1, pp. 37-45
Available at:www.emeraldinsight.com/journals.htm?issn=0019-7858&volume=38&issue=1&articleid=1541482&show=pdf
[Accessed on 6th April 2014]
Deery.M, 2008, “Talent management, work-life balance and retention strategies”, International Journal of Contemporary Hospitality Management, Vol. 20, No. 7, pp. 792-806
Available at:www.emeraldinsight.com/journals.htm?issn=0959-6119&volume=20&issue=7&articleid=1747881&show=pdf
[Accessed on 4th April 2014]
Issues in understanding contemporary organisations & their management.
Can be linked to retaining talent through training, cash incentives, and non-financial incentives (it shows that the financial incentives help the employee to retain inside the company, loyal to the organisations).

Ethical issues in broader society which impact on management.
Can be linked to challenges of Talent Management (different generation think and behave differently, therefore ethical issues arises. This issues may impact the organisations objectives and goals).

Literature Review
Learning styles:

Based on Earle (2003)
"Generation students and new employees who have been described as being more demanding than ever,
possessing a low tolerance and unafraid of expressing their opinions
".

According to Glass (2007)
"The current student thrives on new challenges and expect to be shown respect in the classroom and the workplace,...
the more interactive it is, the more it will "pull" them towards it

(Goman, 2006; Kehrli and Sopp, 2006).
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