Talent Management

Question: Write an essay onTalent management. Answer: Talent management is regarded as a set of a framework of interrelated workforce management which helps in motivating, developing and retaining employees within the company. It also helps in succession planning and performance which helps in analysis of development and recruitment of employees within the workplace[1]. Talent management is regarded as one of the most challenging phases of businesses in the competitive scenario. The Oversea-Chinese Banking Corporation implements effective strategies towards employee development which further helps in organizational development as well. The bank implements effective talent management strategies towards increasing the individual potentiality within the business as a whole. Thus, it helps the company to make full use of talent in comparison to the economic downturn in the market. Talent Management and Development: Talent management is regarded as one of the basic tools in the competitive marketplace which leads towards organizational success. The talent management strategy helps the business in identifying the skills, potential and performance of the employee within the workplace, which further helps the business to gain competitive advantage. Additionally, effective talent management also helps in saving the expenses regarding recruitment, selection and training for the new employees within the workplace. The Oversea-Chinese Banking Corporation implements effective talent management strategies which helps the company to compete for talents and thus helps in gaining competitive advantage regarding attracting and retaining talents within the business as a whole. Thus, with the effective talent management strategy the company can build a strong team which further helps in the effective line management within the workplace and is advantageous in the long-term as well. Attracting and retaining the best Talent: . The strategy is developed to increase the growth of the branches. The effective talent management strategy also helps in improving the employee engagement which leads towards improved retention and recruitment within the workplace. The engagement of employee helps the company to sustain itself in the competitive market even at the time of macro-economic conditions in the market . The talent management also provides the employees with an effective implementation of the 360-degree performance appraisal within the workplace which assists in improved employee performance. The Oversea-Chinese Banking Corporation with the effective performance appraisal strategy rewards the employees within the workplace. It also helps to motivate new millennial employee the business. Current Banking Crisis: In the times of economic instability, the company needs to hire new employees at each level which help the company to incur maximum resources and talents with minimum cost. The company with effective implementation of strategy helps in gaining competitive advantage. The Oversea-Chinese Banking Corporation implements effective talent management strategies which aid in improving the skills of the employee and thus bring about growth and development of the organization. Moreover such schemes also assist in training employees at the time of recession which in turn bring about increased the growth rate more productively at the time of crisis. Need of Older workforce: Nevertheless the old and experienced workforce is an indispensible part of organizational success. These experienced and old workforces contribute by providing training to the new recruits. Their experience is vital to increasing the rate of profit margin within the workplaceThe older workforce generates much motivation which acts as a catalyst in increasing the profitability of the company. They also aid in improving the quality of the production which adds value towards the brand name of the company. Need of Generation Y workers: The Generation Y workers are needed for technological advancement and are major contributors to improved quality of production within the workforceThey lead the company towards technological and updated development which helps the company to gain competitive advantage in the competitive market. This in turn results in creating sustainability of the company. Human resources planning:- The human resource planning helps the corporation in effective implementation of strategy that helps in the improvement of the skills of the employees as well. It also helps the employee to gain satisfaction from the organization and helps in gaining competitive advantage. The effective planning also helps to satisfy consumer needs which help in adding value to the organization as a whole. Thus, it helps the company to gain sustainability as well with improved rate of productivity in the market. Recruitment and selection:- The recruitment and selection process helps the company to advertise for the skilled employees and thus helps the company to improve the productivity of the business as a whole. The effective recruitment process also lead the company to improve and retain the best talent within the workplace and helps in increasing the profit rate of the company. The effective talent management process also helps Oversea-Chinese Banking Corporation to select the best applicant which helps in the organization development in the competitive market. Orientation and induction:- The effective talent management within the company also helps in the introduction of the companys background towards the new employee. It also leads towards increase in the quality of performance of the employee and helps in increasing the organizational culture in the marke. The orientation program helps in the development of the company which further helps in the improvement of the potentiality of the employees within the business as a whole. Training and development:- The training and development of the employee helps in the betterment of the company which help in the increase in the growth rate of the employees as well as the company in the international market. The training is conducted by the company to train new employees and also to develop the existing employees. This helps in the improvement of the skills of the employees which may bring about further development of Oversea-Chinese Banking Corporation in terms of growth of the production in the market as a whole. Performance appraisal:- The effective strategy implemented by the company Oversea-Chinese Banking Corporation helps in the development of the promotions of the employee. This can generate motivation among the employees within the workplace. The performance appraisal also helps in the growth of the employee which further brings about organization development as a whole in the competitive scenario.The effective strategy involves a 360-degree performance appraisal by the organization assists in rewarding the efficiency of the employees and this could result in the advancement of the business as a whole. The performance appraisal also brings about improvement in the quality of the productivity thereby leading to the development of the company as well. Compensation planning and remuneration: Compensation, planning and remuneration also help the employee to get motivated more towards the workplace and thus help the organization to gain the competitive advantage as a whole. The effective strategic planning also helps in motivating employees towards the organization and thus helps in the retention of the best talent within the workplace.The effective strategy helps the Oversea-Chinese Banking Corporation towards recruitment of the new employee and also helps in the motivation of the existing employees. Motivation, welfare, health and safety: Motivation is considered to be an important factor in sustaining the existing employee and also helps in hiring new Generation Y within the workplace of the business. The motivation level of the employee helps in protecting the health and safety of the employee and thus helps the company to gain the competitive advantage in the market.The Oversea-Chinese Banking Corporation implements the effective talent management strategy that helps in the motivation of the employee which further leads the organization towards the advancement and increased productivity in the market. Overcome challenges: The workplace with the effective implementation, of the new approaches helps the company to overcome challenges at the time of crisis.The Generation Y and old workforce helps the company to increase the productivity with the experience in accordance to the present market. Concept of Diversity Management: Diversity management helps in the technological advancement and also helps in building the growth rate of the company. The diversity management helps the company in implementing new approaches towards the advancement which helps the workplace in the competitive market. The old workforce and the Generation Y work together within the workplace and thus help the company as a whole to improve the productivity with the experience. This helps the company to attain the competitive advantage and sustain easily in the competitive market. Factors that influence HRD: The organization needs to implement effective Human Resource Development strategies to lead the company as well as the employees towards the growth and development in the international market. The HRD activities thus get influenced through various training programs which help in the development of the skills and also help the company to retain its position in the competitive market.The effective implementation of the HRD strategies helps the organization to improve the potentiality of the employees. It leads towards gaining knowledge from the pre retired employees towards the business development. This also lead the company to increase the quality of the production of the employees which add value towards the organizational profit as well. Conclusion: The talent management helps the business to develop the employee performance and also helps in the retention of the existing talent as well within the workplace. This also helps in the development and growth of the productivity of the employee which help in the economic structure of the company in the market. This also helps towards the advancement of the company across the borders which help in the increase in growth of the company as well. The implementation of the effective strategy also helps in the organizational development which further adds value towards the brand value of the company as well. The effective talent management strategy also helps in the improvement of the skills of the employee and helps to retain the existing talent within the workplace as a whole. This further adds competitive advantage towards the organizational development and also helps in increasing the growth of the individual within the business. This helps in the growth of the company and thus helps in the sustainability of the company in the international market. Reference List: Armstrong, M. and Taylor, S., 2014.Armstrong's handbook of human resource management practice. Kogan Page Publishers. Beardwell, Julie, and Tim Claydon.Human resource management: a contemporary approach. Pearson Education, 2012. Bratton, John, and Jeff Gold.Human resource management: theory and practice. Palgrave Macmillan, 2012. Brewster, Chris, and Wolfgang Mayrhofer, eds.Handbook of research on comparative human resource management. Edward Elgar Publishing, 2012. Donnelly, Joseph S., Morris G. Robinson, and James R. 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