Management of an Organization's Talent
$19.95 Buy and instantly download this paper now
This paper defines talent management as that part of human resource management in which all employees, especially high-potential staff and managers, are identified or recruited in such a way that their outstanding abilities to contribute to the organization can be fully realised. Next, the author examines the different elements of talent management and theories that must be understood in order to develop a strategic approach to talent management. The paper underscores that a successful strategy must integrate talent management into the needs of its business and must realise the importance of 'psychological contract' and fairness in the workplace to ensure an engaged and motivated workforce that can embrace the organisation's talent management strategy.
From the Paper:"Organisations that follow a 'defender' strategy are usually ones that are focussed on protecting their current market share and growth is targeted to be slow and steady. Profits are re-invested in order to build up strength against would be challengers. Taylor uses the military metaphor of a 'mediaeval castle with thick walls and full of soldiers able to withstand attach from any who dared to try to seize ground that is already held.' Taylor continues to describe the McDonald's restaurant chain as a good example, explaining that 'they are leading players in their industry, established, strong and capable of withstanding competitive charges from smaller rivals.'
"The second type of business strategy defined by Miles and Snow is that of 'prospectors.' A strategy often favoured by manufacturing organisations, prospectors are highly opportunistic and flexible, taking an entrepreneurial approach and having a tendency to move in and out of industries with an understanding that innovation is essential to survival."
Sample of Sources Used:
- AIKIN, O., 2001. The New Seekers in People Management. February, 18-19.
- Armstrong, M. (2009) Armstrong's Handbook of Human Resource Management Practice. 11th ed. Kogan Page:London
- Armstrong, M. and Baron, A. (2005) Managing Performance: performance management in action, CIPD: London
- Bones, C. (1996) 'Performance Management: the HR contribution', Paper presented at Annual Conference of Institute of Personnel and Development, Harrogate.
- CIPD, 2008. Survey of Recruitment, Retention and Turnover. CIPD:London
Cite this Term Paper:
Management of an Organization's Talent (2013, May 19) Retrieved June 04, 2020, from https://www.academon.com/term-paper/management-of-an-organization-talent-153303/
"Management of an Organization's Talent" 19 May 2013. Web. 04 June. 2020. <https://www.academon.com/term-paper/management-of-an-organization-talent-153303/>