TALENT MANAGEMENT

Talent Management and Career Development



Talent Management and Career Development

Introduction

The new economic order has led to a growing number of firms becoming global in their operations. Companies from developing countries like India have also been so advancing. Due to an exponential rise in the number of operators in manufacturing as well as service sectors, and the rising intensity of competition, they are searching newer instruments of strategic people management including talent management for winning over their competitors. But talent crunch is being faced by firms all over. It is rightly commented by some that we are now in the midst of "a truly global talent war." The developing countries' problem of recruiting and retaining talent get magnified due to the fact that talented people from these countries migrate to the developed world to avail of better opportunities there, also to benefit from the better education system in the developed world. Now, a tendency of "reverse brain drain" is being witnessed in countries like India and China where many people of Indian and Chinese origin respectively are returning back to their homeland to take advantage of these booming economies (Burroughs, 2000, pp. 1113-1132). It believed that the talent crisis in the developed world is likely to deepen further due to these trends. It estimated, for example, that 60 thousand nonresident Indians returned in 2010 due to the growing opportunities and lower price level in India. But will this ease the talent situation in the emerging economies like China and just be enough to meet the exponentially rising need for talent?

Undoubtedly, firms are seeking talent vigorously and are employing variegated strategies in recruiting and retaining talented employees. Strategic human resource management interventions are gaining ground all over to build great place to work. A large number of firms are pursuing neounitarist HRM strategies to become an employer of choice. But many are finding it increasingly difficult to do so because of the scarcity of talent, the high cost involved in monetary rewards offered to attract people, and the novel policies adopted by their competitors in attracting talent (Benson, 2006, pp. 173-192).

Training and Development in an Organisation

In the year 2011, what role can training and development community play in addressing the continuing jobs crisis? Trainers can become key players in an organisations strategic talent management team by helping to develop internal and external regional human capital resources for their company.

Managers increasingly worried about finding people with the right skills. With unemployment remaining at about 15 million Americans, approximately 3 million jobs remain vacant. What is the story behind these different numbers? America just does not have enough talented and educated people to fill the jobs the economy needs to create for expansion or for replacing retiring Baby Boomers (Williams, 2008, pp. 53-65).

This talent enigma is part of a wider global restructuring into a radically different labour market era. A drastically changed labour- productive age necessitates rebuilding the local talent pipelines' education-to-employment system. To start, this means adopting new strategic talent management ...