Talent management in constantly changing global market

Talent management can furnish corporations to develop long-term policies so that right candidates can be recruited to boost the business success.  Talent management is an embryonic practice to espouse new technology for good health of organization. In management literature, plethora of researchers have elaborated the term talent management. Talent management is an incorporated set of processes, programs and cultural norms in any firm designed and implemented to attract, develop, deploy and retain talent to achieve strategic objectives and meet future business needs. The objective of human resource management to categorize, manage and retain talent across the organization to set new strategies of success. It is necessary that organizations integrate a highly functional talent management solution across all aspects of the business.

Talent management has become a standard for organizations to create competitive advantage through their human capital assets. This can be accomplished by enhancing current personnel performance and preparing for the future. It can be well elaborated through example of Software Company like Infosys technologies which diplomatically manages its employees through effective human resource management. Company has massive workforce and it maintains a family relationship with all employees through various employment relation programs such as health programs, counselling services, athlete events and celebrations that are open to employee’s families. At Infosys, knowledgeable directors understand the relation between recruitment and other HRM Practices. 

In technically savvy and knowledgeable market, time is becoming increasingly detached from value. Person’s devotion of time does not matter.  In competitive business environment, there is a worth of knowledge and skill which are applied to create, innovate, produce, service and entertain. Management cannot simply implement policies to retain employees and watch performance of employees. Managers have to make extreme efforts to handle intricacy of employees. Swotting the present studies, it can be evaluated that organizations must accept challenges of selecting talent, as well as the impact of managers has on employee revenue as a backdrop to address management challenges. To deal with employees, organizations must consider employee expectations, goal accomplishment, performance tracking and feedback, and employee appraisals. Managers must develop an Integrity Managing Culture where the employee can freely provide the status of project advancement, demand appropriate tools. Employees must be allowed to report if any conflicting situation arises or difficulties hindering them to complete the assigned task due to rapid changes in environment.

Business researchers have affirmed that companies must assess the external factors to overcome the challenges of global competitiveness and uncertainties because it can lead to business failure. Leading global company, McDonald who offers food products and services is affected by numerous environmental factors in various stages in the marketing process. In business operation, McDonald has tough competition with its rivals in global marketplace. But McDonald thrived in business through its innovative policies since many years to manage people at work. Globalization brought significant changes in business operations, speeded up newest technology, and unparalleled changes to fiscal system in international business.

Employees of McDollald's are grouped in to restaurant workers, corporate staff, and franchise owners. In McDonald, employee training is highly structured. Ends-level workers are trained with the basic Crew Training System. The program consists of on-the job- training and is mainly vocational. At each stage of advancement, a new training program is executed to sharpen the skills. Crew trainers are promoted to swing manager and perform successfully. Then they are qualified for the Management Development Program to take technical and functional management training. Such training magnetizes employees to enhance their career and stay in organization.

Employee management practices have direct effect on the performance of a company with the employee level. Employee management programs are implemented to retain, inspire, develop and compensate employees so that employees are energized to produce high quality work. Employees are satisfied with effectual management program and give their best performance. Empirical researches have revealed that talent management practices have positive impact on employees and performance of company.

In essence, it is well appraised by management professionals that talent management is powerful for people management in small and medium sized organizations. It is necessary for business enhancement around the globe as it develops leaders.