With the vast technological development in the 21st century, organizations focus on talent management to emphasize employee advancement (Arif and Thakkar, 2015). People and their talents are the most crucial measures of an organization's success (Lawler and Mohrman, 2003). Figure 1 illustrates, a comparison of priorities of the environment in the past and at the present and this illustrates how important talented people are in modern organizations, today.
Figure
1: Comparison of priorities of the environment in the past and at present
(Source: Michaels,
Hanfield-Jones, Axelrod: The War for Talent, 2001, p. 6)To boost up the talent in
organizations, it is vital to track new trends. To obtain the competitive
advantage of business, not only a successful and effective talent management
system but also a methodological approach is required (Egerová,
et al. 2013). Due
to various economic, demographic, and technological factors, there are many
trends and challenges have been created (Arif and Thakkar, 2015). According to Szaban (2011), "technical
and technological changes; necessity to manage migrations of employees;
historic and social conditions; degree of standardization in the area of
concepts and practical procedures, and in the area of modernization of Human Resource
Management and Talent Management processes; social changes taking place because
of limitations connected with demographics and availability of new generation
candidates on the labor market; opening of the European market and emerging opportunities
for free flows of talented workers; employees’ desire to keep work and life balance,
and to develop their own professional careers; the possibility of telework;
development of outsourcing and offshoring in the area of Human Resource Management
and Talent Management" (Egerová,
et al. 2013)."Digitalization, lack of manual workers, growth
through gaining, the concurrent process of decrease and increase, demographic
changes in the workforce and globalization are
only some of the trends that have made talent a decisive priority "(Lawler
and Mohrman, 2003).
Figure
2: Factors shaping the future of work in 2020 and beyond.
(Source:
Talent Management Institute, 2020)
According to the Figure 2, Talent Management Institute has identified five factors that shape future work in organizations. Social media and the internet do a major impact on organizations and support for employees to connect, communicate, and create communities. LinkedIn, Face book and Twitter are well-known social media platforms, for organizations to acquire, attract and recruit talent. With the development in mobile technology, internet facility is no longer a miracle. Therefore, it is a new trend for organizations to acquire full-time employees as well as contractors and visiting consultants (Arif and Thakkar, 2015; Verma, R, n.d). Software and service applications have become a necessity in accounting and invoicing trades (Corsello, 2012). The cost of transportation and communication has been reduced with the development of science and technologies. As a result of this, in the 21st-century globalization has developed faster and many organizations have a perspective of outsourcing talent, apply new approaches to recruit, retain and develop global talent (Egerová, et al. 2013; Shangquan, 2000). "Staff mobility is defined as the lateral shift causing movement of individuals from one position to another and usually without involving any market change in duties and skills and responsibilities needed for compensation" (Mamoria, 2001). According to Brett & Reilly (1988), demographic characteristics are the reason for staff mobility and "it includes many variables such that age, career and family stage, spouse employment status and job involvement, number and age of children, functional specialty, education, income, past move history, and the like (Timothy, 2014). Figure 2 shows that the millennial workforce is another factor affecting the future of work. Millennials or the Gen Y group people are born between 1980-2000 (figure 3). They have grown up in the 21st century with technological facilities. Technology is in their hand. Internet and email, social networks, smartphones, tablets are nothing new for them (Raina, viewed on 5th September 2021).
Figure 3: work force
development.
(Source: Raina, viewed on
5th September 2021)
Due to globalization and demographic
differences, workforce diversity increases. A more diverse pool of talent brings new opportunities, diversity
in innovations and leads to better outcomes, but it may also carry risks
related to team cohesion, cultural bias, short-term performance, and
communication gaps. Strategically diversity can be used to minimize the
conflicts between groups. Most of the time clashes, friction, and communication
lapses may occur between individuals due to age, cultural and social multiplicity.
Grouping them based on approximation diversity could help to extort maximum
output for the betterment of the organization ( Arif
and Thakkar, 2015).
List of references:
- Arif, S, and Thakkar, S (2015), 'Trends in Talent Management', International Journal on Recent and Innovation Trends in Computing and Communication, vol. 3, issue 2, pp. 899-902.
- Corsello, J (2012), 'Maximizing talent management through the cloud: New technologies offer opportunities to develop skills and careers', Human Resource Management International Digest, vol. 20, issue 4, pp. 27–30.
- Egerová, D et al. (2013), 'Integrated Talent Management- Challenge and Future for Organizations in Visegrad Countries', Czech Republic by NAVA.
- Lawler, EE, and Mohrman, SA (2003), 'HR as a Strategic Partner: What Does It Take to
Make It Happen?', Human Resource Planning, vol. 26, issue 3, pp. 15-29.
- Mamoria, CB (2001), 'Personnel management', 21st edition.
- Michaels, E, Handfield-Jones, H, and Axelrod, B 2001, 'The War for Talent', Boston:
Harvard Business School Press.
- Raina, R (n.d), 'Engaging Indian Millennial @workplace', viewed 5th September 2021, < https://www.shrm.org/shrm-india/documents/emaw8.pdf>
- Shangquan, G, (2000), ' Economic Globalization: Trends, Risks and Risk Prevention', USA.
- Talent Management Institute, (2020), '2020 Talent Management Trends For The Future Of Work', weblog, Feb 19, 2020, viewed 5th September 2021, <https://www.tmi.org/blog/2020-talent-management-trends-for-the-future-of-work>
- Timothy, LM (2014), ' Effects of Employee Mobility on Performance', A Research Project Submitted To MOI University, Eldoret West Campus School of Business and Economics, September 2014.
- Verma, R, (n.d), ‘Role of Social Media in Maintaining Talent Pool’, Jayoti Vidyapeeth Women’s University, Jaipur, India.
While agreeing with Lasanthi, I would also like to point out that traditionally, recruiters gave opted to focus on active job seekers but recently more and more organizations have realized that 73% of candidates are actually passive candidates, where they are not actively seeking for jobs but are open to new offers and opportunities (Karishma, 2016).
ReplyDeleteYes Kavan, according to Maria (2015), the reasons for this tendency are active candidates chase more opportunities for advancement while passive candidates look for better compensation and benefits. People who balance the work-life better would be the most successful.
DeleteAgreed with your view, in addition Talent management refers to the anticipation of required human capital for an organization and the planning to meet those needs. Human capital is such a resource and especially the resource and knowledge based views recognizes the firm’s knowledge resources as its tool for achieving a sustainable competitive advantage (Odonez de Pablos, 2004)
ReplyDeleteYes, organization strategies and goals should be linked with talents of employees to align human capital and business plans to match with the organizational and financial goals (Keçecioğlu and Yilmaz, 2014).
Delete