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.
