Introduction
Many managers these days are asking themselves whether they manage to find the right people for transporting business or project success. They ask themselves several questions. How do I find the human resource management that will enable the continued growth and prosperity of the organization? Is there an effective strategic planning of the workforce that takes into account the constraints and future requirements in a corporate environment? The answers to these questions involve huge business advantage and long-term success. This is the reason why Talent management has become progressively significant for business organizations due to consistently changing business conditions. Today, development of leadership talent is a long-term goal of any organization (Al Ariss et.al, 2016, p. 173).
An Effective leadership development involves a comprehensive system of employee development that focus on identifying, developing, and maximizing leadership talent of an organization. Talent Management is fundamental while planning future requirements of the organization because talent management is equally noteworthy as that of the vitality of an organization’s strategic objectives, profitability, and goals. The employees of the organization lie at the central position in the entire situation. Skilled and talented employees are the key success drivers for every business organization this day as they tend to bring competitive business advantages. Their innovative abilities, expertise, and knowledge are an essential elements that differentiate a business from its competition. That is why it has become obligatory for every business organization to focus on attracting, recruiting, developing, engaging, and retaining talent. Along these lines, talent management has developed as one of the most prevailing challenges for HRM professionals (Scullion & Collings, 2015, p. n.d.). This paper elucidates the top most challenges of talent management that are faced by HRM in developing and implementing strategic initiatives.
Challenges of Talent Management to HRM in Developing & Implementing Strategic Initiatives
Effective leadership development involves a comprehensive system of talent management that focus on identifying, developing, and maximizing leadership talent of an organization. Undoubtedly, good talent is essential for the success and survival of an organization. A recent study by the consulting firm Boston Consulting Group clarifies the advisability of investing in strategic planning of talent management. In general, companies that invest in people demonstrate higher business performance and also expressed high profitability and increased growth (Sonnenberg et.al, 2014, p. 272). Companies who work with talent management has a thoughtful and strategic approach to obtaining, attract, recruit, select, develop, train, promote, retain, and move individuals through the organization. The research in this area shows that business organizations working systematically with talent management receive high profits including high quality, sales, customer satisfaction, reduced costs, and higher productivity. But along with these all imperative benefits come a number of challenges that are encountered by human resource management related to talent management. Below discussed are the top most challenges of talent management that are faced by HRM today and in the upcoming year in developing and implementing strategic initiatives (Al Ariss et.al, 2016, p. 176).
Rewarding & Retaining Talented Candidates
Around 59% of HR experts believe that one of the most significant fights of human resource management these days is to retain skilled, well-performing, and talented candidates. In addition, it will turn out to be far more atrocious in the following couple of years to recognize, retain, and reward high potential individuals and actual performers as the business sector aggressiveness is amplifying with every passing day. This necessitates the need of increasing collaborated corporate efforts to set up faithfulness, loyalty, and organizational commitment among employees are also escalating (Sonnenberg et.al, 2014, p. 277).
Future Leadership Development/Succession Planning
Future Leadership development and succession planning focus on developing ambitious and talented people, and to help them grow to the maximum of their potential. It is the core responsibility of organizational managers to develop leader’s next generation because it is often less expensive and beneficial to develop and retain homegrown employees and their talent into effective future leaders (Al Ariss et.al, 2016, p. 177).
However, with growing number of alternatives for best-performing applicants; HR managers are in an incredible difficult position over what means should they assemble the future mainstays of the business (Berger & Berger, 2013, p. n.d.). The increasing turnover rate is giving HR managers and business organizations a tough time for implementing HRM practices that improve employee job engagement and organizational commitment while making them stay for an optimal longer period within the organization. More than 52% of HR experts have a genuine concern over developing future leaders (Al Ariss et.al, 2016, p. 178).
Establishing Cooperative & Healthy Work Culture
Corporate culture has ended up as one of the foremost elements of the contemporary corporate environment. The hoisting market demands influence organizations to work more towards developing, managing, expanding, and sustaining in unpredictable business situations. Apparently, this indirectly or directly influences the organizational culture as each resource is over-engaged with plenty of work that may impact the healthy culture and environment at workplace driving more to conflicts or bedlam (Sonnenberg et.al, 2014, p. 278).
Attracting The Best Talent To Organization
In any employment interview or prospective employee career progression meeting, the job of a candidate is to sell his skills and talent to the assessors or recruiters. However, in the modern business environment, the recruitment specialists are now additionally needed to essentially sell themselves before the talented candidate. Presently, it has become more imperative as the shortage of talent is making each organization endeavor to get the best skills and talent in-house, and turn it into the most favored decision among accessible alternatives (Berger & Berger, 2013, p. n.d.). According to the latest research, around 36% of HR managers feel that it is the heat of the moment to set up a corporate culture that could pull in the best talent to your association (Dust et.al, 2014, p. 413).
Developing Flexible Work Settings
Around two-fifth of HR experts believe that the greatest test for the coming decade will be to procure human capital and upgrade human capital speculations. On profoundly investigating the difficulties, one thing that is clear is that the most troublesome test that will crop up is holding great representatives and pulling in best competitors (Collings, 2014, p. 253). This involves HR experts need to create ability administration strategies that can viably contribute in drawing in, holding, and remunerating top performing representatives (Daft, 2014, p. n.d.).
Offering Suitable Career Growth Opportunities
If the organization considers employees’ professional advancement or career growth important and endeavors to work for it too, then unquestionably its employees can sparkle out over its rivals who must also be hoping to take hold of capable prospects for the equivalent employments. Around 26% experts have shown this as an issue and central point for increasing rate of attrition (Al Ariss et.al, 2016, p.179).
Offering Competitive Compensation
Without a doubt, money matters for everyone. Apparently, if an organization has successfully acquired talent; it needs to take great consideration of paying them their desired and competitive offer (Berger & Berger, 2013, p. n.d.). Nowadays, organizations are to a great extent playing on this element by offering their employees lucrative compensations and benefits while appealing more talented candidates towards them. Therefore, HR specialists need to fast their seat belts to pull in the best available talent to their organization in order to stay ahead of their competitors (Scullion & Collings, 2015, p. n.d.).
Open Leadership & Clear Organizational Culture
Open leadership and clear organizational culture is something that is enormously demanded by employees; however, they, unfortunately, found it rarely. It is quite a disappointing reality that most of the organizations although pledge but fail to set up work culture that is clear and offers transparent correspondence or open authority that also influences the employee dedication and morale towards his work (Collings, 2014, p. 259). Around 37% of HR experts have demonstrated that if communication barriers within the organization are displaced, then they tend to attract more talented individuals (Dust et.al, 2014, p 418).
Conclusion
The above discussion concludes that talent management is a crucial component of HRM and is posting a various strategic challenges to HRM. The paper elucidate various talent management challenges that are currently encountered by HRM in implementation strategic business initiatives. This gives us understanding that in order to meet these challenges talent management has to be stringently aligned with the HR strategy of the organization in order to enable the business focusing on developing ambitious and talented people since the beginning, while offering them the best opportunities and work culture to grow to the maximum of their potential. Therefore, it has become a core responsibility of HRM managers to develop next generation leaders in order to save future leadership and employee development cost and to retain homegrown employee for the optimum longer period of time. Hence it is concluded that effective competencies, relationships, and learning capabilities are the strategic factors that are associated with talent management and offer a competitive advantage to the organization and therefore, their offered challenges need to be addressed on primacy.
References
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