According
to Randstad (2020), here are some strategic challenges to talent management in
Human Resource Management.
Higher
Demand on Salary and Compensation
In current organizations, employees constantly feel tension to provide well for themselves and for their dependents. As such they will feel their salary or compensation is not enough for their responsibilities. Then they will be demotivated. So, they will demand their job positions for higher salaries. To keep them satisfied and productive, employers have to reward them financially (Randstad, 2020).
Attract
Top Talent and Talent Retention
Redesign
talent management strategies or practices to attract top talent is bit
difficult as companies struggle to retain their employees and to make less employee
turnover. This number is usually much higher for jobs that require a high level
of education or specialized training. Visibly, this means that employee
retention is very important for the success of a company. High employee
turnover can be damage for the company image (Tammy Erickson, 2008).
Unattractive
Company Culture
Millennials
expect a different work environment than their ancestors did. They are looking
for jobs which they can enjoy and perform well without getting bored. As such, they
are looking for happening and advance workplace culture. So, employers must
make good workplace culture by considering their work force interest in a way
they can achieve their organizational objectives as well (Achievers, 2020).
Developing
Leadership
According to Randstad (2020), in most cases, high level of HR executive turnover will make lack of leadership issues. For this, HR managers should plan and train new executives as once previous individuals are replaced. As such, they should have a proper talent management plan.
References
- Achievers (2020), 3 Biggest Talent Management Challenges for HR, [Online], Available at: https://www.achievers.com/blog/3-biggest-talent-management-challenges-for-2016/ [Accessed on 16th January 2021]
- Erickson T (2008), Today’s Top 10 Talent-Management Challenges, [Online], Available at: https://hbr.org/2008/06/todays-top-10-talentmanagement [Accessed on 15th January 2021]
- Randstad (2020), the 5 biggest talent management challenges for HR in 2017, [Online], Available at: https://www.randstad.com/workforce-insights/talent-management/5-biggest-talent-management-challenges-hr-2017/ [Accessed on 16th January 2021]
Talent management is constant process that involves attracting and retraining high-quality employees, developing their skills, and continuously motivating them to improve their performance.
ReplyDeleteYes, it is.
DeleteWhat do you mean by managers can use smart recruiting and hiring strategies?
ReplyDeleteWhen managers recruiting and hiring candidates they should be smart such as they have to be familiar with new technologies, they should identify and analyze candidates observing their behaviours, etc.
DeleteHigh employee turnover is a big effect for the company image is an accurate statement. How do we redesign talent management strategies in different industries?
ReplyDeleteSome talent management stratagies are detailed job descriptions, person- organization fit, continuous improvement, etc. We can design and create talent management strategies according to organizational mission and vision. So, this can be customized. Theory is same but we can apply it according to organizational objectives.
DeleteYes. Agree. We can apply the theory according to organizational objectives as well as according to the different environmental factors of the organization.
DeleteIs globalization will be a challenge for talent management?
ReplyDeleteYes. Globalization has effects on HRM. Talent management in an important part of HRM. As such, international assignments, outsourcing, coping with legal and cultural differences and managing talent from foreign countries all pose challenges as globalization.
DeleteIs technology advancement will be a challenge for talent management?
ReplyDeleteYes. HR must consider the implications of new technology for talent development and also embrace the possibilities of new HR-related technologies. HR professionals who are able to effectively use data to substantiate insight whilst being technologically savvy, resilient and comfortable with ambiguity are likely to thrive and be pivotal figures in the HR function of the future.
DeleteWhat effects will the current situation with COVID-19 have on Talent Management...?
ReplyDeleteAccording to Nurhuda Syed (2020), more than one in three companies have implemented hiring freezes across all roles. Another have made an exception for replacement hires. When it comes to payroll, employers have prioritized employee income. For employees who have no work due to partial or full business closures, employers were paying full salaries for full-time workers and hourly staff. Looking forward, organizations will be shifting their focus to employee and executive rewards strategies, including evaluation new forms of rewards programs in the post-COVID-19 environment. So, COVID-19 will drastically effect on talent management.
DeleteA key talent management challenge for HR is gathering feedback on a regular basis. Employees have indicated that they are dissatisfied with the traditional yearly review process. Instead, they are interested in real-time feedback, both positive and negative, that is delivered at least once a month. GOOD READ !
ReplyDeleteYes. But, I guess proper feedback gathering system will resolve this issue.
DeleteBy managing talent of the employees, organisations can meet their goals very effectively.
ReplyDeleteVery good article
To keep employees satisfied and productive, employers have to reward them.
ReplyDelete